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What Makes Retirees Happier: A Gradual or 'Cold Turkey' Retirement?

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  • Esteban Calvo
  • Kelly Haverstick
  • Steven A. Sass

    ()
    (Center for Retirement Research, Boston College)

Abstract

This study explores the factors that affect an individual’s happiness while transitioning into retirement. Recent studies highlight gradual retirement as an attractive option to older workers as they approach full retirement. However, it is not clear whether phasing or cold turkey makes for a happier retirement. Using longitudinal data from the Health and Retirement Study, this study explores what shapes the change in happiness between the last wave of full employment and the first wave of full retirement. Results suggest that what really matters is not the type of transition (gradual retirement or cold turkey), but whether people perceive the transition as chosen or forced.

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File URL: http://crr.bc.edu/working-papers/what-makes-retirees-happier-a-gradual-or-cold-turkey-retirement/
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Bibliographic Info

Paper provided by Center for Retirement Research in its series Working Papers, Center for Retirement Research at Boston College with number wp2007-18.

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Length: 49 pages
Date of creation: Oct 2007
Date of revision: Oct 2007
Handle: RePEc:crr:crrwps:wp2007-18

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  1. Constantijn W.A. Panis, 2003. "Annuities and Retirement Satisfaction," Working Papers 03-17, RAND Corporation Publications Department.
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Cited by:
  1. DE GRIP Andries & DUPUY Arnaud & JOLLES Jelle & VAN BOXTEL Martin, 2013. "Retirement and Cognitive Development: Are the Retired Really Inactive?," CEPS/INSTEAD Working Paper Series 2013-11, CEPS/INSTEAD.
  2. Andries De Grip & Maarten Lindeboom & Raymond Montizaan, 2012. "Shattered Dreams: The Effects of Changing the Pension System Late in the Game," Economic Journal, Royal Economic Society, vol. 122(559), pages 1-25, 03.
  3. Grip Andries de & Lindeboom Maarten & Montizaan Raymond, 2009. "Dreams: The Effects of Changing the Pension System Late in the Game," Research Memorandum 043, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  4. Paul Dolan & Richard Layard & Robert Metcalfe, 2011. "Measuring subjective well-being for public policy," LSE Research Online Documents on Economics 35420, London School of Economics and Political Science, LSE Library.
  5. Calvo, Esteban & Haverstick, Kelly & Sass, Steven, 2007. "A Gradual Exit may Not Make for a Happier Retirement?," MPRA Paper 5605, University Library of Munich, Germany.
  6. Calvo, Esteban & Haverstick, Kelly & Zhivan, Natalia, 2009. "Older Americans on the Go: Financial and Psychological Effects of Moving," MPRA Paper 48965, University Library of Munich, Germany.
  7. Paul Dolan & Richard Layard & Robert Metcalfe, 2011. "Measuring Subjective Wellbeing for Public Policy: Recommendations on Measures," CEP Special Papers 23, Centre for Economic Performance, LSE.

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