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

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  • Calvo, Esteban
  • Haverstick, Kelly
  • Sass, Steven

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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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 5607.

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Date of creation: 2007
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Handle: RePEc:pra:mprapa:5607

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Keywords: happiness; retirement; gradual; phased; control; work; transition; psychological well-being; policy;

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Cited by:
  1. 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.
  2. 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.
  3. Andries de Grip & Arnaud Dupuy & Jelle Jolles & Martin van Boxtel, 2012. "Retirement and Cognitive Development: Are the Retired Really Inactive?," Working Papers 2012/14, Maastricht School of Management.
  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 & Zhivan, Natalia, 2009. "Older Americans on the Go: Financial and Psychological Effects of Moving," MPRA Paper 48965, University Library of Munich, Germany.
  6. 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.
  7. 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).

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