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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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Citations

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Cited by:
  1. Grip Andries de & Dupuy Arnaud & Jolles Jelle & Boxtel Martin van, 2012. "Retirement and cognitive development: are the retired really inactive?," Research Memorandum 009, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  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. 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. 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.
  5. Paul Dolan & Richard Layard & Robert Metcalfe, 2011. "Measuring subjective well-being for public policy," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 35420, London School of Economics and Political Science, LSE Library.
  6. Grip Andries de & Lindeboom Maarten & Montizaan Raymond, 2009. "Shattered Dreams: The Effects of Changing the Pension System Late in the Game," ROA Research Memorandum, Maastricht University, Research Centre for Education and the Labour Market (ROA) 003, Maastricht University, Research Centre for Education and the Labour Market (ROA).
  7. 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.

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