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The Well-Being of Retirees: Evidence Using Subjective Data

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  • Keith A. Bender

Abstract

While previous economic research focuses on the financial well-being of retirees, this paper examines the determinants of overall well-being of retirees. Using data from the 2000 Health and Retirement Study, the strongest predictor of retirement well-being is the reason for entering retirement. If individuals were “forced” to retire, their well-being is significantly lower than those who chose to retire. This indicates the importance of expectations on retirement satisfaction. Additionally, health, current income, and comparison retirement income have important roles in determining overall well-being.

Suggested Citation

  • Keith A. Bender, 2004. "The Well-Being of Retirees: Evidence Using Subjective Data," Working Papers, Center for Retirement Research at Boston College wp2004-24, Center for Retirement Research.
  • Handle: RePEc:crr:crrwps:wp2004-24
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    File URL: http://crr.bc.edu/working-papers/the-well-being-of-retirees-evidence-using-subjective-data/
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    Cited by:

    1. Garry F. Barrett & Milica Kecmanovic, 2012. "Changes in Subjective Well-being with Retirement: Assessing Savings Adequacy in Australia," Social and Economic Dimensions of an Aging Population Research Papers 296, McMaster University.
    2. Garry F. Barrett & Milica Kecmanovic, 2013. "Changes in subjective well-being with retirement: assessing savings adequacy," Applied Economics, Taylor & Francis Journals, vol. 45(35), pages 4883-4893, December.
    3. Andrew E. Clark & Yarine Fawaz, 2015. "Retirement and the Marginal Utility of Income," PSE Working Papers halshs-01189009, HAL.
    4. Calvo, Esteban & Haverstick, Kelly & Sass, Steven, 2007. "What Makes Retirees Happier: A Gradual or 'Cold Turkey' Retirement?," MPRA Paper 5607, University Library of Munich, Germany.
    5. David Penn, 2009. "Financial well-being in an urban area: an application of multiple imputation," Applied Economics, Taylor & Francis Journals, vol. 41(23), pages 2955-2964.
    6. Elizabeth Horner, 2014. "Subjective Well-Being and Retirement: Analysis and Policy Recommendations," Journal of Happiness Studies, Springer, vol. 15(1), pages 125-144, February.
    7. Montizaan, Raymond M. & Vendrik, Maarten C.M., 2014. "Misery Loves Company: Exogenous shocks in retirement expectations and social comparison effects on subjective well-being," Journal of Economic Behavior & Organization, Elsevier, vol. 97(C), pages 1-26.
    8. Andrew E. Clark & Yarine Fawaz, 2015. "Retirement and the Marginal Utility of Income," Working Papers halshs-01189009, HAL.
    9. 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.
    10. Jonathan Skinner, 2007. "Are You Sure You're Saving Enough for Retirement?," Journal of Economic Perspectives, American Economic Association, vol. 21(3), pages 59-80, Summer.
    11. Korthals Roxanne, 2012. "Selection and Tracking in Secondary Education; A cross country analysis of student performance and educational opportunities," Research Memorandum 050, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    12. Una Okonkwo Osili & Anna Paulson, 2007. "Understanding Immigrant-Native Differences in Financial Market Participation," NFI Working Papers 2007-WP-19, Indiana State University, Scott College of Business, Networks Financial Institute.

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