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A Gradual Exit may Not Make for a Happier Retirement?

Author

Listed:
  • 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.

Suggested Citation

  • 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.
  • Handle: RePEc:pra:mprapa:5605
    as

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    File URL: https://mpra.ub.uni-muenchen.de/5605/1/MPRA_paper_6729.pdf
    File Function: original version
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    References listed on IDEAS

    as
    1. Jacob Arendt, 2005. "Income and “Outcomes” for Elderly: DO the Poor have A Poorer Life?," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 70(3), pages 327-347, February.
    2. Susann Rohwedder, 2006. "Self-Assessed Retirement Outcomes: Determinants and Pathways," Working Papers wp141, University of Michigan, Michigan Retirement Research Center.
    3. Esteban Calvo & Kelly Haverstick & Steven A. Sass, 2007. "What Makes Retirees Happier: A Gradual or 'Cold Turkey' Retirement?," Working Papers, Center for Retirement Research at Boston College wp2007-18, Center for Retirement Research, revised Oct 2007.
    4. 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.
    5. Constantijn W.A. Panis, 2003. "Annuities and Retirement Satisfaction," Working Papers 03-17, RAND Corporation.
    6. Martin Pinquart, 2001. "Age Differences in Perceived Positive Affect, Negative Affect, and Affect Balance in Middle and Old Age," Journal of Happiness Studies, Springer, vol. 2(4), pages 375-405, December.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

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

    JEL classification:

    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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