Abstract
This longitudinal study examined the long-term effects of economic preparation and social activity on life and family relationship satisfaction among retirees, particularly baby boomers. Data was obtained from the 2009 and 2011 Korean Retirement & Income Panel Study. A fixed effects model was employed to estimate unobservable individual-specific effects and to control for study participants’ individual characteristics. The results show that both economic preparation and social activities have long-term effects on baby boomers’ life and family relationship satisfaction. This study reveals that multidimensional aspects of preparation increase the long-term impact of life satisfaction for retirees.
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