Retirement intentions: what is the role of push factors in predicting retirement intentions?

Abstract

ABSTRACTPopulation ageing will significantly impact labour markets in most Organisation for Economic Cooperation and Development countries and as a result individuals will need to remain in paid employment for longer to fund their retirement years. This study examines the retirement intentions of employees of a large public-sector organisation located in Victoria, Australia that was interested in developing policies to assist with retention of their mature-age workforce. Multivariate regression analyses were used to identify the most important predictors of intention to retire. The dependent variable, Intended timing of retirement, was analysed in two forms, as continuous and dichotomised measures. Age and Length of service were strong independent predictors of Intention to retire soon (within five years). Of the work factors that were analysed (Job satisfaction, Job demands, Job control, and Social cohesion), low Job satisfaction and high Social cohesion scores indicated an increased likelihood of retiring soon. The results provide some insight into the development of organisational interventions that might assist with retaining older employees for longer.