Retirement Intentions Research Articles

Retiring early for being emotionally exhausted or staying committed at workplace: a mediation analysis

Purpose Based on the job demands–resources (JD-R) model, this study aims to answer a key research question, i.e. can the job characteristics (i.e. job demands and resources) affect intention to retire early? Additionally, a mediating effect of emotional exhaustion and organizational commitment on the relationships of job demands and job resources, respectively, with early retirement intentions has been explored in the study. Design/methodology/approach The data has been collected from survey of 450 employees from the banking sector in the state of Punjab (India). A structured questionnaire adapted from past literature has been used as survey instrument for the study. Partial least squares structural equation modelling has been applied in the study using latest version of SmartPLS (version 3.2.8) software. Findings Both job resources and job demands have a direct significant impact on early retirement intentions. Moreover, a significant partial mediation effect of emotional exhaustion and affective organizational commitment has also been found out on the relationship of job demands and job resources with early retirement intentions, respectively. Originality/value The study makes incremental contribution by highlighting the role of both deterrent and motivational factors that either instigate or discourage early retirement intentions among employees. It offers valuable insights for the organizations to use efforts for curtailing the excessive job demands that lead to emotional exhaustion and further result in early retirement intentions. Besides this, adequate job resources should be provided to the employees that lead to the development of affective organizational commitment, which further helps in sustaining the workforce until their actual retirement age.

Military perceived overqualification in a civil organization

The Indonesian military is currently faced with a situation in the colonel's career bottleneck so that there is the potential for overqualification of military employees working in government institutions. This symptom can lead to the situation of early retirement for military employees in civilian settings. As many as 157 colonels and lieutenant colonels working at the Ministry of Defense of the Republic of Indonesia were involved in a study to find out how the perceived overqualification and leader-member exchange was independently related to job satisfaction and the early retirement intention. The results show that leader-member exchange has a positive effect on job satisfaction but has positive effect on early retirement intention. Meanwhile, the perceived overqualification affects only employee job satisfaction, not on early retirement intention. Job satisfaction influences early retirement intention. Even so, leader-member exchange does have a negative effect on perceived overqualification. Policies aimed at improving the quality of subordinate superiors' relationships are needed to prevent early retirement intentions of employees who experience overqualification.

Understanding the work goals–early retirement intention relationship: the mediating role of work passion and moderating role of HR practices’ flexibility

PurposeBased on goal content theory (GCT), this study examines the associations between different work goal contents (intrinsic and extrinsic goals) and early retirement intentions and reveals the underlying mechanisms of abovementioned relations.Design/methodology/approachThe paper tested the proposed model by using a sample of 265 workers in China using a two-wave survey.FindingsFindings(1) employees' intrinsic and extrinsic goals are both negatively related to early retirement intentions, and the effect of extrinsic goals on early retirement intentions is more significant. (2) Work passion was found to be a strong mediator between work goal content and employees' early retirement intentions. (3) Human resource (HR) practices’ flexibility significantly moderates the relationship between work passion and early retirement intentions.Originality/valueThe contribution of the current study is that this study first takes into account individuals’ psychological and organizational factors, aiming to reveal the differential effect of different work goals on individuals' early retirement intentions as well as the mediating effect of work passion and the moderating effect of HR practices’ flexibility in the abovementioned relations.

Are Women Willing to Delay Their Retirement? A Research on 270 Female Teachers in Inner Mongolia of China

Women’ retirement age is earlier than men in China, which has a negative effect on the problem-solving of aging society and the protection of women’s rights and interests. Therefore, prolonging the retirement age for women has become an important policy choice to alleviate the above problems. But are women themselves willing to delay their retirement? What factors effect women’s intention to delay their retirement? Those should be an important basis for the decision-making of a new retirement policy. This paper explores female delayed retirement intention by selecting the group of female teachers which is an important category of professional women in China. Taking 270 female teachers in Inner Mongolia of China as samples, this paper analyzes the effect of personal, occupational, and policy factors on female teachers’ delayed retirement intention. The results show that the health, children, monthly income, cumulative length of working, professional title and work units have a statistically significant impact on female teachers’ delayed retirement intention. Accordingly, this article puts forward policy implications on gender equity including eliminating the gender difference of retirement age, making flexible retirement policy and protecting women’s occupational interests.

From plans to action? Retirement thoughts, intentions and actual retirement: an eight-year follow-up in Finland

AbstractThis study applies Feldman and Beehr's three-step model to examine retirement as a decision-making process leading from retirement thoughts to retirement plans and from retirement plans to actual retirement. The results show that retirement thoughts have a clear independent effect on retirement plans as measured by intended retirement age. Furthermore, retirement plans have an isolated effect on retirement patterns. Intended retirement age is the strongest predictor of actual retirement age. Retirement intentions can be thought to represent the effect of unobservable characteristics on retirement, such as preference and motivation. Retirement plans materialise with quite high accuracy. Several key factors are associated with intended and actual retirement age in a similar manner. Unemployment and higher income are connected with earlier planned and actual retirement. Health has a pronounced effect: better health is conducive to later retirement while weaker health (sickness absences) is conducive to earlier retirement. This applies both to retirement intentions and actual retirement and to the difference between the two. The most important way for organisations to extend working lives is to look after the health of older employees. Giving older workers an increased sense of control and lowering job demands helps to prevent premature retirement. Supporting older workers’ continued employment is significant for the retention of older workers, while layoffs targeting older workers shorten working lives.

What makes work meaningful and why economists should care about it

We demonstrate why meaningful work, i.e. job-related activities that individuals view as purposeful and worthwhile, matters to labour economists. Building on self-determination theory, which specifies the roles of autonomy, competence, and relatedness as preconditions for motivation, we are the first to explore the determinants of work meaningfulness. Specifically, using three waves of the European Working Conditions Survey, we show that autonomy, competence, and relatedness explain about 60% of the variation in work meaningfulness perceptions. Meanwhile, extrinsic factors, such as income, benefits, and performance pay, are relatively unimportant. Meaningful work also predicts absenteeism, skills training, and retirement intentions, which highlights the concept’s economic significance. We provide new insights that could help organise the future of work in a meaningful and dignifying way and propose concrete avenues for future research on meaningful work in economics.

Retirement funding adequacy: The influence of provisions, attitudes and intentions

Orientation: Individuals are encouraged to start saving for retirement as early as possible to ensure that sufficient retirement funding is accumulated. However, few individuals are financially independent at retirement. Research purpose: To examine the influence of provisions, attitudes and intentions on the retirement funding adequacy of black individuals, as the majority of the South Africans are black individuals. Motivation for the study: Despite the increased access to financial services and products, many black individuals reach retirement age destitute. This research investigated how provisions for retirement, attitudes towards retirement and retirement intentions influence the retirement funding adequacy of black South Africans. Research approach/design and method: A quantitative approach was applied, whereby questionnaires were distributed to a sample of 441 black individuals in the Eastern Cape Province of South Africa through stratified sampling and convenience sampling. Main findings: The results of the research revealed that retirement provisions and retirement attitudes exert the most influence on the retirement funding adequacy of black South Africans. This suggests that black South Africans should focus on amassing retirement savings and fostering a positive attitude towards retirement to ensure that they reach retirement age with adequate financial resources for retirement. Practical/managerial implications: Financial institutions and financial planners should be aware that individuals’ provisions for retirement and attitudes towards retirement are significant contributors in ensuring that retirement funding adequacy is ascertained. Contribution/value-add: This study made a contribution in understanding the aspects that influence the retirement funding adequacy in the South African context, particularly amongst black South Africans.

The future of the Australian midwifery workforce – impacts of ageing and workforce exit on the number of registered midwives

ProblemEnsuring an adequate supply of the midwife workforce will be essential to meet the future demands for maternity care within Australia. BackgroundAim: To project the overall number of midwives registered with the Nursing and Midwifery Board of Australia and the timing of their retirement to 2043 based upon the ageing of the population.Methods: Using data on the number of registered midwives released by the Nursing and Midwifery Board of Australia we calculated the five-year cumulative attrition rate of each five-year age group. This attrition rate was then utilized to estimate the number of midwives registered in each five-year time period from 2018 to 2043. We then estimated the number of midwives that would be registered after also accounting for stated retirement intentions. FindingsBetween 2018 and 2023 the overall number of registered midwives will decline from 28,087 to 26,642. After this time there is expected to be growth in the total number, reaching 28,392 in 2028 and 55,747 in 2043. If midwives did relinquish their registration at a rate indicated in previous workforce satisfaction surveys, the overall number of registered midwives would decline to 19,422 in 2023, and remain below 2018 levels until 2038. DiscussionDue to the age distribution of the current registered midwifery workforce the imminent retirement of a large proportion of the workforce will see a decline in the number of registered midwives in the coming years. Additional retirement due to workforce dis-satisfaction may exacerbate this shortfall.

Retirement of entrepreneurs: Implications for entrepreneurial exit

ABSTRACT Retirement of a large portion of the workforce and, particularly, entrepreneurs is a contemporary trend in developed countries. Despite substantial economic and social consequences of entrepreneurs’ retirement, it has received limited scholarly attention. Using a mixed method approach, we shed light on how entrepreneurs approach retirement and the implications for exit strategy. Our findings suggest retirement is a voluntary decision over which entrepreneurs have considerable control, increasing their proclivity toward partial retirement at a later than normal age. Entrepreneurial identity plays a role in shaping approaches to retirement. Retirement intention influences preferences toward particular exit strategies and associated preparation efforts.

What Makes Work Meaningful and Why Economists Should Care About it

We demonstrate why meaningful work, i.e. job-related activities that individuals view as purposeful and worthwhile, matters to labour economists. Building on self-determination theory, which specifies the roles of autonomy, competence, and relatedness as preconditions for motivation, we are the first to explore the determinants of work meaningfulness. Specifically, using three waves of the European Working Conditions Survey, we show that autonomy, competence, and relatedness explain about 60 percent of the variation in work meaningfulness perceptions. Meanwhile, extrinsic factors, such as income, benefits, and performance pay, are relatively unimportant. Meaningful work also predicts absenteeism, skills training, and retirement intentions, which highlights the concept's economic significance. We provide new insights that could help organise the future of work in a meaningful and dignifying way and propose concrete avenues for future research on meaningful work in economics.

A Study on the Expected Retirement Age Prediction of 1049 Nurses and the Influencing Factors of Delayed Retirement Intention

The results were analyzed by unconditional logistic regression. The analysis results showed that the positions entered into the regression model (OR = 2.339); the expected retirement age (OR = 3.280); and delayed retirement can better solve the pension problem (OR = 0.553). Retirement can relieve child financial pressure (OR = 0.217), emotional exhaustion (OR = 0.913) and social opportunities (OR = 1.132). The OR of job title, expected retirement age, and social opportunities is greater than 1, and the others are less than 1. Conclusion: The most expected retirement age for nurses is 50 to 55 years old, and they are more inclined to retire early. Factors affecting the willingness to postpone retirement include position and expected retirement age. Postponement of retirement can better solve pension problems. Postponement of retirement can alleviate child financial pressure, social opportunities and emotional exhaustion.

ASSOCIATION OF AGE DISCRIMINATION, JOB STRESS, AND DEPRESSION AMONG OLDER WORKERS: ROLE OF SOCIAL NETWORKS

In this study, we examine the association between perceived age discrimination at the workplace and job stress, with depressive symptoms among currently working late-middle-aged adults. In particular, we investigate whether the association between these work-related factors and depression varies by the strength of their social networks. We use data from the Panel on Ageing and Transitions in Health Survey (PATHS) a national study of 1654 Singaporean citizens and permanent residents aged 50 to 59 years, conducted in 2016-2017. We account for age and other sociodemographic characteristics, measures of economic status, occupation, early retirement intentions, personality traits, as well as multiple physical health measures. Our findings indicate that age discrimination at work and job stress are both positively associated with higher depressive symptom scores. The relationship between age discrimination and depressive symptoms however varies by social networks, with age discrimination negatively associated with depressive symptom scores among those with larger friends-based social networks. Our findings indicate that while psychological wellbeing of late middle-aged workers is adversely affected by age discrimination and job stress, these workers benefit from wider and deeper social connections with friends. Our results provide empirical support to previous research that suggests that friends-based social networks yield distinct benefits in terms of subjective well-being and increased self-worth.

To Leave or Not to Leave? A Multi-Sample Study on Individual, Job-Related, and Organizational Antecedents of Employability and Retirement Intentions.

In view of the aging and dejuvenation of the working population and the expected shortages in employees’ skills in the future, it is of utmost importance to focus on older workers’ employability in order to prolong their working life until, or even beyond, their official retirement age. The primary aim of the current study was to examine the relationship between older workers’ employability (self-)perceptions and their intention to continue working until their official retirement age. In addition, we studied the role of potential antecedents of their perceived employability at three different levels: training and education in current expertise area as well as in an adjacent expertise area (individual level factor), learning value of the job (job level factor), and organizational career management practices (organizational level factor). Data were collected by means of e-questionnaires that were distributed among two groups of Dutch older (45-plus) white collar workers. The samples consisted of 223 employees of an insurance company, and 325 university workers, respectively. Our research model was tested separately in each sample using Structural Equation Modeling. We controlled for effects of respondents’ (self-)perceived health and (self-)perceived financial situation. Similar results were found for both samples. First, the relationship of perceived employability with the intention to continue working until one’s retirement age was positive, whereas the relationship between a perceived good financial situation with the intention to continue working until one’s retirement age was negative. Secondly, as regards the potential antecedents, results showed that the learning value of the job was positively related to perceived employability. In addition, an employee’s perception of good health is a relevant correlate of perceived employability. So, whereas perceived employability contributes to the intention to continue working until one’s retirement age, a good financial situation is a push factor to retire early. In order to promote the labor participation of older workers, this study indicates that organizations should focus on the learning possibilities that are inherent to one’s job rather than on providing additional training or career management. Further research is needed to test the generalizability of our results to other samples.

Bridge employment and full retirement intentions: the role of person-environment fit

PurposeThe purpose of this paper is to explore the relationship between different categories of person–environment (P–E) fit and two types of retirement intentions (i.e. full retirement and bridge employment).Design/methodology/approachData were collected from a convenience sample of 357 executives aged 50 and over, employed in French private sector companies. Hypotheses were tested using structural equation modeling.FindingsPerceptions of value congruence at vocational level and needs and supplies fit at organizational and job levels were positively related to the intention to hold bridge employment after retirement. The fit between older worker’s abilities and job demands was positively related to the two types of retirement intentions.Originality/valueThe complexity of retirement transition is taken into account with the introduction of two types of retirement intentions. P–E fit is shown to be an antecedent of career intentions after retirement.

Barriers and opportunities for prolonging working life across different occupational groups: the SeniorWorkingLife study.

BackgroundIncreasing retirement age is a pivotal issue in labour market reforms. This study analyses factors conditioning retirement intentions.MethodsIn SeniorWorkingLife, 11 444 employed workers ≥50 years replied to questions in random order about expected reasons for leaving and potential reasons for staying longer at the labour market. Respondents were stratified based on the Danish version of International Standard Classification of Occupations (ISCO). Representative estimates were produced using the SurveyFreq and SurveyLogistic procedures of SAS combined with model-assisted weights based on national registers.ResultsFor ISCO groups 1–4 (seated work) main expected reasons for retiring were freedom to choose and desire for more leisure time, but many would consider staying longer if there were better possibilities for additional senior days, longer vacations and flexible working hours. For ISCO groups 5–9 (physical work), poor physical health and not being capable of doing the job were common expected reasons for retiring, but many would consider staying longer if the work were less physically demanding and there were more senior days. Possibility for pension was a general expected reason for retiring. Expected reasons differed to a less extent between genders than between ISCO groups, e.g. economic factors were more important for men and high work demands more important for women.ConclusionDifferent barriers and opportunities for prolonging working life exist across different occupational groups of the labour market—with most consistent differences between those with seated and physical work. Targeting these specifically seems opportune for policy makers and future interventions.

Intention to Retire in Employees over 50 Years. What is the Role of Work Ability and Work Life Satisfaction?

Background: We investigated work ability and trajectories of work life satisfaction (WLS) as predictors of intention to retire (ITR) before the statutory age. Methods: Participants were Finnish postal service employees, who responded to surveys in 2016 and 2018 (n = 1466). Survey measures included ITR, work ability and WLS. Mixture modelling was used to identify trajectories of WLS. A generalized linear model was used to determine the measures of association (Risk Ratios, RR; 95% Confidence Intervals, CI) between exposures (work ability and WLS) and ITR. Results: Approximately 40% of respondents indicated ITR. Four distinct trajectories of WLS were identified: high (33%), moderate (35%), decreasing (23%) and low (9%). Participants with poor work ability (RR 1.79, 95% CI 1.40–2.29) and decreasing WLS (1.29, 1.13–1.46) were more likely to indicate an ITR early compared to the participants with excellent/good work ability and high WLS. Job control mediated the relationship between ITR and work ability (9.3%) and WLS (14.7%). Job support also played a similar role (14% and 20.6%). Conclusions: Work ability and WLS are important contributors to the retirement intentions of employees. Ensuring workers have appropriate support and control over their work are mechanisms through which organisations may encourage employees to remain at work for longer.

Place development for international retirement migrants: a decision-making process model

PurposeThis study aims to investigate the decision-making processes of international retirement migrants. The development of a place in response to the high demand for international retirement migration has become an important strategy for stakeholders within host destinations; of particular interest is international retirement migrant behaviour and intention to stay and retire in a foreign country.Design/methodology/approachThis research presents the results of a qualitative study using face-to-face interview techniques. Content analysis technique was used to analyse data from interviews with 33 international retirees in Thailand.FindingsDestination stakeholders must consider creating awareness of the destination through WOM, trustworthy websites and government channels, which migrants evaluate a destination based on pre-retirement visits that create attachment and emotional feelings for the place, and finally, the decision-making processes of short stay, semi-permanent and permanent migrants.Research limitations/implicationsThis qualitative study investigated migrants from Europe, Australia and the USA. An understanding of IR migrants from Asia needs further research.Practical implicationsThe results can be used as guidelines for government, hospitality and tourism stakeholders. IR migrants want different destination attributes to mainstream tourists, especially a peaceful environment, mild weather (not too cold or hot), and to live among locals.Originality/valueThis study examines migrant decision-making processes. The results provide a theoretical foundation for how IR migrants decide to retire overseas. This comprises three components: destination awareness, secondly, evaluation of the destination’s resources, and finally, the decision and implementation of their plans.

Who does not intend to retire? Mothers' opportunity costs and compensation at later ages in Europe

AbstractResearch investigating the association between women's work–family trajectories and their retirement intentions is limited. Studies considering how different institutional conditions affect this association are even more limited. To fill this gap, we use the first three waves of the Survey of Health, Ageing and Retirement in Europe, 2004–2009, and apply two-level random effects models with country-level fixed effects to a sample of mothers aged 50–64 years. Our dependent variable is the intention to retire as early as possible. We found that the following two different mechanisms are associated with mothers' early retirement intentions: (a) strategies to compensate for opportunity costs and (b) work attachment. When all other factors are equal, mothers with a work career characterised by interruptions and part-time work intend to work longer than other mothers, indicating the need to compensate for lower lifelong earnings at older ages. Some compensatory strategies are also observed among mothers who are classified as ‘never married’, ‘divorced’ or ‘widowed’, who wish to continue their careers. In other cases, evidence supporting work attachment mechanisms is found; for instance, working when the youngest child is younger than six years predicts the intention to delay retirement. These results change according to the welfare regime, underlining the importance of family policies and pension benefits to counterbalance the effect of opportunity costs on mothers' earnings.

Need for recovery and different types of early labour force exit: a prospective cohort study among older workers

PurposeThis study examines the relationship between need for recovery (NFR) and labour force exit (LFE) among older workers. Different types of LFE (early retirement, work disability and unemployment) are considered, and the role of potential confounding and modifying factors, including the availability of early LFE schemes, is examined. Also, associations between NFR and the intention and ability to prolong one’s working life, which are known determinants of LFE, are assessed.MethodsA subsample of older workers from the Maastricht Cohort Study was examined (n = 2312). The relationship between NFR and LFE was investigated by means of Cox regression analyses. Logistic regression analyses were performed to investigate cross-sectional associations between NFR and the intention and ability to prolong working life.ResultsElevated NFR was associated with a higher risk of overall LFE during a 4-year follow-up period (HR 1.39, 95% CI 1.09–1.78), and specifically with a higher risk of leaving the labour force through early retirement and work disability. When early retirement schemes were available, strong and significant associations between NFR and LFE were observed (HR 2.79, 95% CI 1.29–6.02), whereas no significant associations were found when such schemes were unavailable. Older workers with a higher NFR also had earlier retirement intentions and lower self-assessed abilities (both physical and mental) to prolong their working life until the mandatory retirement age.ConclusionsBecause this study shows that NFR is a precursor of LFE among older workers, monitoring NFR is important for timely interventions aimed at reducing NFR to facilitate extended labour participation.

Individual consequences of age stereotypes on older workers : Asystematic review.

The relevance of work participation of older persons is steadily increasing due to demographic changes; however, older workers are often confronted with negative age stereotypes such as being less flexible, adaptable and productive. Against this background this systematic review summarizes research evidence on individual consequences of age stereotypes on older workers. It further discusses potential processes behind those relationships and gives suggestions for future research and practice. Asystematic literature search was conducted in PsycINFO, Web of Science and Medline to identify relevant studies examining individual effects of age stereotypes on older workers. In addition, all included studies were evaluated with astandardized quality assessment tool. A total of 25 studies could be included in this review; however, none of those studies met all quality criteria. Most studies found significant associations between negative age stereotypes and decreased self-efficacy, job satisfaction, performance as well as learning, development or increased retirement intentions of older employees. The results of this review indicate anumber of negative consequences that negative age stereotypes have on older workers and also serious flaws in the study quality of existing research. It thereby stresses the importance of more high-quality research but also the reduction of those age stereotypes to promote well-being and work participation of older persons.