Retirement Well-being Research Articles

Experience of financial challenges, retirement concerns, and planning: evidence from representative samples of workers in 16 countries

AbstractWe examine whether an individual's inability to save in the last 12 months affects the extent to which they are concerned about their future financial security and their propensity to plan for retirement. We use an original survey based upon representative samples of working individuals in 16 countries. We show that individuals who were unable to save over the 12-month period prior to the survey are less likely to consider well-being in retirement as their major financial concern. They are also less likely to invest in supplementary pension funds than those who were able to accumulate savings. We provide evidence that these findings are robust under several specifications and are mediated by respondents' perceived income prospects and assessment of their current financial situations.

A survey of social well-being among employees, retirees, and nursing students: a descriptive-analytical study

BackgroundSocial well-being is one of the essential dimensions of individual health. Nursing is one of the occupations that can affect a person’s well-being. This study aimed to determine social well-being among employees, retirees, and nursing students.MethodsThis is a cross-sectional descriptive study. 321 samples participated in this study. Convenience sampling method was used to collect samples. Two questionnaires of demographic characteristics and the Keyes Social Well-being Questionnaire were used to collect data. Descriptive statistics, independent t-test, one-way analysis of variance (ANOVA), and Linear regression analysis by the Backward Elimination method were applied using SPSS 14.0.ResultsThe mean total social well-being score of this study’s participants was 100 ± 16.43. The mean social well-being score among nursing employees was 109.58 ± 15.98, among nursing retirees was 95.67 ± 12.55, and among nursing students was 93.14 ± 14.81. Nursing students had lower social well-being scores than nursing employees and retirees (p < 0.001). Linear regression analysis showed a significant relationship between the number of children (p = 0.04) (β = -0.11), marital status (p = 0.04) (β = 2.95), and employment status (p < 0/001) (β = 0.451) and social well-being and predicted 25% of the total variance of social well-being.ConclusionAccording to the results of this study, the social well-being of retirees and nursing students was significantly lower than nursing employees. Therefore, the educational and healthcare systems of the countries must take the necessary measures to improve the Social well-being of this group of people.

Second Wind: Understanding How Academics from the Philippines Adjust to Retirement

Second Wind: Understanding How Academics from the Philippines Adjust to Retirement

Household Responses to a Late-Life Job Loss

This paper demonstrates that spousal earnings affect an individual’s decision to retire. I find that husbands with higher-earning spouses are more likely to retire following an involuntary job loss. Earlier studies show that job reduces subsequent employment, earnings, and wealth, but they do not explain why some workers return to work and others do not. I add an important dimension to these studies by considering how spousal earnings and household assets affect a worker’s post-displacement labor supply. To explore the household's problem, I develop a stylized two-period model to illustrate how labor supply responds to spousal earnings and household assets in an uncertain environment. Using data from the Health and Retirement Study, I test my theoretical model's predictions using a reduced-form empirical specification. Relative to displaced men with low-earning spouses, husbands with higher-earning wives are more likely to exit the labor force following displacement. The same effect is not detectable in the population of older women. In both populations, a displaced worker with higher household assets is less likely to return to the labor force. At the household level, job loss as a profound impact on retirement well-being. At a broader level, a reduction in the labor supply of older workers has negative fiscal consequences.

Psychosocial interventions to support retirement well-being and adjustment: a systematic review

ABSTRACT Objective Adjustment to retirement is heterogeneous in nature, and for some, but not all individuals, may require well-being support. However, limited information is available on the types of psychosocial interventions that can be effective during this time of transition with pre-retirees or retirees. This review identified psychosocial interventions with adults before and during retirement, and their effectiveness in maintaining or increasing well-being. Method Following PRISMA guidelines, a multi-database systematic literature review, with a two-stage screening process, was conducted utilising narrative synthesis. Records were independently screened by two screeners against set inclusion and exclusion criteria. Results Two thousand four hundred and thirty-six records were identified for screening with 20 studies found eligible for final review. These included seven randomised controlled trial studies (RCT), six non-randomised quasi-experimental controlled studies, and seven single group pre/post intervention studies. Interventions covered cognitive behavioural therapy (CBT), positive psychology, mentoring, family therapy and others. Conclusions The review highlighted the benefits of psychosocial support to adults’ well-being before and after they retire, especially with participation in group-based programs utilising elements of CBT. There was also evidence for well-being maintenance with longer running interventions. Results should be considered in the development of future psychosocial interventions to support individuals during this important life phase in older adulthood.

Supplemental Material for A Longitudinal Examination of the Role of Social Identity in Supporting Health and Well-Being in Retirement

Supplemental Material for A Longitudinal Examination of the Role of Social Identity in Supporting Health and Well-Being in Retirement

Exploring Women's Retirement Literature through Bibliometric Analysis Using VOSviewer

This paper aims to analyse the issue of women’s retirement (WR) literature through bibliometric analysis using VOSviewer, a programme for the visualisation of similarities (VOS). Publications focusing on women’s retirement were compiled from the Scopus database, with a total of 393 items spanning the years 1965 to 2021. The most prolific nations for retirement literature are the United States, United Kingdom, and Sweden, which reflects the affiliation analysis that correlates highly with published papers within specific institutions in those three countries. The issues were discussed within the context of social sciences, economics, econometrics, and finance, as well as psychology. This suggests an interlinking of women’s retirement with social and financial issues that might contribute towards psychological challenges for women. The most cited keywords, among others, are ‘retirement’, ‘women’ and ‘pension’, with thematic clusters being linked to ‘ageing’ and ‘health’. These could be linked to health problems that emerge because of ageing, and thus might be linked to the retirement wellbeing of women. The findings of this paper shed light on several implications that can be used as a guideline for researchers and act as a foundation before embarking on the emerging knowledge areas of women’s retirement.

SAVING FOR RETIREMENT DAYS: A CURE OR CURSE? A STUDY OF UNIVERSAL BASIC EDUCATION BOARD RETIREES, AKWA IBOM STATE, NIGERIA

The study is an examination of pension administration as a correlate for retirees’ wellbeing with focus on retirees of Akwa Ibom State Universal Basic Education board. In this study wellbeing is measured using the OECD standard indicators of health, housing and material conditions. Related literature were reviewed and the social exchange theory was used as the theoretical framework. The study adopted the descriptive survey research design and the purposive and snowball sampling technique. Data was collected from 203 respondents through the use of questionnaire and determined via the Taro Yamane while the simple percentage was used as a method of data analysis. Findings from the study revealed that poor pension administration has a negative impact on the wellbeing of retirees and a majority of the retired primary school teachers have poor wellbeing, a situation they slipped into post-retirement. The material condition of life of retirees is equally deplorable as pension income never comes at the proper time and as such consumption pattern in most retirees’ households have been affected adversely. The study recommends that there should be an adjustment to the pension scheme in terms of its implementation, administration and coordination to ensure early disbursement of funds to retirees Government should encourage a stakeholder engagement forum perhaps quarterly. The existing pension laws should be strengthened and strong disciplinary measures put in place to ensure that those who are involved in looting pension funds face the law.

Pension Plan Types and Social Security Knowledge: New Survey Evidence

ABSTRACT Knowledge of the Social Security Old-Age and Survivors Insurance program affects people’s work, consumption, and savings decisions before retirement and in turn impacts financial well-being in retirement. This study examines whether the type of employer-sponsored pension is associated with varying levels of Social Security knowledge using data from the Understanding America Study. Results indicate that people with various pension types are consistently more knowledgeable about disability benefits, age adjustment, claiming upon retirement, and spousal benefits, relative to pensionless individuals. Interventions to enhance Social Security knowledge may benefit from targeting the most financially vulnerable individuals, particularly women without a pension, for enhanced retirement security.

Occupation and Financial Preparation for Retirement: Does Being a Public Servant Make a Difference?

ABSTRACT This study tests the hypothesis that public servants have higher levels of financial preparation for retirement compared to other occupations. Also, it identifies whether the model is invariant. The results indicate that public servants have better future expectations, financial planning, and savings behavior than other occupations. The level of financial preparation for retirement is low in all occupations. The construction of public policies that consider both the need to increase levels of planning and inequalities is essential for greater financial well-being in retirement.

Good Time, Bad Time: Socioeconomic Status, Time Scarcity, and Well-Being in Retirement

We tend to think of retirement as a great equalizer when it comes to relief from the pernicious time scarcity characterizing the lives of many workers. Puzzlingly, this is not entirely the case. Using data from the MTUS in combination with long-term participant observation and in-depth interviews, this article shows that socioeconomic characteristics are important determinants of retiree time scarcity. Contextual disadvantage influences well-being outcomes via time exchanges that are forged by both neighborhood and peer network characteristics. The socioeconomic status–based time projects of surviving and thriving undergirding the experience of time scarcity lead to divergent strategies of action and differing consequences for well-being. For the advantaged, the experience of time scarcity is protective for well-being in later life, as it emerges from managing a relative abundance of choices. For the disadvantaged, later life experience of time scarcity is shaped by cumulative inequality, further exacerbating inequalities in well-being.

Creating a Better Retirement: New Insights about Retirement in Organizations

Organizational scholars are coming to identify retirement as an important component of careers, with important implications for phenomena such as employee well-being and organizational competitiveness. However, important questions related to the psychological and social processes that predict individuals’ retirement-related decisions, and well-being in retirement remain unexplored. This symposium advances our understanding of retirement by addressing some of these questions. We present four papers that draw on a variety of theoretical perspectives, levels of analysis, and research designs to offer novel insights into different aspects of retirement. Following the presentations, Mo Wang, a leading voice in the retirement literature will lead the audience in an interactive discussion. Crafting a fulfilling second act: how personal projects facilitate well-being in retirement Presenter: Min Yu; Arizona State U. Presenter: Samir Nurmohamed; The Wharton School, U. of Pennsylvania Presenter: Edward McClain Wellman; Arizona State U. Retaining Retirement-Eligible Older Workers through Human Capital Development: The Effects of... Presenter: Yixuan Li; U. of Florida Presenter: Konrad Turek; Netherlands Interdisciplinary Demographic Institute (NIDI) Presenter: Kène Henkens; Netherlands Interdisciplinary Demographic Institute (NIDI) Presenter: Mo Wang; U. of Florida The Role of Meaning in Life, Worker and Retiree Social Identities as Overlooked Key Challenges in... Presenter: Shona G. Smith; U. of Texas At Arlington Presenter: Ariane Froidevaux; U. of Texas At Arlington Presenter: Andreas Hirschi; U. of Bern, Work and Organisational Psychology The Role of Affect and Social Norms in Preferences for Guaranteed Income Streams in Retirement Presenter: Helen Colby; Indiana U. Presenter: Suzanne Shu; Cornell U.

Empirical Study on Financial Knowledge among High School Students in Veracruz

The financial knowledge that young people have is fundamental to their financial decision making, to guarantee their future consumption and their well-being in retirement. The study focused on analyzing the knowledge that high school students have of income, money management, savings, investment, credit and spending, and comparing if there is a difference by gender. Data from 100 high school students from Boca del Río, Veracruz were obtained using test designed by Contreras-Rodríguez, et al. The analysis seeks to determine the structure of variables that explain the knowledge that Mexican high school students have of financial topics; in addition to verifying that the variables are correlated and that the data matrix is not an identity matrix. The results show that the instrument used has a relatively low Cronbach's alpha (0.597). It was verified that the data matrix did not constitute an identity matrix, which made the data analysis possible through factorial analysis with component extraction. The two extracted factors are explained by 67% of the total variance. The ANOVA tests and the values of the F statistic with gl and its significance (0.05), as well as the Levene statistic, showed that there is no gender difference. Based on the results, strengthening financial education of students is advisable to contribute to their future inclusion in the financial system.

FOOD AND NUTRITION EDUCATION FOR HEALTHY LIFE AT RETIREMENT AND GRACEFUL AGING

Aging is the major reason for retirement from active service. In Nigeria, retirement is between the age of 65 and 70years as the case may be. At such ages, intellectual and physical enthusiasm decreases; therefore, it isnecessary to relieve workers of some vigorous and severe jobs that may break them down to the detriment of their health. Among the many challenges faced at retirement, this study is particular about the aspect of dwindling health and diseases. This study focuses on ways food and nutrition education can be a panacea to sustainable retirement. Morbidity and frailty increase when workers are aging and getting ready for retirement. Ignorance of nutrition and healthy eating at this stage of life will have devastating effect on the overall wellbeing of retirees. Protein and micronutrient malnutrition are associated with increased mortality, weakening of the muscle, depression, impaired immunity, skin problems, and poor cognition. Adequate knowledge on nutritional education is essential for employees at retirement age for them to begin to see the importance of diet quality for a healthy life at retirement. This study concludes that poor nutritional intake due to ignorance of food and nutritional values can lead to chronic diseases like diabetes mellitus, high blood cholesterol, cancer, severe lung disease, heart disease, dementia, high blood pressure, osteoporosis, obesity and overweight. The study therefore recommends food and nutrition education for all employees mostly those close to retirement age as well as retirees for sustainable retirement years.

The contribution effect of learning experience on financial well-being of government retirees in North-Central Nigeria

PurposeThis study aims to determine the contribution effect of learning experience on the financial well-being of government retirees in North-Central Nigeria. Special emphasis was placed on the contribution effect of the elements of the learning experience.Design/methodology/approachThis study used correlational and cross-sectional research designs based on a questionnaire survey of 376 retirees drawn from North-Central Nigeria. A confirmatory factor analysis was used to identify the factors of learning experience using the Analysis of Moments of Structures (AMOS) software, version 23. The contributory effect of the confirmed sub-domains of learning experience on the financial well-being of retirees was established using hierarchical regression.FindingsConfirmatory factor analysis results confirmed that financial knowledge, financial planning and financial self-efficacy are factors of learning experience. Although the sub-domains of the learning experience are significant predictors of financial well-being, financial knowledge has a significant effect on financial well-being, followed by financial planning and financial self-efficacy. The sub-domains of learning experience collectively explain about 46.5% of the variance in the financial well-being of retirees in North-Central Nigeria.Originality/valueUnlike most other documentation on financial well-being, which has focused on the general effect of the learning experience as a global variable, this study explores the role played by the three dimensions of learning experience and methodologically isolates the contribution of each dimension with respect to retirees in developing countries. As such, we uncover the reality that all the sub-domains of the learning experience are significant for the financial well-being of retirees in a developing country context, though in varying effects.

Retirement routes and the well-being of retirees

As the Baby-Boomer generation approaches the retirement stage of the life cycle, understanding the implications of the labour market transition for individuals' well-being is increasingly important for policy making. In this article, we assess whether individuals successfully navigate the transition from work to retirement by analysing changes in subjective well-being with retirement using Australian panel data. To account for the fact that retirement is often a choice, we exploit social security eligibility rules to identify the causal effect of retirement on well-being. We find that life satisfaction significantly improves for the large majority of individuals who voluntarily retire from the labour force. However, there are also important disparities and individuals forced to retire early do not experience gains in life satisfaction with retirement. Moreover, the negative impact of involuntary retirement is greatest for individuals from disadvantaged backgrounds. We also present new evidence on intra-household retirement spillovers by assessing the effect of one partner's retirement circumstances on their spouse's life satisfaction. The article further extends the literature by examining the mechanisms through which retirement affects individuals' life satisfaction. We find that declines in life satisfaction are in part driven by an increase in financial hardship and reduced social interactions.

Well-Being of Retirees in Abu Dhabi—A Discriminant Analysis of the Happy and the Not-So-Happy Groups

We examined a wide range of well-being determinants of retirees in Abu Dhabi using data from the second cycle of Abu Dhabi Quality-of-Life Survey. The survey included scales of happiness, life satisfaction, social relations, subjective physical and mental health, housing, income, education, environment, and community social support and services. A total of 1036 retired persons responded to the survey. The retirees were classified into two groups: happy and not-so-happy, using the sample mean as the breaking point to reflect more representation. Discriminant analysis was used to examine 20 well-being predictors. Results produced highly acceptable measurements and statistics. The analysis identified a total of 12 significant predictors, including life satisfaction, social relations, services for vulnerable groups, income, trust in public services, self-rated mental health, satisfaction with environmental surroundings, feeling of safety and security, social investment, satisfaction with housing, satisfaction with education and health services, and satisfaction with public health support. The model produced a canonical correlation of 0.792 with a highly significant Wilks’ Lambda (0.001) and could accurately predict 92.71% of the happy retiree group and 91.25% of the not-so-happy group. A final Canonical Discriminant Function was produced for easy calculations and group predictions. Limitation and practical implications were also discussed.

Socioeconomic Status, Time Scarcity and Well-Being in Retirement

We tend to think of retirement as a great equalizer when it comes to relief from the pernicious time scarcity characterizing the lives of many individuals in the labor force. Puzzlingly, this is not entirely the case. Using data from the MTUS (N=15,390) in combination with long-term participant observation (980 hours) and in-depth interviews (N=53), I show that socioeconomic characteristics are important determinants of retiree time scarcity. Neighborhood disadvantage gets under the skin via time exchanges that are forged by both neighborhood and peer network characteristics. The SES-based ‘time projects of surviving and thriving’ undergirding the experience of time scarcity lead to divergent strategies of action and differing consequences for well-being. For the advantaged, the experience of time scarcity is protective for well-being in later life, as it emerges from the ‘work of thriving’ and managing a relative abundance of choices. For the disadvantaged, the later life experience of time scarcity is shaped by cumulative inequality, further exacerbating inequalities in well-being. The final section of the article offers an analysis and interpretation of these results, putting retiree time scarcity in conversation with the broader literature on socioeconomic status and well-being.

Retirement Income Sources and Subjective Financial Well-Being: A Comparison of Retirees and Non-Retirees

This study examined whether retirement income sources matter for the subjective financial well-being of retirees and the subjective retirement savings adequacy of non-retirees. Using nationally representative data from the 2017 Survey of Household Economics and Decisionmaking, the study found that while income from a defined benefit (DB) plan, defined contribution (DC) plan, and an individual retirement account (IRA) were positively related to the subjective financial well-being of retirees, income from employment and family were negatively related to their subjective financial well-being. Also, retirement preparation with a DB, DC, and IRA was positively related to subjective retirement savings adequacy for non-retirees. The moderating role of age in the relationship between the form of retirement savings for non-retirees and their subjective retirement savings adequacy was significant. Because of the growing importance of individual responsibility for retirement planning, the present study adds to the financial planning knowledge of financial practitioners, educators, and researchers.

Gender differences in financial knowledge overconfidence among older adults

AbstractThis study explores gender differences in financial knowledge overconfidence among older adults using the 2016 Health and Retirement Study. We find that older females have relatively lower objective financial knowledge than do older males, while they evaluate themselves to be as financially knowledgeable as older males. Further, several measures of overconfidence in financial knowledge are higher in older females than older males. A number of robustness checks, including a propensity score matching method, use of a polygenic risk scores, and a test of reproduction using the Survey of Consumer Finances corroborate these gender differences. Results from decomposition analyses of overconfidence indices show that relatively lower crystallized intelligence of older females is one of the main reasons that widens the gender gap among older adults. Lower likelihoods of attaining a college education degree and being in a relationship are additional contributing factors that explain the gender gap. This study provides insights into understanding the gender gap in financial knowledge and its implications for government education or intervention programs to support older adults' wellbeing in retirement.