Retirement Well-being Research Articles

The Influence of Retirement Resources on Well-Being in Middle-Aged and Elderly Populations: The Mediating Role of Voluntary Service

The purpose of this paper is to explore the influence of retirement resources on well-being in middle-aged and elderly populations, and use voluntary service as an intermediary factor to explore its mediating effect. The research results show that retirement resources have a positive effect on voluntary service among middle-aged and elderly populations. Retirement resources also positively impact retirement well-being in this group. Additionally, voluntary service positively influences retirement well-being, and it mediates the relationship between retirement resources and retirement well-being.

Global Perspectives on Determinants of Older Adults’ Subjective Well-being: A Comprehensive Longitudinal Study

Current research has established a relationship between older adults' subjective well-being and factors extending beyond their economic status to encompass various non-monetary elements. While most studies in this domain focus on factors within a single country, our analysis utilizes international longitudinal surveys to explore older adults' well-being at both the national and global scale. This comprehensive analysis considers micro- and macro-level determinants of retirement well-being, revealing consistent variations in happiness levels across countries. Our study specifically suggests a compelling positively relationship between ago and subjective well-being within the United States. This finding presents a contrast with the negative association observed in European countries. Our global analysis further indicates a positive relationship between age and subjective well-being. This study not only contributes to greater understanding of the complexities related to aging and well-being but also provide significant implications for financial services professionals and public policymakers that aim to improve the well-being of elderly populations.

Looking Back on Career, Looking Forward to Retirement: Antecedents of Subjective Career Evaluations and Their Impact on Retirement Adjustment.

An individual's past, and reflections on it, may influence current and future well-being. Recent qualitative studies suggest retirees' recollections about their careers relate to well-being in retirement. We investigated associations between life course events and subjective career evaluations, gender differences in these associations, and their subsequent association with retirement adjustment. We used data from three waves (2015, 2018, and 2023) of the (NIDI Pension Panel Study (NPPS), a longitudinal survey of Dutch older workers. Using a sample of 6,109 respondents, we used ordinary least squares (OLS) regression models to investigate associations between employment stability facilitators and inhibitors (e.g., promotion, demotion, unemployment) and personal shocks (e.g., divorce, widowhood) and subjective evaluations of satisfaction with the work and family domains of career between genders. Using a follow-up sample (N=4,106), we employed ordinal logistic regression models to investigate the impact of these baseline subjective evaluations on retirement adjustment at follow-up. Employment stability factors such as demotion and unemployment, and personal shocks such as poor psychological health were associated with subjective evaluations of the work and family career domains. Gender differences in these associations were found. Evaluations in both the work and family domains were associated with retirement adjustment at follow-up. Our results demonstrate the importance of life course events on older workers' evaluations of their careers and the long-term impact of subjective career evaluations. Further research is needed to evaluate the predictive utility of these evaluations for other outcomes in older adulthood.

The tasks of stabilizing existing pension systems and the main vectors of reforms in the practice of foreign countries

The article analyzes some common approaches to reforming pension systems for different states, focused mainly on improving their financial and social stability in the medium term. The main focus is on the issues of increasing the working life expectancy of the working part of the population by increasing the retirement age and limiting the possibility of early retirement for certain categories of employees and the introduction of private saving programs of various types to solve the problem of reducing the financial burden on the state and increasing the responsibility of citizens for their financial well-being in retirement. Various forms and models of organization of private pension plans are considered, depending largely on the structure of the labor market and national traditions, their advantages and disadvantages.

Pension Regulations and the Socio-Economic Wellbeing of Retirees in Nigeria

The increment of production output has been put forward as one of the main purposes of retirement world over. Nevertheless, how much this purpose is achieved has been questioned as workers and retirees have always complained of how the pension system has not been living up to their expectation which downs on their motivation to work productively. This has led many studies into the pension system and its relationship with the retirees, yet none have considered the place of the pension regulations in the socioeconomic wellbeing of the retirees. This study has therefore evaluated the role of pension regulators in preparing retirees for retirement; investigated the effect of pension regulations on the social status of retirees; investigated the impact of pension regulations on the economic life of retirees; and explored factors that promote the socio-economic wellbeing of retirees. The study was anchored on the social contract theory using primary data collected from federal workers, analysed with the use of percentage and mean score. The study found that the pension regulation does not have positive impact on the socioeconomic wellbeing of the retirees. This is so because, the regulators have not been living up to their responsibilities of educating the employees on the new pension system, attending to petitions of RSA holders and investigating impropriety by the PFAs and PFCs. The study therefore recommends a general scrutiny of the pension regulatory system and more.

The role of leisure activities in enhancing well-being in Saudi’s retired community: a mixed methods study

This mixed-methods study delves into the impact of leisure activities on the well-being of retirees in Saudi Arabia, focusing on health, emotional balance, social integration, and self-fulfillment. In the quantitative phase, 545 retirees were selected through a snowball sampling, providing a diverse sample of age, gender, socio-economic status, and educational background. Data were collected using a structured questionnaire and analyzed using SPSS. The qualitative phase involved randomly selecting 23 participants from the initial cohort for semi-structured interviews, with the data subjected to thematic analysis for deeper insights. Findings revealed a moderate overall enhancement in well-being attributed to leisure activities, with health benefits being most significantly improved. Emotional and social well-being showed moderate enhancements, while self-fulfillment benefits were less pronounced. Demographic variations were evident, with gender, socio-economic status, and education level influencing the perceived benefits. Qualitatively, the importance of cultural alignment in leisure activities was highlighted, underscoring their role in social connectivity and personal development. The study underscores the need for culturally sensitive and accessible leisure programs tailored to the varied needs of the retired population in Saudi Arabia. It provides crucial insights for policymakers and community planners, emphasizing the importance of demographic considerations in leisure interventions to improve retirees’ quality of life. This research contributes significantly to understanding leisure’s role in enhancing post-retirement well-being, offering a comprehensive perspective for future leisure-related initiatives and policies.

A research proposal to examine psychological factors that influence financial planning for retirement in China

The life expectancy rate of individuals worldwide has risen, and China is not excluded. Combined with an aging population, increasing pressure on the pension fund system, and a lack of savings, it poses a significant challenge to financial security unless measures are taken to improve individuals’ planning and financial well-being in retirement. This study aims to examine the psychological factors that influence individuals' FPR, thereby expanding the explanatory models for retirement savings decisions and behaviors. Using the CWO Model and supported by image Theory and the 3M Model, this research focuses on how the interaction between future time perspective, risk tolerance, retirement goal clarity, subjective financial literacy and objective financial literacy as psychological characteristics influence individuals' FPR. To obtain meaningful results, back translation was used to check the accuracy of the preliminary translation of research instruments. This translation method was also combined with the pretest method of expert reviews and cognitive interviews to increase the validity of the survey questionnaire. A purposive sampling technique will be applied to collect data from adults who are over 23 years old and have a certain income stream in six cities in China. The Structural Equation Modelling software will be used to examine the hypotheses of direct and mediating effects. This study has implications for financial market regulators, policy makers, and consumers. Keywords: CWO model; decision-making; financial planning; financial literacy; psychological factors; retirement

Pension’s Impact to the Subjective Well-being of Retirees

The aging population is a growing concern of many countries worldwide. The change in population structure has forced governments of these countries to actively deal with this problem. Many countries’ governments are taking measures to the aging population problem, and the pension system is one important way to ensure old people’s welfare by transfer payment from other parties of the society. This paper aims to conclude and discuss the mechanism about how pension affects the subjective well-being of retirees. It is important to fully understand the implications behind pension’s impact for policy makers to make wise decisions. Researchers found that pension mainly contributes to financial security and health situation, which are two important factors affecting subjective well-being of retirees. Financial security is enhanced by increased income, so that retirees can transfer payment to other family member and increase their own consume costs. The positive impact of pension to health situation are only significant for poor population.

Work and income instability and retirement financial wellbeing for women and men

Financial wellbeing in retirement is contingent on realizations of financial expectations developed earlier in life and may differ substantially by gender. People’s standard of living in retirement is tied to stability in work and income trajectories during working years along with retirement benefits and savings. Women have a greater overall income disadvantage relative to men, including reduced life course labor force exposure that may restrict retirement savings and benefits. Using the Canadian Longitudinal and International Study of Adults (LISA) and 20 years of linked tax record data (N = 2,353), we explore the association between instability in work and income histories and lower perceived retirement standard of living (PRSOL), net of retirement benefits, for women and men in Canada. Results show that for women, life course effects shaping PRSOL are driven by cumulative disability exposure and bouts of social assistance. For men, PRSOL is influenced more by cumulative unemployment. Although retirement benefits do not offset histories of work and income instability for either gender, income assistance is protective for women in retirement while personal investments are protective for men. Overall, our findings suggest that despite Canada’s relatively generous pension program in later life, life course instability in work and income have persisting, gendered effects on financial wellbeing in retirement that underscore financial and health disadvantage for women across the life course.

FEELING CLOSER WITH FUTURE-SELF PROMOTES RETIREMENT PREPARATION OF YOUNGER AND OLDER WORKERS

Abstract Working adults’ preparation for retirement and later life remains low despite past research has revealed its benefits on the well-being of retirees. This study utilized an experimental method to test whether the positive effect of exposure to future-self on retirement planning would be retained two weeks after the manipulation. Younger and middle-aged Hong Kong Chinese workers were recruited and were randomly assigned to one of the four conditions: exposure to a future-self photo plus a 5-day writing task (FSW), exposure to a future-self photo only (FS), exposure to a current-self photo plus a 5-day writing task (CSW), and exposure to a current-self photo only (CS). Participants in the FSW and CSW conditions were further asked to do a 5-day writing task. Intention to make retirement plans was assessed after viewing the future- or current-self photo (Time 1), while actual preparatory activities for retirement were also assessed two weeks after the photo viewing (Time 2). Preliminary analyses on 91 participants [41 younger (M=31.01,SD=5.55) and 51 middle-aged (M=50.04,SD=6.59) workers] showed significant interaction effects between condition and age on T2 overall retirement planning (F=4.06, p=.01, ηp2=.13) and financial planning (F=4.42, p=.006, ηp2=.14). Specifically, younger participants in the two future-self conditions had more preparatory activities than those in the CSW condition. Middle-aged workers in the FSW condition also reported more retirement preparation than those in the FS condition. These findings suggest that exposure to future-self increases retirement preparation in the short run, and such effect was stronger on younger workers than on older workers.

RETIRING AFTER A JOB WELL DONE: HOW SUBJECTIVE CAREER EVALUATIONS IMPACT RETIREMENT ADJUSTMENT

Abstract An individual’s past, and how they reflect on it, may influence current and future well-being, with recent qualitative studies suggesting retirees’ reflections on their careers may relate to well-being in retirement. Establishing factors that may promote successful transition to retirement is vital. Particularly in light of population ageing and the subsequent increase in both the number of retirees and the length of retirement. The aim of our study was to investigate the impact subjective career evaluations on retirement adjustment at follow-up. Using data from across three waves of the NIDI Pension Panel Study, (conducted in 2015,2018, and 2023) we examined the pre-retirement career evaluations of a sample of Dutch older workers (N= 3566), factors associated with these evaluations, and the impact of subjective career evaluations on retirement at five or eight-year follow-up. The results of our ordinal logistic regression models showed that how individuals evaluated both the work (b= 0.15 p=.001) and family (b= 0.12 p=.001) domain of career was positively associated with retirement adjustment, with those who evaluated their careers more favorably reporting fewer problems adjusting to retirement. Our results demonstrate the long-term impact of subjective career evaluations and highlight the need for additional research evaluating their predictive utility for other important outcomes in older adulthood such as life satisfaction and health. These findings could also be applied to identify and deliver interventions for those at risk of less favorable retirement outcomes.

BENEFITS OF VOLUNTEERISM FOR RETIREES: TYPES OF VOLUNTEERING MATTER

Abstract A recent study has disclosed that the effects of volunteering vary as a function of types of volunteering activities (Lam et al., 2021). Volunteering is one of the major social participations among retirees. Therefore, we aim to investigate which types of volunteering activities are beneficial to the well-being of retirees. A total of 719 older Hong Kong Chinese adults (Mage = 66.31, SD = 4.18, range = 60 – 80) who were retired within ten years were invited to take part in this study. Their participation in instrumental and cognitively demanding volunteering activities, life satisfaction, depressive symptoms, and cognitive functioning were assessed. In the current sample, 58.97% of the retired persons did not volunteer; and the remaining engaged in instrumental volunteering (10.15%), cognitively demanding volunteering (26.43%), or both types (4.51%). In addition, the results of ANCOVAs revealed that the retirees engaging in cognitively demanding volunteering had better cognitive functioning than those who did not volunteer at all (adj. Mdiff = .78, p = .03), while the retirees engaging in instrumental volunteering exhibited more depressive symptoms compared with those who engaged in cognitively demanding volunteering (adj. Mdiff = 2.04, p = .02) and those who did not volunteer at all (adj. Mdiff = 1.91, p = .02). These results remained significant even after controlling for sex, education, socioeconomic status, and perceived health. Our findings suggest that cognitively demanding volunteering activities should be promoted to maintain the psychological and cognitive well-being of retired persons.

Student loan debt in retirement: identifying the correlates and implications for policy, practice and research

PurposeResearch shows that having student loan debt in retirement is associated negatively with life satisfaction, suggesting that student debt is a bane of retiree well-being. The rationale for this study is to determine the factors related to owing student debt in retirement, given the adverse effects on the well-being of retired households.Design/methodology/approachThe study utilizes pooled cross-sectional data from the 2015 and 2018 U.S. National Financial Capability Study. The empirical analysis uses a sample of retired Americans aged 65 years and older (N = approximately 8,000) and estimates two-block logistic regression models to examine the effects of demographic, socioeconomic and behavioral factors on student loan indebtedness in retirement. A sensitivity analysis is performed for the subsample of retirees holding student debt for their children's education. Statistical interpretations use odds ratios.FindingsThe findings indicate that financial literacy, age, homeownership and high subjective financial knowledge are associated with a low likelihood of holding student loan debt in retirement. However, being Black, having postsecondary education, having difficulty covering expenses, having financially dependent children, having high-risk preferences and spending more than income increase the likelihood of holding student debt in retirement. The ensuing discussion will assist financial planners and educators identify practical ways to shape decisions regarding student loan debt in retirement.Research limitations/implicationsThe amount of student loan debt is unavailable in the dataset for analysis. One cannot infer causal relations from the study. The factors examined do not reflect the time the student loan was obtained.Originality/valueThe study focuses on the determinants of student loan indebtedness among retired Americans rather than young adults or older adults on the verge of retirement. The paper enhances the understanding of student loan holdings in the decumulation phase of the life cycle. Many US individuals have low retirement savings from which they draw a retirement income. The more the student debt burdens on retired Americans, the greater the likelihood of outliving their resources and experiencing poverty.

Closing a chapter? A protocol for a longitudinal mixed methods study on retirement from elite sport

Retirement from elite sport represents a major life transition for athletes and requires them to redefine their central life projects, identities, and perhaps even sources of meaning in life. Although an extensive body of literature has identified risk and protective factors in career termination, little is known about the more subjective processes and individual pathways of athletes as they establish their new relationship with work-life and sport. The planned longitudinal mixed methods study follows Swiss elite athletes’ transition with a focus on understanding (1) the relationship between psychological resources, life situations at the end of the sports career, and the retirement process; (2) how athletes’ post-retirement vocational careers interact with their subjective careers and sense of meaningful work; (3) how athletes reconstruct their identities and relationship with sport over time; and (4) how gender shapes athletes’ pathways and reorientation of their life design.Using a person-oriented approach combined with narrative inquiry, we expect to identify specific types and stories which demonstrate individual differences in career and personal development throughout the transitional period, an understanding of which can be targeted towards support programmes for retiring elite athletes. As the study centralises dimensions of positive psychological functioning (meaning and purpose in life/sport/work, resilience, life satisfaction), it complements previous studies focused on psychological distress and provides much needed knowledge that can be used to foster well-being in athletic retirement. Collaborating with the Swiss Olympic Association helps to ensure that the research findings will be disseminated to relevant end-users and used towards developing socially sustainable elite sport for the future generations.

A longitudinal examination of the role of social identity in supporting health and well-being in retirement.

Social factors are major determinants of the success of retirement transitions. However, we do not yet fully understand the nature and basis of this impact, particularly as it relates to social group belonging. To address this issue the present article investigated the role that social group memberships play in supporting people's health and well-being in the early phase of transitioning to retirement. More specifically, we drew on the social identity model of identity change (SIMIC) to examine two pathways in which social group processes are theorized to influence adjustment to life change-social identity continuity and social identity gain. To test these pathways, a sample of Australian workers who had transitioned to retirement in the last 12 months (N = 170) were surveyed about their (a) preretirement multiple group memberships and postretirement maintained and new group memberships and (b) their perceived physical health, mental health, and life satisfaction after retirement. While preretirement group memberships did not affect retirement outcomes directly, they supported them indirectly by enabling people both to maintain some existing group memberships and to gain some new group memberships postretirement; as predicted by SIMIC. These findings confirm the importance of social factors and of social group membership in particular, for retiree health and well-being. Theoretically, they support the generalizability of SIMIC and its capacity to explain adjustment to diverse life changes including retirement. (PsycInfo Database Record (c) 2023 APA, all rights reserved).

Effect of Gratitude, Forgiveness, and Social Support on Retiree Well-being with Self-efficacy as a Mediator Variable

Many psychological problems arise when facing retirement due to unpreparedness during this period. Unpreparedness is commonly triggered by their fears of being unable to meet primary and secondary needs. Physical issues such as retirement health are essential, but paying attention to psychological problems is also necessary. Research on the well-being of retirees needs to be done to see what factors influence both internally and externally. This study aims to test the retirement well-being model in terms of such aspects as gratitude, forgiveness, and social support mediated by self-efficacy. This study used the structure equation model (SEM) approach with a sample of 220 retirees aged at least 55 through a convenience sampling technique. The data was collected in Bandung and its surroundings for six months, from August 2019 to March 2020, through well-being, gratitude, forgiveness, social support, and self-efficacy scales. The results of the research model tested have a good fit with empirical data and meet the goodness of fit requirements. There is a direct influence of gratitude, social support, and self-efficacy on well-being. There is an indirect effect of social support on well-being through self-efficacy. The value of the indirect effect is smaller than the direct effect, meaning that self-efficacy is not a good mediator variable for social support for well-being. In conclusion, most retirees experience well-being due to social support from their environment and their gratitude and self-efficacy. The well-being of retirees can be increased by appreciation, having social support from the environment, and having confidence in one's ability to deal with problems.

Early pension withdrawals in Chile during the pandemic

Abstract At the onset of the Covid-19 crisis, and with one of the largest and best-funded defined contribution programs in Latin America, Chile held over USD $200 bn in assets (or more than 80% of GDP). Reacting to populist pressures during the pandemic, however, the Congress gave non-retired participants three separate opportunities to tap into their retirement accounts, leaving some 4.2 million participants with zero retirement savings and draining around $50 bn from the system. This paper explores several hypotheses regarding why people withdrew their pension money early, and it also presents evidence regarding the likely impact of this short-term policy on long-term retirement wellbeing. We conclude with lessons for global policymakers seeking to protect pension assets critical for retirement security.

Lessons Learned From a Knowledge-Matching Participatory Research Approach Involving Law Students and Older Adults as Peer Researchers.

The popularity of engaging community members as peer researchers is growing. The existing participatory research involving older adults appears to suffer from two main issues. First, older adults are rarely positioned as equitable research partners. Second, a paradox may exist between capacity building and an authentic lay perspective of older adults. This article adopted a knowledge-matching participatory approach to address these two issues. Seven older adults and four law students were trained as peer researchers to work with two academic researchers on a project about financial well-being in retirement. This article documented the research process and reflected the benefits, challenges, and best practices associated with this approach by analyzing transcripts from three reflective meetings, written reflections, and field notes from all peer and academic researchers using a thematic analysis approach. Results outline the experiences and reflections of using knowledge-matching participatory research for academic researchers and peer researchers, as well as for research processes and outcomes. The advantages of extending methodological amplitude, leveraging older adults' capacity, partnership matching, and empowerment are shown by the knowledge-matching participatory methodology. The establishment of capacity building, partnership development, and agenda flexibility are essential elements of success. We further discussed power disparity, partnership conflicts, and ethical dilemmas. Researchers and practitioners can utilize the findings, methodological approaches, and lessons learned in their studies aiming at engaging older adults in improving health and social well-being in later life.

Experiences of Well-Being in Retirement: A Phenomenological Study

Anxiety in retirement often arises in every individual because of a sense of worry that individuals have to leave their jobs to face retirement. This study aims to identify and describe the meaning of pension well-being for private employees and civil servants in Indonesia. This study conducted development interviews called subject-object interviews with twenty-five retirees consisting of 15 civil servants and ten private employees. The interviews were analyzed using Giorgi's phenomenological descriptive method. Based on this phenomenon, the findings of this study are divided into four: 1) Being grateful for health, 2) Giving meaning to life and society through new experiences, and 3) Being able to make choices independently and without ties to other people. People, 4) Creating positive family relationships. In this study, HARS scale results show that most of the respondent experience anxiety; this is indicated by physical, emotional, and mental/cognitive categories. These findings promote well-being in retirement by comprehensively describing the welfare phenomena experienced by retirees.

Predicting Wellbeing in Retirees During the COVID-19 Pandemic: The Roles of Meaning in Life and Goal Setting

Restrictions introduced during the COVID-19 pandemic disrupted many retirees from being able to pursue their lifestyle retirement goals. This study examined the impact of lifestyle retirement goal disruption during the pandemic, sources of meaning in life, and goal setting behaviors (planfulness) on retiree wellbeing. In this quantitative study, retirees (n = 141) in Victoria, Australia completed an online survey in mid-2021 containing measures of sources of meaning in life, planfulness, and wellbeing. Qualitative data were also collected using a series of open-ended questions regarding the nature of retirement goal disruptions. Findings revealed that greater sources of meaning in life and planfulness significantly predicted greater wellbeing in retirees, as did being in a relationship and living in an urban/city location. Age, gender, and years retired were not associated with wellbeing. Planfulness moderated the association between COVID-19 goal-disruption and wellbeing. Open-ended responses indicated that retirement goals commonly affected by COVID-19 were travel and family-time. The study revealed that older adults were able to adjust during a time of crisis, with sources of meaning in life and planfulness being useful resources for wellbeing. Planfulness was an important buffer for those experiencing goal-disruption due to COVID-19.