RETIREMENT

PREPARATION FOR RETIREMENT

Retirement is not something that suddenly
happens to us on some random date.
Baring an unexpected illness, disability, or job
layoff, the vast majority of adults who retire to
do so after some period of planning and
expectation.
Many adults prepare for retirement beginning
perhaps as early as 15 or 20 years ahead.

PREPARATION FOR RETIREMENT
They talk with their spouses, talk with
relatives and friends, read articles, do some
financial planning, and think about where
they will live.
These activities seem to increase fairly steadily
as the expected retirement date draws closer.
PREPARATION FOR RETIREMENT
There is a gender difference in preparing for
retirement. Women are not as likely to plan
for retirement as men are.
Many depend on their husband to take care
of things, but not even those who are recently
divorced or widowed make the effort to
prepare for retirement that their male
coworkers do (Hardy & Shury, 2000)
TIMING OF RETIREMENT
Just as planning varies, so does the actual
timing of retirement.
We tend to think of 66 as retirement age
because that is the age at which people in the
United States are able to start receiving full
Social Security benefits.
Many people retire earlier, and many keep
working past that age.

PREPARATION FOR RETIREMENT
One reason for the increase in older workers is
that each year the group of people reaching
retirement age is healthier, on average, than the
group before, so more of them are able to work if
they choose to.
Other reasons, grandparents are becoming
increasingly responsible for the support of their
grandchildren, which often means reentering the
workforce after retirement or staying in it when
they reach retirement age.
Finances
Health
Family
Career
Commitment
Leisure-Time
Interests
REASONS
FOR
RETIREMENT
Back
REASONS FOR RETIREMENT
FINANCES
- Economists and other social scientists have
found that the biggest determinant in the
decision to retire is the value a worker
receives from staying on the job compared to
the value he or she would receive from
retiring.
Back
REASONS FOR RETIREMENT
Health
- Increased medical expenses and the need for
health care insurance can increase the
chances that workers will stay on the job
- Poor health can make working difficult and
lead to a lower salary or transfer to a lower-
paying position, making retirement more
attractive.
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REASONS FOR RETIREMENT
Family
- Children and grandchildren play a role in
deciding when to retire.
- Many grandfather/grandmothers delay
retirement to support another generation of
their families.
- Family is one of the most-mentioned reasons
women cite for retiring.
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REASONS FOR RETIREMENT
Career Commitment
- Some people just enjoy working and are not
eager to retire.
- Those who are self-employed and highly
committed to their careers retire later than those
who work for others or are less committed.
- Workers who have lower standards for their work
output, less identification with the company, and
the more dissatisfaction with their jobs and
supervisors are more apt to retire early,
compared to those who do not share these
attitudes.
REASONS FOR RETIREMENT
Leisure-Time Interests
- That life outside the workplace is calling.
- Workers who have hobbies, recreation
interests, and active social lives are apt to
retire earlier than those who do not.
- Those who enjoy travel and doing home-
improvement projects are more eager to
retire.