Concurrent Change in Planned and Preferred Age for Retirement

Abstract

Studies of older workers' readiness to retire have reported a growing trend toward plans or expectations for earlier retirement. At the same time, other studies have shown that as workers age they prefer progressively later ages for retirement. To clarify the relationship between planned and preferred age for retirement, concurrent trends in the two measures for a single sample of male workers were compared. At two sampling times 10 years apart, a panel of 912 workers (aged 45 to 74 at T2) was asked at what age they planned to retire and at what age they preferred to retire. The pattern of joint change in these two measures showed a dynamic relationship between them. Even though panel members generally preferred to retire sooner than they planned to, preferences were revised (toward later ages) over time and tended to converge with the planned age for withdrawal from work.

Boundaries of the Construct of Unemployment in the Preretirement Years: Exploring an Expanded Measurement of Lost-Work Opportunity

“…We calculated the difference between planned retirement age (reported when still working) and actual retirement age. Planned retirement age when measured appears to be relatively stable, with one study showing 92% consistency year to year (Midanik, Soghikian, Ransom, & Polen, 1990) and when the planned age shifts, it tends to be in the direction of later retirement rather than earlier retirement (Ekerdt, Bosse, & Mogey, 1980). A short 2-year window between consecutive surveys identified earlier retirement than planned retirement to minimize the non-job related factors affecting altered expectations.…”

Promoting later planned retirement: Construal level intervention impact reverses with age

“…In the case of an individual's planned retirement age decision both types of goals are likely to be salient (Taylor & Shore, 1995). Even though most individuals prefer to retire sooner, they often do not expect to be able to afford to retire at their preferred age (Ekerdt, Bossé, & Mogey, 1980;Esser, 2006;Zappalà et al, 2008). This suggests that in retirement age planning one's desirable retirement age is generally tempered by financial feasibility concerns.…”

Human resource planning and the older worker: Developing a retirement intentions model

“…Intended retirement age is identified as the focal retirement intentions measure because it best indicates the probable onset of retirement. It is also the preferred retirement orientation measure because of its behavioural nature and because longitudinal studies report that retirement attitudes are revised to converge with plans by individuals as they near retirement (Ekerdt, Bosse and Mogey, 1980).…”