The Value of Adaptive Regret Management in Retirement

Abstract

This 3-year longitudinal study examined the associations between regret management, everyday activities, and retirement satisfaction among recent retirees. We hypothesized that the regulation of a severe life regret can facilitate activity engagement and retirement satisfaction, but only if retirees manage their regrets adaptively by either increasing effort and commitment when possessing favorable opportunities or disengaging when opportunity is unfavorable. Cross-sectional analyses demonstrated that the highest baseline levels of activity (e.g., volunteering, traveling) and retirement satisfaction were observed among participants who perceived favorable opportunities for addressing their life regrets and had high levels of engagement. Longitudinal analyses showed that this pattern was also associated with increases in activity engagement. In contrast, disengagement protected individuals with unfavorable opportunity from 3-year declines in retirement satisfaction. These findings indicate that adaptive regulation of regrets can both contribute to gains and prevent losses in the early stages of retirement, which may have lasting consequences on retirees' quality of life.

Regulating regret via decreasing goal level: Comparing maximizers and satisficers

“…Being attached to what one could have experienced entails dysfunctional emotional consequences that are not positive to individuals (Krott & Oettingen, 2018) so in some cases, giving up on a goal or setting new ones is the best thing to do. Previous studies have investigated the goal disengagement effect on individuals' well-being and regret (Bauer et al, 2008;Bauer & Wrosch, 2011;Farquhar et al, 2013;Wrosch et al, 2003Wrosch et al, , 2005. Such studies have found some benefit to abandoning goaldirected activities and reengaging in valued alternative goals when individuals are confronted with unattainable ones.…”

Biopsychosocial and Retirement Factors Influencing Satisfaction With Life: New Perspectives

“…Specific to the context of SWL in retirement, activity participation, considered a social resource (Fouquereau et al., 2001; Wang & Shultz, 2010), has been shown to positively affect overall well-being because such participation promotes a sense of structure, social contact, and improved self-esteem (e.g., Holahan & Velasquez, 2011) and can provide stability, purpose, and identity (e.g., Kim & Mowen, 2001). Using a 3-year longitudinal study among a group of recent retirees, Farquhar, Wrosch, Pushkar, and Li (2013) revealed that the retirees’ activity engagement increased their retirement satisfaction by mediating the regret management mechanism. Similarly, Becchetti, Ricca, and Pelloni (2012) reported that social leisure, including socializing with friends and neighbors, as well as cultural, sport, and religious activities, had a significant positive effect on life satisfaction.…”