Journal of Family and Economic Issues

, Volume 26, Issue 3, pp 371–394 | Cite as

The Selection of Partial or Full Retirement by Older Workers

Article

Abstract

The study investigated whether older workers chose partial or full retirement instead of full-time work. Partial or full retirement status was modeled as a combination of self-reported retirement status and change in number of hours worked. The results of multinomial logistic regression using data from the first and fifth waves of the Health and Retirement Study collected in 1992 and 2000 showed that age and gender had similar effects on the likelihood of partial and full retirement. Full retirement was also influenced by investment assets, pensions, employee health insurance, and poor health. The likelihood of partial retirement was also influenced by self-employment, chronic health conditions, and education. Workers who seek partial retirement need working conditions that allow them to make this choice.

Key words

health and retirement study multinomial logistic regression retirement 

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. Adams, G. A. 1999Career-related variables and planned retirement age: An extension of Beehr’s modelJournal of Vocational Behavior55221235CrossRefGoogle Scholar
  2. Beehr, T. A. 1986The process of retirement: A review and recommendations for future investigationPersonnel Psychology393155Google Scholar
  3. Belgrave, L. L. 1988The effects of race differences in work history, work attitudes, economic resources, and health on women’s retirementResearch on Aging10383398PubMedGoogle Scholar
  4. Blau, D. M. 1994Labor force dynamics of older menEconometrica62117156PubMedGoogle Scholar
  5. Bryant, W. K. 1990The economic organization of the householdCambridge University PressCambridgeGoogle Scholar
  6. Clark, R., McDermed, A. 1990The choice of pension plans in a changing regulatory environmentAEI PressWashington, DCGoogle Scholar
  7. DeVaney, S. A., Chien, Y. 2001A model of savings behavior and the amount saved in retirement accountsJournal of Financial Service Professionals557280Google Scholar
  8. DeVaney, S. A., Su, Y. 1997Predictors of the most important source of retirement incomeCompensation and Working Conditions22531Google Scholar
  9. Diamond, P. A., Hausman, J. A. 1984Individual retirement and savings behaviorJournal of Public Economics2381114CrossRefGoogle Scholar
  10. Feldman, D. C. 1994The decision to retire earlyAcademy of Management Review19285311Google Scholar
  11. Ferraro, K. F., Wilmoth, J. M. 2000Measuring morbidity: Disease counts, binary variables, and statistical powerJournal of Gerontology: Social Sciences55S173S189Google Scholar
  12. Fronstin, P. 1999Retirement patterns and employment benefits: Do benefits matter?The Gerontologist393747PubMedGoogle Scholar
  13. Fullerton, H. N. (1999). Labor force participation: 75 years of change, 1950–98 and 1998–2025. Monthly Labor Review, 122(December), 3–12Google Scholar
  14. Garman, E. T., Forgue, R. E. 2003Personal finance7Houghton Mifflin CompanyBostonGoogle Scholar
  15. George, L. K., Fillenbaum, G. G., Palmore, E. 1984Sex differences in the antecedents and consequences of retirementJournal of Gerontology: Social Sciences39364371Google Scholar
  16. Gustman, A. L., Steinmeier, T. L. 1986A structural retirement modelEconometrica54555584Google Scholar
  17. Gustman, A. L. & Steinmeier, T. L. (2000). Retirement outcomes in the health and retirement study. Federal Reserve Board of Governors. Retrieved March 1, 2000, from http://www.nber.org/papers/w7588Google Scholar
  18. Hanisch, K. A., Hulin, C. L. 1991General attitudes and organizational withdrawal: An evaluation of a causal modelJournal of Vocational Behavior39110128CrossRefGoogle Scholar
  19. Hatcher, C. B. 2002Wealth, reservation, wealth, and the decision to retireJournal of Family and Economic Issues23167187CrossRefGoogle Scholar
  20. Hayward, M. D., Hardy, M. A. 1985Early retirement processes among older men: Occupational differencesResearch on Aging7491515PubMedGoogle Scholar
  21. Hayward, M. D., Hardy, M. A., Liu, M. 1994Work after retirement: The experience of older men in the United StatesSocial Science Research2382107CrossRefGoogle Scholar
  22. Henkens, K. 1999Retirement intentions and spousal support: A multi-actor approachJournal of Gerontology: Biological Sciences & Medical Sciences54S63S74Google Scholar
  23. Henretta, J. C. 2001

    Work and retirement

    Binstock, R. H.George, L. K. eds. Handbook of aging and the social sciences5Academic PressSan Diego, CA255271
    Google Scholar
  24. Henretta, J. C., Chan, C. G., O’Rand, A. M. 1992Retirement reason versus retirement process: Examining the reasons for retirement typologyJournal of Gerontology47S1S7PubMedGoogle Scholar
  25. Hill, E. T. 2002The labor force participation of older women: Retired? Working? Both?Monthly Labor Review1253948Google Scholar
  26. Holtmann, A. G., Ullmann, S. G., Fronstin, P., Longino, C. F. 1994The early retirement plans of women and men: An empirical applicationApplied Economics26591601Google Scholar
  27. Honig, M. 1996Retirement expectations: Differences by race, ethnicity, and genderThe Gerontologist36373382PubMedGoogle Scholar
  28. Juster, F., Suzman, R. 1995Overview of the health and retirement studyJournal of Human Resources30S7S56Google Scholar
  29. Kilty, K. M., Behling, J. H. 1985Predicting the retirement intentions and attitudes of professional workersJournals of Gerontology: Social Sciences40219227Google Scholar
  30. Long, S. 1997Regression models for categorical and limited dependent variablesSage PublicationsThousand Oaks CAGoogle Scholar
  31. Maddala, G. S. 1983Limited dependent and qualitative variables in econometricsCambridge University PressCambridgeGoogle Scholar
  32. Montalto, C. P., Yuh, Y., Hanna, S. D. 2000Determinants of planned retirement ageFinancial Services Review9115CrossRefGoogle Scholar
  33. Mutchler, J. E., Burr, J. A., Pienta, A. M., Massagli, M. P. 1997Pathways to labor force exit: Work transitions and work instabilityJournals of Gerontology: Social Sciences52S4S12Google Scholar
  34. Parnes, H., Sommers, D. 1994Shunning retirement: Work experience of men in their seventies and early eightiesJournal of Gerontology: Social Sciences49S117S124Google Scholar
  35. Quadagno, J. 1999Aging and the life course: An introduction to social gerontology The McGraw-Hill Publishing CoNew YorkGoogle Scholar
  36. Quinn, J. F., Burkhauser, R. V. 1994

    Chapter 3 Retirement and labor force behavior of the elderly

    Martin, L. G.Preston, S. H. eds. Demography of agingNational Academy PressWashington, DC50101
    Google Scholar
  37. Quinn, J., Burkhauser, R. V., Cahill, K. & Weathers, R. (1998). Microeconometric analysis of the retirement decision: United States. OECD Economic Department Working Papers, No. 203. Retrieved Nov. 1, 2001, from http://www.oecd.org/eco/ecoGoogle Scholar
  38. Ruhm, C. J. 1990Bridge jobs and partial retirementJournal of Labor Economics8482501CrossRefGoogle Scholar
  39. Ruhm, C. J. 1995Secular changes in the work and retirement patterns of older menJournal of Human Resources30362385Google Scholar
  40. Schmitt, N., McCune, J. 1981The relationship between job attitudes and the decision to retireAcademy of Management Journal24795802Google Scholar
  41. Shaw, L. B. 1984Retirement plans of middle-aged married womenThe Gerontologist24154159PubMedGoogle Scholar
  42. Steckenrider, J. B. 1998

    Aging as a female phenomenon: The plight of older women

    Steckenrider, J. S.Parrott, T. M. eds. New direction in old-age policiesSUNY PressAlbany NY235260
    Google Scholar
  43. Talaga, J., Beehr, T. A. 1989

    Chapter 6 Retirement: A psychological perspective

    Cooper, C. L.Robertson, I. T. eds. International review of industrial and organizational psychologyJohn Wiley & SonsChichester, UK185211
    Google Scholar
  44. U.S. Department of Labor, Bureau of Labor Statistics1999Employment and earningsU.S. Government Printing OfficeWashington DCGoogle Scholar
  45. Villa, V. M. 1998

    Aging policy and the experience of older minorities

    Steckenrider, J. S.Parrott, T. M. eds. New direction in old-age policiesSUNY PressAlbany, NY211234
    Google Scholar

Copyright information

© Springer Science+Business Media, Inc. 2005

Authors and Affiliations

  1. 1.Central Michigan UniversityMount Pleasant
  2. 2.Purdue UniversityWest Lafayette

Personalised recommendations