Assessing retirement satisfaction and perceptions of retirement experiences

Area of Science:

• Gerontology
• Psychology of Aging
• Sociology of Retirement

Background:

• Retirement represents a significant life transition.
• A comprehensive measure is needed to assess satisfaction and adjustment during this phase.

Purpose of the Study:

• To develop and validate a measure of retirement as a life transition.
• To assess satisfaction with life in retirement across various domains.

Main Methods:

• Study 1: Item generation from interviews and item analysis with recent retirees (n=86) to create the Retirement Satisfaction Inventory (RSI).
• Study 2: Factor analysis of the RSI with a heterogeneous sample of retirees (n=402) to establish reliability and validity.
• Examined correlations with concurrent measures and ability to discriminate between voluntary and involuntary retirees.

Main Results:

• The 51-item RSI assesses six key areas: preretirement functioning, adjustment, reasons for retirement, life satisfaction, enjoyment sources, and leisure activities.
• Factor analyses yielded internally consistent subscales with acceptable test-retest reliability.
• Retirement satisfaction scores correlated with other measures and differentiated between voluntary and involuntary retirement groups.

Conclusions:

• The Retirement Satisfaction Inventory is a reliable and valid measure for assessing retirement adjustment and satisfaction.
• The RSI can differentiate between voluntary and involuntary retirees, offering insights into the retirement transition process.
• Few demographic factors significantly influenced retirement satisfaction, suggesting a universal experience across diverse groups.