[The meaning of work during early retirement]

Since the mid-1990s, many German companies have used the part-time retirement scheme (Altersteilzeit) as an opportunity to release older workers. This was often consistent with the interests of the workers themselves. This paper explores whether workers who participate in this early retirement scheme would like to continue to work. A survey of all the workers in one company who participated in the part-time retirement scheme revealed that those already retired would more often like to continue working than employees who are still awaiting retirement. To a greater extent, early retirees would also like to return to work with shorter working hours or for a time-limited project. Results are explained with the affective forecasting bias that is based on the psychological decision theory and economic utility theory - the future utility of an action cannot be anticipated. The "reflective thinking" approach moreover invites the conclusion that the diverging interest of the two groups in continued employment may be due to the different stage of practical knowledge about the situation in (pre-)retirement.