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A three-phase model of retirement decision making
Daniel C Feldman1, Terry A Beehr
1Terry College of Business, University of Georgia, Athens, 30602, USA. dfeldman@terry.uga.edu
The American Psychologist
|February 24, 2011
Summary
This article reviews retirement decision-making theories, categorizing them into imagining, assessing, and planning retirement. Future research should explore factors like job fit, personality, and joint decisions for a comprehensive understanding.
Area of Science:
- Gerontology
- Organizational Psychology
- Behavioral Economics
Background:
- Retirement decision-making is complex, influenced by individual, occupational, and financial factors.
- Existing theories offer fragmented perspectives on the retirement transition.
- A structured overview is needed to guide future research and practice.
Purpose of the Study:
- To organize prominent theories of retirement decision-making into a coherent framework.
- To identify key areas for future research in understanding retirement choices.
Main Methods:
- Literature review and synthesis of prominent theories on retirement decision-making.
- Categorization of theories based on distinct phases of retirement thinking.
Main Results:
- Theories are organized around three types of retirement thinking: imagining, assessing job letting-go, and planning action.
- Identified future research directions include person-environment fit, personality, occupational norms, and couples' decisions.
Conclusions:
- A structured theoretical framework aids in understanding the multifaceted nature of retirement decisions.
- Future research should address under-explored areas like joint decision-making and bridge employment for a holistic view.
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