Early Retirement: A Meta-Analysis of Its Antecedent and Subsequent Correlates

Area of Science:

• Organizational Psychology
• Gerontology
• Sociology of Work

Background:

• Early or voluntary retirement (ER) involves exiting employment before mandatory age, aiming to reduce work attachment and disengage psychologically.
• Employment policies and the effects of ER on individuals and society remain subjects of debate.
• Understanding the factors influencing ER is crucial for employee well-being and organizational planning.

Purpose of the Study:

• To conduct a meta-analysis examining the relationships between early or voluntary retirement (ER) and its antecedent and subsequent correlates.
• To identify key factors that predict the decision to retire early.
• To explore the outcomes associated with early retirement.

Main Methods:

• A meta-analysis synthesizing data from 151 empirical studies.
• Inclusion of 706,937 participants across studies with varying sample sizes.
• Analysis of 380 independent effect sizes (ESs) from 171 independent samples.

Main Results:

• Antecedent correlates like family pull, job stress, satisfaction, and income showed negligible effect sizes (r = -0.13 to 0.19).
• Fair effect sizes were found for workplace timing, organizational pressures, financial security, and poor physical/mental health (r = 0.28 to 0.25).
• Subsequent correlates generally had poor effect sizes (r = 0.08 to 0.18), with fair effect size only for social engagement (r = -0.25).

Conclusions:

• Factors such as workplace timing, organizational pressures, financial security, and health significantly influence early retirement decisions.
• Traditional job-related factors like stress and satisfaction have minimal impact on the decision for early retirement.
• While some factors are identified, unknown variables likely contribute to early retirement, highlighting the need for further research to improve employee well-being.