Concurrent change in planned and preferred age for retirement

Area of Science:

• Gerontology
• Economics
• Sociology

Background:

• Growing trend towards earlier retirement plans among older workers.
• Conflicting data shows aging workers prefer progressively later retirement ages.
• Need to clarify the dynamic between planned and preferred retirement ages.

Purpose of the Study:

• To compare concurrent trends in planned and preferred retirement ages.
• To analyze the relationship between retirement plans and preferences in a single sample.
• To investigate how these measures evolve over a decade.

Main Methods:

• Longitudinal panel study of 912 male workers.
• Data collected at two sampling times, 10 years apart.
• Participants aged 45-74 at the second sampling time (T2).
• Inquiry into planned and preferred retirement ages at both sampling times.

Main Results:

• A dynamic relationship was observed between planned and preferred retirement ages.
• Panel members generally preferred retiring sooner than they planned.
• Retirement preferences were revised over time towards later ages.
• Preferences tended to converge with planned retirement ages.

Conclusions:

• Retirement planning and preferences are dynamic and interconnected.
• Individual retirement timelines adapt over time, influenced by both plans and evolving preferences.
• Understanding this convergence is crucial for retirement policy and individual financial planning.