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Published on: January 24, 2020
Profiling plans for retirement
D J Ekerdt1, S DeViney, K Kosloski
1Center on Aging, University of Kansas Medical Center, USA. dekerdt@kumc.edu
Summary
Retirement planning is diverse. This study identifies five distinct retirement plan types, recognizing varied intentions and providing a framework for future retirement research. Keywords: retirement planning, retirement intentions, retirement behavior.
Area of Science:
- Gerontology
- Sociology
- Economics
Background:
- Actual retirement decision-making is difficult to study directly.
- Retirement plans offer a valuable proxy for understanding the preretirement process.
- Existing research often overlooks the heterogeneity of retirement intentions.
Purpose of the Study:
- To propose and validate a construct for profiling generic retirement plan types.
- To acknowledge and categorize the diverse intentions individuals have regarding retirement.
- To establish a foundation for a taxonomy of retirement plans.
Main Methods:
- Operationalized five generic retirement plan types (complete retirement, job change, never retire, uncertain) using data from the 1992 Health and Retirement Study (HRS).
- Assessed workers aged 51-61.
- Demonstrated convergent and construct validity through comparisons with analogous survey questions and analysis of relationships between intentions and opportunity structures.
Main Results:
- Successfully operationalized five distinct retirement plan types.
- Convergent validity confirmed by correlation with similar survey items.
- Construct validity supported by predictable links between retirement intentions and workers' opportunity structures.
Conclusions:
- The proposed retirement-plans construct effectively captures the heterogeneity of retirement intentions.
- This framework can organize future research on retirement plan stability, change, and path dependence.
- It serves as a basis for a detailed taxonomy of specific retirement plans, including timing and employment considerations.
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