The Decision to Leave Work

Abstract

This study examines the explanations offered by faculty at a major university regarding their decisions to accept or reject an attractive early-retirement option. A survey of faculty eligible for this option was administered soon after the end of the decision period for accepting the option. Two models are developed to describe the findings: The first includes only factors expected to enter into explaining for the decision to accept or reject the early-retirement option; the second adds time spent obtaining information and "considering" the decision. Both rational explanations and role-taking explanations are found to be involved in the retirement/nonretirement decisions. In addition, the second model indicates that the amount of time spent examining the option is a crucial link in the decision-making process. Demographic characteristics, health, and scholarly productivity all fail to show significant effects on the decision to take the attractive option to retire early.