The Impact of Early Retirement Incentives on Retirees and Their Families

Abstract

The widespread use of incentive-based early retirement as a work force reduction strategy during the 1980s introduced uncertainty into a formerly predictable life course event. This study uses qualitative and quantitative data from in-depth focused interviews with 60 families (111 individuals) to examine the impact of early retirement incentives on satisfaction with retirement, personal efficacy of the retiree, and beliefs about the future of long-term careers. Early retirees were satisfied with retirement. Satisfaction was significantly related to health (p < .03) and expectations for future health and productivity (p < .04). Spouses were satisfied with retirement but expressed concerns about the retiree's adjustment and their own loss of privacy. Personal efficacy was significantly different for retirees in each of three categories of availability of an alternative to retirement and three categories of reason for retirement.

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