Retirement Concepts as Predictors of Preretirement Consideration and Planning

Abstract

This study explores how different conceptualizations of retirement—New Beginning, Continuation, Imposed Disruption, and Transition to Old Age—affect retirement consideration and planning while controlling for demographic and work-related variables. In a sample of Slovak preretirees (N = 332, M_age = 54.84, SD = 3.67 years, all working full-time), three of the retirement concepts were significant predictors of retirement consideration and planning. The New Beginning concept positively influenced both retirement consideration and planning. In contrast, the Continuation concept negatively impacted retirement consideration, with no significant effect on retirement planning. The Imposed Disruption concept positively predicted retirement consideration and planning, although the mechanisms driving engagement differed from those in the New Beginning concept. The Transition to the Old Age concept did not significantly predict retirement consideration or planning. These findings highlight the importance of understanding individual retirement concepts when discussing retirement planning and consideration. Consequently, preretirement interventions should focus on personalized approaches that reflect employees’ unique retirement concepts and needs, supporting healthy pathways to retirement.

Keywords

retirement lifestyle conceptualization retirement consideration retirement planning preretirement engagement

Get full access to this article

View all access options for this article.

References

Adams

G. A.

Rau

B. L.

(2011). Putting off tomorrow to do what you want today: Planning for retirement. American Psychologist, 66(3), 180–192. https://doi.org/10.1037/a0022131

Adler

N. E.

Epel

E. S.

Castellazzo

Ickovics

J. R.

(2000). Relationship of subjective and objective social status with psychological and physiological functioning: Preliminary data in healthy, White women. Health Psychology, 1 9(6), 586–592. https://doi.org/10.1037/0278-6133.19.6.586

Anderson

L. B.

Gettings

P. E.

(2019). Examining young adults’ expectations for retirement: An emerging tension. Communication Studies, 71(1), 1–19. https://doi.org/doi:10.1080/10510974.2019.1691619

Bačová

Halama

(2020). Retirement lifestyle conceptualization and well-being in recent retirees. Educational Gerontology, 46(11), 688–695. https://doi.org/10.1080/03601277.2020.1807090

Bačová

Halama

Kordačová

(2023). Irrational beliefs indirectly predict retirement satisfaction through the conceptualization of retirement: A cross-sectional study in a sample of recent retirees. BMC Psychology, 11(1), Article 195. https://doi.org/10.1186/s40359-023-01237-9

Barbosa

L. M.

Monteiro

Murta

S. G.

(2016). Retirement adjustment predictors—A systematic review. Work, Aging and Retirement, 2(2), 262–280. https://doi.org/10.1093/workar/waw008

Curl

A. L.

Ingram

J. G.

(2013). Anticipatory socialization for retirement: A multilevel dyadic model. Clinical Gerontologist, 36(4), 375–393. https://doi.org/10.1080/07317115.2013.788117

Denton

F. T.

Spencer

B. G.

(2009). What is retirement? A review and assessment of alternative concepts and measures. Canadian Journal on Aging/La revue canadienne du vieillissement, 28(1), 63–76. https://doi.org/10.1017/S0714980809090047

Denton

M. A.

Kemp

C. L.

French

Gafni

Joshi

Rosenthal

C. J.

Davies

(2004). Reflexive planning for later life. Canadian Journal on Aging/La Revue canadienne du vieillissement, 23(5), S71–S82. https://doi.org/10.1353/cja.2005.0031

10.

Earl

J. K.

Archibald

(2014). Retirement planning and resources. European Journal of Management, 14(2), 21–36. https://doi.org/10.18374/EJM-14-2.2

11.

Eberhardt

Post

Hoet

Brüggen

(2022). Exploring the first steps of retirement engagement: A conceptual model and field evidence. Journal of Service Management, 33(6), 1–26. https://doi.org/10.1108/JOSM-11-2020-0402

12.

Ekerdt

D. J.

Kosloski

DeViney

(2000). The normative anticipation of retirement by older workers. Research on Aging, 22(1), 3–22. https://doi.org/10.1177/0164027500221001

13.

Elder

H. W.

Rudolph

P. M.

(1999). Does retirement planning affect the level of retirement satisfaction? Financial Services Review, 8(2), 117–127. https://doi.org/10.1016/S1057-0810(99)00036-0

14.

Fox

Weisberg

(2020). car: Companion to applied regression [R package]. https://cran.r-project.org/package=car

15.

Gettings

P. E.

(2019). Meanings of talk about the transition to retirement: Connecting macro and micro discourses. Communication Monographs, 86(4), 479–500. https://doi.org/10.1080/03637751.2019.1614203

16.

Gee

Baillie

(1999). Happily ever after? An exploration of retirement expectations. Educational Gerontology, 25(2), 109–128. https://doi.org/10.1080/036012799267909

17.

Grødem

A. S.

Kitterød

R. H.

(2022). Older workers imagining retirement: The collapse of agency, or freedom at last? Ageing & Society, 42(10), 2304–2322. https://doi.org/10.1017/S0144686X20002044

18.

Hanson

Wapner

(1994). Transition to retirement: Gender differences. The International Journal of Aging and Human Development, 39(3), 189–208. https://doi.org/10.2190/GE03-D8W2-CPDC-6RYR

19.

Hansson

Buratti

Thorvaldsson

Johansson

Berg

A. I.

(2020). Disentangling the mechanisms of retirement adjustment: Determinants and consequences of subjective well-being. Work, Aging and Retirement, 6(2), 71–87. https://doi.org/10.1093/workar/waz021

20.

Henkens

(2022). Forge healthy pathways to retirement with employer practices: A multilevel perspective. Work, Aging and Retirement, 8(1), 1–6. https://doi.org/10.1093/workar/waab016

21.

Henkens

van Dalen

H. P.

Ekerdt

D. J.

Hershey

D. A.

Hyde

Radl

van Solinge

Wang

Zacher

(2018). What we need to know about retirement: Pressing issues for the coming decade. The Gerontologist, 58(5), 805–812. https://doi.org/10.1093/geront/gnx095

22.

Hopkins

C. D.

Roster

C. A.

Wood

C. M.

(2006). Making the transition to retirement: Appraisals, post-transition lifestyle, and changes in consumption patterns. Journal of Consumer Marketing, 23(2), 87–99. https://doi.org/10.1108/07363760610655023

23.

Hornstein

G. A.

Wapner

(1985). Modes of experiencing and adapting to retirement. The International Journal of Aging and Human Development, 21(4), 291–315. https://doi.org/10.2190/4NRA-2UY5-UVA3-4RPQ

24.

The Jamovi Project. (2020). jamovi (Version 1.2) [Computer Software]. https://www.jamovi.org

25.

Jonsson

Josephsson

Kielhofner

(2000). Evolving narratives in the course of retirement: A longitudinal study. American Journal of Occupational Therapy, 54, 463–470. https://doi.org/10.5014/ajot.54.5.463

26.

Laslett

(1994). The third age, the fourth age and the future. Ageing and Society, 14(3), 436–447. https://doi.org/10.1017/S0144686X00001677

27.

Kerry

M. J.

(2018). Psychological antecedents of retirement planning: A systematic review. Frontiers in Psychology, 9, Article 1870. https://doi.org/10.3389/fpsyg.2018.01870

28.

Kojola

Moen

(2016). No more lock-step retirement: Boomers’ shifting meanings of work and retirement. Journal of Aging Studies, 36, 59–70. https://doi.org/10.1016/j.jaging.2015.12.003

29.

Kosloski

Ekerdt

DeViney

(2001). The role of job-related rewards in retirement planning. The Journals of Gerontology Series B: Psychological Sciences and Social Sciences, 56(3), 160–169. https://doi.org/10.1093/geronb/56.3.P160

30.

Lenth

(2020). emmeans: Estimated marginal means, aka least-squares means [R package]. https://cran.r-project.org/package=emmeans

31.

Liu

Bai

Knapp

(2022). Multidimensional retirement planning behaviors, retirement confidence, and post-retirement health and well-being among Chinese older adults in Hong Kong. Applied Research in Quality of Life, 17, 833–849. https://doi.org/10.1007/s11482-020-09901-7

32.

McVittie

Goodall

(2012). The ever-changing meanings of retirement. American Psychologist, 67(1), 75–76. https://doi.org/10.1037/a0026259

33.

Mogg

Bradley

B. P.

(2018). Anxiety and threat-related attention: Cognitive-motivational framework and treatment. Trends in Cognitive Sciences, 22(3), 225–240. https://doi.org/10.1016/j.tics.2018.01.001

34.

Muratore

A. M.

Earl

J. K.

(2015). Improving retirement outcomes: The role of resources, pre-retirement planning and transition characteristics. Ageing and Society, 35, 2100–2140. https://doi.org/10.1017/S0144686X14000841

35.

Nam

Loibl

(2021). Financial capability and financial planning at the verge of retirement age. Journal of Family and Economic Issues, 42(1), 133–150. https://doi.org/10.1007/s10834-020-09699-4

36.

Noone

J. H.

Stephens

Alpass

F. M.

(2009). Preretirement planning and well-being in later life: A prospective study. Research on Aging, 31(3), 295–317. https://doi.org/10.1177/0164027508330718

37.

Noone

J. H.

Stephens

Alpass

(2010). The process of Retirement Planning Scale (PRePS): Development and validation. Psychological Assessment, 22(3), 520–531. https://doi.org/10.1037/a0019512

38.

Ouweneel

Le Blanc

P. M.

Schaufeli

W. B.

van Wijhe

C. I.

(2012). Good morning, good day: A diary study on positive emotions, hope, and work engagement. Human Relations, 65(9), 1129–1154. https://doi.org/10.1177/0018726711429382

39.

Petkoska

Earl

J. K.

(2009). Understanding the influence of demographic and psychological variables on retirement planning. Psychology and Aging, 24(1), 245–251. https://doi.org/10.1037/a0014096

40.

Peetz

Robson

Xuereb

(2021). The role of income volatility and perceived locus of control in financial planning decisions. Frontiers in Psychology, 12, Article 638043. https://doi.org/10.3389/fpsyg.2021.638043

41.

R Core Team. (2019). R: A language and environment for statistical computing (Version 3.6) [Computer software]. https://cran.r-project.org/

42.

Reitzes

D. C.

Mutran

E. J.

(2004). The transition to retirement: Stages and factors that influence retirement adjustment. The International Journal of Aging and Human Development, 59(1), 63–84. https://doi.org/10.2190/NYPP-RFFP-5RFK-8EB8

43.

Revelle

(2019). psych: Procedures for psychological, psychometric, and personality research [R package]. https://cran.r-project.org/package=psych

44.

Roland-Lévy

Berjot

(2009). Social representations of retirement in France: A descriptive study. Applied Psychology: An International Review, 58(3), 418–434. https://doi.org/10.1111/j.1464-0597.2009.00398.x

45.

Sargent

L. D.

Bataille

C. D.

Vough

H. C.

Lee

M. D.

(2011). Metaphors for retirement: Unshackled from schedules. Journal of Vocational Behavior, 79, 315–24. https://doi.org/10.1016/j.jvb.2011.03.002

46.

Sargent

L. D.

Lee

M. D.

Martin

Zikic

(2013). Reinventing retirement: New pathways, new arrangements, new meanings. Human Relations, 66(1), 3–21. https://doi.org/10.1177/0018726712465658

47.

Shultz

K. S.

Wang

(2011). Psychological perspectives on the changing nature of retirement. American Psychologist, 66(3), 170–179. https://doi.org/10.1037/a0022411

48.

Smith

F. L.

Dougherty

D. S.

(2012). Revealing a master narrative: Discourses of retirement throughout the working life cycle. Management Communication Quarterly, 26, 453–478. https://doi.org/10.1177/0893318912438687

49.

Stollberg

Jonas

(2021). Existential threat as a challenge for individual and collective engagement: Climate change and the motivation to act. Current Opinion in Psychology, 42, 145–150. https://doi.org/10.1016/j.copsyc.2021.10.004

50.

Topa

Moriano

Depolo

Alcover

Morales

(2009). Antecedents and consequences of retirement planning and decision-making: A meta-analysis and model. Journal of Vocational Behavior, 75(1), 38–55. https://doi.org/10.1016/j.jvb.2009.03.002

51.

Tunney

Henkens

van Solinge

(2022). Children of the revolution: The impact of 1960s and 1970s cultural identification on baby boomers’ views on retirement. Research on Aging, 44(9–10), 747–757. https://doi.org/10.1177/01640275211068456

52.

Vough

Bataille

Noh

S. C.

Lee

M. D.

(2015). Going off script: How managers make sense of the ending of their careers. Journal of Management Studies, 52(3), 414–440. https://doi.org/10.1016/j.hrmr.2019.100727

53.

Walker

J. W.

Kimmel

D. C.

Price

K. F.

(1981). Retirement style and retirement satisfaction: Retirees aren’t all alike. The International Journal of Aging and Human Development, 12(4), 267–281. https://doi.org/10.2190/ABAU-8BLY-32N6-K8A9

54.

Wang

(2007). Profiling retirees in the retirement transition and adjustment process: Examining the longitudinal change patterns of retirees’ psychological well-being. Journal of Applied Psychology, 92(2), 455–474. http://dx.doi.org/10.1037/0021-9010.92.2.455

55.

Wang

Henkens

van Solinge

(2011). Retirement adjustment: A review of theoretical and empirical advancements. American Psychologist, 66(3), 204–213. https://doi.org/10.1037/a0022414

56.

Wang

Shi

(2014). Psychological research on retirement. Annual Review of Psychology, 65(1), 209–233. https://doi.org/10.1146/annurev-psych-010213-115131

57.

Wang

Shultz

K. S.

(2010). Employee retirement: A review and recommendations for future investigation. Journal of Management, 36, 172–206. https://doi.org/10.1177/0149206309347957

58.

Wang

W. C.

Worsley

Cunningham

Hunter

(2014). The heterogeneity of middle-age Australians’ retirement plans. Social Work Research, 38(1), 36–46. https://doi.org/10.1093/swr/svu005

59.

Wiktorowicz

(2018). Extending working life: Which competencies are crucial in near-retirement age? Journal of Adult Development, 25, 48–60. https://doi.org/10.1007/s10804-017-9274-9

60.

Wink

James

J. B.

(2013). The life course perspective on life in the post-retirement period. In Wang

(Ed.), The Oxford handbook of retirement (pp. 59–72). Oxford University Press. https://doi.org/10.1093/oxfordhb/9780199746521.013.0037

61.

Yeung

D. Y.

Zhou

(2017). Planning for retirement: Longitudinal effect on retirement resources and post-retirement well-being. Frontiers in Psychology, 9, Article 1300. https://doi.org/10.3389/fpsyg.2017.01300

62.

Zaniboni

Topa

Balducci

(2021). Core self-evaluations affecting retirement-related outcomes. International Journal of Environmental Research and Public Health, 18(1), Article 174. https://doi.org/10.3390/ijerph18010174