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What are the 5 reasons for retirement?
- 1) Finances
- 2) Health
- 3) Family
- 4) Career Commitment
- 5) Leisure-Time Interests
Biggest reason for retirement, ability to afford it, work-related value (employer-salary/health care benefits), retirement related value (seek part-time job, personal wealth)
forced retire due to poor health, continue working due to good health (health care costs)
men have continuous work, women have interrupted careers (children/parenthood, caregiving, move with husbands career/spouse relocating)
Retirement career commitment?
likely to retire later, self-employed (retires latest)
Retirement leisure-time interests?
pursuing hobbies or other personal interests (golf, kayaking etc.) retire earliest.
Amenity retirement move?
moving to nicer, more comfortable environment (moving to things you like, generally the south) can be permanent
live up north in snow and move south to warmer weather every now and then (a.k.a. seasonal migration) temporary move
Kinship retirement move?
move closer to family, parents moving back to where they grew up (familiar setting) or where their kids live now.
Institutional retirement move?
move to care facility (nursing home, assisted living facility etc.) 5% make institutional move, most choose to age in place.
What are the non-standard exits from labor force?
Shunning, returning, gradual, phased, volunteer work.
What is shunning retirement?
not wanting to retire, does not involve physical labor. (educators, lawyers/judges, self employed, doctors)
Returning to the workforce?
needing extra money (going back to work, different job without needing retraining)
What is gradual retirement?
go from intense job to "bridge job" (less demanding) going from being professor to being part-time tutor.
What is phased retirement?
employer makes decision in retirement, gradual decrease in workload before final retirement.
happy with what your doing even without pay (older adults do more volunteer work)