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Improving retirement outcomes: the role of resources, pre-retirement planning and transition characteristics

Published online by Cambridge University Press:  14 August 2014

ALEXA MARIE MURATORE  and
JOANNE KAA EARL
ALEXA MARIE MURATORE
Affiliation:
School of Psychology, The University of New South Wales, Sydney, Australia.
JOANNE KAA EARL*
Affiliation:
School of Psychology, The University of New South Wales, Sydney, Australia.
*
Address for correspondence: Joanne K. Earl, School of Psychology, University of New South Wales, Sydney, NSW 2052, Australia. E-mail: [email protected]
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Abstract

Retirement is an inherently complex process due to the multitude of variables that influence it. The present article proposes that by combining our understanding of retirement phases (a conceptual framework) with a theory that specifies a general mechanism for retirement adaptation (a theoretical framework), we can improve how we research retirement. Accordingly, this study proposes and tests a model exploring the antecedents and consequences of the retirement process across three stages: Pre-retirement, Transition and Adaptation, using data collected from 550 Australian retirees. Multiple outcomes are explored, including adjustment, wellbeing and life satisfaction, as well as variables including planning, perception of wealth, resources and mastery. The model showed a significant influence of resources on both phases and outcomes, with mastery showing the strongest relationships of all the resources. Results suggest that outcomes in retirement may be improved by promoting retirement planning, improving exit conditions and building key resources, in particular, mastery. Overall, the model demonstrates the value of combining theory and conceptual frameworks to inform the specification of statistical models to research retirement. Research implications and alternative models are discussed.

Keywords

structural equation modelretirementretirement planningretirement outcomesmasteryretirement resources
Type
Articles
Information
Ageing & Society , Volume 35 , Issue 10 , November 2015 , pp. 2100 - 2140
Copyright
Copyright © Cambridge University Press 2014 

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