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F1a Is Phased Retirement Beneficial for Older American Households Psychologically and Financially?
Key Words
Phased Retirement, Financial Well-being, Psychological Well-being, Health and Retirement Study
Short Description
This study investigated whether phased retirement was financially and psychologically beneficial for middle-aged and older adults in the United States. The current study examined data on financial and psychological well-being and retirement transition (immediate retirement, phased retirement) from the Health and Retirement Study (HRS) at two time points, four years apart. We analyzed 5,106 middle-aged and older adults from the 2010 and 2014 waves of the HRS data set using chi-square and one-way analysis of variance tests. Our results showed that 66.8% of respondents remained full-time working, while 12.7% of respondents chose phased retirement and 15.2% of respondents jumped straight into retirement. Our findings suggest that phased retirement is beneficial for older American households financially and psychologically. Specifically, the level of total household financial wealth was significantly higher for those who chose phased retirement than immediate retirees from the workforce. In terms of psychological perspectives, immediate retirees experienced more depressive symptoms than those who chose phased retirement. Our findings may contribute information to better prepare individuals and households financially and psychologically, as well as, policymakers to implement policies and programs to help individuals and households plan for retirement.
First & Corresponding Author
Genevieve Smith, University of Alabama
Authors in the order to be printed
Genevieve Smith, Shinae Choi