Australian baby boomers retiring 'early': Understanding the benefits of retirement preparation for involuntary and voluntary retirees

Jack Noone*, Kate O'Loughlin, Hal Kendig

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

37 Citations (Scopus)

Abstract

The first of the baby boomers have reached retirement age, but some have retired 'early' with varying degrees of personal choice. Preparation for retirement can lead to well-being in later life, but few studies have considered the preparations of involuntary retirees or the pathways that link their preparations with retirement outcomes. This research draws on a sample of 304 retirees from the Ageing Baby Boomers in Australia Study (2009) to examine how preparedness for retirement relates to voluntary and involuntary retirees' life satisfaction and how this relationship is explained by psychological, activity-based, and economic theories. Preparedness predicted life satisfaction for voluntary and involuntary retirees and each of theoretical pathways was supported. Although those retiring involuntarily were less prepared than voluntary retirees, their preparatory behaviours were still associated with life satisfaction. These results suggest that retirement policy and planning initiatives should aim to facilitate a holistic approach to retirement planning for future retirees, particularly those facing an early and unexpected retirement.

Original languageEnglish
Pages (from-to)207-217
Number of pages11
JournalJournal of Aging Studies
Volume27
Issue number3
DOIs
Publication statusPublished - Aug 2013
Externally publishedYes

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