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Early Retirement Decisions and How They Affect Later Quality of Life

Published online by Cambridge University Press:  14 November 2008

A.J. Maule ,
D. R. Cliff  and
R. Taylor
A.J. Maule
Affiliation:
School of Business and Economic Studies, University of Leeds, Leeds LS29JT.
D. R. Cliff
Affiliation:
School of Human and Health Sciences, University of Huddersfield, Huddersfield HD13DH.
R. Taylor
Affiliation:
Riva Consultants, Brighouse HD6 1AP.
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Abstract

Older workers are often placed in an unenviable position in the face of stereotypes which define them as increasingly marginal in the work force, and view retirement in terms of status loss and disengagement. Yet voluntary early retirement schemes have been a recent feature of work organisations of all types in Britain, Western Europe and North America. The nature of the decision-making processes of those involved in such schemes has not been widely researched and such studies as have been conducted have not drawn on the existing framework of decision analysis. This paper reports the findings of two linked studies into the early retirement decisions of men working in Britain for a large multinational company in the manufacturing sector. The first investigated the factors deemed to be important for a group of men at the point of decision whilst the second investigated both the factors deemed to be important and the quality of life of a group of men who had taken the decision to retire early between 18 months and 3 years previously. Both studies indicated that the decision-making process is complex and cannot be reduced to single-factors like health or financial status. The most important factor in the quality of life of early retirees was the matching of expectations of further work at the point of decision. The studies illustrated the utility of a decision analysis approach to the study of early retirement.

Keywords

Early retirementdecision makingquality of life
Type
Research Article
Information
Ageing & Society , Volume 16 , Issue 2 , March 1996 , pp. 177 - 204
Copyright
Copyright Cambridge University Press 1996

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