To retire or not to retire: That is not the question

摘要

Retirement decisions are multiple choice, not true-false, because retirement takes many forms. Multiple theories have been used to predict retirement and to do research on it, but rational-economic decision-making theories, often assuming intentional behavior, dominate the retirement research domain. Although employment serves both manifest (economic) and latent (psychological) functions, research on the decision to move from employment to retirement has focused on the manifest function. Economics tend to play a strong role in employees' retirement decisions, with health probably a close second predictor. Three phases of retirement decision-making are evident: (ⅰ) imagining the possibility of one's future life during retirement; (ⅱ) assessing the past to help decide when to retire; and (ⅲ) the transition to retirement. Both predictors and consequences of retirement are reviewed, with special attention given to bridge employment, the phenomenon of retirees working for pay.