NON-FINANCIAL FACTORS IN RETIREMENT DECISIONS
NON-FINANCIAL FACTORS IN RETIREMENT DECISIONS
Author(s): STEVEN A. SASSSubject(s): Organizational Psychology, Gerontology, Economic development
Published by: Addleton Academic Publishers
Keywords: retirement; non-financial rewards; personal objectives; older workers; adverse working conditions;
Summary/Abstract: When defined benefit pension plans provided strong financial incentives to retire at a particular age, financial factors played a significant role in retirement decisions. Incentives to retire at a particular age are absent in today’s 401(k)s and retirement decisions are much less responsive to financial considerations. Studies instead identify the importance of non-financial rewards in keeping some workers in the labor force and pulling others into retirement. An employer seeking to retain older workers thus should see that they get such non-financial rewards – and understand the risks of being pulled into retirement too early to gain a financially secure retirement.
Journal: Psychosociological Issues in Human Resource Management
- Issue Year: 5/2017
- Issue No: 1
- Page Range: 184-192
- Page Count: 9
- Language: English
- Content File-PDF