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What Makes Retirees Happier: A Gradual or 'Cold Turkey' Retirement?

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Author Info
Esteban Calvo
Kelly Haverstick
Steven A. Sass () (Center for Retirement Research, Boston College)

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Abstract

This study explores the factors that affect an individual’s happiness while transitioning into retirement. Recent studies highlight gradual retirement as an attractive option to older workers as they approach full retirement. However, it is not clear whether phasing or cold turkey makes for a happier retirement. Using longitudinal data from the Health and Retirement Study, this study explores what shapes the change in happiness between the last wave of full employment and the first wave of full retirement. Results suggest that what really matters is not the type of transition (gradual retirement or cold turkey), but whether people perceive the transition as chosen or forced.

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Publisher Info
Paper provided by Center for Retirement Research in its series Working Papers, Center for Retirement Research at Boston College with number wp2007-18.

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Length: 49 pages
Date of creation: Oct 2007
Date of revision: Oct 2007
Handle: RePEc:crr:crrwps:wp2007-18

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Susann Rohwedder, 2006. "Self-Assessed Retirement Outcomes: Determinants and Pathways," Working Papers wp141, University of Michigan, Michigan Retirement Research Center. [Downloadable!]
  2. Keith A. Bender, 2004. "The Well-Being of Retirees: Evidence Using Subjective Data," Working Papers, Center for Retirement Research at Boston College 2004-24, Center for Retirement Research. [Downloadable!]
  3. Daniel Kahneman & Alan B. Krueger, 2006. "Developments in the Measurement of Subjective Well-Being," Journal of Economic Perspectives, American Economic Association, vol. 20(1), pages 3-24, Winter. [Downloadable!] (restricted)
  4. Alan Gustman & Thomas Steinmeier, 2007. "Projecting Behavioral Responses to the Next Generation of Retirement Policies," Working Papers wp153, University of Michigan, Michigan Retirement Research Center. [Downloadable!]
  5. Esteban Calvo, 2006. "Does Working Longer Make People Healthier and Happier," Work Opportunity Briefs wob_2, Center for Retirement Research. [Downloadable!]
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  6. Steven Haider & David Loughran, 2001. "Elderly Labor Supply: Work or Play?," Working Papers 01-09, RAND Corporation Publications Department. [Downloadable!]
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  7. Bruno S. Frey & Alois Stutzer, 2002. "What Can Economists Learn from Happiness Research?," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 402-435, June.
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  8. Patrick Royston, 2004. "Multiple imputation of missing values," Stata Journal, StataCorp LP, vol. 4(3), pages 227-241, September. [Downloadable!]
  9. Richard E. Lucas & Andrew Clark & Yannis Georgellis & Ed Diener, 2002. "Re-Examining Adaptation and the Setpoint Model of Happiness: Reactions to Changes in Marital Status," DELTA Working Papers 2002-08, DELTA (Ecole normale supérieure). [Downloadable!]
  10. Alan L. Gustman & Thomas L. Steinmeier, 2000. "Retirement Outcomes in the Health and Retirement Study," NBER Working Papers 7588, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  11. Constantijn W.A. Panis, 2003. "Annuities and Retirement Satisfaction," Working Papers 03-17, RAND Corporation Publications Department. [Downloadable!]
  12. Rafael Di Tella & Robert MacCulloch, 2006. "Some Uses of Happiness Data in Economics," Journal of Economic Perspectives, American Economic Association, vol. 20(1), pages 25-46, Winter. [Downloadable!] (restricted)
  13. Alan L. Gustman & Thomas Steinmeier, 2007. "Projecting Behavioral Responses to the Next Generation of Retirement Policies," NBER Working Papers 12958, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  14. Ruhm, Christopher J, 1990. "Bridge Jobs and Partial Retirement," Journal of Labor Economics, University of Chicago Press, vol. 8(4), pages 482-501, October. [Downloadable!] (restricted)
  15. Robert Hutchens, 2007. "Phased Retirement: Problems and Prospects," Work Opportunity Briefs wob_8, Center for Retirement Research, revised Feb 2007. [Downloadable!]
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Esteban Calvo & Kelly Haverstick & Steven A. Sass, 2007. "A Gradual Exit May Not Make for a Happier Retirement," Issues in Brief ib2007-7-16, Center for Retirement Research, revised Oct 2007. [Downloadable!]
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