Retirement and Work in Late Life What are the main predictors of the decision to retire?

Retirement and Work in Late Life What are the main predictors of the decision to retire?

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July 4, 2021
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Retirement and Work in Late Life

What are the main predictors of the decision to retire?

Answer and ExplanationSolution by a verified expert

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Retirement can be a result of the fulfillment of one's materialistic and psychological needs that they derived previously from their work.

Explanation
Retirement is a decision made by an older person. However, it may also be the criteria of the workplace to remove employees according to the age criteria. Retirement involves one's disconnection from their work.

The following factors can affect the decision of retirement:

Personal choice- Retirement can be a voluntary decision. When an individual wants to take a break from occupational sectors to have time to pursue additional interesting activities after accomplishing all their set goals in occupational life, they may retire. This may involve achieving a certain post or earning sufficient money. For some people, this is a time to reconnect with themselves and pursue hobbies like traveling around the world or joining clubs.
Financial status- A person's decision of retirement depends on their savings amount that they have collected for several years. If they have sufficient amount of money to maintain basic living standards after retirement, they can choose retirement. However, if their financial status is not good, it may be tough for them to choose retirement.
Health- With age, a person can develop several health issues like diabetes and high blood pressure. An increase in age is related to a decrease in the cognitive abilities of an individual, which can limit their ability to work efficiently in the office. Such conditions can make them choose retirement and focus on improving their health. The companies may also ask that individual to leave if the person is considered unfit for doing the job.
Attitude- A person may be satisfied or dissatisfied with the job and work role in the company. If they enjoy their profession, they usually do not retire easily. Disappointment with the job results in easy retirement, whereas a person who is satisfied with the job will face issues while choosing retirement as an option.
Verified Answer
Retirement refers to the withdrawal of an individual from the occupational sector. Some factors that can affect one's decision of retirement are:

When people achieve their goals in their life, they apply for retirement to enjoy other activities.
People retire when they are financially secure and can live properly after a job. Those who are not financially secure work for their livelihood.
When people suffer from severe illness and problems, they may retire.
The individual's attitude and belief toward work influences their decision to retire, whereas a dedicated individual may not want to retire from the work.

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