Post-Retirement Life Satisfaction and Financial Vulnerability: The Moderating Role of Control

The Journals of Gerontology. Series B, Psychological Sciences and Social Sciences
Dawn C CarrMichael Smyer

Abstract

This paper examines changes in life satisfaction around retirement exits for those with varying pre-retirement incomes, testing whether constraints on control and control over finances moderate the relationship between retiring and pre-retirement income. This longitudinal study draws data from the 2004-2014 waves of the HRS to examine changes in life satisfaction pre- versus post-retirement for three groups (the poor/near poor, financially vulnerable, and financially stable) of full-time workers ages 51 to 87 (N=970), and a subset (N=334) who fully retire over a four- year period. Controlling for baseline life satisfaction, health, job/demographic characteristics, and social engagement, OLS regression results show financially stable retirees report higher levels of post-retirement life satisfaction relative to their full-time working counterparts, while the poor/near poor and the financially vulnerable report similar life satisfaction to those who continue working full-time. Constraints on personal control and control over finances moderate post-retirement life satisfaction for the financially vulnerable. Results suggest full retirement predicts improved life satisfaction only for those most advantaged financially. Financially ...Continue Reading

References

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