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Author: Wayno, Frank John, Jr.
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Wayno, Frank John, Jr. |
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Retirement Decision Process: A Multinomial Logit Analysis of the Expected Retirement Decisions of Middle-Aged Male Workers Ph.D. Dissertation, Princeton University, 1983 Cohort(s): Older Men Publisher: UMI - University Microfilms, Bell and Howell Information and Learning Keyword(s): Early Retirement; Household Income; Retirement/Retirement Planning This study examines the process by which an employed male, nearing the point in his work career where retirement becomes a possibility, selects an intended retirement mode from among the several possibilities available to him. Utilizing data from the NLS and employing multinomial logit analytical procedures, the study identifies the factors which influence the selection of retirement modes different from the traditional one of retirement at age 65. The research design: (1) operationalizes the decision to retire as a choice among multiple options; (2) incorporates mandatory retirement as a specifying variable in the retirement decision model; (3) utilizes a multivariate framework for analysis which includes six broad categories of factors reputed to be influential in the retirement decision; and (4) utilizes a longitudinal time frame in the analysis of the retirement decision process. The major findings of the study indicate that: (1) The six categories of factors do not each play a role in every retirement decision. The expectation of early retirement grows out of a decision process dominated by social psychological and informational factors, with age and changes in family income and assets playing a minor role. The decision process associated with the expectation of never retiring contains several factors from the employment rewards and retirement needs and resources categories, as well as the social psychological factors of importance to the early retirement choice. (2) Workers subject to mandatory retirement regulations are more prone to expect to retire early, and tend to consider a wider range of factors in their early retirement decision, than workers not so subject. A normative explanation for the findings is developed using anthropologist Richard Hall's "levels of culture" framework. |
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Bibliography Citation
Wayno, Frank John, Jr. Retirement Decision Process: A Multinomial Logit Analysis of the Expected Retirement Decisions of Middle-Aged Male Workers. Ph.D. Dissertation, Princeton University, 1983. |