Psychology plays an important role in determining when American workers decide to retire.
Researchers at LIMRA International, Windsor, Conn., have published analyses of older workers’ retirement planning efforts in a review of results from a survey of 3,393 retirees and pre-retirees with at least $50,000 in investable assets.
When the researchers asked retirees why they retired when they did, only 39% said health problems were either a major reason or a minor reason, and only 17% said they were forced to take early retirement.
About 68% said they retired because they were “financially able to,” and 58% said they wanted to get away from the stress of the job, the researchers report.
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Another 48% said they were “tired and no longer wanted to work.”