A Three-Phase Model of Retirement Decision Making

The present article organizes prominent theories about retirement decision making around three different types of thinking about retirement: imagining the possibility of retirement, assessing when it is time to let go of long-held jobs, and putting concrete plans for retirement into action at present. It also highlights important directions for future research on retirement decision making, including perceptions of declining person environment fit, the role of personality traits, occupational norms regarding retirement, broader criteria for assessing older workers' job performance, couples' joint decision making about retirement, the impact of self-funded and self-guided pension plans on retirement decisions, bridge employment before total withdrawal from the work force, and retirement decisions that are neither entirely forced nor voluntary in nature.