• Journal of Labour Economics
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• v.27 no.3
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• pp.1-23
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• 2004

To investigate the interdependence of the decisions on when to retire and how much consume before and after retirement, we compare the pre- (or post-) retirement consumption conditioned on the retirement decision with pre- (or post-) retirement consumption regardless of retirement decision by using the Korea Labor and Income Panel Study(KLIPS). We employ the two-stage switching regression for the econometric method to investigate the interdependence of two decisions of retirement and pre- or post retirement consumption. Then we test the existence of the interdependence in terms of the significance of the estimated selection biases which appear in the pre- (post-) retirement consumption equations for early and late retirees. In those equations, we also compare the income elasticity of the consumption of the early retirees with that of the late retirees. The empirical results show that there is negative selection bias in early retirees' consumption. These results imply that due to the early retirement decision early retirees would have consumed less than they actually have. The income elasticities of the consumption of the early retirees is smaller than that of the late retirees in pre- (or post-) retirement consumption equation. This result shows that relatively longer retirement period due 10 the early retirement affect the pre-retirement consumption. early retirees' marginal propensity to consume should be lower than that of the late retirees.

• Korean Journal of Social Welfare
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• v.42
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• pp.169-198
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• 2000

This paper attempts to analyze the early retirement in the OECD countries and discuss implication of that in the old age policy in Korea. The increase of the early retirement in the almost all OECD countries is a common fact. Especially the rate of early retirement rapidly increased in the 1980s, mostly reflecting the high rate of unemployment and states' policies to reduce it. However, it varies across countries: the unemployment compensation pathway in France, the mixture of social assistance and private insurance in England, VUT in Netherland, the privatization of the early retirement in the U. S., and partial retirement and labor market policy in Sweden. The early retirement in the advanced countries contributes to de-institutionalization and de-standardization in life course model. It resulted in the erosion of the ordinary conception that the retirement was the beginning of the old age. And the last phase of life course became blurred. With respect to the problem of the early retirement, there is a big difference between Korea and the OECD countries. Above all, the retirement age is 55 years in many companies and the public pension is not universalized in Korea. Accordingly the policy for income security of the old age in Korea should be connected with social security policy such as the gradual extension of the retirement age and the expansion of the public pension and labor market policy such as job training for the old age, transformation of the seniority wage system etc.

• Journal of Families and Better Life
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• v.27 no.3
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• pp.31-43
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• 2009

Using the first wave of KLoSA(Korean Longitudinal Study of Ageing) beta version, this study analyzed factors affecting early retired men's subjective life satisfaction through Binary Logit and Multiple Regression. Total 552 men were selected as a sample. The main results of empirical analysis in this study were as follows: The retirement reason(health-) and monthly household income(+) affected whether they were satisfied with the retirement life or not and subjective life satisfaction over all. Especially, the retirement reason(health-) had a stronger effect on whether early retired min were satisfied with the retirement life or not and their subjective life satisfaction than monthly household income revealed significant variable in previous studies. This result represents that the retiree's life satisfaction analysis model must include retiree's characteristics at the time of retirement as well as retiree's current status characteristics or socio-economic characteristics.

• Journal of Preventive Medicine and Public Health
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• v.51 no.3
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• pp.154-162
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• 2018

Objectives: Early retirement occurs when one's job satisfaction suffers due to employment mismatch resulting from factors such as inadequate compensation. Medical doctors report high levels of job stress and burnout relative to other professionals. These levels are highest among emergency physicians (EPs), and despite general improvements in their working conditions, early retirement continues to become more common in this population. The purpose of this study was to identify the factors influencing EPs intention to retire early and to develop a probability equation for its prediction. Methods: A secondary analysis of data from the 2015 Korean Society of Emergency Physicians Survey was performed. The variables potentially influencing early retirement were organized into personal characteristics, extrinsic factors, and intrinsic factors. Logistic regression analysis was performed to identify risk factors and to develop a probability equation; these findings were then arranged in a nomogram. Results: Of the 377 survey respondents included in the analysis, 48.0% intended to retire early. Risk factors for early retirement included level of satisfaction with the specialty and its outlook, slanderous reviews, emergency room safety, health status, workload intensity, age, and hospital type. Intrinsic factors (i.e., slanderous reviews and satisfaction with the specialty and its outlook) had a stronger influence on early retirement than did extrinsic factors. Conclusions: To promote career longevity among EPs, it is vital to improve emergency room safety and workload intensity, to enhance medical professionalism through a stronger vision of emergency medicine, and to strengthen the patient-doctor relationship.

• The Journal of Industrial Distribution & Business
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• v.10 no.12
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• pp.25-34
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• 2019

Purpose - In this study, we would like to analyze how the general characteristics of retired senior citizens affect directly the satisfaction of retirees' lives. As the life cycle continues to grow longer, post-retirement environment is recognized as important, and this study is conducted to analysis the factors that concerns which parts influence future retirement life. Research design, data, and methodology - First, Pearson's correlation analysis was conducted to analyze the correlation between the satisfaction of retirement life and the characteristics of the elderly. Secondly, a one-way analysis of variance was conducted to find out the difference in the satisfaction level of post-retirement life depending on the characteristics of the elderly. Results - First, the demographic factors for the satisfaction of retirement life have shown a definite difference. Second, the family factors for the satisfaction of retirement life have shown a clear difference. Third, financial factors for the satisfaction of retirement life have shown a clear difference. Conclusions - Early retirement, especially in major jobs, is the basis for incomplete retirement preparation, which is a factor in unstable later life. If a prospective retiree can retire in a predictable retirement age, it would be sufficient to prepare for retirement in various areas, or to prepare for further directions.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.5
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• pp.279-290
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• 2020

This study examines how economic preparation for later life directly influences life after retirement. As people's life cycle is gradually getting longer, preparation for the later time with less economic activity after retirement is becoming more important. Thus, this study analyzes the factors influencing life after retirement. Data comes from the Korean Retirement and Income Study (KReIS) surveyed carried out by the National Pension Research Institute in 2015. The analysis includes Cronbach's alpha, Pearson Product Moment Correlation Coefficient and Sobel Test. This study confirms that voluntary retirement has a positive influence on life satisfaction. Results are in line with previous research about the relationship between voluntary retirement and retired life. When a person retires voluntarily, financial preparation can be made in advance for retirement. In case of involuntary retirement, people may experience a sense of loss in personal standing and financial difficulties due to the unexpected situation. Especially, early retirement from the main workplace leads to unstable later life. The study's policy recommendation, in particular, calls on government and businesses to agree on social responsibility for helping employees to retire in the predictable retirement time and, thus, enabling the retiree to decide all aspects of the path after retirement.

• 한국노년학
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• v.37 no.4
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• pp.871-891
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• 2017

The purpose of this paper is to reduce the reverse-causality and overestimate bias of analysis on how health affected middle-aged and elderly worker's early retirement. From the Korean Longitudinal Study of Ageing(KLoSA) panel data, I researched 1,049 people who were 45-52 years old in 2006. To eliminate the reverse-causality problem, I used the health data which is surveyed before retirement. To reduce bias, I controlled the health status when retirees worked. The main results are as follows. First, the worsened health still affects the hazard of early retirement, with reducing the endogeneity problem. Second, chronic illness is one of the strong predictors of early retirement to self-employed, and self-reported bad health is the main health predictor of wage workers. These results give two implications; first, the impact magnitude of the health indicator depends on employment type. Each employment type has different flexibility of working hours. It seems that the flexibility can reduce early retirement hazard with health problems. Self-employed, who has more flexibility of working hours can work until they have to stop working due to the serious health problem or doctor's advice. Second, to promote middle-aged and elderly workers to keep working, the long-term health policy which decreases chronic illness is needed.

• Journal of Korean Academic Society of Home Health Care Nursing
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• v.26 no.2
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• pp.155-165
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• 2019

Purpose: This study aimed to understand the meaning and nature of the early experiences of retired nurses. Methods: This qualitative study adopted Colaizzi's phenomenological method. Study participants were 10 nurses who had retired within the previous two years. Data were collected through in-depth individual interviews with the participants from September to December 2017, which were conducted until recurring themes emerged. Results: Early experiences of retired nurses in 14 sub-themes and 5 themes from the total of 256 initial codes. The five themes were 'vaguely initiated retirement preparation,' 'decreased income and increased spending,' 'mixture of longing and unfamiliarity,' 'the comforts left regret,' and 'go to another start another beginning.' Conclusion: Based on the results of this study, we suggest pre-retirement education that considers economic, interpersonal, and psychological changes to help nurses adapt to their new lives after retirement. We propose the development of education programs based on an understanding of lifestyle changes experienced by retired nurses, and further study to measure the effectiveness of these programs.

• Korea journal of population studies
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• v.26 no.1
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• pp.115-141
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• 2003

The aim of this paper is to describe a long-term trend toward earlier retirement and its reversal since 1985 in the United States, together with changes in socioeconomic conditions and social-policy programs which have contributed to this new development. The American people's recent propensity to retire at relatively younger ages was mainly a result of secular increase in individual wealth that had made it possible for them to enjoy higher standard of living without their participation in labor market activities at older ages. In addition to the introduction of compulsory retirement system, both social security retirement pension program and corporate pension system have also contributed significantly to the declining retirement age and its reversal around the mid-1980s. This paper pays full attention to the set of social policy programs which are currently being used to sustain the recent reversal in ages at retirement. The basic question to be raised here, however, is about whether or not the U. S. government will ave to continue to implement the social policies and programs used to discourage the elderly from retiring at relatively younger ages in the future. In this paper, it is argued that labor productivity growth and improvement in work attitude prior to retirement will help the elderly find little difficulties in having higher standard of living, despite their further lengthening of life expectancy at birth and post-retirement survival chances, the latter being often called the "third life". Most American people hope that the social-policy programs that have promoted early retirement will remain unchanged in the first part of the 21st century while they will put significant financial burden on their future descendants who have to work in the paid labor market. Taking this observation in consideration, this paper concludes that the U. S. government has to focus more on developing the programs that improve work propensity and labor productivity among the currently working-age population rather than continuing to implement the programs that sustain the recent reversal in retirement ages.ment ages.

• Journal of Digital Contents Society
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• v.19 no.1
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• pp.141-147
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• 2018

This study analyzed the early retired employees who stayed in company no longer than 3 years based on a certain company's personality evaluation result data. The predicted model was analyzed by dividing into two categories; the manufacture group and the R&D group. Independent variables were selected according to the stepwise method. A logistic regression model was selected as a prediction model among various supervised learning methods, and trained through cross-validation to prevent over-fitting or under-fitting. The accuracy of the two groups were confirmed by the confusion matrix. The most influential factor for early retirement in the manufacture group was revealed as "immersion," and for the R&D group appeared as "antisocial." In the past, people concentrated on collecting data by questionnaire and identifying factors that are highly related to the retirement, but this study suggests a sustainable early retirement prediction model in the future by analyzing the tangible outcome of the recruitment process.