The purpose of this study was to investigate the variables on employees' retirement expectations divided into imposed frustration, new beginning, transition to rest, and continuing. Independent variables were individual(gender, age, occupation, income, education, and health condition), psychological(self-esteem, locus of control, attitude of leisure, and attitude of family), and job-related variables(job attitude, job satisfaction, and job stability). In order to achieve this purpose, a survey was conducted with 515 employees from Daegu and Kyungpook. Retirement expectations were measured with questionnaire based on several studies. The data analyzed by frequency, percentage, mean, factor analysis, Cronbach's $\alpha$, correlation, and multiple regression. The major findings were as follows. First, imposed frustration was affected by income, self-esteem, locus of control, job satisfaction, job attitude, and job stability. Second, new beginning was affected by self-esteem, locus of control, attitude toward leisure and family, and job stability. Individual variables were not statistically significant predictors of new beginning. Third, transition to rest was affected by locus of control, attitude toward family, job satisfaction, job attitude, and job stability. Individual variables were not statistically significant predictors of transition to rest. Finally, continuing was affected by age, education, job satisfaction. Psychological variables were not statistically significant predictors of continuing.