ABSTRACT. When defined benefit pension plans provided strong financial incentives to retire at a particular age, financial factors played a significant role in retirement decisions. Incentives to retire at a particular age are absent in today’s 401(k)s and retirement decisions are much less responsive to financial considerations. Studies instead identify the importance of non-financial rewards in keeping some workers in the labor force and pulling others into retirement. An employer seeking to retain older workers thus should see that they get such non-financial rewards – and understand the risks of being pulled into retirement too early to gain a financially secure retirement. pp. 184–192
JEL codes: J26; G23; H55; J32

Keywords: retirement; non-financial rewards; personal objectives; older workers; adverse working conditions

How to cite: Sass, Steven A. (2017), “Non-Financial Factors in Retirement Decisions,” Psychosociological Issues in Human Resource Management 5(1): 184–192.

Received 15 August 2016 • Received in revised form 12 October 2016
Accepted 12 October 2016 • Available online 1 November 2016


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Center for Retirement Research,
Boston College

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