Who expects to continue working after age 62? The retirement plans of couples.
OBJECTIVE
This study examines the individual, spousal, and household characteristics associated with the retirement expectations of husbands and wives.


METHODS
Using data from the 1992 Health and Retirement Study, subjective probabilities of working full-time after reaching age 62 and age 65 are used to measure retirement expectations. The retirement expectations of husbands and wives are modeled simultaneously using a joint-generalized least-squares approach.


RESULTS
Within a marriage, retirement expectations are shaped by individual, spousal, and household characteristics. We observe some gender differences in cross-spousal influence with wives' retirement expectations being more influenced by husbands' resources and constraints than vice versa. Nonetheless, individual and household factors associated with retirement expectations are widely shared by husbands and wives.


CONCLUSIONS
Husbands and wives both respond to individual and joint constraints and opportunities when planning for retirement. Findings support that there is considerable overlap in retirement planning of husbands and wives during early parts of the retirement decision-making process. However, inequity in cross-spousal influences is a defining characteristic of retirement decision making. Implications for both policy makers and practitioners are briefly discussed.
Pienta
Amy Mehraban
AM
Institute on Aging and Department of Health Policy and Epidemiology, University of Florida, Gainesville 32610-3505, USA. pienta@ufl.edu
Hayward
Mark D
MD
D000368:Aged; D002755:Choice Behavior; D004651:Employment / Q000523:psychology; D005260:Female; D005783:Gender Identity; D006304:Health Status; D006306:Health Surveys; D006801:Humans; D008297:Male; D008875:Middle Aged; D012179:Retirement / Q000523:psychology*; D012718:Set, Psychology; D018454:Spouses / Q000523:psychology*