@article {7321, title = {Gradual Retirement, Sense of Control, and Retirees{\textquoteright} Happiness}, journal = {Research on Aging}, volume = {31}, year = {2009}, pages = {112}, publisher = {31}, abstract = {The aim of this study was to explore the factors that affect an individual{\textquoteright}s happiness while transitioning into retirement. Recent studies have found that workers often view the idea of gradual retirement as a more attractive alternative than a cold turkey or abrupt retirement. However, there is very little evidence as to whether phasing or cold turkey makes for a happier retirement. Using longitudinal data from the Health and Retirement Study, the authors explored what shapes the change in happiness between the last wave of full employment and the first wave of full retirement. The results suggest that what matters is not the type of transition (gradual retirement or cold turkey) but whether people perceive the transition as chosen or forced.}, keywords = {Employment and Labor Force, Retirement Planning and Satisfaction}, doi = {https://doi.org/10.1177/0164027508324704}, author = {Calvo, Esteban and Haverstick, Kelly and Sass, Steven A.} } @article {5686, title = {A Gradual Exit May Not Make for a Happier Retirement}, number = {IB$\#$7-16}, year = {2007}, institution = {Center for Retirement Research at Boston College}, address = {Boston}, abstract = {Workers often say they want to retire gradually. As retirement is a sharp break with life as they know it, it{\textquoteright}s not surprising that many prefer to negotiate the transition a step at a time. Many policymakers also view gradual retirement favorably. They see it as a way to extend careers, shorten retirements, and thereby improve retirement income security. Expanding opportunities for gradual or {\textquotedblleft}phased{\textquotedblright} retirement has thus gained a prominent place on the policy agenda. Workers who say they want to retire gradually, however, are clearly not basing their preference on personal experience. These workers have not retired both ways, concluding that retiring in stages is better. To shed light on this issue, this brief summarizes a new study comparing individuals who retired gradually with those who retired {\textquotedblleft}cold turkey{\textquotedblright} and asks which are happier in retirement. The study uses happiness as the yardstick because it measures realized quality of life; other criteria {\textemdash} such as income, wealth, social status, or health {\textemdash} measure potential quality of life. Greater happiness in retirement is also what workers seem to expect if they exit the labor force gradually{\textellipsis}}, keywords = {Retirement Planning and Satisfaction}, url = {https://crr.bc.edu/briefs/a-gradual-exit-may-not-make-for-a-happier-retirement/}, author = {Calvo, Esteban and Haverstick, Kelly and Sass, Steven A.} }