Question

What factors are most relevant to an individual's decision to retire?

Answer 1

• The health status has a major influence on the decision to retire.With increasing age,health problems start to persist which can lower the efficiency of the person at work thus leading to make a decision to retire due to health issues and not being able to cope with long working hours.
• Financial situation is another relevant factor.Whether an individual has an economic necessity to work depends on alternative sources of income, such as pensions or superannuation, and also on their income requirements.People who have a more advantaged financial position clearly have greater choices about whether to work and when to retire.
• Employer’s policy towards older workers was cited as an important influence on retirement decisions.If the relationship with the boss is not good and the work is not interesting anymore then the person can retire.
• Pull factors may attract workers into retirement, such as having a partner who is retired, wanting to spend more time with family, travelling or pursuing hobbies. These factors may apply especially to high-income employees who can afford to retire.