A Look at Contributing Factors to Delaying Early, Normal, and Late Retirement

Student Author(s)

Kelsey Bos, Hope CollegeFollow

Faculty Mentor(s)

Dr. John Lunn, Hope College

Document Type


Publication Date



With the past economic depression, there has been a sense of anxiety in the effects it will have on retirement plans. The results of three regressions, from a University of Michigan Health and Retirement Study, indicate significant differences between the contributing factors to the probability of one continuing to work through early, normal, and late retirement ages. The difference within the significances of the models shows that finances are only one aspect of the key contributing factors in the choice to retire. Financial security is the greatest concern for early retirees, however, throughout the normal retirement age, factors contributing to satisfaction with life, ranging from health to finances, are valued more. The late retirement model resembles the early model but with a stronger focus on health and the physical ability to continue working. Thus, one’s financial situation is only one of multiple significant factors effecting retirement; the others should be explored to a greater extent as to enhance understanding of the different retirement plans.

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