Buying Time in a Retirement System

Abstract

Many defined benefit plans offer the employee the option of buying additional time in the retirement plan when they retire. This paper looks at that decision and develops a methodology for analyzing the prudence of that investment decision.     

Gradual Retirement in Germany

While nearly all developed nations have some form of attendance allowance for the elderly and disabled, the United Kingdom and several of the American states have provisions to pay caregivers directly if they are family members. This paper compares and contrasts provisions in the U.K. Invalid Care Allowance with provisions of a program in one American state-Michigan. Such payments potentially benefit disabled people, caregivers, and cost-conscious states. However, two particular goals shape the programs' impacts on caregiver functioning and adequacy. One is the extent to which programs operate as welfare provisions and benefits directed at the social or household economy. The other is the extent to which they function as a substitute for wage labor in the market economy. Each of these can be assessed in relation to the real, personal choices and economic gains it provides caregivers. Presumably, both are important in sustaining adequate and satisfying long-term care. Only by truly expanding choice as well as capacity can governments expect to effectively sustain an optimal mix of care provision in the community.     

How Retired Households and Households Approaching Retirement Handle Their Equity Investments in the United States

This study examines how U.S. retired households and households approaching retirement change their equity holdings over time. Applying a decomposition analysis on the repeated cross-sectional U.S. Survey of Consumer Finances from 1989 to 2004, this study presents the effects of change in population size including mortality, change in financial wealth, and change in preference on the change in aggregate financial asset share invested in equity. A formal regression-based decomposition is also provided. It was found that there is a convex relationship between age and equity holdings as a share to financial assets for the older population. In addition, the risk-taking attitude-equity holdings profile shifted upward during the period of 1989 to 2004 for the older population. It is further documented that 70% of those senior equity investors chose financing retirement and financing future liquidity as the primary saving goals. Therefore, longevity pattern plays an important role for older population to hold equity.

Looking Beyond Retirement: Patterns and Predictors of Formal End-of-Life Planning Among Retirement Age Individuals

This study uses the 2004 wave of the Wisconsin Longitudinal Study to examine the patterns and predictors of formal End-of-Life (EOL) planning strategies among retirement age individuals and whether EOL health and financial planning are highly correlated planning behaviors. Using logistic regressions and multinomial logistic regressions, findings show that EOL health plans appear to be done in combination with financial plans. Females, higher educated persons, and those with higher net worth are more likely to have integrated EOL plans containing both EOL health and EOL financial plans. It is suggested that policy makers, health and financial professionals, and educators concerned about the consequences of the absence of EOL health plans should facilitate the joint planning with finances, especially among those at higher risk of not having such plans (e.g., males, less educated persons, and those who have little net worth).

The Tempo of Sexual Activity and Later Relationship Quality

Rapid sexual involvement may have adverse long‐term implications for relationship quality. This study examined the tempo of sexual intimacy and subsequent relationship quality in a sample of married and cohabiting men and women. Data come from the Marital and Relationship Survey, which provides information on nearly 600 low‐ to moderate‐income couples living with minor children. Over one third of respondents became sexually involved within the first month of the relationship. Bivariate results suggested that delaying sexual involvement was associated with higher relationship quality across several dimensions. The multivariate results indicated that the speed of entry into sexual relationships was negatively associated with marital quality, but only among women. The association between relationship tempo and relationship quality was largely driven by cohabitation. Cohabiting may result in poorer quality relationship because rapid sexual involvement early in the romantic relationship is associated with entrance into shared living.     

Return Chasing as a Driver in Individual Retirement Savings Investment Choices: Evidence from Australia

Australia’s retirement savings regime requires employers to make contributions to a superannuation fund for their employees. Workers who may have no experience of investment are asked to make relatively complex decisions, which have significant implications for their retirement lifestyle. Evidence suggests individuals may be unduly influenced by recent historical returns when making investment choices. Such a bias may produce sub-optimal results over the longer-term. This paper uses a large database from four not-for-profit retirement savings funds to investigate members’ investment choices using logistic regression and multi-variate tests. We find evidence that choices are driven by recent historical returns. We also investigate demographics and find a link between age and return chasing behaviour.     

Presence and Visibility of Outdoor and Indoor Physical Activity Features and Participation in Physical Activity Among Older Adults in Retirement Communities

Abstract

In this paper we examine how the presence and visibility of outdoor and indoor physical activity resources (e.g., walking path/ trail, outdoor tennis courts, gardens, etc.) influences participation in physical activity among elderly residents in non-profit continuing care retirement communities and other senior housing communities. This paper reports findings from a survey of 800 such communities. A social ecological model was used to study the relationships between the environment and physical activity behavior. A fifty-two percent response rate (n = 398) was obtained. Campuses with more attractive outdoor and indoor physical activity facilities had more residents participating in different types of physical activity.     

Restorative Environments in Later Life

Abstract

This study proposes an analysis of restorative experiences of 192 elderly persons living in Rome. Perceived restorativeness of natural and built environments was examined, considering the influence of the social context of restoration and the activities performed in the environment. Restorativeness emerges as a consequence of complex person-environment transactions, in which place-specific processes occur. Moreover, a different influence of social interaction in natural and built environments was clearly identified; conversely, activities performed in the environment did not show a significant effect on perceived restorativeness. Theoretical and practical implications are discussed.     

Coping with Vulnerabilities in Old Age and Retirement: Cross-border Mobility,Family Relations and Social Networks of German Retirees in Alanya

ABSTRACT

Reduced income upon retirement is a vulnerability threat, which increases dependency on public provisions, familial, and/or social (community) support. Many German retirees, in addition to lifestyle motivations, move to low-cost destinations in order to maintain an autonomous and independent life while minimizing the risks of financial worsening. In this article, I discuss the vulnerability patterns of German retirees in the Mediterranean coastal town of Alanya, Turkey, and the role of social networks, with a particular focus on intergenerational family relations. I argue that, despite increased life satisfaction, relocation to a new destination abroad results in new emerging threats. German retirees in Alanya experience difficulties in terms of a lack of intergenerational family support and the double jeopardy of being framed by the legal regulations of two nation states. Based on the findings of the empirical research conducted in Alanya in 2017, I will demonstrate new threats emerged after relocation and how retirees respond to those with new coping strategies.     

Homemaking,Temporality and Later Life

Abstract

While much literature has focused on the meaning of home, relatively little has been conducted on homemaking in later life. This paper demonstrates the importance of time in conceptualizations of home. Using an extensive case study from a multi-interview study with eight older people in England, it is shown that gardening can form the basis of a temporal framework which structures a life. Importantly, gardening can seem essential in homemaking and a reason not to move to residential living. This paper builds on literature that suggests home is a process and that people’s conceptualization and experience of home develop throughout their lives. As ageing and dying have become long and complicated processes, it is argued older people may find this challenging as this makes it difficult to prepare for the end of life.     

Being involved in the country: Productive ageing in different types of rural communities

Productive ageing recognises the contribution of older people to economic, social and cultural growth and helps build a sustainable community. Being involved in community life is good for individuals and good for society. However, we know very little about the participation of and contribution by people aged 50 and over in rural communities. This research aimed to develop a better understanding of productive ageing in different types of communities in rural Victoria, Australia. An anonymous self-complete postal questionnaire was distributed to a sample of households in twenty rural communities using the Australia Post Unaddressed Select Service. Those householders 50 years of age and older were invited to complete the survey. Data collected allowed examination of social and civic engagement, familiarity with community, the value placed on social relations by people aged 50 years and over, and how community involvement was linked to community sustainability. In particular it attempts to address the question ‘Does social and civic engagement differ across declining, stable and growing rural communities?’ Despite differences among rural communities, this study showed that older people develop and maintain strong community connections and well-functioning social capital and that participation in social activities was associated with feelings of being connected with community. It also identified health issues and lack of options as the main constraints on participation. A key message for policy makers is that older people play an important role in the sustainability of rural communities. There is much to be gained from actively supporting their participation in activities that are connected to ageing well.     

Designing an Ageless Social Community: Adapting a New Urbanist Social Core to Suit Baby Boomers in Later Life

ABSTRACT

Since 90% of older adults prefer aging in place (Wang, Shepley, & Rodiek, 2012), it is important that neighborhood design supports successful aging. Beyond basic needs, research indicates quality interaction is associated with positive health and well-being benefits, particularly for older adults. In this, design supporting social relationships plays an essential role. This study's purpose was to identify New Urbanist neighborhood and social space design attributes supporting older residents' physiological and social needs. This case study used keyword-in-context analysis with focus group interview data to identify domains supporting social interaction for residents aging in place including: location factors, social factors, design factors, and programmatic factors.     

The Quest for Legacy in Later Life

Abstract

Anthropological fieldwork among retirees in a rural New York community revealed that a common feature in people's search for meaning was their effort to create a legacy. The results varied, and included innovative programs, the moral lessons of personal experience, and creative works. New retirees also cared about who would succeed them, either in their former positions, or by carrying on the work, stories, or sensibilities they had forged. Ethnographic vignettes relate these twin themes of legacy and succession to American ideas about debts, personal identity, and moral obligation. These stories are also compared with the way legacies are constructed in other societies.     

Repartnering After Union Dissolution in Later Life

The authors estimated the timing of repartnering among individuals who had experienced a union dissolution at age 45 or older, treating cohabitation and marriage as competing risks. The analysis used retrospective data from the 2007 Canadian General Social Survey and life table analysis and Cox models to examine patterns of repartnering. The study offered three major conclusions. First, age constraints on repartnering are large when union dissolution occurs in midlife or later. This age constraint is particularly strong for women and contributes to a wide gender gap in repartnering. Second, in contrast to repartnering at earlier life stages, cohabitation is not the predominant choice of repartnering for those experiencing union dissolution at age 45 and older. Third, union exit status (divorce, cohabitation separation, and widowhood) is a key repartnering differential. The most disadvantageous routes to repartnering are through the experience of cohabitation separation and widowhood.     

Motivational Signage Increases Physical Activity on a College Campus

Objective: The authors evaluated whether motivational signage influenced rates of stair use relative to elevator use on a college campus. Participants: In March and April 2004, the authors observed students, faculty, staff, and any visitors accessing a college campus building. Methods: During Phase I, the authors monitored ascending stair and elevator use at the same time each weekday (Monday-Friday). During Phase II, the authors placed motivational signs encouraging stair use at the bottom of the stairs and outside and inside the elevators. During the third week (Phase III), the authors removed the signs. Results: The authors observed 18,389 ascending trips during the 3 weeks of the study. Motivational signs significantly contributed to an 18.6% increase in stair use in the second week, which was maintained in the following week. Conclusions: The signage intervention successfully enhanced physical activity on a college campus by providing educational health tips that may have served as motivation to choose the stairs.