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PSYC 322 > 10. Retirement > Flashcards

10. Retirement Flashcards

1
Q

xhow has retirement changed throughout history?

A
  • there used to be no retirement, just changed jobs when it was too hard or passed away
  • industrial age caused young people to be the preferred employers, pushing older people out
  • industrial age also caused people to be less able to take care of parents as they moved around more
  • then old age security and government pension plan and social security were introduced
  • retirement started to be seen more positively
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2
Q

what are the traditional models of retirement?

A
  • role theory - loss of work requires adjustment post-retirement to new principal roles, loss of the work role loosens the ties between the individual and society
    • is a negative view, suggests you lose your role and identity when you retire
  • continuity theory - retired individuals maintain their self-concept and identity into retirement phase
  • life course perspective - pre and post retirement changes are shaped by earlier life events
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3
Q

what is the temporal process model of retirement?

A
  • retirement process consists of three broad and sequential phases
    1. retirement planning - usually decades before retirement
    2. retirement decision making
    3. retirement transition
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4
Q

what are the three types of retirement based on the temporal process model?

A
  • crisp retirement - you stop working and never stop working again
  • blurred retirement - no definitive day where you stop working, you just gradually work less
  • bridge employment - any paid work after and individual “retires” or starts receiving a pension
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5
Q

what are the cognitive and financial aspects of retirement planning?

A
  • cognitive aspect - what will i do? where will i live? who will i share it with? how will i afford it
  • financial aspect - predicting the balance between income and expenditure that allows the individual to maintain a desired lifestyle
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6
Q

what is the most common retirement pattern?

A
  • more typical for retirees to show the blurred retirement pattern
    • they exit and re‐enter the labour force several times
    • includes bridge employment, retirees work in a completely different occupation than they had during most of their adult life
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7
Q

what does retirement decision making consist of? what is early retirement?

A
  • imagining the possibility
  • assessing when to retire
  • putting plans into action
  • early retirement is before social security benefits and/or before personal timeline for retirement
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8
Q

what does the retirement transition consist of?

A
  • changes in daily activities
  • changes in well-being
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9
Q

what are the key predictors of retirement?

A
  • individual attributes
  • job/organizational factors
  • family factors
  • socioeconomic contexts
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10
Q

what individual attributes predict retirement?

A
  • gender - men tend to have more savings, clearer retirement goals, and engage in bridge employment
  • age - younger individuals are less likely to plan, less likely to retire, and more likely to engage in bridge employment
  • health - healthy people more likely to work longer and engage in bridge employment
  • income - low income earners are less likely to plan, more likely to seek bridge employment
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11
Q

what job/organizational factors predict retirement?

A
  • greater stress, workload, physical demands predict earlier retirement or bridge employment
  • retirement benefit plans - pension and health insurance encourages or discourages retirement
  • workplace policies and norms regarding age of their employers and accessibility for older people
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12
Q

what family factors predict retirement?

A
  • spousal impact on financial planning
  • care needs - children, grandchildren, spouses, parents
  • spouse’s retirement schedule - shorten the gap between retirements, bridge work until spouse retires
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13
Q

how do socioeconomic context predict retirement?

A
  • retirement support varies in different countries
  • ex. dutch clearly define pensions → less clear goals and less planning
  • ex. americans have much more uncertainty in their pensions
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14
Q

what is the resource based dynamic model for retirement?

A
  • retirement adjustment depends on how many resources the person has
  • resources - the total capability an individual has to fulfill their centrally valued needs
    • physical, cognitive, motivational, financial, social, emotional
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15
Q

what are the sources of retirement income in Canada?

A
  • the government
  • employer’s registered pension plans
  • personal savings and assets
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16
Q

what are the sources of retirement income from the government?

A
  • old age security ~ $713-780 per month
  • guaranteed income supplement (for low income)
  • canadian pension plan - for those who have worked…
    • max $16,375 per year (average of 9,000)
    • increasing max of $20,000 by about 2059
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17
Q

what are the requirements for old age security (OAS)?

A
  • must be 67+, increased from 65
  • be a canadian citizen or a legal resident
  • age for survivor allowance increased from 60 to 62
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18
Q

what is financial well-being?

A
  • the extent to which the person feels satisfied with his/her financial status and
  • is able to maintain effective financial functioning
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19
Q

what is financial literacy? how is this related to retirement?

A
  • understanding the basic financial concepts
  • associated with increased likelihood of retirement planning
  • associated with better financial well-being
  • women, minorities, and less education people, have poorer literacy
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20
Q

what is clarity of financial goals? how is this related to retirement?

A
  • knowing what is desired during retirement and money needed
  • associated with greater likelihood of financial planning
  • associated with greater retirement savings
  • associated with greater financial well-being
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21
Q

what are post-retirement factors of physical well-being?

A
  • quality of health insurance - healthier if employer provides insurance after retirement
  • bridge employment - physically healthier if engaged in bridge employment, bidirectional relationship
  • volunteering - also a bidirectional relationship
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22
Q

what is psychological well-being and what are some factors that determine it?

A
  • the extent to which the person is generally content with his/her psychological states and enjoys effective functioning
  • work related factors
  • family factors
  • voluntariness of and planning for retirement
  • post retirement activities
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23
Q

how do work related factors affect psychological well being during retirement?

A
  • work role identification - if we identify with our jobs, it is harder to retire
  • stressful, demanding, dissatisfying jobs - more enjoyment after retirement as job was hard
  • pre-retirement unemployment - people who get laid off, fired, experience health challenges, have more trouble with retirement
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24
Q

how do family factors affect psychological well being during retirement?

A
  • married people are happier than divorced or single (if spouse is retired)
  • it is better to have fewer dependents
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25
Q

what are the three different patterns of psychological well being before and after retirement?

A
  1. maintain well-being (70%)
    - tend to be married with a spouse who is also retired
    - more likely to be voluntarily retired
    - more likely to engage in bridge employment
  2. U-shaped changes, decline as they reach retirement then increase (25%)
    - likely to have unexpected or unplanned retirement
    - might have had health declines
    - lower marital satisfaction
  3. recover, enter at low point then increase (5%)
    - usually the people who have very demanding jobs
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26
Q

what are some interactive effects on retirement?

A
  • interactions between psychological, financial, and physical well-being
  • also related to the resources based dynamics model
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27
Q

what are the main changing trends for retirement?

A
  1. unexpected, increasing life expectancy
  2. smaller workforce to retired ratio (affects CPP) - labour force is decreasing
    • less young people entering, more older people retiring
    • increased the amount of CPP people have to put in
  3. some countries are still ill-prepared
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28
Q

what are the possible consequences of the changing trends for retirement?

A
  • later age of retirement, 65 → 67 → 65
  • reduced benefits/pension plans
  • shifting financial risk to individual
29
Q

how has technology changed savings and investments?

A
  • personal financial management has become more convenient for individual users
  • transaction costs have decreased significantly
  • possible risks of uninformed investors making poor investment choices
30
Q

how might technology impact psychological and physical well-being?

A
  • extension of health span
    • health monitoring technology
    • e-health, eventually track our health and flag doctors if anything is wrong
    • general medical advances
  • enhanced social connection
    • virtual online communities
    • facetime, whatsapp, zoom
31
Q

what are some difficulties with staying in the labour force for older adults?

A
  • ageism
  • lack of education and training
  • difficulty finding and applying for jobs
  • health issues
  • work-life balance
  • absence of workplace accommodations
32
Q

what are the differences in wages for men and women with apprenticeships and bachelors?

A
  • men with apprenticeships only make slightly less than men with bachelors
  • this gap is significantly larger for women with apprenticeships and bachelors
33
Q

what is vocation?

A

a person’s choice of occupation, reflects a person’s preferences and interests

34
Q

what is holland’s vocational development theory?

A
  • people express their personality in their vocational aspirations or interests
  • there are 6 types that represent all possible vocational interests, competencies, and behaviours
  • R - realistic, I - investigative, A - artistic, S - social, E - enterprising, C - conventional
  • combine two or three of the codes in the RIASEC model to describe people and occupations
  • congruence of personality and occupation is very important in job satisfaction
35
Q

what is super’s life span life stage story?

A
  • focuses on the role of the self and proposes that people attempt to realize their inner potential through their career choices
  • expression of self‐concept through work occurs in “life‐space life‐stages” including…
    • environmental determinants (labour market)
    • situational determinants (period of history)
    • personal determinants (biological and psychological)
36
Q

what are the different stages in super’s life span life stage theory?

A
  • exploration stage (teens to mid‐20s) - people explore career alternatives and select a vocation that they feel will express their self‐concept
  • establishment stage (mid‐20s to mid‐30s) - people are focused on achieving stability, remain within the same occupation while seeking to move up the career
  • maintenance stage (mid‐30s to mid‐50s) - people attempt to hold on to their positions rather than seeking further advancement
  • disengagement stage (mid‐50s to mid‐60s) - workers begin to prepare for retirement
37
Q

what is recycling in super’s life stage theory?

A
  • they change their main field of career activity partway into occupational life
    • middle‐aged workers may find themselves once again in the establishment stage (late 20s)
38
Q

what is career plateauing and how can it be mitigated?

A
  • remain static in their vocational development
  • workers who reported serving as a mentor were less likely to experience the negative effects of plateauing
    • mentoring activities can help middle‐aged and older workers with their own psychosocial development
39
Q

what is the difference between holland and super’s theory?

A
  • holland’s theory emphasizes vocational preferences
  • super’s theory places the focus on the occupation that you see as most “true” to your inner self
40
Q

what is the idea of occupation as a calling?

A

calling - an individual’s consuming passion for a particular career domain that serves people in some capacity and contributes to a sense of personal meaning and purpose
* emphasize people’s desires both to achieve self‐expression through their work and to contribute to the larger good
* people who cannot find a job in the area of their calling may find satisfaction through their leisure pursuits

41
Q

what are some factors that predict whether a person will be able to achieve their calling?

A
  • person-environment congruence
  • career commitment
  • sense of meaning in work
42
Q

what is a boundaryless career?

A
  • a career that crosses the boundaries of an employer or organization
    • a frame of mind that allows workers to think more flexibly about their commitment to a particular employer
43
Q

what is a protean career?

A
  • individuals are both self‐directed and driven internally by their own values
    • individual seeks personal growth through self‐reflection and self‐learning
    • has internal standards for success that will enhance his or her identity
44
Q

what is core self-evaluation in careers?

A
  • individuals who believe that they can shape their careers
    • composed of self‐esteem, generalized self‐efficacy, high emotional stability, and the belief that you control your fate
45
Q

what are intrinsic factors in vocational development?

A
  • tasks required to perform the work itself
  • cannot be found in precisely the same fashion in a different type of job
  • engages sense of identity because work = feelings of competence, autonomy, and personal growth
46
Q

what are extrinsic factors in vocational satisfaction?

A
  • features that accompany the job but are not central to its performance
    • ex. salary, is associated with the job but also in common with other jobs
    • aspects of work do not directly engage your sense of personal identity and competence
47
Q

what is the two factor motivational theory?

A
  • intrinsic factors are job “motivators” and extrinsic factors are the “hygiene” conditions present in the workplace
    • working for intrinsic reasons → more likely to achieve self-actualization
    • hygiene/extrinsic factors → prevent dissatisfaction but are not sole motivators
48
Q

what is the self-determination theory?

A
  • proposes that workers attempt to fulfill their needs for competence, autonomy, and relatedness
    • people will work harder when they feel they are in control of what they do (autonomy) and are able to satisfy their needs for mastery
49
Q

what is motivation crowding out?

A

people’s intrinsic motivation decreases when they receive extrinsic rewards for completing the work they enjoy

50
Q

what is affective events theory?

A
  • events at work lead individuals to experience affective reactions, and these in turn influence attitudes towards work and performance
  • positive events can make up for prior negative workplace‐related events
  • predicts that people will differ in their reactions to daily work experiences on the basis of their personality traits
51
Q

how does agreeableness lead to positive or negative affect in the workplace?

A
  • those high in agreeableness actually had more negative affect following interpersonal conflict
  • highly agreeable employees were also more likely to experience negative affect when they perceived their work environment to be low in social support
  • supervisors high in agreeableness will be less likely to take out their frustrations on their employees
52
Q

how does subjective well being lead to positive or negative affect in the workplace?

A
  • high subjective well‐being predicts job satisfaction
  • people high in subjective well‐being tend to experience more positive emotions that carry over into their work lives
53
Q

how do neuroticism, conscientiousness, and extroversion lead to positive or negative affect in the workplace?

A
  • people with high neuroticism scores are less likely to feel that their jobs are intrinsically rewarding
    • neuroticism is negatively related to job satisfaction
  • people high in the traits of conscientiousness and extroversion are more satisfied in their jobs
54
Q

what is person-environment correspondence?

A
  • people are most satisfied when their workplace responds to their needs
    • focuses on needs rather than interests
    • stresses the role of values in promoting job satisfaction
55
Q

what is emotional labour?

A
  • the requirement in service‐oriented jobs in which workers must smile and maintain a friendly attitude regardless of their own personal feelings or emotions
  • puts stress on the employees who feel constantly that they have to simulate emotions they truly do not feel
  • emotional labour can include covering a stigmatized but concealable identity
56
Q

how does work stress lead to metabolic syndrome?

A
  • high levels of stress leads to an increased likelihood of developing metabolic syndrome
  • lack of job fairness can be another workplace stressor
    • men who reported higher justice at work were less likely to have metabolic syndrome
    • for women, stress encountered at work independently predicted type 2 diabetes
57
Q

what is the work-family enrichment model?

A
  • experiences in one role improve the quality of life in the other
  • organizations can protect their workers against stress by providing them with support to maintain both their work and family roles
  • enrichment can take the form of development, in opportunities for growth, and affect, or levels of happiness
58
Q

what is the work-family conflict model?

A
  • proposes that people have a fixed amount of time and energy to spend on their life roles
    • the more time and energy people invest in one area, the less they have for the other set of demands and activities
  • conflict is most likely to occur among mothers of young children, dual career couple, and those who are highly involved with their job
59
Q

what is job tenure and how does it relate to vocational satisfaction?

A
  • job tenure - the length of an individual’s employment
    • separating age from tenure becomes particularly important in understanding vocational satisfaction as individuals grow older
  • tenure is associated with a decrease in vocational satisfaction
  • older employees who switches jobs actually increased in satisfaction
60
Q

how does ageism affect vocational satisfaction? what people are most likely to experience ageism on the job?

A
  • women and workers whose jobs were precarious seem particularly likely to be targets of this more subtle form of age discrimination
  • older workers who feel that their contributions are not valued, or who experience ageism on the job, will have lower vocational satisfaction
  • older employees who continue to feel engaged in their work will be more likely to be able to fend off perceived age discrimination
61
Q

what are some job factors that contribute to decline in vocational performance?

A
  • physical exertion
  • shift work
  • age biases
  • lack of collaboration
  • cognitive effort
62
Q

what are some job factors that contribute to improvement in vocational performance?

A
  • openness to change
  • greater expertise
  • fewer absences
  • fewer injuries
63
Q

what are the different stages of retirement?

A
  1. anticipatory period
  2. decision to retire
  3. official retirement
    - sometimes bridge employment
  4. initial adjustment
  5. stabilization
64
Q
A
65
Q

what is obsessive passion?

A
  • the individual needs work to validate his or her self-esteem
  • related to worse retirement adjustment
66
Q

what is spouse underfoot syndrome?

A

partners are more likely to experience conflict now that they are in each other’s presence for most of the daytime and nighttime hours

67
Q

what is the new modes of retirement perspective?

A
  • characteristics of the person’s spouse and lifelong family responsibilities play a role in retirement decisions and adjustment
  • current cohorts of older women are more likely to operate according to this
68
Q

what are some benefits of leisure pursuits in later adulthood?

A
  • contribute to sense of identity
  • provide focus and meaning in life
  • help maintain health and cognitive functioning
  • enable social connections to others

PSYC 322 (14 decks)

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