Money, choice and control: The financial circumstances of early retirement

Description

More people than in the past, especially men, are leaving paid work in their fifties and early sixties, whether deliberately or unwillingly. This raises concerns about whether people will have enough money for their retirement. This report looks at the role of finances in decisions about early moves out of work, and the effect of such moves on future finances. The report draws on in-depth interviews with people who make an early move towards retirement. It makes a distinctive contribution to understanding their experiences, by looking at the importance of money alongside other influences, including health and domestic circumstances. Money, choice and control: - sheds light on the relative importance of financial incentives in shaping retirement behaviour; - draws on individual life stories to paint a detailed picture of the diverse perspectives of people making early transitions to retirement; - explores people's motivations, circumstances and experiences, identifying underlying rationales and explanations for behaviour; - feeds into key current policy debates around the future of pensions, and the employment of older and disabled workers. This report will be of interest to policy makers and researchers in the field of retirement and pensions policies, as well as those with an interest in issues around financial decision making.

Sue Arthur is a Research Director in the Qualitative Research Unit at the National Centre for Social Research, Britain's largest independent social research institute. She is responsible for the conduct of qualitative studies in a range of social policy areas, and has a particular research interest in family finances.