an article by Barbara Griffin and Vanessa Loh (Macquarie University, Australia) and Beryl Hesketh (The University of Western Sydney, Australia) published in Journal of Vocational Behavior Volume 81 Issue 2 (October 2012)
Abstract
This study examines the construct of subjective life expectancy (SLE), or the estimation of one’s probable age of death.
Drawing on the tenets of socio-emotional selectivity theory (Carstensen, Isaacowitz, & Charles, 1999), we propose that SLE provides individuals with their own unique mental model of remaining time that is likely to affect their retirement planning and decision making.
Longitudinal data from 1908 [sic] participants showed that SLE measured at Time 1 predicted mature-aged workers’ intended retirement age and the extent that they were engaged in retirement preparation 12 months later at Time 2.
Furthermore, a shorter SLE at Time 1 increased the odds of actual retirement by Time 2 after controlling for a set of known predictors of retirement. In contrast, a longer SLE at Time 1 increased the odds that a Time 1 retiree had returned to paid work by Time 2.
The discussion highlights ways in which SLE can inform financial and vocational counselling for late career decision-makers.
Highlights
► Subjective life expectancy (SLE) is the age a person thinks they will live.
► SLE is conceptualised as a mental model of time remaining.
► SLE predicted intended retirement age and amount of retirement preparation.
► SLE measured at Time 1 predicted actual retirement a year later.
► Higher Time 1 SLE increased the odds that a retiree would return to paid work.
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