Determinants of (in-)voluntary retirement: A systematic literature review

Abstract

Involuntary retirement transitions have a variety of negative consequences for individuals and society as they can lead to poorer health or lower wellbeing. Therefore, it is of high relevance to better understand the factors influencing the voluntariness of retirement transitions. A systematic literature review was conducted to identify the known determinants of the voluntariness of retirement. Our final review includes 14 studies that empirically investigate this topic. Differentiated by micro-, meso- and macro-levels, we present the identified factors and discuss different ways of operationalizing voluntary or involuntary retirement. We found that most studies analyse individual factors. There is a gap in research on influencing factors at the company level as well as the welfare state level. In addition, it is of interest to examine whether and to what extent pension and labour market policy reforms have led to changes over time.