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PSY 180 - Psychology of Aging - Textbook

Chapter 8: Table of Contents

Chapter 8: Retirement and Later Life


Chapter Learning Objectives

  • Evaluate whether retirement will be a reality for the elderly in the few decades?
  • Question what should retirement look like and when should it be available?
  • Examine what happens to elderly persons who don’t have the option of retiring.
  • Understand the various types of “retirement” options.
  • Examine major contributing factors to the financial health of elderly people.
  • Identify the late-life risks of getting older.
  • Examine the relationship between personality and psychological well-being and life satisfaction.


Chapter Key Points

  • By the early 2060s people will be working well  into their 70s. Because of poor health, ageing parents who need care and poverty, retirement may not be a reality some elderly persons.
  • Elderly people are finding it difficult retire and need to work longer to continue to live. Individual pension funds don't seem to pay the bills like they used to.
  • The AARP surveys elderly persons to examine what retirement of the lack thereof looks like.
  • Volunteerism makes a lot of money, just not for the elderly.
  • Many elderly persons spend about 79% of their social security on rent.
  • Approaching retirement age with a sense of purpose helps elderly persons to make the transition.
  • As the 75+ populations increases it raises several challenges including a reliance on 401(k) wealth, individual pensions and social security.
  • Elderly people can occur high out-of-pocket medical costs, be the victims of fraud and may lose a financially savvy partner.
  • The quality of aging or life after retirement is determined by levels of psychological well-being and life satisfaction.

  • The levels of psychological well-being and quality of life satisfaction can be influenced by multiple factors including personality, perception of individuals about aging and the quality of respect they get from others.

(Learning Objectives, Key Points, and Basic Terms content by Professor Stacey Cooper is licensed under CC BY 4.0.)