As part of the downsizing of a large insurance company in Sweden, all personnel 55 years of age and older were invited to apply for early retirement on financially favourable terms. A total of 357 (55%) of senior employees applied for and were permitted early retirement, while 276 remained employed. Effects of voluntary/forced choice of employment status on subsequent adaptation were evaluated. Gender differences were also tested. The study compared early retirees and persons continuing to work over the years following downsizing with regard to satisfaction, well‐being, health, and work centrality. 224 ‘retirees’ and 146 ‘stayers’ filled in a questionnaire on mental health and work conditions on two occasions (at an 18‐month interval). Results indicated that voluntary (as opposed to forced) choice was directly and positively associated with satisfaction, psychological well‐being and health for both groups. Females showed lower values of work centrality, appeared to be more inclined to apply for retirement, and were generally more satisfied with the outcome than males.
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Isaksson et al. (2000) studied this question.