Healthy, Wealthy, or Wise: Predicting Actual Acceptances of Early Retirement Incentives at Three Points in Time

Using a sample of several thousand faculty members and multiple measures of health, wealth, and productivity, this study examines the predictors of actual acceptance of 3 successive early retirement incentive offers. Consistent with previous research, the results here suggest that poorer health, lower salary, and higher pension benefits were significantly related to early retirement decisions. In addition, the results suggest that faculty members who planned on working part time after retirement and who expected there would be no future incentive programs were more likely to accept early retirement offers, while those with higher productivity and with spouses still in the workforce were less likely to do so. Implications for future research on early retirement and for the design of early retirement programs are discussed as well.