Examination of Objective and Subjective Financial Factors in Predicting Financial and Retirement Satisfaction in Male Retirees

As the Baby Boomer generation ages and transitions into retirement, interest has grown in better understanding what impacts post-retirement adjustment. The present study examined the role of various financial considerations in retirement and financial satisfaction among retired men with a partner or spouse. We hypothesized that objective and subjective financial variables would predict retirement satisfaction and post- retirement financial satisfaction. Furthermore, we expected that these effects would be moderated by the nature of retirement (voluntary or involuntary) and the timing of retirement (pre or post-recession). A total of 245 retirees recruited from a retiree association participated in the study. Results suggested that subjective financial measures did indeed provide a significant incremental prediction over that offered by objective indices in most of the hypotheses. Furthermore, analyses revealed that the nature of retirement moderated the relationship between subjective financial adequacy and retirement satisfaction. A number of exploratory analyses, limitations of the current study, and suggestions for future research are also discussed