Article

The International Journal of Aging

and Human Development
What Happens to 0(0) 1–24
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Retirement
Satisfaction?

Andrea Principi1 ,
Deborah Smeaton2, Kevin Cahill3,
Sara Santini1 , Helen Barnes2, and
Marco Socci1

Abstract
This study examines the role of planning and plan fulfillment for retirement satisfac-
tion using a dynamic resource theory approach. A 3-year qualitative longitudinal
design was deployed with interviews conducted first on the cusp of retirement,
then 1 and 2 years after retirement. The final sample comprised 41 individuals
from England, 40 from Italy, and 30 from the United States. Realizing plans was
found to be linked to retirement satisfaction. However, many retirees adjusted
well to retirement without planning in advance, or when plans were thwarted,
and sometimes retirement did not live up to expectations despite fulfillment of
plans. Psychological resources and resilience were key dimensions of satisfaction
regardless of planning. Retirement satisfaction was also associated with social
integration, adoption of new social roles, and opportunities to be active within
and beyond the private sphere, such as volunteering or participating in leisure

1
Centre for Socio-Economic Research on Ageing, IRCCS INRCA - National Institute of Health & Science
on Ageing, Ancona, Italy
2
Faculty of Social Sciences and Humanities, University of Westminster, London, UK
3
Center on Aging & Work at Boston College, Chestnut Hill, MA, USA
Corresponding Author:
Andrea Principi, Centro Ricerche Economico-Sociali per l’Invecchiamento, National Institute of Health and
Science on Ageing, Via S. Margherita 5, 60124 Ancona, Italy.
Email: a.principi@inrca.it
2 The International Journal of Aging and Human Development 0(0)

oriented clubs or activities. Regardless of planning, the quality of family relationships

was a particularly important element for retirement satisfaction or dissatisfaction.

Keywords
retirement transition, retirement plans, plan fulfillment, older workers, retirement
satisfaction

Introduction
From a life course perspective, aging is a process that unfolds throughout life
with transitions and outcomes influenced by a complex interplay between socio-
economic environment, working histories, networks of relationships (linked
lives), and individual choices made within these broader structural constraints
and opportunities (Elder, 1997; Riley, 1979). One particularly important tran-
sition in later life is the shift from work to retirement, with specific pathways
influenced by both context and individual choices (Cahill, Giandrea, & Quinn,
2015; Settersten, 2003). The transition has been described as a process that
entails forethought and preparation (Black, 2014; Curl & Ingram, 2013), and
previous studies have suggested that people engage in anticipatory planning in
relation to roles, activities, and time use (DeVaney & Kim, 2003; Ekerdt,
Kosloski, & De Viney, 2000; Reitzes, Mutran, & Fernandez, 1998; Winston &
Barnes, 2007). Other research has found that plans to occupy the time previ-
ously filled by work tend to be less refined, as people react to the circumstances
they encounter (Byles et al., 2013; Hedges & Sykes, 2009) or are reluctant to seek
out information, or make detailed decisions about retirement (Weyman,
Wainwright, O’Hara, Jones, & Buckingham, 2012). A lack of lifestyle planning
could also be due to a dearth of institutionalized templates and so the postretire-
ment years remain unscripted, associated with social marginalization, few oppor-
tunities for meaningful productive engagement, and the risk of reduced physical
activity (Moen, 2005; Pittman, 2013).
Hewitt, Howie, and Feldman (2010) have described retirement as unfolding
over three stages: (a) preparation for retirement, (b) worker-retiree transition,
and (c) adjusting to retirement. Although there is no universally accepted def-
inition of retirement adjustment (Price, 2003), satisfaction with retirement has
been identified as one of the most studied retirement adjustment indicators
(Poto
cnik, Tordera, & Peir o, 2013; Price, 2003; van Solinge & Henkens,
2008), other indicators include life satisfaction, well-being, and quality of life
(Sim, Bartlam, & Bernard, 2011; Snyder & Lopez, 2009).
Previous studies have demonstrated a positive association between retirement
planning and retirement satisfaction (e.g., Moffatt & Heaven, 2017). This study
focuses on the mechanisms that link retirement planning and retirement
Principi et al. 3

satisfaction; in particular, we explore whether the achievement or failure to

fulfill plans has consequences for retirement satisfaction. This topic is largely
unexplored in the literature and could allow for the identification of moderators
between retirement plans and retirement satisfaction.

Theories on Retirement
Retirement decisions and transitions have been studied using several theoretical
approaches, with none emerging as a dominant perspective (Beehr, 2014). Feldman
and Beehr (2011) suggest that retirement decision-making implies three different
stages (i.e., imagining future life as a retired individual, deciding when to retire,
actually retiring) and that each stage could be understood through various theo-
retical approaches. In the present study we note several of these approaches as ways
to understand the pathways from retirement planning to retirement satisfaction.
Rational choice theory (Gustman & Steinmeier, 1986; Hatcher, 2003) concep-
tualizes individuals as rational decision-makers who, in relation to retirement,
will make plans for postretirement life and for the timing of the retirement
transition to optimize personal utility. In doing so, the individual takes into
account the multiple competing costs and benefits associated with paid employ-
ment compared with retirement, as well as their current expectations regarding
the various uncertainties surrounding retirement and their valuation of future
outcomes. The notion of retirement planning underpins this approach.
Other theoretical perspectives employed to explain the retirement transition,
with implications for the role of planning, include continuity theory and activity
theory. Continuity theory indicates that retirement plans will be made such that
the individual will remain the same after retirement as she was before retirement
(Atchley, 1999). Activity theory (Havighurst, 1961) emphasizes the extent to
which successful aging, plans, and positive adaptation are associated with find-
ing new activities and remaining socially engaged to replace the structure of
work. Rather than emphasizing activities, role theory (Ashforth, 2001; Riley
& Riley, 1994) stresses the importance of new social roles for identity and
well-being with those most invested in their jobs with strong work identities
seen to be most at risk of compromised well-being over the retirement transition,
unless new, alternative roles are valued and adopted.
All of these theoretical approaches imply a positive individual agency and, as
such, one can argue that retirement plans coming to fruition will positively affect
retirement satisfaction.
In contrast, sociological perspectives place greater emphasis on embedded
choices, the role of normative expectations and the constraints which steer
choices and outcomes. The significance of individual rationality is accordingly
downplayed (Weyman et al., 2012). This approach could be particularly useful
to explain differences between countries with different social norms. In the case
of planning, older employees may feel pushed by social norms (Feldman &
4 The International Journal of Aging and Human Development 0(0)

Beehr, 2011), and make retirement plans accordingly (e.g., to act as grandpar-
ent, informal caregiver, etc.). This approach may also concern the life course
perspective, which focuses on the development of behaviors across
life transitions. Life course transitions may be shaped by, among other factors,
the sociohistorical context and influence (Elder, Johnson, & Crosnoe, 2003).
In this case, retirement satisfaction could depend to a lesser extent on fulfilling
(or not fulfilling) retirement plans, as these plans could be influenced by social-
normative influences in addition to individual wishes.
By contrast, and in opposition to continuity and activity perspectives, disen-
gagement theory (Cumming & Henry, 1961) conceptualizes retirement as a pro-
cess of withdrawal from roles and relationships (Nimrod, Janke, & Kleiber,
2008). As a theoretical approach, disengagement has become less central in
recent years, as withdrawal from social life is not viewed as a sign of successful
aging. Instead, being embedded socially in later life is increasingly recognized as
a positive value (Johnson & Mutchler, 2014). The disengagement perspective,
therefore, is linked to the notion of planning less than the continuity and activity
perspectives and could imply dissatisfaction with the retirement experience.
While these theories can provide insight into specific aspects of retirement
adjustment, the resource-based dynamic perspective provides an integrated the-
oretical framework to explain the transition (Wang, Henkens, & van Solinge,
2011). The reason is that, given its dynamic longitudinal implications, retirement
can be explored as a process that includes the mechanism from retirement plan-
ning to adjustment (including what is in-between). This perspective reveals that
retirement adjustment depends on available resources (physical, cognitive, moti-
vational, financial, social, and emotional) and changes in these resources (because
the latter are fluctuating), with high resource availability allowing faster and
better adjustment to retirement. Retirement planning was identified as a key
motivational resource in this context. In light of these characteristics, we
employ the resource-based dynamic perspective for the purposes of this study.
We view retirement adjustment as a dynamic process that evolves over time
according to resource availability and may imply alternating periods of stability,
change, and readjustment (Moffatt & Heaven, 2017; Reitzes & Mutran, 2004;
Sterns & Subich, 2004; Wang et al., 2011). The enactment of retirement plans and
retirement satisfaction depend on the available resources and changes in them.

From Retirement Planning to Retirement Satisfaction:

What Happens In-Between?
Previous studies have identified a range of factors which contribute to retirement
satisfaction including human capital (Fouquereau, Fernandez, Fonseca, Paul, &
Uotinen, 2005; Heybroek, Haynes, & Baxter, 2015; Noone, Stephens, & Alpass,
2009; Poto
cnik et al., 2013), social resources (Price, 2003; Price & Nesteruk,
2015), environmental resources (Moffatt & Heaven, 2017), psychological factors
Principi et al. 5

(Barbosa, Monteiro, & Murta, 2016; Price & Balaswamy, 2009; Taylor,
Goldberg, Shore, & Lipka, 2008; van Solinge &Henkens, 2005), and character-
istics of former work or the circumstances of withdrawal from the labor market
(De Vaus, Wells, Kendig, & Quine, 2007; Muratore & Earl, 2015; van Solinge &
Henkens, 2008; Wang, 2007). Retirement planning and the setting of goals have
also been identified as important contributors to retirement satisfaction, adjust-
ment, and well-being (Adams & Rau, 2011; Barnes & Parry, 2004; Curl &
Ingram, 2013; Davis, 2007; Hewitt et al., 2010; Reitzes & Mutran, 2004;
Topa, Moriano, Depolo, Alcover, & Morales, 2009). In some cases, planning
factors have been identified as the largest contributors to satisfaction and health
in retirement (Moffatt & Heaven, 2017; Noone et al., 2009; Schellenberg,
Turcotte, & Ram, 2005; Zhu-Sams, 2004). Wang and Schultz (2010), in a
review of employee retirement, acknowledge the importance of planning and
highlight the need for more research on the factors that might mediate or
moderate any relationship between retirement planning and postretirement out-
comes to improve support for individuals during this life transition.
Despite a considerable body of literature examining the relationship between
retirement planning and subsequent satisfaction, there remains a substantial gap
in knowledge concerning what happens to plans made in the lead up to retire-
ment: whether they come to fruition and their consequences with respect to
retirement satisfaction. In essence, underlying mechanisms are poorly under-
stood (Muratore & Earl, 2015; Taylor & Doverspike, 2003). One reason for
this gap may be that most studies about retirement adjustment have not been
conducted through a prospective longitudinal approach but rather based on
retrospective recall (Davis, 2007; Principi et al., 2016). To fill this gap in knowl-
edge, this study aims to investigate longitudinally the impact of thwarted and
fulfilled plans on retirement satisfaction, and the main barriers to plan fulfill-
ment, to assess how people adapt to unexpected retirement circumstances.

Retirement Planning: What Is Being Measured?

There is little consistency in the literature around the definition and the oper-
ationalization of retirement planning. The majority of studies consider retire-
ment planning as financial planning (Hershey, Henkens, & van Dalen, 2007;
Muratore & Earl, 2015; Phua & McNally, 2008). In some cases, retirement plans
are defined in terms of planning the work exit (Heaven et al., 2016), so they are
very short term. In other cases, the operationalization of retirement planning
can scarcely be thought of in terms of concrete plans, for example, having talked
about retirement with friends and family (Noone et al., 2009; Wang, 2007).
Other studies have considered preparation as attending preretirement planning
meetings or developing new interests or skills (Muratore & Earl, 2015; Noone
et al., 2009). In some other cases, the operationalization is weakly explained, for
6 The International Journal of Aging and Human Development 0(0)

example, defined as use of employer-sponsored retirement programs, pensions,

and personal savings (Davis, 2007).
The plans of interest to the current study relate to the wide variety of aims
and intentions for retired life, as described by individuals in the year before they
retire. Aims may relate to activities, roles, and relationships and may be self or
other oriented concerning the family, friends, marriage, being physically active,
or socially engaged among other goals.

Aims of the Study

This article contributes to the evidence on the relationship between planning and
outcomes by studying whether attainment of retirement plans is critical for
retirement satisfaction. Prior research has shown that retirement planning is
associated with retirement satisfaction but what happens then? The key research
question is as follows: Is retirement satisfaction primarily associated with plan
enactment or is retirement satisfaction dependent on other factors and largely
obtainable despite a disruption of plans?
This study also examines the key obstacles to the attainment of plans and of
satisfaction. In this respect and in line with Wang et al. (2011), it may be argued
that resources dynamically mediate not only the relationship between retirement
and satisfaction but also that between retirement plans and their attainment.
A decline in resources may relate to one’s own health or that of a partner. Other
unforeseen events with the potential to undermine the realization of plans could
be unplanned caregiving responsibilities such as eldercare or grandparenting
(Price & Nesteruk, 2015) or economic difficulties (Hewitt et al., 2010). Thus,
other research questions are what are the main drivers and barriers to the enact-
ment of plans and to retirement satisfaction?
This is an underexplored topic. Some authors have hypothesized that attain-
ment of plans may be strongly tied to retirement satisfaction (Gall & Evans,
2000; Poto
cnik et al., 2013). However, the studies available investigating the link
between retirement plans and retirement satisfaction have not considered the
relationship between the successful execution of retirement plans and satisfac-
tion outcomes (e.g., Barbosa et al., 2016; Clarke, Marshall, & Weir, 2012;
Taylor, Shultz, Spiegel, Morrison, & Greene, 2007). An exception is one
Australian qualitative study employing a retrospective approach, but while evi-
dence was found for a possible positive, satisfied retired life, despite unmet
plans, the study was based on a sample of just four retirees (Hewitt et al., 2010).
As highlighted by previous studies (Jex & Grosch, 2013; Moffatt & Heaven,
2017), due to a paucity of qualitative evidence on this matter, there is a need for
further qualitative research into the relationship between attainment of retire-
ment plans and satisfaction, especially given the suggestion by Jonsson, Borell,
and Sadlo (2000) that only a minority of retirees realize their plans. The current
study deploys a qualitative longitudinal research design, based on three
Principi et al. 7

interview waves: about 1 year before retirement, about 1 year after retirement,
and about 2 years after retirement. A further strength of the study is that it has
been carried out in three countries with different welfare regimes: England,
Italy, and the United States. Italy represents the Mediterranean welfare
regime where the role of the family is crucial (Ferrera, 1996), and although
England and the United States both represent the liberal welfare model where
de-familiarization and a private care model are usual (Bambra, 2004), these two
countries present several differences in the institutional setting regulating the
transition from work to retirement (Lain, 2011).

Methods
Sampling Procedure and Fieldwork
This international longitudinal study explored the retirement transition from a
number of perspectives, including impacts on health and well-being. As in
several studies (e.g., Matthews & Nazroo, 2016), individuals were asked to
self-report their retirement status, and in all countries, their retirement status
was related to pension eligibility (state, occupational, or private) and separation
from career employment. In each country, a recruitment agency screened older
workers and selected them on the basis that they were working full time
(30 hours or more, or at least 4 days per week) and that they intended to
retire within about 1 year, at which point the focus on retirement plans and
expectations peak (Evans, Ekerdt, & Bosse, 1985).
Purposive sampling techniques were deployed to achieve diversity in terms of
occupational background (to include people from sedentary, stressful, and phys-
ically challenging jobs), living area (urban or rural), relationship status, house-
hold composition, income group, age, and gender. A total of 133 older workers
(55 across England, mean age: 61 years; 40 in Central Italy, mean age: 60 years;
38 in northwest United States, mean age: 62 years) were interviewed at the
baseline between May 2014 and early 2015. To investigate trajectories of retire-
ment adjustment, individuals were reinterviewed about 1 year after retirement
(Wave 2) and again 1 year later (Wave 3). The Wave 2 sample was composed of
31 respondents in England, 40 in Italy, and 30 in the United States; the Wave
3 sample included 39 in England, 40 in Italy, and 27 in the United States.
The fieldwork ended in January 2017. Attrition was mostly due to the fact
that, in England and the United States, some older workers did not change
their employment situation (i.e., did not retire), so interviews were not per-
formed in those cases. Consequently, a few individuals in this sample were
interviewed twice instead of on three occasions, while others who were inter-
viewed while working only were excluded from the study. The main reasons for
attrition were that respondents were asked by their employer not to retire or that
8 The International Journal of Aging and Human Development 0(0)

they could not afford to retire. The final longitudinal sample consisted of 111
individuals: 41 from England, 40 from Italy, and 30 from the United States.
Interviews were carried out using a common semistructured topic guide tai-
lored for each wave to explore change in relation to jobs, retirement plans and
circumstances, family and environmental circumstances, health, social activity,
and lifestyles including physical activity, diet, smoking, and alcohol consumption.
The research team included researchers with different backgrounds (i.e., sociol-
ogists, psychologists, and economists) with expertise in qualitative fieldwork. The
team structured the three topic guides and carried out the interviews. Baseline
interviews explored the decision to retire, plans for retirement, and expected
changes to lifestyles. Examples of questions asked are “Do you have any partic-
ular plans for your retirement?” “(How) do you see retirement affecting your
social activities? And how do you feel about that?” and subsequent interviews
investigated the evolution of retirement plans, satisfaction, and adjustment.
Examples of question asked are “When we met last time, you said that during
retirement you wanted. . . [retirement plan]. How has that worked out in
practice?” “Was there anything unexpected that came up since your last inter-
view?” and “Overall, how satisfied are you with your life in retirement?”
Interviews were digitally recorded, transcribed, and anonymized.

Analysis
Data management and analysis was conducted using NVivo or MAXQDA11 to
thematically code interview transcriptions. To analyze the relationships between
planning and subsequent outcomes, broad themes were identified at the prelim-
inary stage of coding, such as “retirement motives,” “retirement plans,” and
“aspirations.” Subsequent rounds of coding were oriented toward trajectories
and outcomes to consider the fulfillment of plans, unexpected events, retirement
satisfaction and adjustment, and which factors facilitated or prevented plan
fulfillment. At the final stage of analysis, the data were reduced, and a frame-
work matrix approach used to seek out patterns in the responses (Ritchie, 2013).
The advantage of this visual platform is that it enables systematic comparison of
differences across respondents.
When reporting findings below fictitious names are ascribed to individuals
and where ages are indicated these refer to age at baseline.

Results
Four main groups were identifiable through the analysis of work to retirement
trajectories. Two trajectories apply to individuals who expressed well-defined
plans and aspirations for retirement, differentiated according to whether their
plans were fulfilled or not and accordingly labeled “fulfilled planners” and
“thwarted planners.” We observed that bridge employment (i.e., defined here
Principi et al. 9

as paid employment after retirement—see Beehr & Bennett, 2015 and Cahill,
Giandrea, & Quinn, 2018 for definitions and features of bridge employment)
was a fairly common plan among the American-interviewed individuals in par-
ticular, typically on a part time and casual or self-employed basis. However, as
they were also drawing a pension, they saw themselves as primarily retired. We
also found a group of individuals who did not make specific and focused plans for
retirement. During the first interview, it was observed that some “non planners”
had a positive attitude toward their imminent retirement while others exhibited
anxiety. Nonplanners were therefore classified into two groups. The first group,
“optimistic drifters” did not see any need to plan, largely assuming their life
would be full of activity. These people were quite relaxed about the future, fol-
lowing a path of continuity, without the need for preparation and forethought.
The second group, labeled “anxious drifters” did not make plans but were wor-
ried about their impending retirement and felt they were jumping into the
unknown with a degree of trepidation. For descriptive purposes only—given
the small-sample sizes—we provide an illustration of the four groups and their
related satisfaction, as percentages. Within all country samples, individuals who
had well-defined retirement plans were in the majority, especially in the Italian
(67.5%) and the United States (63%) samples, and most planners (77.6%) ful-
filled their aims later in retirement (Table 1). Among fulfilled planners, 96.1%
were satisfied, while this percentage was 40.0% for thwarted planners. Among
nonplanners, 60.0% of optimistic drifters were satisfied after retirement, whereas
47.4% of anxious drifters were. This broadly demonstrates that retirement satis-
faction is an easier aim to achieve when plans are fulfilled, but also that retirement
satisfaction could be possible despite thwarted plans. For the four groups, path-
ways to satisfaction or dissatisfaction with retirement were explored.

Fulfilled Planners
The first trajectory “type” includes people for whom retired life conforms
to expectations and plans established prior to retirement. This was the

Table 1. Retirement Trajectories, by Satisfaction With Retirement and Country (N).

Retirement satisfaction Retirement dissatisfaction

Retirement
trajectory IT EN US IT EN US Total

Fulfilled planners 21 13 16 1 1 0 52
Thwarted planners 3 1 2 2 6 1 15
Optimistic drifters 7 5 3 0 6 4 25
Anxious drifters 3 5 1 3 4 3 19
Total 34 24 22 6 17 8 93
Note. IT ¼ Italy; EN ¼ England; US ¼ United States.
10 The International Journal of Aging and Human Development 0(0)

largest sample category in all the three country samples, composed of 52

individuals.

Satisfaction. All but two of these cases reported feeling satisfied with retirement.
A key characteristic of this group was high motivation. Their lives were not
necessarily free of challenges, with examples of reluctant eldercare and deterio-
ration of health, and so on, but, with a strong degree of resilience, these indi-
viduals were able to adapt to decreases in such resources. So for this group, the
most frequently mentioned facilitator of plan attainment was a high level of
motivation despite barriers. The significance of high self-efficacy was evident in
the following example of Vincenzo, an Italian man age 61 years, who was very
overweight (around 150 kilos) prior to retirement, and planned to use his retire-
ment to do exercise and lose weight. Unfortunately, he had a range of health
problems and pain which made physical activity a struggle. Nevertheless, despite
the health barrier, 10 months after his retirement, he had lost 20 kilos and
planned to lose a further 20 kilos. Two years later, Vincenzo regarded his retire-
ment plans as attained and described himself as very satisfied:

Since starting my diet, I dropped 42 kilos ( . . . ) My blood pressure stabilized, I take

half of the drugs I was taking before, I walk better ( . . . ) I go to the swimming pool
( . . . ) I go to the grocery store every day ( . . . ) I climb the stairs four times a day, a
thing that for a year and a half I have never done ( . . . ) It truly was a turning point,
I am very satisfied. (IT02)

Maggie (US24), a 59-year-old woman in the United States, after a 26-year career
as a school teacher “had had enough” of working and was ready to retire.
Financially, her years working in the public sector provided her with a stable
pension income. As planned, after retiring, she began making soaps and selling
them at a local farmer’s market. By Wave 3, it was clear that Maggie was overall
very satisfied with her retirement. Her main plan for retirement was by and
large fulfilled.

Dissatisfaction. Fulfilled plans, however, were not always sufficient for retirement
satisfaction. Walter, who retired from teaching, planned long road trips on his
motorbike and hoped to pursue voluntary work. Despite fulfilling his plans, he
nevertheless remains somewhat dissatisfied—he feels there is nothing
“substantial” in his life, he misses the schoolchildren more than anticipated
and is experiencing some tensions in his relationship with his wife. Overall, he
is disappointed not to be making more of his retirement:

It’s a bit frustrating, I’m frittering time away [and] I didn’t think I’d miss the kids
so much . . . I suppose it’s difficult in a way because I’m becoming increasingly
aware in terms of family they have very different demands, interests, you know,
Principi et al. 11

whatever . . . so I’m very outdoors and sports orientated and my wife is not. (EN03,
age 60 years)

Pietro, a 64-year-old Italian man (IT11) who retired voluntarily from a public
administration job, anticipated retirement enthusiastically as a time to devote to
model building (train and boat models). Nevertheless, 2 years after the first
interview, he described how his life was in accordance with his plans, but his
model building and other activities were “not enough.” His hobby is enjoyable
but it is a solitary activity and he lacks social contacts, especially as he is sep-
arated and as his grandchildren are growing he now sees them less often.

Thwarted Planners
The second trajectory consists of people who did not succeed in doing what they
planned to do. Five individuals from the Italian sample, seven from the English
and three from the U.S. sample belong to this group. Thwarted plans arose from
both internal and external factors; due to a range of mostly unexpected circum-
stances including family commitments (e.g., grandparenting and elder care),
health shocks, constrained opportunities for working or volunteering, lack of
motivation, and poor psychological well-being.

Satisfaction. It was found that some of these individuals were satisfied with retire-
ment despite not achieving aspirations having adapted to their new circumstan-
ces. For example, Nicoletta, an Italian woman who worked as a nurse in a Local
Health Authority, planned to enroll on some University of the Third Age
courses for the intellectual challenge, but this did not materialize. Instead she
intensified her housekeeping activities, became a regular carer of her 6-year-old
granddaughter and by Wave 3 also had additional eldercare responsibilities.

I wanted to enrol [in U3A] but did not succeed, because three days a week I look
after my granddaughter. Her mother started full-time work again, and therefore it
is a family necessity ( . . . ) And then on Saturday we have this 96 years-old aunt of
my husband ( . . . ) she lives alone, she has no family. So for me this is a care task.
(IT33, age 60 years)

However, she was happy to divert her plans and during the final interview
described herself as satisfied in retirement. Although unplanned, she regarded
her new roles within the family as important and fulfilling.

I feel satisfied ( . . . ) The most important thing is to have a quiet and united family
situation. Maybe before an important part of my interests were work-related, while
now I spill my energies on the family. (IT33)
12 The International Journal of Aging and Human Development 0(0)

Lucie, from the United States, was 65 years old at the time of the first interview,
single, and a self-described “workhorse.” She had planned for retirement finan-
cially and aimed to stop working completely. However, after several months in
retirement, she changed her mind. Lucie took on three part-time jobs primarily
because her ex-husband had passed away and she wanted to help her son pur-
chase his father’s property to keep it in the family. Despite this unexpected event
and change in Lucie’s plans, she remained optimistic and satisfied with retire-
ment, taking pride in being able to provide financial support to her son.

. . . After all, I don’t want to fall into the trap of being in my house and not seeing
anyone for a number of days . . . you hear stories of people doing that . . . people
spending all of their days sitting in front of the television and not doing anything
. . . (US36)

Among the English sample, Alf (EN41, married, age 59 years) retired with
concrete plans to find a new job, mainly in order to increase his social life.
Despite several job rejections, unfulfilled assumptions of a fuller and more
busy life, and lack of the desired structure in life, he is very satisfied overall.
He continues to be involved in politics and, with an introverted personality,
enjoys being alone or with immediate family.

Dissatisfaction. In other instances, and maybe not surprisingly, thwarted plans led
to dissatisfaction with retirement. For example, Jacob (age 64 years) planned to
become a volunteer, but the volunteer experience was disappointing and he gave
up, in addition some unforeseen health problems contributed to his general state
of dissatisfaction.

my life . . . it’s far emptier than I anticipated . . . I was very expectant of retiring and
then becoming a volunteer for XXXX but it was a disaster [they] make you feel
that they are doing me a favor for volunteering, not the other way round . . . it’s all
very strange, lots of little things, disrespectful . . . then I had this kidney problem
. . . (EN04)

Jacob’s retirement experiences highlight the limitations of using snapshot

approaches, that is, cross sectional methodologies to study retirement which is
essentially a continually evolving process over time rather than a one-time event
with one-time outcomes. In his first year of retirement, Jacob described himself
as happy, however, soon the “novelty wore off” and he found himself drifting,
without desired structure or meaning in his life. Looking ahead to the future, he
initially remained quite optimistic but, despite the high degree of planning, self-
efficacy, motivation, and an upbeat outlook, by Wave 3 Jacob was largely dis-
appointed with retirement due to circumstances over which he had little control.
Principi et al. 13

The only U.S. case of this kind was that of Robert, age 64 years (US40), who
planned to find a job (with certain specific characteristics) but was unable to find
that job and faced several serious challenges, including weight gain, lack of
motivation, and increased eating, plus struggling with a prior drug addiction,
all of which have negatively impacted his satisfaction with retirement.
Isabella, a 66-year-old Italian woman (IT28) who was a janitor in a high
school, was happy to retire from a job she did not like, with a clearly formulated
plan to go and live abroad. By Wave 2, it was evident that her husband was
fearful of the move and did not share her enthusiasm for a new life in a new
country, although she was still hopeful. By Wave 3, she had become disillu-
sioned, and her relationship with her husband was more strained, not helped by
the fact that she was feeling isolated living on the outskirts of a small town.

Optimistic Drifters
One group (7 cases from Italy, 11 from England, 7 from the United States)
entered retirement without concrete plans and aspirations but anticipated a
positive life of activity in more abstract terms, optimistic that opportunities
would present themselves. These people assumed they would live a life of rela-
tive continuity and were not worried, able to draw on strong resources in terms
of social networks, hobbies, interests, families, and so on, which they assumed
would seamlessly expand to fill their time.

Satisfaction. Among the Italian sample especially, this group was largely satisfied
with retirement. As in the case of Sofia who had no plans preretirement:

I have not made concrete plans because I’m not used to planning things ( . . . ) I
would like to be tranquil, to help my daughter, maybe walk a bit, and live a quiet
life without big expectations. (IT29, age 59 years)

The following year Sofia described taking on various leisure activities and join-
ing courses. After several months, a second grandchild was born, and Sofia
shifted her orientations and retired lifestyle to almost fully devote to the
family. Despite not having specific plans, by Wave 3, she was very satisfied
with her retirement. This case illustrates how a strong family orientation and
the roles of “mother” and “grandmother” especially for women in Italy, repre-
sent an unplanned, taken for granted and gratifying transition.
In the United States, Charles, age 62 years (US38), had worked as an attor-
ney for nearly three decades and decided that he had “reached the end of the
race” and wanted to retire. He was prepared to retire financially. Despite having
“no concrete plans,” Charles’ view was positive, perceiving retirement as a time
to relax and perhaps “do something different.” After retiring, Charles noted that
the biggest challenge was finding enough activities. He missed the intellectual
14 The International Journal of Aging and Human Development 0(0)

stimulus that came with his work. By Wave 3, he had joined a Board and shifted
his focus from work to family, spending more time with his wife, in particular.
Overall, Charles was satisfied with his retirement.

Dissatisfaction. Experiences of optimistic drifters who in Wave 3 were dissatisfied

were found in the English and the U.S. samples. One English woman, Nadine,
age 55 years, did not have concrete plans in Wave 1 but did have positive general
aspirations to pick up a social life as her life has been dominated by work. In
subsequent interviews, she was quite disappointed, mainly due to a gap in com-
munity provision for her age-group.

There’s a group advertised that came up for the over fifties in March. I thought
‘okay I’ll go to that.’ But I have to say it’s probably the over seventies. Also the
U3A . . . I had a look in one day and I went past and I could only see elderly and I
thought ‘oh’ and I emailed this guy and I said ‘at my age am I too young?’ and he
said ‘well you will find that you are one of a few’. So there is definitely a gap. [in
provision for people in their 50s] (EN27)

Among the U.S. sample, Susan, age 65 years (US13), had an optimistic drifter’s
view of retirement but after retiring said that she frequently found herself not
sure of what she should do on a daily basis and found it difficult to “break into
new relationships.” Susan also reported being constrained for financial reasons.
As of the third interview, she described herself as “being in limbo.”

I know a lot of people in [California] that are good friends but they’ve all moved
on, it’s been twenty years since I lived here and they’re not waiting for me to knock
on their door and say ‘oh yes let’s be friends and I’ve got all these wonderful things
planned for us to do’.

Anxious Drifters
The last category, including 6 cases in Italy, 9 in England, and 4 in the United
States, encompasses individuals who did not plan and for whom retirement was
opaque. Retirement as an “unknown” was a source of considerable anxiety for
some. Having given little thought to how their lives would change and the activ-
ities that might occupy their time, people in this group seemed bewildered, without
being able or having inspiration to make any plans. Trepidation was a common
theme, and for these individuals, retirement was often discussed less as the begin-
ning of something new and more as an ending, as in the following example:

. . . that’s the fear of retirement . . . everything stops, all your habits, all your
friends, all your patterns of behavior stop completely. (EN07, female, age 57 years)
Principi et al. 15

Satisfaction. Disappointment with retirement does not inevitably follow from

preretirement worries and lack of planning. Around half this group expressed
satisfaction with their retired lives. In some cases, worries and lack of planning
were due to having been so focused on work that it was hard to see beyond
working life. In England, Peter, age 65 years (EN08), while still working was
judgmental of retired people, who seem to be wasting their lives. However, to his
own surprise, after retirement, he readily found avenues to increase his social life
and started to forget his previous working life and was very satisfied
in retirement.
Among the U.S. sample, Carl (age 62 years) characterized himself as being
“forced” into retirement. Despite initial worries, 2 years later Carl described
himself as being satisfied with retirement having made new friends and with a
“more lively social life” than before.

[I] pretty much, do my own thing, you know, stay fairly active. You know, because
of financial constraints I don’t go out to the movies like I used to. But, you know,
like I said, I’ve got, there is a social group that I belong to. And you know, we meet
at least once a month, you know, which I wasn’t doing before. You know, kind of,
developing some, you know, some new friendships, new skills, you know, a little
more lively social life than I had for a while. (US06)

Dissatisfaction. In many instances, people in this group were passive and dissat-
isfied once retired, often due to small social networks or marital tensions. Indeed
these circumstances explained in part the lack of retirement planning. In the
following example Luciana, a former primary school teacher discussed how
narrow her life had become, overly focused on the home sphere. The quality
of the relationship with her husband seemed to be a decisive factor:

I would say I’m not satisfied at the moment, mostly since I would like some
commitments out of the home, or even inside the home but with other people. I
am lacking in the social aspects of life. I cannot change things since this depends
mostly on my husband. I counted very much on the company of my husband once
retired but he has become lifeless. He does not want to do anything. (IT16, age
63 years)

In the case of Donna, in England, worries and lack of planning were attributed
to economic concerns. After retirement, she was mostly unhappy and very
pessimistic.

Happy in general? No. I just think my whole life now has peaked and I think to
myself, ‘Is this what life is all about?’ Every day is the same and I am getting older
16 The International Journal of Aging and Human Development 0(0)

and I thought, ‘I just want to die, it’s very easy, give all the house to my kids and
I’ll just go’. (EN01, age 61 years)

Discussion
While a positive relationship between retirement planning and retirement satis-
faction has been documented, there is a gap in knowledge concerning the pos-
sible effects of whether retirement plans are fulfilled, with underlying
mechanisms poorly understood. In light of the call for more research on the
factors that might mediate or moderate any relationship between retirement
planning and postretirement outcomes, this study examined the incidence of
planning and the extent to which satisfaction in retirement is conditional on
fulfilling plans.
As expected, the results of this study suggest that the resource-based dynamic
perspective integrates the other existing theories and represents an appropriate
approach for studying the retirement trajectories identified in this study (Wang
et al., 2011). In all cases, both plan fulfillment (in the case of planners) and
retirement satisfaction are dependent upon the available resources and changes
in them. In contrast, other theoretical approaches apply better to specific groups
or their characteristics (Wang et al., 2011). Other theoretical approaches shed
light on the main research questions of this study (i.e., whether among planners,
retirement satisfaction is only possible with plan enactment) but provide less
insight regarding the main determinants and barriers to the enactment of plans
and retirement satisfaction.
To answer the main research question, our results suggest that among plan-
ners satisfaction is more widespread when plans were fulfilled, as expected. This
underpins the theoretical approaches like rational choice, continuity, activity,
and role theory (Atchley, 1999; Hatcher, 2003; Havighurst, 1961; Riley & Riley,
1994), with satisfaction linked to the ability to enact the plan. Key moderators
resulted psychological resources as resilience and motivation, despite unexpect-
ed events, such as the need to provide eldercare and health shocks, that could
decrease resources. The few cases of dissatisfaction despite plan enactment, in
terms of main moderators, point in the direction of “not substantial” plan (e.g.,
an individual hobby with a related lack of social contacts, and of tensions in
family relationships).
Our findings also suggest that satisfaction is not necessarily tied to plan fulfill-
ment. While less common, examples of satisfaction in retirement were found
despite unfulfilled plans (or planning at all). Many of these examples were due
to unforeseen events linked to family issues (grandparenting, elder care, health
problems, financial need, etc.), in which it was possible to “replace” expectations
related to the original plan with, for example, an improved social life and new
friends. These factors acted as moderators, together with having been able to
Principi et al. 17

engage in meaningful roles and activities in the community and within the family,
consistent with activity theory and role theory (Ashforth, 2001; Havighurst, 1961).
Even if retirement plans could sometimes be driven by social norms more
than by individual wishes, for example, bridge employment more widespread in
the United States, family-related plans in Italy, and leisure activities in England
(Principi et al., 2016), we did not find particular evidence that plans linked to
social norms brought about dissatisfaction, as posed by a sociological perspec-
tive (Weyman et al., 2012). These plans seem to be positively embraced.
Broadly speaking, according to our results, planning the retirement experi-
ence helps but is not a precondition for retirement satisfaction. For many non-
planners (both with positive and negative expectations in terms of retirement
experience), retirement is satisfactorily viewed in terms of continuity of lifestyles,
core values, and a maintained or increased active role in society. This finding is
consistent with an activity and continuity perspective, as in the cases of satis-
faction despite plans disruption (Atchley, 1999; Havighurst, 1961).
Few respondents conformed to disengagement theory (Cumming & Henry,
1961)—by separating from roles and relationships—in early retirement. The
related outcomes observed concerned mainly reluctant disengagement of non-
planners, which brought about a dissatisfactory retirement experience. The dis-
satisfaction was related to depleted resources, a lack of meaningful activities,
social isolation (due to environmental features, gap in community provision,
small social network, etc.), pessimistic attitudes, and tension in family relation-
ships (especially marital tensions). Tension in family relationships, in particular,
was conducive to retirement dissatisfaction in all of the observed trajectories.
This phenomenon has been broadly observed (Kim & Moen, 2001; Price, 2003),
but it is worth exploring in depth because being married is linked to retirement
satisfaction (see in Price & Nesteruk, 2015).
Finally, the qualitative nature of the present study limits the extent to which
these findings can be generalized to the broader population of retirees. Future
studies based on quantitative data could explore how these findings mesh with
the experiences of retirees in general.

Conclusion
The successful realization of retirement plans impacted retirement satisfaction
positively in all three countries included in this study. However, we also found
that plan enactment (or planning) was not a precondition for retirement satis-
faction. Among fulfilled planners, moderators of plan enactment to retirement
satisfaction or dissatisfaction are individual motivation, resilience, social versus
individual dimension of the plan, and social isolation or contacts. Moderators of
plan unfulfillment to retirement satisfaction are changes in social engagement
and friendships, and the existence of carried-out valued and gratifying activities
(both within the family and the in community). For planners, the main barriers
18 The International Journal of Aging and Human Development 0(0)

to plan enactment were unexpected events, mainly in the familiar or personal

sphere, and decreased human and social resources, such as eldercare, grand-
parenting, death of a family member, financial need, and health problems.
Psychological resources seemed to be particularly important for retirement sat-
isfaction, independent of the existence of retirement plans.
Many retirees faced a decline in some of their resources including failing
health, unexpected caring responsibilities, and sometimes unexpected drops in
income. For cases of retirement satisfaction under these conditions, a higher
degree of resilience and motivation or a more optimistic outlook allowed them
to adjust, keep on, or start again for a positive retirement experience. In contrast,
dissatisfaction was often linked to low or decreased social contacts, or to factors
that go beyond individual control such as local community strength. An impor-
tant moderator in this respect is the existence of difficult relationships or ten-
sions with family members (compared with family harmony and happiness).
In terms of policy implications, these findings suggest that more widespread
provision is needed to support people both before retirement, at the planning
and preparation stage, and in the postretirement period. These provisions could
include opportunities to set and fulfill meaningful goals, support groups and
other means of helping people to adjust to their new life stage.

Acknowledgments
The authors would like to thank the research participants who kindly gave up their time
and shared their experiences and thoughts.

Declaration of Conflicting Interests

The authors declared no potential conflicts of interest with respect to the research,
authorship, and/or publication of this article.

Funding
The authors disclosed receipt of the following financial support for the research, author-
ship, and/or publication of this article: This work was supported by the British Lifelong
Health and Wellbeing Cross-Council Programme. The LLHW Funding Partners for this
award are the Economic and Social Research Council and the Medical Research Council
[grant number ES/L002884/1].

ORCID iD
Andrea Principi http://orcid.org/0000-0003-3701-0539
Sara Santini http://orcid.org/0000-0003-4705-4631
Principi et al. 19

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Author Biographies
Andrea Principi is a social gerontologist and senior researcher at the Italian
National Institute of Ageing (INRCA). His research interests concern active
ageing, including work and the retirement transition, volunteering, and educa-
tion in older age. He has participated in several European projects and pub-
lished numerous scientific articles on these issues.

Deborah Smeaton is a principal research fellow at the University of Westminster.

A mixed methods researcher, her interests span a variety of areas, with a focus
on labour market issues, including the ageing workforce, change in the work-
place, work–life balance and entrepreneurship. Her research has appeared in
numerous journals.

Kevin Cahill is a research economist at the Center on Aging & Work at Boston
College and a senior economist at ECONorthwest. Kevin writes on topics relat-
ed to applied microeconomics, with a focus on the economics of aging and labor
market transitions later in life.

Sara Santini is a social gerontologist working at INRCA (Italian National

Institute of Health and Science on Ageing), at the Centre for Socio-Economic
Research on Ageing. Qualitative researcher mainly, her interests are family
caregiving; work-life balance; integrated care for older people, and intergenera-
tional education and relationships.
24 The International Journal of Aging and Human Development 0(0)

Helen Barnes is a research fellow at at the University of Westminster. A qual-

itative specialist, she has wide-ranging research interests in labour market issues,
disability, health and wellbeing and life transitions, and has published widely in
these areas.

Marco Socci is a research fellow at the National Institute of Health and Science
on Aging (INRCA), Italy. Involved in several international and national
research projects, his research activity focuses on various socio-economic phe-
nomena associated with ageing, as active ageing, labour market and older work-
ers, work-life-balance, health and social policy.