Retirees' psychological and financial well-being: Investigating partnership effects and financial knowledge on retirement outcomes

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2022-05

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Abstract

An obvious trend over the past years showed an increased number of retirees in the United States. The increase in retirees has brought increased concern about how individuals adjust to the retirement life phase. This dissertation investigates retirees' psychological and financial well-being by looking at partnership effects and financial knowledge on retirement outcomes. The first paper looked into the relationship between couples' joint retirement and retirement satisfaction. The analysis uses cross-sectional data from the 2016 Health and Retirement Study (HRS). This paper shows a positive relationship between the likelihood of being very satisfied during retirement and the partner's retirement status, household income, net worth, health, education, and age. The second paper investigated the relationship between couples' joint retirement and post-retirement depression. The analysis uses cross-sectional data from the HRS for 2016. This paper indicates that retirees are less likely to be depressed when their partner is fully retired than retirees with a not retired partner. The third paper examined whether financial knowledge is associated with older investors' investment holdings by looking at the type and the number of investment instruments in a portfolio. The analysis uses cross-sectional data from the 2015 National Financial Capability Study-Investor Survey by FINRA. The results show a positive relationship between financial knowledge and having an investment instruments score of zero and one. The results also show a negative relationship between financial knowledge and having a portfolio with investment instruments score above one.


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Keywords

Retirement, Retirement Satisfaction, Financial Knowledge

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