Does Retirement Affect Life Satisfaction? Differences Between Korean Men and Women

Abstract

This study aims to examine whether and how gender influences psychological responses to retirement in Korea. We use data from the 18 waves of the Korea Welfare Panel Study, a nationally representative longitudinal panel (N = 15,129). We estimate changes in life satisfaction before and after retirement in later life through individual fixed effects models. These analyses are conducted separately for men and women. Our findings reveal that the effects of retirement on life satisfaction are gendered: For men, retirement leads to an immediate decline in life satisfaction followed by gradual recovery over time. In contrast, women generally experience stable or improved life satisfaction, especially in domains such as family relationships and leisure. These results highlight the importance of gender-sensitive retirement planning, with targeted support for men’s psychological adjustment to retirement.

Keywords

retirement life satisfaction gender Korea

Get full access to this article

View all access options for this article.

References

Atchley

R. C.

(1971). Retirement and leisure participation: Continuity or crisis? The Gerontologist, 11(1), 13–17. https://doi.org/10.1093/geront/11.1_Part_1.13

Bender

K. A.

(2012). An analysis of well-being in retirement: The role of pensions, health, and ‘voluntariness’ of retirement. The Journal of Socio-Economics, 41(4), 424–433. https://doi.org/10.1016/j.socec.2011.05.010

Browning

C. J.

Leith

K. H.

Thomas

S. A.

(2023). Editorial: Economic and social factors affecting the health of older adults. Frontiers in Public Health, 11, Article 1323030. https://doi.org/10.3389/fpubh.2023.1323030

Calasanti

Carr

Homan

Coan

(2021). Gender disparities in life satisfaction after retirement: The roles of leisure, family, and finances. The Gerontologist, 61(8), 1277–1286. https://doi.org/10.1093/geront/gnab015

Carr

D. C.

Moen

Perry Jenkins

Smyer

(2018). Postretirement life satisfaction and financial vulnerability: The moderating role of control. The Journals of Gerontology. Series B, Psychological Sciences and Social Sciences, 75(4), 849–860. https://doi.org/10.1093/geronb/gby105

Chandola

Brunner

Marmot

(2006). Chronic stress at work and the metabolic syndrome: Prospective study. BMJ, 332(7540), 521–525. https://doi.org/10.1136/bmj.38693.435301.80

Cheung

Lucas

R. E.

(2014). Assessing the validity of single-item life satisfaction measures: Results from three large samples. Quality of Life Research: An International Journal of Quality of Life Aspects of Treatment, Care and Rehabilitation, 23(10), 2809–2818. https://doi.org/10.1007/s11136-014-0726-4

Comi

S. L.

Cottini

Lucifora

(2022). The effect of retirement on social relationships. German Economic Review, 23(2), 275–299. https://doi.org/10.1515/ger-2020-0109

Dingemans

Henkens

(2015). How do retirement dynamics influence mental well-being in later life? A 10-year panel study. Scandinavian Journal of Work, Environment & Health, 41(1), 16–23. https://doi.org/10.5271/sjweh.3464

10.

Grünwald

Damman

Henkens

(2021). The differential impact of retirement on informal caregiving, volunteering, and grandparenting: Results of a 3-Year panel study. The Journals of Gerontology. Series B, Psychological Sciences and Social Sciences, 76(3), 607–619. https://doi.org/10.1093/geronb/gbaa221

11.

Holcomb

T. F.

(2010). Transitioning into retirement as a stressful life event. In Handbook of stressful transitions across the lifespan (pp. 133–146). Springer. https://doi.org/10.1007/978-1-4419-0748-6_7

12.

Kail

B. L.

Carr

D. C.

(2020). Structural social support and changes in depression during the retirement transition: “I Get by With a Little Help from My Friends”. The Journals of Gerontology. Series B, Psychological Sciences and Social Sciences, 75(9), 2040–2049. https://doi.org/10.1093/geronb/gbz126

13.

Kim

Park

Antonucci

T. C.

(2016). Longitudinal changes in social networks, health and wellbeing among older Koreans. Ageing and Society, 36(9), 1915–1936. https://doi.org/10.1017/S0144686X15000811

14.

Kim

J. E.

Moen

(2002). Retirement transitions, gender, and psychological well-being: A life-course, ecological model. The Journals of Gerontology. Series B, Psychological Sciences and Social Sciences, 57(3), P212–P222. https://doi.org/10.1093/geronb/57.3.P212

15.

Kim

K. N.

Baek

(2024). Understanding South Korean women workers’ career transition experiences: Using the career decision tree model. Frontiers in Psychology, 15, Article 1273241. https://doi.org/10.3389/fpsyg.2024.1273241

16.

Lee

Koh

(2018). The Effect of Retirement on Mental Health and Cognitive Function (Research Report 2018-43). Korea Institute for Health and Social Affairs.

17.

Lee

Yeung

W.-J. J.

(2021). The country that never retires: The gendered pathways to retirement in South Korea. The Journals of Gerontology. Series B, Psychological Sciences and Social Sciences, 76(3), 642–655. https://doi.org/10.1093/geronb/gbaa016

18.

Lim-Soh

J. W.

Lee

(2023). Social participation through the retirement transition: Differences by gender and employment status. Research on Aging, 45(1), 47–59. https://doi.org/10.1177/01640275221104716

19.

Lozano Alcántara

Romeu Gordo

Engstler

Vogel

(2023). The retirement impact on housing cost burden: Are homeowners better off than tenants after retirement? Ageing and Society, 45(1), 1–30. https://doi.org/10.1017/S0144686X23000119

20.

Namkung

E. H.

Lee

(2024). Effects of social relationships and loneliness among community-dwelling older persons: Focus on differences in relational types and communication methods. Korea Gerontological Society, 44(6), 781–802. https://doi.org/10.31888/JKGS.2024.44.6.781

21.

Leng

Wang

(2019). Active interest mentorship for soon-to-retire people: A self-sustaining retirement preparation program. Journal of Applied Gerontology: The Official Journal of the Southern Gerontological Society, 38(3), 344–364. https://doi.org/10.1177/0733464816687448

22.

OECD . (2018). Working better with age: Korea. OECD. https://doi.org/10.1787/9789264208261-en

23.

OECD . (2023). Pensions at a glance 2023 (OECD pensions at a glance). OECD. https://doi.org/10.1787/678055dd-en

24.

Pan

Zhou

(2025). Life course socioeconomic position and care dependency in later life: A longitudinal multicohort study from 17 countries. EClinicalMedicine, 79, Article 102994. https://doi.org/10.1016/j.eclinm.2024.102994

25.

Pilipiec

Groot

Pavlova

(2022). The analysis of predictors of retirement preferences over time. Journal of Population Ageing, 15(2), 425–452. https://doi.org/10.1007/s12062-020-09305-3

26.

Pinquart

Schindler

(2007). Changes of life satisfaction in the transition to retirement: A latent-class approach. Psychology and Aging, 22(3), 442–455. https://doi.org/10.1037/0882-7974.22.3.442

27.

Price

C. A.

(2003). Professional women’s retirement adjustment: The experience of reestablishing order. Journal of Aging Studies, 17(3), 341–355. https://doi.org/10.1016/S0890-4065(03)00026-4

28.

Vaus

D. de.

(2015). Life Satisfaction across Life Course Transitions (Australian Family Trends, No . 8). Austrian Institute of Family Studies.

29.

Radó

Boissonneault

(2020). Short and long-term change in subjective well-being among voluntary and involuntary retirees. The Journal of the Economics of Ageing, 17, Article 100178. https://doi.org/10.1016/j.jeoa.2018.11.003

30.

Robinson

O. C.

Demetre

J. D.

Corney

(2010). Personality and retirement: Exploring the links between the big five personality traits, reasons for retirement and the experience of being retired. Personality and Individual Differences, 48(7), 792–797. https://doi.org/10.1016/j.paid.2010.01.014

31.

Ryser

V.-A.

Wernli

(2017). How does transitioning into retirement impact the individual emotional system? Evidence from the Swiss context. Advances in Life Course Research, 32, 42–54. https://doi.org/10.1016/j.alcr.2016.08.001

32.

Saha

S. R.

Zaman

(2020). Satisfaction in old age: Activity or disengagement? Journal of Sociological Research, 12(1), Article 7. https://doi.org/10.5296/jsr.v12i1.17399

33.

Schmälzle

Wetzel

Huxhold

(2019). Pathways to retirement: Are they related to patterns of short- and long-term subjective well-being? Social Science Research, 77, 214–229. https://doi.org/10.1016/j.ssresearch.2018.10.006

34.

Tambellini

(2023). Exploring the relationship between working history, retirement transition and women’s life satisfaction. Ageing and Society, 43(8), 1754–1783. https://doi.org/10.1017/S0144686X2100132X

35.

Tang

(2016). Retirement patterns and their relationship to volunteering. Nonprofit and Voluntary Sector Quarterly, 45(5), 910–930. https://doi.org/10.1177/0899764015602128

36.

van Solinge

Henkens

(2008). Adjustment to and satisfaction with retirement: Two of a kind? Psychology and Aging, 23(2), 422–434. https://doi.org/10.1037/0882-7974.23.2.422

37.

Wang

(2007). Profiling retirees in the retirement transition and adjustment process: Examining the longitudinal change patterns of retirees’ psychological well-being. The Journal of Applied Psychology, 92(2), 455–474. https://doi.org/10.1037/0021-9010.92.2.455

38.

Wang

Shi

(2014). Psychological research on retirement. Annual Review of Psychology, 65(1), 209–233. https://doi.org/10.1146/annurev-psych-010213-115131

39.

Wilson

D. M.

Errasti‐Ibarrondo

Low

O’Reilly

Murphy

Fahy

Murphy

(2020). Identifying contemporary early retirement factors and strategies to encourage and enable longer working lives: A scoping review. International Journal of Older People Nursing, 15(3), Article e12313. https://doi.org/10.1111/opn.12313

40.

Zhan

Froidevaux

Wang

Shi

(2023). Preretirement resources and postretirement life satisfaction change trajectory: Examining the mediating role of retiree experience during retirement transition phase. The Journal of Applied Psychology, 108(5), 871–888. https://doi.org/10.1037/apl0001043

Supplementary Material

Please find the following supplemental material available below.

For Open Access articles published under a Creative Commons License, all supplemental material carries the same license as the article it is associated with.

For non-Open Access articles published, all supplemental material carries a non-exclusive license, and permission requests for re-use of supplemental material or any part of supplemental material shall be sent directly to the copyright owner as specified in the copyright notice associated with the article.

0.00 MB

0.37 MB