Answer :
Final answer:
Retiring at 62 because it is the standard retirement age illustrates the behavioral bias theory of excessive retirement, as this decision may be influenced by societal expectations and norms. The transition to retirement offers individuals the chance for positive shifts in their roles and contributions to family and community.
Explanation:
The behavioral bias theory of excessive retirement at 62 years of age is best illustrated by option 2) Retiring at 62 because it is the standard retirement age. This option suggests that behavioral biases such as societal norms and expectations influence the decision to retire rather than objective financial or personal reasons. Despite financial readiness or personal preference, some individuals may feel compelled to retire at this age because it is perceived as the 'normal' time to do so. This conforms to the social notion of retiring 'on time' to avoid feeling out of sync with peers, or to meet societal expectations.
Retiring early from a stressful job can be a significant factor for some, as toxic work environments and job dissatisfaction can lead to emotional tolls, making retirement a welcome relief. Additionally, the concept that older people can now expect to live longer and therefore spend a larger portion of their lives in retirement is crucial.
As such, the transition to retirement might be embraced as an opportunity for a positive change, shifting roles from career-focused to more community and family-oriented contributions. Interestingly, trends in healthier lifestyles and better healthcare have led some to continue working past the standard retirement age, allowing them to save more and possibly redefine what is considered 'old age'.
