Abstract
This study explored the phenomenological meanings of retirement for women and factors associated with adjustment among samples of employed and retired women. In comparing groups of preretired ( N = 25) and retired ( N = 30) white-collar women, no significant differences were found in overall levels of morale, adjustment, or self-esteem. Instead, correlations of various background, current status, and attitudinal variables with the measures of morale, adjustment, and self-esteem indicated that the factors associated with psychological functioning may be different before and after retirement. These data lead to the hypothesis that change does not directly affect levels of psychological functioning but, instead, cause a shifting in the content of elements or mechanisms which relate to adjustment.

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