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How Does Job Loss Affect the Timing of Retirement?

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Author Info
Sewin Chan (New York University)
Ann Stevens (University of California, Davis)

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Abstract

This paper estimates the extent to which reduced employment following job loss among older workers can be explained as a response to altered pension incentives and earnings opportunities. Using data from the Health and Retirement Study, we first examine how workers' earnings, assets, pensions and the resulting financial incentive to retire are affected by job loss. We find important effects of job loss on the main financial components of workers' incentive to retire. We then examine retirement behavior after job loss, controlling for these changed retirement incentives, along with any additional effects of displacement not captured by retirement incentives. We find that the observed increased rates of retirement among displaced workers go far beyond these purely financial considerations. Very little of the reduced employment among older job losers can be explained by changes in wages and pension-related retirement incentives. Other barriers to reemployment may be more important explanations for the low employment rates of recently displaced older workers.

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Publisher Info
Article provided by Berkeley Electronic Press in its journal Contributions to Economic Analysis & Policy.

Volume (Year): 3 (2004)
Issue (Month): 1 ()
Pages: 1187-1187
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Handle: RePEc:bep:eapcon:v:3:y:2004:i:1:p:1187-1187

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Related research
Keywords: retirement displacement

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Find related papers by JEL classification:
J2 - Labor and Demographic Economics - - Demand and Supply of Labor

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Alan L. Gustman & Thomas L. Steinmeier, 2001. "Imperfect Knowledge, Retirement and Saving," NBER Working Papers 8406, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Andrew A. Samwick, 1998. "New Evidence on Pensions, Social Security, and the Timing of Retirement," NBER Working Papers 6534, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Stevens, Ann Huff, 1997. "Persistent Effects of Job Displacement: The Importance of Multiple Job Losses," Journal of Labor Economics, University of Chicago Press, vol. 15(1), pages 165-88, January. [Downloadable!] (restricted)
  4. Robin L. Lumsdaine & James H. Stock & David A. Wise, 1992. "Three Models of Retirement: Computational Complexity Versus Predictive Validity," NBER Working Papers 3558, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Chan, Sewin & Stevens, Ann Huff, 2001. "Job Loss and Employment Patterns of Older Workers," Journal of Labor Economics, University of Chicago Press, vol. 19(2), pages 484-521, April. [Downloadable!] (restricted)
  6. Ruhm, Christopher J, 1991. "Are Workers Permanently Scarred by Job Displacements?," American Economic Review, American Economic Association, vol. 81(1), pages 319-24, March. [Downloadable!] (restricted)
  7. Ruhm, Christopher J, 1990. "Bridge Jobs and Partial Retirement," Journal of Labor Economics, University of Chicago Press, vol. 8(4), pages 482-501, October. [Downloadable!] (restricted)
  8. Alan L. Gustman & Thomas L. Steinmeier, 1998. "Effects of Pensions on Saving: Analysis with Data from the Health and Retirement Study," NBER Working Papers 6681, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Alan L. Gustman & Thomas L. Steinmeier, 2001. "Imperfect Knowledge, Retirement and Saving," Working Papers wp012, University of Michigan, Michigan Retirement Research Center. [Downloadable!]
  10. Peracchi, Franco & Welch, Finis, 1994. "Trends in Labor Force Transitions of Older Men and Women," Journal of Labor Economics, University of Chicago Press, vol. 12(2), pages 210-42, April. [Downloadable!] (restricted)
  11. Olivia Mitchell & Jan Olson & Thomas Steinmeier, 1996. "Construction of the Earnings and Benefits File (EBF) for Use With the Health and Retirement Survey," NBER Working Papers 5707, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  12. Blau, David M, 1994. "Labor Force Dynamics of Older Men," Econometrica, Econometric Society, vol. 62(1), pages 117-56, January. [Downloadable!] (restricted)
  13. Kathleen McGarry & Andrew Davenport, 1997. "Pensions and the Distribution of Wealth," NBER Working Papers 6171, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  14. Stock, James H & Wise, David A, 1990. "Pensions, the Option Value of Work, and Retirement," Econometrica, Econometric Society, vol. 58(5), pages 1151-80, September. [Downloadable!] (restricted)
    Other versions:
  15. Courtney Coile & Jonathan Gruber, 2000. "Social Security and Retirement," NBER Working Papers 7830, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  16. James F. Moore & Olivia S. Mitchell, 1997. "Projected Retirement Wealth and Savings Adequacy in the Health and Retirement Study," NBER Working Papers 6240, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Deborah A. Cobb-Clark & Steve Stillman, 2006. "The Retirement Expectations of Middle-Aged Individuals," CEPR Discussion Papers 540, Centre for Economic Policy Research, Research School of Social Sciences, Australian National University. [Downloadable!]
    Other versions:
  2. Bhattacharya, Joydeep & Reed, Robert, 2006. "Social Security and Intergenerational Redistribution," Staff General Research Papers 12661, Iowa State University, Department of Economics. [Downloadable!]
  3. Martin Salm, 2008. "Job loss does not cause ill health," MEA discussion paper series 08163, Mannheim Research Institute for the Economics of Aging (MEA), University of Mannheim. [Downloadable!]
    Other versions:
  4. Alicia H. Munnell & Steven Sass & Mauricio Soto & Natalia Zhivan, 2006. "Has the Displacement of Older Workers Increased?," Working Papers, Center for Retirement Research at Boston College wp2006-17, Center for Retirement Research, revised Sep 2006. [Downloadable!]
  5. Sewin Chan & Ann Huff Stevens, 2003. "What You Don't Know Can't Help You: Pension Knowledge and Retirement Decision Making," NBER Working Papers 10185, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  6. Bhattacharya, Joydeep & Reed, Rob, 2003. "Age-Specific Employment Policies," Staff General Research Papers 10256, Iowa State University, Department of Economics. [Downloadable!]
  7. Dan A. Black & Xiaoli Liang, 2005. "Local Labor Market Conditions and Retirement Behavior," Working Papers, Center for Retirement Research at Boston College 2005-08, Center for Retirement Research. [Downloadable!]
  8. Joanna N. Lahey, . "Do Older Workers Face Discrimination?," Issues in Brief ib33, Center for Retirement Research. [Downloadable!]
  9. Courtney C. Coile & Phillip B. Levine, 2006. "Labor Market Shocks and Retirement: Do Government Programs Matter?," NBER Working Papers 12559, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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