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Why are Older Pensioners Poorer?

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  • Paul Johnson
  • Gary Stears

Abstract

We show that older male pensioners have substantially lower incomes than younger pensioners. There are a number of possible reasons for this including under‐indexation of private pensions and the running down of income producing assets. In fact we find that cohort differences more than account for the lower incomes of older pensioners in the sense that the mean income of older pensioners is actually higher than the mean income of the same cohort of pensioners when they were younger. We explore a number of possible reasons for this and conclude that it is driven by differential mortality between richer and poorer pensioners. We show how this manifests itself in a long time series of cross‐sectional datasets.

Suggested Citation

  • Paul Johnson & Gary Stears, 1998. "Why are Older Pensioners Poorer?," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 60(3), pages 271-290, August.
    • Handle: RePEc:bla:obuest:v:60:y:1998:i:3:p:271-290
    DOI: 10.1111/1468-0084.00101
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    Cited by:

    1. Luca Inglese, 2003. "Early Retirement in Italy: Recent Trends," LABOUR, CEIS, vol. 17(s1), pages 175-207, August.
    2. P. Jenkins, Stephen & Bardasi, Elena & A. Rigg, John, 2000. "Retirement and the economic well-being of the elderly: a British perspective," ISER Working Paper Series 2000-33, Institute for Social and Economic Research.
    3. Kevin Milligan, 2008. "The Evolution of Elderly Poverty in Canada," Canadian Public Policy, University of Toronto Press, vol. 34(s1), pages 79-94, November.
    4. John Gibson & Grant Scobie, 2001. "A cohort analysis of household income, consumption and saving," New Zealand Economic Papers, Taylor & Francis Journals, vol. 35(2), pages 196-216.

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