Using the census survival method to calculate net flows across employment states between 1900 and 1910, we find that approximately one-fifth of all men who reached the age of 55 eventually retired before death. Many of these retirees appear to have planned their withdrawal from paid employment by accumulating assets, becoming self-employed, and then liquidating their assets to provide a stream of income to finance consumption in old age. This retirement behavior has important implications for the economic history of capital and labor markets, of saving and investment, of insurance and pensions, and of the family economy.
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Jeffrey A. Miron & David N. Weil, 1998.
"The Genesis and Evolution of Social Security,"
NBER Chapters,
in: The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, pages 297-322
National Bureau of Economic Research, Inc.
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