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A Micro-level Analysis of Recent Increases in Labor Force Participation among Older Workers

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Author Info

  • Kevin E. Cahill

    ()
    (Analysis Group, Inc.)

  • Michael D. Giandrea

    ()
    (U.S. Bureau of Labor Statistics)

  • Joseph F. Quinn

    ()
    (Boston College)

Abstract

Aggregate data reveal a sizable increase in labor force participation rates since 2000 among workers on the cusp of retirement, reverting back to levels for older men not seen since the 1970s. These aggregate numbers are useful in that they document overall trends, but they lack the ability to identify the reasons behind workers’ decisions. The Health and Retirement Study (HRS) spans the last dozen years from 1992 to 2004, includes two cohorts of retirees, and provides micro-level data regarding these recent trends. Moreover, the HRS contains information on older Americans and the types of jobs they are taking (full-time versus part-time, self-employed versus wage-and-salary, low-paying versus high-paying, blue collar versus white collar, etc.). This study capitalizes on the richness of the HRS data and explores labor force determinants and outcomes of older Americans, with an emphasis on retirees' choices in recent years. We present a cross-sectional and longitudinal description of the financial, health, and employment situation of older Americans. We then explore retirement determinants using a multinomial approach to model gradual retirement and a two-step approach to model the work-leisure and hours intensity decisions of older workers. Evidence suggests that the majority of older Americans retire gradually, in stages, and that younger retirees continue to respond to financial incentives just as their predecessors did. In addition, recent macro-level changes appear to have blurred the distinction between younger and middle-aged retirees.

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Bibliographic Info

Paper provided by U.S. Bureau of Labor Statistics in its series Working Papers with number 400.

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Length: 51 pages
Date of creation: Oct 2006
Date of revision:
Handle: RePEc:bls:wpaper:ec060120

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Keywords: Economics of Aging; Partial Retirement; Gradual Retirement;

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References

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  1. Courtney Coile, 2003. "Retirement Incentives and Couples' Retirement Decisions," NBER Working Papers 9496, National Bureau of Economic Research, Inc.
  2. Courtney C. Coile & Phillip B. Levine, 2006. "Bulls, bears, and retirement behavior," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 59(3), pages 408-429, April.
  3. Ruhm, Christopher J, 1990. "Bridge Jobs and Partial Retirement," Journal of Labor Economics, University of Chicago Press, vol. 8(4), pages 482-501, October.
  4. Nicole Maestas, 2004. "Back to Work: Expectations and Realizations of Work After Retirement," Working Papers wp085, University of Michigan, Michigan Retirement Research Center.
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Cited by:
  1. Alicia H. Munnell & Dan Muldoon & Steven A. Sass, 2009. "Recessions and Older Workers," Issues in Brief ib2009-9-2, Center for Retirement Research, revised Jan 2009.
  2. Alicia H. Munnell & Steven A. Sass, 2007. "The Labor Supply of Older Americans," Working Papers, Center for Retirement Research at Boston College wp2007-12, Center for Retirement Research, revised Jun 2007.
  3. Vincenzo Galasso, 2012. "The Political Feasibility of Postponing Retirement," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, vol. 10(4), pages 27-31, December.
  4. Michael D. Giandrea & Kevin E. Cahill & Joseph F. Quinn, 2007. "Bridge Jobs: A Comparison across Cohorts," Boston College Working Papers in Economics 670, Boston College Department of Economics, revised 22 Dec 2008.

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