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The Impact of Late-Career Health and Employment Shocks on Social Security and Other Wealth

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Author Info

  • Richard W. Johnson
  • Gordon B.T. Mermin
  • Dan Murphy

Abstract

Although health and employment shocks are fairly common at older ages and often derail retirement savings plans, Social Security’s disability insurance, spouse and survivor benefits, and progressive benefit formula may provide important protections. By contrast, traditional employer-sponsored pension benefits may be especially vulnerable to health and employment shocks immediately before benefit take-up, because pension wealth generally grows rapidly near the end of the career and workers forfeit these increases if they separate early. This study examines the impact of disability onset and job layoffs on Social Security wealth, traditional employer-sponsored pension wealth, and other household wealth for a nationally representative sample of workers age 51 to 55 in 1992...

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File URL: http://crr.bc.edu/working-papers/the-impact-of-late-career-health-and-employment-shocks-on-social-security-and-other-wealth/
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Bibliographic Info

Paper provided by Center for Retirement Research in its series Working Papers, Center for Retirement Research at Boston College with number wp2007-26.

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Length: 38 pages
Date of creation: Oct 2007
Date of revision: Dec 2007
Handle: RePEc:crr:crrwps:wp2007-26

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Cited by:
  1. Austin Nichols & Melissa M. Favreault, 2008. "The Impact of Changing Earnings Volatility on Retirement Wealth," Working Papers, Center for Retirement Research at Boston College wp2008-14, Center for Retirement Research, revised Dec 2008.
  2. David C. Stapleton, 2009. "Employment Support for the Transition to Retirement: Can a New Program Help Older Workers Continue to Work and Protect Those Who Cannot?," Mathematica Policy Research Reports 6248, Mathematica Policy Research.
  3. Rosa Aísa & Fernando Pueyo & Marcos Sanso, 2012. "Life expectancy and labor supply of the elderly," Journal of Population Economics, Springer, vol. 25(2), pages 545-568, January.
  4. Jody Schimmel & David C. Stapleton, 2010. "Protecting the Household Incomes of Older Workers with Significant Health-Related Work Limitations in an Era of Fiscal Responsibility," Working Papers wp244, University of Michigan, Michigan Retirement Research Center.

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