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The retirement decision of couples: are the choices interdependant?

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  • B. SÉDILLOT

    (Insee)

  • E. WALRAET

    (Insee)

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    Abstract

    Most of the retirement decision models consider retirement as an individual trade-off between consumption and leisure and do not take the spouse situation into account. However, several elements could account for an interdependance between the spouses retirement decisions : complementarity for leisure (for each individual, the value of leisure could be enhanced if the leisure is shared with his/her spouse), similarity of the tastes of the spouses, family dimension of pension rules (in particular through the channel of survivor benefits ). Our objective is to assess the importance of the couple dimension in retirement decisions in France. We first simulate the sensitivity of retirement decisions to the complementarity for leisure. We then proceed to a descriptive and econometric analysis of joint retirement among couples. Our results support the idea of some interdependency in the retirement decisions, particularly for women. They also confirm that the strong penalties for precocious retirement for workers of the private sector limit the impact of this phenomenon.

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    File URL: http://www.insee.fr/fr/publications-et-services/docs_doc_travail/G2002-03.pdf
    File Function: Document de travail de la DESE numéro G2002-03
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    Bibliographic Info

    Paper provided by Institut National de la Statistique et des Etudes Economiques, DESE in its series Documents de Travail de la DESE - Working Papers of the DESE with number g2002-03.

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    Date of creation: 2002
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    Handle: RePEc:crs:wpdeee:g2002-03

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    Related research

    Keywords: social security; couples; labour supply;

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    1. Browning, Martin & Francois Bourguignon & Pierre-Andre Chiappori & Valerie Lechene, 1994. "Income and Outcomes: A Structural Model of Intrahousehold Allocation," Journal of Political Economy, University of Chicago Press, vol. 102(6), pages 1067-96, December.
    2. Richard Blundell & André Chiappori & Thierry Magnac & Costas Meghir, 1998. "Collective labour supply: heterogeneity and non-participation," IFS Working Papers W98/20, Institute for Fiscal Studies.
    3. Gustman, Alan L & Steinmeier, Thomas L, 2000. "Retirement in Dual-Career Families: A Structural Model," Journal of Labor Economics, University of Chicago Press, vol. 18(3), pages 503-45, July.
    4. repec:att:wimass:9430 is not listed on IDEAS
    5. An, M.Y. & Christensen, B.J. & Gupta, N.D., 1999. "A Bivariate Duration Model of the Joint Retirement Decisions of Married Couples," Papers 99-10, Centre for Labour Market and Social Research, Danmark-.
    6. Blau, David M, 1998. "Labor Force Dynamics of Older Married Couples," Journal of Labor Economics, University of Chicago Press, vol. 16(3), pages 595-629, July.
    7. John Rust & Christopher Phelan, 1994. "How Social Security and Medicare Affect Retirement Behavior in a World of Incomplete Markets," Public Economics 9406005, EconWPA, revised 06 Jul 1994.
    8. Blau, David M. & Riphahn, Regina T., 1999. "Labor force transitions of older married couples in Germany," Labour Economics, Elsevier, vol. 6(2), pages 229-252, June.
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