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The Impact of Wealth on Job Exit Rates of Elderly Workers

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  • Hans G. Bloemen

    ()
    (Vrije Universiteit Amsterdam)

Abstract

Theoretical models predict a positive impact of the level of individual wealth on the job exit probability. Empirically this prediction is most likely to be relevant for elderly workers who have accumulated wealth throughout their working life and have a short residual working life. In the Netherlands, as in other European countries, there is a policy debate about the introduction of more individual freedom of choice in pension schemes. The individual level of wealth will become an increasingly important factor in the retirement decision. Therefore it is relevant to know whether workers with a different financial situation make different job exit decisions, given other factors. Empirical analysis of job exit behaviour of elderly workers so far has concentrated on properties of the pension system and health status. For a sample of elderly male workers in the Netherlands in the period 1995 through 2001, we analyse the impact of wealth, savings, and debt position on job exit rates. We find evidence for a positive effect of wealth on the probability to retire (early).

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Bibliographic Info

Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 07-002/3.

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Date of creation: 09 Jan 2007
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Handle: RePEc:dgr:uvatin:20070002

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Keywords: Retirement; Life Cycle Models and Saving;

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  1. Blundell, Richard & Magnac, Thierry & Meghir, Costas, 1997. "Savings and Labor-Market Transitions," Journal of Business & Economic Statistics, American Statistical Association, American Statistical Association, vol. 15(2), pages 153-64, April.
  2. Daniel S. Hamermesh, 1982. "Consumption During Retirement: The Missing Link in the Life Cycle," NBER Working Papers 0930, National Bureau of Economic Research, Inc.
  3. Steven F. Venti & David A. Wise, 1990. "Aging and the Income Value of Housing Wealth," NBER Working Papers 3547, National Bureau of Economic Research, Inc.
  4. Bloemen, H., 1995. "The Relation Between Wealth and Labour Market Transitions: An Empirical Study for the Netherlands," Papers, Tilburg - Center for Economic Research 9599, Tilburg - Center for Economic Research.
  5. Hans Bloemen & Elena Stancanelli, 2001. "Individual Wealth, Reservation Wages, and Transitions into Employment," Sciences Po publications info:hdl:2441/9704, Sciences Po.
  6. Maarten Lindeboom, 1998. "Microeconometric Analysis of the Retirement Decision: The Netherlands," OECD Economics Department Working Papers 207, OECD Publishing.
  7. Stancanelli, Elena G F, 1999. " Do the Rich Stay Unemployed Longer? An Empirical Study for the UK," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, Department of Economics, University of Oxford, vol. 61(3), pages 295-314, August.
  8. Alessie, Rob & Lusardi, Annamaria & Kapteyn, Arie, 1999. "Saving after retirement: evidence from three different surveys," Labour Economics, Elsevier, Elsevier, vol. 6(2), pages 277-310, June.
  9. Kapteyn, Arie & de Vos, Klaas, 1998. "Social Security and Labor-Force Participation in the Netherlands," American Economic Review, American Economic Association, American Economic Association, vol. 88(2), pages 164-67, May.
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Cited by:
  1. Bloemen, Hans, 2008. "Private Wealth and Job Exit at Older Age: A Random Effects Model," IZA Discussion Papers 3386, Institute for the Study of Labor (IZA).
  2. Maes, Marjan, 2008. "Does the dismantlement of early retirement schemes increase unemployment in Belgium?," Working Papers, Hogeschool-Universiteit Brussel, Faculteit Economie en Management 2008/57, Hogeschool-Universiteit Brussel, Faculteit Economie en Management.
  3. Allard Bruinshoofd & Sybille Grob, 2006. "Do changes in pension incentives affect retirement? A stated preferences approach to Dutch retirement consideration," DNB Working Papers, Netherlands Central Bank, Research Department 115, Netherlands Central Bank, Research Department.
  4. Jan Rouwendal, 2009. "Housing Wealth and Household Portfolios in an Ageing Society," De Economist, Springer, Springer, vol. 157(1), pages 1-48, March.

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