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Larger Birth Cohort Lowers Wages

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Abstract

Inadequate retirement savings will force millions of older Americans to seek work at older ages. Many who delay retirement will find work, but no study has looked at the effect on wages. This policy brief found being a member of a super-sized birth cohort has depressed Boomers' wages throughout their careers. Labor market crowding caused by Boomers delaying retirement will continue to reduce their wages in old age relative to what would have happened had their share of the labor force declined at the same rate as prior generations. The reduction in wages resulting from the increase in older workers provides a cautionary note to those advocating delayed retirement as a solution to the retirement savings crisis.

Suggested Citation

  • Teresa Ghilarducci & Michael Papadopoulos & Anthony Webb, 2017. "Larger Birth Cohort Lowers Wages," SCEPA policy note series. 2017-01, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepapn:2017-01
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    File URL: https://www.economicpolicyresearch.org/images/docs/research/retirement_security/Cohort_Size_Final.pdf
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    More about this item

    Keywords

    Retirement; savings; older workers; retirement; wages;
    All these keywords.

    JEL classification:

    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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