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Forecasting Labor Force Participation and Economic Resources of the Early Baby Boomers

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Author Info
Pierre-Carl Michaud (RAND and IZA)
Susann Rohwedder (RAND)

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Abstract

This paper forecasts the retirement patterns and resources of the Early Baby Boomers by estimating forward-looking dynamic models of labor force participation, wealth accumulation and pension and Social Security benefit claiming for older workers using seven waves of HRSdata. The two most important innovations of our proposed approach are the use of alternative measures of pension entitlements and the associated incentives, and accounting for subjective expectations about future work. Our main findings are that the Early Baby Boomers will work longer and claim Social Security later.

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File URL: http://www.mrrc.isr.umich.edu/publications/Papers/pdf/wp175.pdf
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Paper provided by University of Michigan, Michigan Retirement Research Center in its series Working Papers with number wp175.

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Length: 35 pages
Date of creation: May 2008
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Handle: RePEc:mrr:papers:wp175

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  1. Laurence J. Kotlikoff & David A. Wise, 1989. "Employee Retirement and a Firm's Pension Plan," NBER Working Papers 2323, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Alan L. Gustman & Thomas L. Steinmeier, 1986. "A Structural Retirement Model," NBER Working Papers 1237, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Gustman, Alan L & Steinmeier, Thomas L, 1986. "A Structural Retirement Model," Econometrica, Econometric Society, vol. 54(3), pages 555-84, May. [Downloadable!] (restricted)
  4. Chan, Sewin & Stevens, Ann Huff, 2004. "Do changes in pension incentives affect retirement? A longitudinal study of subjective retirement expectations," Journal of Public Economics, Elsevier, vol. 88(7-8), pages 1307-1333, July. [Downloadable!] (restricted)
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This page was last updated on 2009-12-3.

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