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Partial Retirement and Wage Profiles of Older Workers

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  • Alan L. Gustman
  • Thomas L. Steinmeier

Abstract

Older workers are likely to face different wage offers for work while not retired than for work while partially retired. Conventional analyses of wage profiles pool all waqe observations without distin-guishing among individuals according to retirement status.Our empirical analysis suggests the following conclusions.1)Wages for work while not retired and for work while partially retiredare significantly different from one another.2) wage offers facing older workers may vary considerably between those who do and do not face lower limit constraints requiring full-time work or none at all on their main job. 3) Failing to distinguish between wages paid to the partially retired and to the not retired causes a sizable exaggeration of the decline with experience in the wage offer for work while not retired.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1000.

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Date of creation: Oct 1982
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Publication status: published as Gustman, Alan L. and Thomas L. Steinmeier. "The Effect of Partial Retirement on Wage Profiles of Older Workers." Industrial Relations, Vol. 24, No. 2, (Spring 1985), pp. 257-265.
Handle: RePEc:nbr:nberwo:1000

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References

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  1. Edward P. Lazear, 1982. "Pensions as Severance Pay," NBER Working Papers 0944, National Bureau of Economic Research, Inc.
  2. Roger H. Gordon & Alan S. Blinder, 1980. "Market Wages, Reservation Wages, and Retirement Decisions," NBER Working Papers 0513, National Bureau of Economic Research, Inc.
  3. Alan S. Blinder & Roger H. Gordon & Donald E. Wise, 1980. "Reconsidering the Work Disincentive Effects of Social Security," NBER Working Papers 0562, National Bureau of Economic Research, Inc.
  4. Zabalza, A. & Pissarides, C. & Barton, M., 1980. "Social security and the choice between full-time work, part-time work and retirement," Journal of Public Economics, Elsevier, vol. 14(2), pages 245-276, October.
  5. George J. Borjas, 1981. "Job mobility and earnings over the life cycle," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 34(3), pages 365-376, April.
  6. Geoffrey Carliner, 1982. "The Wages of Older Men," Journal of Human Resources, University of Wisconsin Press, vol. 17(1), pages 25-38.
  7. Alan L. Gustman & Thomas L. Steinmeier, 1984. "Partial retirement and the analysis of retirement behavior," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 37(3), pages 403-415, April.
  8. George J. Borjas, 1978. "Job Mobility and Earnings Over the Life Cycle," NBER Working Papers 0233, National Bureau of Economic Research, Inc.
  9. John B. Burbidge & A. Leslie Robb, 1980. "Pensions and Retirement Behaviour," Canadian Journal of Economics, Canadian Economics Association, vol. 13(3), pages 421-37, August.
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Citations

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Cited by:
  1. Michael Hurd & Kathleen McGarry, 1993. "The Relationship Between Job Characteristics and Retirement," NBER Working Papers 4558, National Bureau of Economic Research, Inc.
  2. Alan L. Gustman & Olivia S. Mitchell & Andrew A. Samwick & Thomas L. Steinmeier, . "Pension and Social Security Wealth in the Health and Retirement Study," Pension Research Council Working Papers 97-3, Wharton School Pension Research Council, University of Pennsylvania.
  3. Jennjou Chen & Ching-Hsiang Chuang, 2012. "Phased Retirement for Older Workers in Taiwan," Journal of Family and Economic Issues, Springer, vol. 33(3), pages 328-337, September.
  4. Alan L. Gustman & Thomas L. Steinmeier, 1991. "Changing the Social Security Rules for Workers over 65: Proposed Policies and Their Effects," NBER Working Papers 3087, National Bureau of Economic Research, Inc.
  5. Gustman, Alan L & Steinmeier, Thomas L, 1986. "A Disaggregated, Structural Analysis of Retirement by Race, Difficulty of Work and Health," The Review of Economics and Statistics, MIT Press, vol. 68(3), pages 509-13, August.
  6. Michael D. Hurd, 1989. "Issues and Results from Research on the Elderly I: Economic Status (Part I of III Parts)," NBER Working Papers 3018, National Bureau of Economic Research, Inc.
  7. Alan L. Gustman & Thomas L. Steinmeier, 1983. "Social Security Reform and Labor Supply," NBER Working Papers 1212, National Bureau of Economic Research, Inc.
  8. Alan L. Gustman & Olivia S. Mitchell & Thomas L. Steinmeier, 1993. "The Role of Pensions in the Labor Market," NBER Working Papers 4295, National Bureau of Economic Research, Inc.
  9. Marjorie Honig & Cordelia Reimers, 1987. "Retirement, Re-entry, and Part-time Work," Eastern Economic Journal, Eastern Economic Association, vol. 13(4), pages 361-371, Oct-Dec.
  10. Michael D. Hurd, 1993. "The Effect of Labor Market Rigidities on the Labor Force Behavior of Older Workers," NBER Working Papers 4462, National Bureau of Economic Research, Inc.
  11. Tunga Kantarci & Arthur Soest, 2008. "Gradual Retirement: Preferences and Limitations," De Economist, Springer, vol. 156(2), pages 113-144, June.
  12. Hutchens, Robert, 2010. "Worker characteristics, job characteristics, and opportunities for phased retirement," Labour Economics, Elsevier, vol. 17(6), pages 1010-1021, December.

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