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The Economics of Retirement Behavior

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Author Info
Olivia S. Mitchell
Gary S. Fields

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Abstract

This paper examines the role of economic factors in determining retirement behavior using a unique new data archive on more than 8,700 workers covered by ten different pension plans. We build on our earlier work by estimating several different retirement models including linear as well as discrete choice formulations. This framework provides new insights into how andwhy retirement ages differ across firms. We conclude that older workers' income opportunities differ depending on their pension rules, which in turn have a powerful influence on their retirement patterns. In addition the models indicate that older workers' tastes for income are not uniform,either across individuals or across firms.Finally, we show that retirement age differences are in part due to differences in worker preferences and in part due to differences in income opportunities. There appears to be some evidence of worker sorting across pension plans.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1128.

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Date of creation: May 1983
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Handle: RePEc:nbr:nberwo:1128

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  1. Jane Sjogren, 1986. "Retirement Age Women and Men: Income Sources and Work," Eastern Economic Journal, Eastern Economic Association, vol. 12(3), pages 283-290, Jul-Sep. [Downloadable!]
  2. Tetsuji Yamada & Tadashi Yamada, 1987. "Social Security and Earlier Retirement in Japan: Cross-Sectional Evidence," NBER Working Papers 2442, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Mário Centeno & Márcio Corrêa, 2006. "Job Matching, Unexpected Obligations And Retirement Decisions," Anais do XXXIV Encontro Nacional de Economia [Proceedings of the 34th Brazilian Economics Meeting] 159, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics]. [Downloadable!]
  4. Michael D. Hurd, 1988. "The Joint Retirement Decision of Husbands and Wives," NBER Working Papers 2803, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Daniel S. Hamermesh & Joel Slemrod, 2005. "The Economics of Workaholism: We Should Not Have Worked on This Paper," IZA Discussion Papers 1680, Institute for the Study of Labor (IZA). [Downloadable!]
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  6. Ann P. Bartel & Nachum Sicherman, 1993. "Technological Change and the Careers of Older Workers," NBER Working Papers 3433, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Hugo Benitez-Silva and Debra Dwyer, 2002. "Retirement Expectations Formation Using the Health and Retirement Study," Department of Economics Working Papers 02-04, Stony Brook University, Department of Economics, revised 18 Jun 2002. [Downloadable!]
  8. Debra S. Dwyer, 2002. "Planning For Retirement: The Accuracy Of Expected Retirement Dates And The Role Of Health Shocks," Working Papers, Center for Retirement Research at Boston College 2001-08, Center for Retirement Research. [Downloadable!]
  9. David Neumark & Wendy A. Stock, 1997. "Age Discrimination Laws and Labor Market Efficiency," NBER Working Papers 6088, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  10. Tetsuji Yamada & Tadashi Yamada, 1988. "The Effects of Japanese Social Security Retirement Benefits on Personal Savings and Elderly Labor Force Behavior," NBER Working Papers 2661, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  11. Erik Meijer & Arie Kapteyn & Tatiana Andreyeva, 2008. "Health Indexes and Retirement Modeling in International Comparisons," Working Papers 614, RAND Corporation Publications Department. [Downloadable!]
  12. Jorge González, 2008. "Commuting costs and labor force retirement," Working Papers. Serie AD 2008-19, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  13. Edward P. Lazear, 1984. "Social Security and Pensions," NBER Working Papers 1322, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  14. Geoffrey H. Kingston, 2000. "Efficient Timing of Retirement," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(4), pages 831-840, October. [Downloadable!] (restricted)
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  15. Debra Sabatini Dwyer & Olivia S. Mitchell, 1998. "Health Problems as Determinants of Retirement: Are Self-Rated Measures Endogenous?," NBER Working Papers 6503, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  16. Ben J. Heijdra & Ward E. Romp, 2007. "Retirement, Pensions, and Ageing," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  17. Robin C. Sickles & Paul J. Taubman, 1984. "An Analysis of the Health and Retirement Status of the Elderly," NBER Working Papers 1459, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  18. Olivia S. Mitchell & Gary S. Fields, 1983. "Rewards to Continued Work: The Economic Incentives For Postponing Retirement," NBER Working Papers 1204, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
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