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Rewards to Continued Work: The Economic Incentives For Postponing Retirement

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  • Olivia S. Mitchell
  • Gary S. Fields

Abstract

Using a new data file on pay and pensions, this paper presents and discusses new empirical evidence on how olde rworkers' income opportunities change as they age. It also develops a detailed description of private pension structures and the ways in which pensions reward deferred retirement. The data imply that the present discounted value of total lifetime income rises when people postpone retirement, but the size of the income increment varies with age. The data also show that some pension plans encourage early retirement while others penalize it.

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File URL: http://www.nber.org/papers/w1204.pdf
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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1204.

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Date of creation: Sep 1983
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Publication status: published as Mitchell, Olivia S. and Gary S. Fields. "Rewards for Continued Work: The Economic Incentives for Postponing Retirement." Horizontal Equity, Uncertainty and Economic Well-Being, Studies in Income & Wealth Volume 50, edited by Martin David and Timothy Smeeding, Chicago: UCP, (1985), pp. 269 - 292.
Handle: RePEc:nbr:nberwo:1204

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  1. Gary S. Fields & Olivia S. Mitchell, 1984. "The Effects of Social Security Reforms on Retirement Ages and RetirementIncomes," NBER Working Papers 1348, 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. Gary S. Fields & Olivia S. Mitchell, 1982. "Economic Determinants of the Optimal Retirement Age: An Empirical Investigation," NBER Working Papers 0876, National Bureau of Economic Research, Inc.
  4. Mitchell, Olivia S & Fields, Gary S, 1984. "The Economics of Retirement Behavior," Journal of Labor Economics, University of Chicago Press, vol. 2(1), pages 84-105, January.
  5. Alan L. Gustman & Thomas L. Steinmeier, 1984. "Partial Retirement and the Analysis of Retirement Behavior," NBER Working Papers 0763, National Bureau of Economic Research, Inc.
  6. Olivia S. Mitchell & Gary S. Fields, 1981. "The Effects of Pensions and Earnings on Retirement: A Review Essay," NBER Working Papers 0772, National Bureau of Economic Research, Inc.
  7. Hall, Robert E, 1982. "The Importance of Lifetime Jobs in the U.S. Economy," American Economic Review, American Economic Association, vol. 72(4), pages 716-24, September.
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Cited by:
  1. Michael D. Hurd, 1990. "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.

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