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The Timing of Retirement: A Comparison of Expectations and Realizations

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Author Info
B. Douglas Bernheim

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Abstract

In this paper, I employ data drawn from the Social Security Administration's Retirement History Survey (RHS) to study the accuracy of expectations concerning the timing of retirement. The RHS is ideally suited for this purpose, in that it collects information on retirement plans, and follows respondents through time so that one can identify actual dates of retirement. The data are consistent with the view that, when asked to report an expected date of retirement, individuals name the most likely date (i.e. a mode, rather than a mean). Furthermore, these forecasts are highly accurate. There is very little evidence that individuals' expectations were systematically biased during periods in which Congress legislated large real increases in social security benefits. This suggests either that the benefit increaser were anticipated, or that unanticipated changes in benefits have little effect on retirement. The paper also describes differences in the accuracy of expectations by population subgroup.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2291.

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Date of creation: Jun 1987
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Publication status: published relationship to a non-chapter. This should not happen. Please contact NBER.
Handle: RePEc:nbr:nberwo:2291

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  1. Kathryn Anderson & Richard V. Burkhauser & Joseph F. Quinn, 1986. "Do retirement dreams come true? The effect of unanticipated events on retirement plans," Industrial and Labor Relations Review, ILR Review, ILR School, Cornell University, vol. 39(4), pages 518-526, July.
  2. B. Douglas Bernheim, 1987. "Social Security Benefits: An Empirical Study of Expectations and Realizations," NBER Working Papers 2257, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Gramlich, Edward M, 1983. "Models of Inflation Expectations Formation: A Comparison of Household and Economist Forecasts," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 15(2), pages 155-73, May. [Downloadable!] (restricted)
  4. Arden Hall & Terry R. Johnson, 1980. "The determinants of planned retirement age," Industrial and Labor Relations Review, ILR Review, ILR School, Cornell University, vol. 33(2), pages 241-254, January.
  5. Michael J. Boskin & Michael D. Hurd, 1980. "The Effect of Social Security on Early Retirement," NBER Working Papers 0204, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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