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Retirement in a Family Context: A Structural Model for Husbands and Wives

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  • Alan L. Gustman
  • Thomas L. Steinmeier

Abstract

A structural econometric model of retirement of married couples is specified and estimated with recent panel data from the NLS for Mature Women. A coincidence of spouses retiring together, despite the younger ages of wives, suggests explicit efforts at coordination. The estimates suggest that one reason is a coincidence of tastes for leisure. More importantly, each spouse, and perhaps husbands in particular, values retirement more once their spouse has retired. The opportunity set accounts for peaks in the retirement hazards of each spouse, but coordination in opportunities is not responsible for coordination of retirement dates.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4629.

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Date of creation: Jan 1994
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Publication status: published as Gustman, Alan L. and Thomas L. Steinmeier. "Retirement In Dual-Career Families: A Structural Model," Journal of Labor Economics, 2000, v18(3,Jul), 503-545.
Handle: RePEc:nbr:nberwo:4629

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  1. James H. Stock & David A. Wise, 1988. "The Pension Inducement to Retire: An Option Value Analysis," NBER Working Papers 2660, National Bureau of Economic Research, Inc.
  2. Michael D. Hurd, 1988. "The Joint Retirement Decision of Husbands and Wives," NBER Working Papers 2803, National Bureau of Economic Research, Inc.
  3. Steven G. Allen & Robert L. Clark & Daniel A. Sumner, 1984. "Post-Retirement Adjustments of Pension Benefits," NBER Working Papers 1364, National Bureau of Economic Research, Inc.
  4. Silvana Pozzebon & Olivia S. Mitchell, 1986. "Married Women's Retirement Behavior," NBER Working Papers 2104, National Bureau of Economic Research, Inc.
  5. Alan L. Gustman & Thomas L. Steinmeier, 1982. "Minimum Hours Constraints and Retirement Behavior," NBER Working Papers 0940, National Bureau of Economic Research, Inc.
  6. Berkovec, James & Stern, Steven, 1991. "Job Exit Behavior of Older Men," Econometrica, Econometric Society, vol. 59(1), pages 189-210, January.
  7. Gary S. Fields & Olivia S. Mitchell, 1984. "Retirement, Pensions, and Social Security," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262060914, December.
  8. John Rust, 1989. "Behavior of male workers at the end of the life-cycle: an empirical analysis of states and controls," Discussion Paper / Institute for Empirical Macroeconomics 6, Federal Reserve Bank of Minneapolis.
  9. Lumsdaine, Robin L. & Stock, James H. & Wise, David A., 1990. "Efficient windows and labor force reduction," Journal of Public Economics, Elsevier, vol. 43(2), pages 131-159, November.
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