In most data sets of labor force participation of the elderly, an empirical regularity that emerges is that retirement rates are particularly high at age 65. While there are numerous economic reasons why individuals may choose to retire at 65, empirical models that have attempted to explain the age-65 spike have met with limited success. Interpreted another way, while many models would predict a jump in the hazard rate at age 65, the magnitude of the spike indicates excessive response given the economic considerations that retirees typically face. This paper considers the puzzle of why retirement rates are so high at age 65 and explores a variety of explanations.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
5190.
Length: Date of creation: Jul 1995 Date of revision: Publication status: published relationship to a non-chapter. This should not happen. Please contact NBER. Handle: RePEc:nbr:nberwo:5190
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Chapter
Robin L. Lumsdaine & James H. Stock & David A. Wise, 1996.
"Why Are Retirement Rates So High at Age 65?,"
NBER Chapters,
in: Advances in the Economics of Aging, pages 61-82
National Bureau of Economic Research, Inc.
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Find related papers by JEL classification: J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
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