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Factors Affecting Labor Supply Decisions and Retirement Income

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  • Robin L. Lumsdaine
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    Abstract

    Recent policy has focused on alleviating poverty among the elderly, with varying degrees of success. Gains to some subsets of the elderly population have come at the expense of others. A component of the policy debate has been identifying factors which might influence labor force participation decisions and the effects such decisions will have on retirement income and its adequacy for a growing elderly population. While models of retirement behavior are becoming increasingly sophisticated, most fail to capture key elements such as expectations and uncertainty. This is in part due to the reduced form nature of policy experiments; parameters are estimated under a current policy and used to predict effects of an alternative scenario. Such an approach implicitly assumes that the only difference in the alternative setting is the change in policy and does not adequately account for endogeneity of decisions and responses to these changes. This paper reviews factors affecting the labor supply decision, their interactions with and implications for subsequent retirement income, and identifies important methods and data requirements necessary to model complicated dynamic behavior more accurately.

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    Bibliographic Info

    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5223.

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    Date of creation: Aug 1995
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    Publication status: published as in Assessing Knowledge of Retirement Behavior, E. Hanushek and N. Maritato(eds.), Washington, DC: National Acedemy Press, 1996 pp. 61-122.
    Handle: RePEc:nbr:nberwo:5223

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    1. Alan L. Gustman & Thomas L. Steinmeier, 1994. "Employer-provided health insurance and retirement behavior," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 48(1), pages 124-140, October.
    2. Alan L. Gustman & Thomas L. Steinmeier, 1991. "Changing the Social Security rules for work after age 65," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 44(4), pages 733-745, July.
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    Cited by:
    1. Hugo Benétez-Silva & J. Ignacio Garcéa-Pérez & Sergi Jiménez-Martén, 2011. "The Effects of Employment Uncertainty and Wealth Shocks on the Labor Supply and Claiming Behavior of Older American Workers," Working Papers 564, Barcelona Graduate School of Economics.
    2. Hugo Benitez-Silva & Debra S. Dwyer & Frank Heiland & Warren C. Sanderson, 2006. "Retirement and Social Security Reform Expectations: A Solution to the New Early Retirement Puzzle," Department of Economics Working Papers, Stony Brook University, Department of Economics 06-05, Stony Brook University, Department of Economics.
    3. Hugo Benitez-Silva, 2000. "Micro Determinants of Labor Force Status Among Older Americans," Department of Economics Working Papers, Stony Brook University, Department of Economics 00-07, Stony Brook University, Department of Economics.
    4. Hugo Benitez-Silva & Frank Heiland, 2005. "Early Claiming of Social Security Benefits and Labor Supply Behavior of Older Americans," Department of Economics Working Papers, Stony Brook University, Department of Economics 05-05, Stony Brook University, Department of Economics.
    5. Ross Stolzenberg & James Lindgren, 2010. "Retirement and death in office of U.S. Supreme Court justices," Demography, Springer, Springer, vol. 47(2), pages 269-298, May.
    6. John Janssen, 2002. "Long-term fiscal projections and their relationship with the intertemporal budget constraint: An application to New Zealand," Treasury Working Paper Series 02/05, New Zealand Treasury.
    7. Hugo Benitez-Silva & Frank Heiland, 2008. "Early Retirement, Labor Supply, and Benefit Withholding: The Role of the Social Security Earnings Test," Working Papers, University of Michigan, Michigan Retirement Research Center wp183, University of Michigan, Michigan Retirement Research Center.
    8. Ross Stolzenberg, 2011. "Do Not Go Gentle Into That Good Night: The Effect of Retirement on Subsequent Mortality of U.S. Supreme Court Justices, 1801–2006," Demography, Springer, Springer, vol. 48(4), pages 1317-1346, November.

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