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How Does Job Loss Affect the Timing of Retirement?

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  • Sewin Chan
  • Ann Huff Stevens

Abstract

We use the Health and Retirement Study to examine the effects of job loss on factors affecting retirement incentives, including earnings, assets and pensions. We then estimate models of the retirement decision, which take into account the incentive to retire and any additional effects of displacement that are not captured by retirement incentives. There are substantial effects of displacement on retirement incentives as the result of changes to both earnings and pensions. Displacement significantly increases the probability of retirement, but only a small fraction of the displacement-induced changes in retirement behavior and labor force participation are the result of workers responding to these altered retirement incentives.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8780.

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Date of creation: Feb 2002
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Publication status: published as Sewin Chan & Ann Stevens, 2004. "How Does Job Loss Affect the Timing of Retirement?," Contributions to Economic Analysis & Policy, Berkeley Electronic Press, vol. 3(1), article 5, pages 1187-1187.
Handle: RePEc:nbr:nberwo:8780

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  1. Stock, James H & Wise, David A, 1990. "Pensions, the Option Value of Work, and Retirement," Econometrica, Econometric Society, vol. 58(5), pages 1151-80, September.
  2. Chan, Sewin & Stevens, Ann Huff, 2001. "Job Loss and Employment Patterns of Older Workers," Journal of Labor Economics, University of Chicago Press, vol. 19(2), pages 484-521, April.
  3. Robin L. Lumsdaine & James H. Stock & David A. Wise, 1992. "Three Models of Retirement: Computational Complexity versus Predictive Validity," NBER Chapters, in: Topics in the Economics of Aging, pages 21-60 National Bureau of Economic Research, Inc.
  4. Samwick, Andrew A., 1998. "New evidence on pensions, social security, and the timing of retirement," Journal of Public Economics, Elsevier, vol. 70(2), pages 207-236, November.
  5. Alan L. Gustman & Thomas L. Steinmeier, 1998. "Effects of Pensions on Saving: Analysis with Data from the Health and Retirement Study," NBER Working Papers 6681, National Bureau of Economic Research, Inc.
  6. Olivia Mitchell & Jan Olson & Thomas Steinmeier, 1996. "Construction of the Earnings and Benefits File (EBF) for Use With the Health and Retirement Survey," NBER Working Papers 5707, National Bureau of Economic Research, Inc.
  7. Ruhm, Christopher J, 1990. "Bridge Jobs and Partial Retirement," Journal of Labor Economics, University of Chicago Press, vol. 8(4), pages 482-501, October.
  8. Stevens, Ann Huff, 1997. "Persistent Effects of Job Displacement: The Importance of Multiple Job Losses," Journal of Labor Economics, University of Chicago Press, vol. 15(1), pages 165-88, January.
  9. Courtney Coile & Jonathan Gruber, 2000. "Social Security and Retirement," NBER Working Papers 7830, National Bureau of Economic Research, Inc.
  10. Ruhm, Christopher J, 1991. "Are Workers Permanently Scarred by Job Displacements?," American Economic Review, American Economic Association, vol. 81(1), pages 319-24, March.
  11. Kathleen McGarry & Andrew Davenport, 1997. "Pensions and the Distribution of Wealth," NBER Working Papers 6171, National Bureau of Economic Research, Inc.
  12. James F. Moore & Olivia S. Mitchell, 1997. "Projected Retirement Wealth and Savings Adequacy in the Health and Retirement Study," NBER Working Papers 6240, National Bureau of Economic Research, Inc.
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Cited by:
  1. Bhattacharya, Joydeep & Reed, Robert, 2003. "Age-Specific Employment Policies," Staff General Research Papers 10256, Iowa State University, Department of Economics.
  2. Leora Friedberg & Michael Owyang & Anthony Webb, 2008. "Identifying Local Differences in Retirement Patterns," Working Papers, Center for Retirement Research at Boston College wp2008-18, Center for Retirement Research, revised Dec 2008.
  3. Cobb-Clark, Deborah A. & Stillman, Steven, 2006. "The Retirement Expectations of Middle-Aged Individuals," IZA Discussion Papers 2449, Institute for the Study of Labor (IZA).
  4. Sewin Chan & Ann Huff Stevens, 2003. "What You Don't Know Can't Help You: Pension Knowledge and Retirement Decision Making," NBER Working Papers 10185, National Bureau of Economic Research, Inc.
  5. Coile Courtney C & Levine Phillip B, 2011. "The Market Crash and Mass Layoffs: How the Current Economic Crisis May Affect Retirement," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 11(1), pages 1-42, April.
  6. Courtney C. Coile & Phillip B. Levine, 2006. "Labor Market Shocks and Retirement: Do Government Programs Matter?," NBER Working Papers 12559, National Bureau of Economic Research, Inc.
  7. Carrington, William J. & Fallick, Bruce C., 2014. "Why Do Earnings Fall with Job Displacement?," Working Paper 1405, Federal Reserve Bank of Cleveland.
  8. Kevin F. Hallock, 2009. "Job Loss and the Fraying of the Implicit Employment Contract," Journal of Economic Perspectives, American Economic Association, vol. 23(4), pages 69-93, Fall.
  9. Alicia H. Munnell & Steven Sass & Mauricio Soto & Natalia Zhivan, 2006. "Has the Displacement of Older Workers Increased?," Working Papers, Center for Retirement Research at Boston College wp2006-17, Center for Retirement Research, revised Sep 2006.
  10. Bhattacharya, Joydeep & Reed, Robert, 2006. "Social Security and Intergenerational Redistribution," Staff General Research Papers 12661, Iowa State University, Department of Economics.
  11. Salm, M., 2006. "Essays on health and household finances," Open Access publications from Tilburg University urn:nbn:nl:ui:12-4205913, Tilburg University.
  12. Martin Salm, 2009. "Does job loss cause ill health?," Health Economics, John Wiley & Sons, Ltd., vol. 18(9), pages 1075-1089.
  13. Chan, Sewin & Stevens, Ann Huff, 2004. "Do changes in pension incentives affect retirement? A longitudinal study of subjective retirement expectations," Journal of Public Economics, Elsevier, vol. 88(7-8), pages 1307-1333, July.
  14. Martin Salm, 2008. "Job loss does not cause ill health," MEA discussion paper series 08163, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.

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