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Retirement Incentives and Couples' Retirement Decisions

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  • Courtney Coile

Abstract

The typical family in the US is now a dual-earner couple, yet relatively few studies examine the retirement decision in a household context. This paper explores how husbands' and wives' retirement behavior is influenced by their own financial incentives from Social Security and private pensions and by spillover effects' from their spouses' incentives. I find that men and women are similarly responsive to their own incentives. I further find that men are very responsive to their wives' incentives but that women are not responsive to their husbands' incentives and present evidence to suggest that this may be due to asymmetric complementarities of leisure. Policy simulations suggest that the omission of spillover effects will bias the estimated effect of changing Social Security policy on men's labor force participation.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 9496.

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Date of creation: Feb 2003
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Publication status: published as Coile Courtney, 2004. "Retirement Incentives and Couples' Retirement Decisions," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 4(1), pages 1-30, July.
Handle: RePEc:nbr:nberwo:9496

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  1. Alan L. Gustman & Thomas L. Steinmeier, 2004. "Social security, pensions and retirement behaviour within the family," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 19(6), pages 723-737.
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  3. 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.
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  10. Michael Baker, . "The Retirement Behavior of Married Couples: Evidence From The Spouse’s Allowance," Department of Economics 99-03, California Davis - Department of Economics.
  11. Courtney Coile & Jonathan Gruber, 2000. "Social Security Incentives for Retirement," NBER Working Papers 7651, National Bureau of Economic Research, Inc.
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  16. Vistnes, Jessica Primoff, 1994. "An Empirical Analysis of Married Women's Retirement Decisions," National Tax Journal, National Tax Association, vol. 47(1), pages 135-55, March.
  17. Michael J. Boskin & Michael D. Hurd, 1977. "The Effect of Social Security on Early Retirement," NBER Working Papers 0204, National Bureau of Economic Research, Inc.
  18. Blau, David M, 1998. "Labor Force Dynamics of Older Married Couples," Journal of Labor Economics, University of Chicago Press, vol. 16(3), pages 595-629, July.
  19. Alan L. Gustman & Thomas L. Steinmeier, 2002. "The Social Security Early Entitlement Age in a Structural Model of Retirement and Wealth," Working Papers wp029, University of Michigan, Michigan Retirement Research Center.
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