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Do Pensions Impede Phased Retirement?

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Author Info

  • William Even

    (Miami University)

  • David Macpherson

    (Florida State University)

Abstract

Many workers reveal a preference for a gradual reduction in work hours as they approach retirement (“phased retirement”), rather than a sudden change from full-time work to full-time retirement. Pension regulations may impede phased retirement without a switch of employers by prohibiting access to pension assets. This study uses Health and Retirement Survey data to investigate the extent to which a gradual reduction in work hours is made difficult by pensions,particularly defined benefit plans. The study also explores other possible impediments to phased retirement.

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Bibliographic Info

Paper provided by EconWPA in its series Labor and Demography with number 0407001.

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Date of creation: 03 Jul 2004
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Handle: RePEc:wpa:wuwpla:0407001

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Keywords: retirement; pension;

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References

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  1. Leora Friedberg & Anthony Webb, 2003. "Retirement and the Evolution of Pension Structure," NBER Working Papers 9999, National Bureau of Economic Research, Inc.
  2. Bruce C. Fallick, 1998. "Part-time work and industry growth," Finance and Economics Discussion Series 1998-16, Board of Governors of the Federal Reserve System (U.S.).
  3. Joseph Quinn, . "New Paths to Retirement," Pension Research Council Working Papers 98-10, Wharton School Pension Research Council, University of Pennsylvania.
  4. Alan L. Gustman & Thomas L. Steinmeier, 1984. "Partial retirement and the analysis of retirement behavior," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 37(3), pages 403-415, April.
  5. Hirsch, Barry, 2004. "Why Do Part-Time Workers Earn Less? The Role of Worker and Job Skills," IZA Discussion Papers 1261, Institute for the Study of Labor (IZA).
  6. Marjorie Honig & Giora Hanoch, 1985. "Partial Retirement as a Separate Mode of Retirement Behavior," Journal of Human Resources, University of Wisconsin Press, vol. 20(1), pages 21-46.
  7. Denis LATULIPPE & John TURNER, 2000. "Partial retirement and pension policy in industrialized countries," International Labour Review, International Labour Organization, vol. 139(2), pages 179-195, 06.
  8. Mark Montgomery & James Cosgrove, 1993. "The effect of employee benefits on the demand for part-time workers," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 47(1), pages 87-98, October.
  9. Ippolito, Richard A, 1985. "The Labor Contract and True Economic Pension Liabilities," American Economic Review, American Economic Association, vol. 75(5), pages 1031-43, December.
  10. Walter Y. Oi, 1962. "Labor as a Quasi-Fixed Factor," Journal of Political Economy, University of Chicago Press, vol. 70, pages 538.
  11. Steven G. Allen & Robert L. Clark & Linda S. Ghent, 2003. "Phasing Into Retirement," NBER Working Papers 9779, National Bureau of Economic Research, Inc.
  12. Ruhm, Christopher J, 1990. "Bridge Jobs and Partial Retirement," Journal of Labor Economics, University of Chicago Press, vol. 8(4), pages 482-501, October.
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Citations

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Cited by:
  1. Huber, Martin & Lechner, Michael & Wunsch, Conny, 2013. "The effect of firms' partial retirement policies on the labour market outcomes of their employees," Economics Working Paper Series 1316, University of St. Gallen, School of Economics and Political Science.
  2. Lachowska, Marta & Sundén, Annika & Wadensjö, Eskil, 2009. "The Impact of a Phased Retirement Program: A Case Study," IZA Discussion Papers 4284, Institute for the Study of Labor (IZA).
  3. Alan L. Gustman & Thomas L. Steinmeier, 2004. "Minimum Hours Constraints, Job Requirements and Retirement," NBER Working Papers 10876, National Bureau of Economic Research, Inc.
  4. Alan Gustman & Thomas Steinmeier, 2007. "Projecting Behavioral Responses to the Next Generation of Retirement Policies," Working Papers wp153, University of Michigan, Michigan Retirement Research Center.
  5. Wadensjö, Eskil, 2006. "Part-Time Pensions and Part-Time Work in Sweden," IZA Discussion Papers 2273, Institute for the Study of Labor (IZA).

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