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Unretirement in England: An Empirical Perspective

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  • Ricky Kanabar

Abstract

Ageing populations place an increasing financial burden on governments. Retired older workers are a source of untapped economic capacity. Maestas (2010) finds 26% of Health and Retirement Study (HRS) sample respondent’s ‘unretire’. We estimate unretirement rates between 5.5 and 9.2 percent using The English Longitudinal Study of Ageing (ELSA). Earlier studies using US longitudinal data include Rust (1980), Gustman and Steinmeier (1984) and Hardy (1990) estimate similar rates. Results suggest: age, education, financial planning, unanticipated increases in debt, spouse and duration in retirement play an important role in the decision for a male to unretire.

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Bibliographic Info

Paper provided by Department of Economics, University of York in its series Discussion Papers with number 13/25.

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Date of creation: Sep 2013
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Handle: RePEc:yor:yorken:13/25

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Postal: Department of Economics and Related Studies, University of York, York, YO10 5DD, United Kingdom
Phone: (0)1904 323776
Fax: (0)1904 323759
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Web page: http://www.york.ac.uk/economics/
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Keywords: ELSA; Labour supply; Labour demand; Unretirement;

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References

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  1. Nicole Maestas, 2010. "Expectations and Realizations of Work after Retirement," Journal of Human Resources, University of Wisconsin Press, vol. 45(3).
  2. Brenda Gannon & Jennifer Roberts, 2008. "Part-time work and Health among Older Workers in Ireland and Britain," Working Papers 2008013, The University of Sheffield, Department of Economics, revised Dec 2008.
  3. Blau, David M, 1994. "Labor Force Dynamics of Older Men," Econometrica, Econometric Society, vol. 62(1), pages 117-56, January.
  4. Jones, Andrew M. & Rice, Nigel & Roberts, Jennifer, 2010. "Sick of work or too sick to work? Evidence on self-reported health shocks and early retirement from the BHPS," Economic Modelling, Elsevier, vol. 27(4), pages 866-880, July.
  5. T. Schirle, 2007. "Why Have the Labour Force Participation Rates of Older Men Increased Since the Mid 1990s," Working Papers eg0045, Wilfrid Laurier University, Department of Economics, revised 2007.
  6. Verbeek, M. & Nijman, T., 1990. "Testing For Selectivity Bias In Panel Data Models," Papers 9018, Tilburg - Center for Economic Research.
  7. Bruce D. Meyer, 1991. "Unemployment Insurance And Unemployment Spells," NBER Working Papers 2546, National Bureau of Economic Research, Inc.
  8. Hugo Benítez-Silva & Debra S. Dwyer, 2003. "What to Expect when you are Expecting Rationality: Testing Rational Expectations using Micro Data," Working Papers wp037, University of Michigan, Michigan Retirement Research Center.
  9. Alan L. Gustman & Thomas L. Steinmeier, 1984. "Retirement Flows," NBER Working Papers 1069, National Bureau of Economic Research, Inc.
  10. Dorn, David & Sousa-Poza, Alfonso, 2007. "'Voluntary' and 'Involuntary' Early Retirement: An International Analysis," IZA Discussion Papers 2714, Institute for the Study of Labor (IZA).
  11. Michael D. Giandrea & Kevin E. Cahill & Joseph F. Quinn, 2010. "The Role of Re-entry in the Retirement Process," Working Papers 439, U.S. Bureau of Labor Statistics.
  12. Gustman, Alan L & Steinmeier, Thomas L, 2000. "Retirement in Dual-Career Families: A Structural Model," Journal of Labor Economics, University of Chicago Press, vol. 18(3), pages 503-45, July.
  13. Reimers, Cordelia & Honig, Marjorie, 1993. "The Perceived Budget Constraint under Social Security: Evidence from Reentry Behavior," Journal of Labor Economics, University of Chicago Press, vol. 11(1), pages 184-204, January.
  14. Helmuth Cremer & Philippe De Donder & Darío Maldonado & Pierre Pestieau, 2008. "Habit Formation and Labor Supply," CESifo Working Paper Series 2351, CESifo Group Munich.
  15. Jonathan Cribb & Carl Emmerson & Gemma Tetlow, 2013. "Incentives, shocks or signals: labour supply effects of increasing the female state pension age in the UK," IFS Working Papers W13/03, Institute for Fiscal Studies.
  16. Laura Turner & Giovanni Gallipoli, 2011. "Social Security, Endogenous Retirement, and Intrahousehold Cooperation," 2011 Meeting Papers 935, Society for Economic Dynamics.
  17. Gustman, Alan L & Steinmeier, Thomas L, 1986. "A Structural Retirement Model," Econometrica, Econometric Society, vol. 54(3), pages 555-84, May.
  18. Ruhm, Christopher J, 1990. "Bridge Jobs and Partial Retirement," Journal of Labor Economics, University of Chicago Press, vol. 8(4), pages 482-501, October.
  19. Gordon, Roger H. & Blinder, Alan S., 1980. "Market wages, reservation wages, and retirement decisions," Journal of Public Economics, Elsevier, vol. 14(2), pages 277-308, October.
  20. Nicole Maestas & Julie Zissimopoulos, 2009. "How Longer Work Lives Ease the Crunch of Population Aging," Working Papers 728, RAND Corporation Publications Department.
  21. repec:ese:iserwp:2006-53 is not listed on IDEAS
  22. David A. Wise, 1989. "The Economics of Aging," NBER Books, National Bureau of Economic Research, Inc, number wise89-1.
  23. 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.
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Cited by:
  1. Ricky Kanabar & Peter Simmons, 2013. "Work and Play Pave the Way: The Importance of Part Time Work in a Lifecycle Model," Discussion Papers 13/01, Department of Economics, University of York.
  2. Bell, David N.F. & Rutherford, Alasdair C., 2013. "Older Workers and Working Time," IZA Discussion Papers 7546, Institute for the Study of Labor (IZA).

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