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Recessions, Retirement, and Social Security

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  • Courtney C. Coile
  • Phillip B. Levine

Abstract

This paper examines how labor market fluctuations around the time of retirement affect the labor force status and Social Security receipt of individuals ages 55 to 69 and the income of retirees in their 70s, using data from the March Current Population Survey, Census, and American Community Surveys. We find that workers are more likely to leave the labor force, to collect Social Security earlier, and to have lower Social Security income when they face a recession near retirement. The impact is greatest for the less-educated, who are more susceptible to job loss and rely more heavily on Social Security.

Suggested Citation

  • Courtney C. Coile & Phillip B. Levine, 2011. "Recessions, Retirement, and Social Security," American Economic Review, American Economic Association, vol. 101(3), pages 23-28, May.
  • Handle: RePEc:aea:aecrev:v:101:y:2011:i:3:p:23-28
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/aer.101.3.23
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    References listed on IDEAS

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    1. David H. Autor & Mark G. Duggan, 2003. "The Rise in the Disability Rolls and the Decline in Unemployment," The Quarterly Journal of Economics, Oxford University Press, vol. 118(1), pages 157-206.
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    Cited by:

    1. Catalina Amuedo-Dorantes & Susan Pozo, 2015. "The impact of the recession on the wealth of older immigrant and native households in the United States," IZA Journal of Labor Policy, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 4(1), pages 1-27, December.
    2. repec:eme:ijmpps:ijm-02-2016-0041 is not listed on IDEAS
    3. Nicolas Sirven & Thomas Barnay, 2017. "Expectations, loss aversion and retirement decisions in the context of the 2009 crisis in Europe," International Journal of Manpower, Emerald Group Publishing, vol. 38(1), pages 25-44, April.
    4. Christian Dudel & Mikko Myrskylä, 2016. "Recent trends in US working life expectancy at age 50 by gender, education, and race/ethnicity and the impact of the Great Recession," MPIDR Working Papers WP-2016-006, Max Planck Institute for Demographic Research, Rostock, Germany.
    5. Courtney C. Coile & Phillip B. Levine & Robin McKnight, 2014. "Recessions, Older Workers, and Longevity: How Long Are Recessions Good for Your Health?," American Economic Journal: Economic Policy, American Economic Association, vol. 6(3), pages 92-119, August.
    6. Gustafson, Matthew T., 2017. "The market sensitivity of retirement and defined contribution pensions: Evidence from the public sector," Journal of Public Economics, Elsevier, vol. 145(C), pages 1-13.
    7. Filges, Trine & Larsen, Mona & Pedersen, Peder J., 2012. "Retirement: Does Individual Unemployment Matter? Evidence from Danish Panel Data 1980–2009," IZA Discussion Papers 6538, Institute for the Study of Labor (IZA).

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