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Retirement, Death, and the Distribution of Retirement Leisure

Author

Listed:
  • Daniel M. C. Lawson

    (Drew University)

  • Kevin D. Neuman

    (University of Wisconsin-Stevens Point)

Abstract

Using longitudinal data from the Health and Retirement Study and an ordered SUR Tobit model, we jointly analyze retirement age and death age to see who consumes retirement leisure. We find that retirement age and death age are indeed correlated. Hispanic and non-white individuals, and those who suffer from poorer self-assessed health, heart or mobility problems all successfully compensate for differences in mortality risk: they have a statistically significantly different retirement or death age, but statistically indistinguishable total retirement leisure. Attempts to fix Social Security or pension funding by increasing pension eligibility ages would disproportionately affect some of these groups.

Suggested Citation

  • Daniel M. C. Lawson & Kevin D. Neuman, 2010. "Retirement, Death, and the Distribution of Retirement Leisure," Journal of Economic Insight (formerly the Journal of Economics (MVEA)), Missouri Valley Economic Association, vol. 36(2), pages 1-21.
  • Handle: RePEc:mve:journl:v:36:y:2010:i:2:p:1-21
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    More about this item

    JEL classification:

    • C34 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Truncated and Censored Models; Switching Regression Models
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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