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Do Retirement Dreams Come True? The Effect of Unanticipated Events on Retirement Plans

Author

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  • Kathryn H. Anderson
  • Richard V. Burkhauser
  • Joseph F. Quinn

Abstract

Analyzing data from the Retirement History Study, the authors find that the retirement plans of male workers aged 58–63 in 1969 were significantly affected by unanticipated events over the next decade. Specifically, unanticipated increases in Social Security wealth induced retirement earlier than originally planned, as did deterioration in personal health, whereas the recession of the 1970s tended to delay retirement. This evidence that policy changes do affect retirement behavior in systematic ways provides support for the decision by Congress to defer until the turn of the century the application of several important provisions of the 1983 amendments to the Social Security Act.

Suggested Citation

  • Kathryn H. Anderson & Richard V. Burkhauser & Joseph F. Quinn, 1986. "Do Retirement Dreams Come True? The Effect of Unanticipated Events on Retirement Plans," ILR Review, Cornell University, ILR School, vol. 39(4), pages 518-526, July.
  • Handle: RePEc:sae:ilrrev:v:39:y:1986:i:4:p:518-526
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    Cited by:

    1. Richard V. Burkhauser & Timothy M. Smeeding, 1994. "Social Security Reform: A Budget Neutral Approach to Reducing Older Women's Disproportional Risk of Poverty," Center for Policy Research Policy Briefs 2, Center for Policy Research, Maxwell School, Syracuse University.
    2. Katherine G. Abraham & Susan N. Houseman, 2005. "Work and Retirement Plans among Older Americans," Book chapters authored by Upjohn Institute researchers,in: Robert L. Clark & Olivia S. Mitchell (ed.), Reinventing the Retirement Paradigm, pages 70-91 W.E. Upjohn Institute for Employment Research.
    3. Ann Huff Stevens & Sewin Chan, 1999. "Employment and Retirement Following a Late-Career Job Loss," American Economic Review, American Economic Association, vol. 89(2), pages 211-216, May.
    4. Cobb-Clark, Deborah A. & Stillman, Steven, 2006. "The Retirement Expectations of Middle-Aged Individuals," IZA Discussion Papers 2449, Institute for the Study of Labor (IZA).
    5. B. Douglas Bernheim, 1990. "How Do the Elderly Form Expectations? An Analysis of Responses to New Information," NBER Chapters,in: Issues in the Economics of Aging, pages 259-286 National Bureau of Economic Research, Inc.
    6. Krueger, Alan B & Pischke, Jorn-Steffen, 1992. "The Effect of Social Security on Labor Supply: A Cohort Analysis of the Notch Generation," Journal of Labor Economics, University of Chicago Press, vol. 10(4), pages 412-437, October.
    7. Steven J. Haider & Melvin Stephens, 2007. "Is There a Retirement-Consumption Puzzle? Evidence Using Subjective Retirement Expectations," The Review of Economics and Statistics, MIT Press, vol. 89(2), pages 247-264, May.
    8. Alan L. Gustman & Olivia S. Mitchell, 1990. "Pensions and the U.S. Labor Market," NBER Working Papers 3331, National Bureau of Economic Research, Inc.
    9. B. Douglas Bernheim, 1989. "The Timing of Retirement: A Comparison of Expectations and Realizations," NBER Chapters,in: The Economics of Aging, pages 335-358 National Bureau of Economic Research, Inc.
    10. Steven Haider & Mel StephensJr., 2006. "How Accurate are Expected Retirement Savings?," Working Papers wp128, University of Michigan, Michigan Retirement Research Center.
    11. Jaap H. Abbring & Gerard J. van den Berg & Pieter A. Gautier & A. Gijsbert C. van Lomwel & Jan C. van Ours & Christopher J. Ruhm, 1998. "Displaced Workers in the United States and the Netherlands," Tinbergen Institute Discussion Papers 98-084/3, Tinbergen Institute.
    12. repec:eee:labchp:v:3:y:1999:i:pc:p:3261-3307 is not listed on IDEAS
    13. Courtney C. Coile, 2015. "Economic Determinants Of Workers’ Retirement Decisions," Journal of Economic Surveys, Wiley Blackwell, vol. 29(4), pages 830-853, September.
    14. Gabor Kezdi & Purvi Sevak, 2004. "Economic Adjustment of Recent Retirees to Adverse Wealth Shocks," Working Papers wp075, University of Michigan, Michigan Retirement Research Center.
    15. Li, Yue & Mastrogiacomo, Mauro & Hochguertel, Stefan & Bloemen, Hans, 2016. "The role of wealth in the start-up decision of new self-employed: Evidence from a pension policy reform," Labour Economics, Elsevier, vol. 41(C), pages 280-290.
    16. Joseph F. Quinn, 1999. "The Labour Market, Retirement, and Disability," Boston College Working Papers in Economics 420, Boston College Department of Economics.

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