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Is Mandatory Retirement Overrated? Evidence from the 1970s

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  • Richard V. Burkhauser
  • Joseph F. Quinn

Abstract

In this paper we argue that mandatory retirement is only one aspect of a much broader system that influences an individual's retirement decision. We look at responses over time to variations in mandatory retirement rules faced by a sample of private-sector workers aged 62-64 in 1973. This is done within a model that specifically includes the economic incentives present in Social Security and pension systems. We find that the impact of a mandatory retirement rule on work is considerably smaller than a simple comparison of those with and without mandatory retirement would imply.

Suggested Citation

  • Richard V. Burkhauser & Joseph F. Quinn, 1983. "Is Mandatory Retirement Overrated? Evidence from the 1970s," Journal of Human Resources, University of Wisconsin Press, vol. 18(3), pages 337-358.
  • Handle: RePEc:uwp:jhriss:v:18:y:1983:i:3:p:337-358
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    Cited by:

    1. Bound, John & Stinebrickner, Todd & Waidmann, Timothy, 2010. "Health, economic resources and the work decisions of older men," Journal of Econometrics, Elsevier, vol. 156(1), pages 106-129, May.
    2. Steven Stern & Petra Todd, 2000. "A Test Of Lazear’S Mandatory Retirement Model," Virginia Economics Online Papers 391, University of Virginia, Department of Economics.
    3. Clark, Randolph Lee. & Anker R., 1989. "Labour force participation rates of older persons: an international comparison," ILO Working Papers 992728813402676, International Labour Organization.
    4. repec:ilo:ilowps:272881 is not listed on IDEAS
    5. Adams, Scott J., 2004. "Age discrimination legislation and the employment of older workers," Labour Economics, Elsevier, vol. 11(2), pages 219-241, April.
    6. John P. Rust, 1989. "A Dynamic Programming Model of Retirement Behavior," NBER Chapters,in: The Economics of Aging, pages 359-404 National Bureau of Economic Research, Inc.
    7. Olivia S. Mitchell & Gary S. Fields, 1985. "Rewards for Continued Work: The Economic Incentives for Postponing Retirement," NBER Chapters,in: Horizontal Equity, Uncertainty, and Economic Well-Being, pages 269-292 National Bureau of Economic Research, Inc.
    8. Nishimura, Yoshinori, 2016. "Did Government Intervention on Firm’s Employment Policies Have an Effect on the Employment of Elderly Workers?," MPRA Paper 73444, University Library of Munich, Germany.
    9. David Neumark, 2003. "Age Discrimination Legislation in the United States," Contemporary Economic Policy, Western Economic Association International, vol. 21(3), pages 297-317, July.
    10. Morley Gunderson, 2003. "Age Discrimination in Employment in Canada," Contemporary Economic Policy, Western Economic Association International, vol. 21(3), pages 318-328, July.
    11. Johnson, Richard W, 1996. "The Impact of Human Capital Investments on Pension Benefits," Journal of Labor Economics, University of Chicago Press, vol. 14(3), pages 520-554, July.
    12. Courtney C. Coile, 2015. "Economic Determinants Of Workers’ Retirement Decisions," Journal of Economic Surveys, Wiley Blackwell, vol. 29(4), pages 830-853, September.
    13. Phillip B. Levine & Olivia S. Mitchell, 1991. "Expected Changes in the Workforce and Implications for Labor Markets," NBER Working Papers 3743, National Bureau of Economic Research, Inc.

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