Forecasting Labor Force Participation and Economic Resources of the Early Baby Boomers
This paper forecasts the retirement patterns and resources of the Early Baby Boomers by estimating forward-looking dynamic models of labor force participation, wealth accumulation and pension and Social Security benefit claiming for older workers using seven waves of HRSdata. The two most important innovations of our proposed approach are the use of alternative measures of pension entitlements and the associated incentives, and accounting for subjective expectations about future work. Our main findings are that the Early Baby Boomers will work longer and claim Social Security later.
|Date of creation:||May 2008|
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- Alan L. Gustman & Thomas L. Steinmeier, 2001.
"Social Security, Pensions and Retirement Behavior Within the Family,"
wp018, University of Michigan, Michigan Retirement Research Center.
- Alan L. Gustman & Thomas L. Steinmeier, 2004. "Social security, pensions and retirement behaviour within the family," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 19(6), pages 723-737.
- Alan L. Gustman & Thomas L. Steinmeier, 2002. "Social Security, Pensions and Retirement Behavior Within the Family," NBER Working Papers 8772, National Bureau of Economic Research, Inc.
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- Pierre-Carl Michaud & Arthur van Soest, 2008. "How Did the Elimination of the US Earnings Test above the Normal Retirement Age Affect Labour Supply Expectations?," Fiscal Studies, Institute for Fiscal Studies, vol. 29(2), pages 197-231, 06.
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"Employee Retirement and a Firm's Pension Plan,"
in: The Economics of Aging, pages 279-334
National Bureau of Economic Research, Inc.
- Alan L. Gustman & Thomas L. Steinmeier, 2004.
"Personal Accounts and Family Retirement,"
wp067, University of Michigan, Michigan Retirement Research Center.
- Michael P. Keane & Kenneth I. Wolpin, 2002. "Estimating Welfare Effects Consistent with Forward-Looking Behavior. Part II: Empirical Results," Journal of Human Resources, University of Wisconsin Press, vol. 37(3), pages 600-622.
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