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Work and Retirement of Older Black and Hispanic Adults

Author

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  • Emma Aguila

    (University of Southern California)

  • Zeewan Lee

    (University of Southern California)

Abstract

Growing U.S. income inequality and the aging of Black and Hispanic populations point to greater risks of financial insecurity for older populations in coming years. Research on retirement determinants for Blacks and Hispanics is limited. Using data from the Health and Retirement Study, we analyze retirement determinants for Blacks and Hispanics. We link this data to the Working Trajectories file and restricted SSA individual-level files to determine Social Security wealth by race and ethnic origin. Using sociodemographic, health, and economic covariates, we construct a conditional probit model that identifies the probability a given individual will retire from the workforce over time. We find that Hispanics, Blacks, and non-Hispanic whites respond similarly to Social Security, private pension incentives, and other institutional (e.g., health insurance) influences on retirement. In their retirement decisions, non-Hispanic Blacks are not responsive to some sociodemographic characteristics (male, couple, and number of household members), but they are responsive to physical and mental health problems. Hispanics are less responsive than non-Hispanic whites to most sociodemographic characteristics (male, education, and couple) and mental health problems in their retirement decisions. Our findings for non-Hispanic whites are consistent with previous literature. Our research can inform programs and policies to improve the quality of life for older adults, especially those isolated by cultural, economic, educational, or other barriers.

Suggested Citation

  • Emma Aguila & Zeewan Lee, 2022. "Work and Retirement of Older Black and Hispanic Adults," Working Papers wp452, University of Michigan, Michigan Retirement Research Center.
    • Handle: RePEc:mrr:papers:wp452
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    References listed on IDEAS

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    1. Shoven, John B. & Slavov, Sita Nataraj, 2014. "Does it pay to delay social security?," Journal of Pension Economics and Finance, Cambridge University Press, vol. 13(2), pages 121-144, April.
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    3. Leora Friedberg & Anthony Webb, 2005. "Retirement and the Evolution of Pension Structure," Journal of Human Resources, University of Wisconsin Press, vol. 40(2).
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