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Partial Retirement and Wage Profiles of Older Workers

  • Alan L. Gustman
  • Thomas L. Steinmeier

Older workers are likely to face different wage offers for work while not retired than for work while partially retired. Conventional analyses of wage profiles pool all waqe observations without distin-guishing among individuals according to retirement status.Our empirical analysis suggests the following conclusions.1)Wages for work while not retired and for work while partially retiredare significantly different from one another.2) wage offers facing older workers may vary considerably between those who do and do not face lower limit constraints requiring full-time work or none at all on their main job. 3) Failing to distinguish between wages paid to the partially retired and to the not retired causes a sizable exaggeration of the decline with experience in the wage offer for work while not retired.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1000.

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Date of creation: Oct 1982
Date of revision:
Publication status: published as Gustman, Alan L. and Thomas L. Steinmeier. "The Effect of Partial Retirement on Wage Profiles of Older Workers." Industrial Relations, Vol. 24, No. 2, (Spring 1985), pp. 257-265.
Handle: RePEc:nbr:nberwo:1000
Note: LS
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  1. A. Zabalza & C. Pissarides & M. Barton, 1980. "Social security and the choice between full-time work, part-time work and retirement," NBER Chapters, in: Econometric Studies in Public Finance, pages 245-276 National Bureau of Economic Research, Inc.
  2. Edward P. Lazear, 1983. "Pensions as Severance Pay," NBER Chapters, in: Financial Aspects of the United States Pension System, pages 57-90 National Bureau of Economic Research, Inc.
  3. John B. Burbidge & A. Leslie Robb, 1980. "Pensions and Retirement Behaviour," Canadian Journal of Economics, Canadian Economics Association, vol. 13(3), pages 421-37, August.
  4. Geoffrey Carliner, 1982. "The Wages of Older Men," Journal of Human Resources, University of Wisconsin Press, vol. 17(1), pages 25-38.
  5. Roger H. Gordon & Alan S. Blinder, 1980. "Market wages, reservation wages, and retirement decisions," NBER Chapters, in: Econometric Studies in Public Finance, pages 277-308 National Bureau of Economic Research, Inc.
  6. Alan L. Gustman & Thomas L. Steinmeier, 1981. "Partial Retirement and the Analysis of Retirement Behavior," NBER Working Papers 0763, National Bureau of Economic Research, Inc.
  7. Alan S. Blinder & Roger H. Gordon & Donald E. Wise, 1980. "Reconsidering the Work Disincentive Effects of Social Security," NBER Working Papers 0562, National Bureau of Economic Research, Inc.
  8. George J. Borjas, 1981. "Job mobility and earnings over the life cycle," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 34(3), pages 365-376, April.
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