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Rewards to Continued Work: The Economic Incentives For Postponing Retirement

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  • Olivia S. Mitchell
  • Gary S. Fields

Abstract

Using a new data file on pay and pensions, this paper presents and discusses new empirical evidence on how olde rworkers' income opportunities change as they age. It also develops a detailed description of private pension structures and the ways in which pensions reward deferred retirement. The data imply that the present discounted value of total lifetime income rises when people postpone retirement, but the size of the income increment varies with age. The data also show that some pension plans encourage early retirement while others penalize it.

Suggested Citation

  • Olivia S. Mitchell & Gary S. Fields, 1983. "Rewards to Continued Work: The Economic Incentives For Postponing Retirement," NBER Working Papers 1204, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:1204
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    References listed on IDEAS

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    1. Richard V. Burkhauser, 1979. "The Pension Acceptance Decision of Older Workers," Journal of Human Resources, University of Wisconsin Press, vol. 14(1), pages 63-75.
    2. Boskin, Michael J. & Hurd, Michael D., 1978. "The effect of social security on early retirement," Journal of Public Economics, Elsevier, vol. 10(3), pages 361-377, December.
    3. 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.
    4. Gary S. Fields & Olivia S. Mitchell, 1984. "Economic Determinants of the Optimal Retirement Age: An Empirical Investigation," Journal of Human Resources, University of Wisconsin Press, vol. 19(2), pages 245-262.
    5. Olivia S. Mitchell & Gary S. Fields, 1981. "The Effects of Pensions and Earnings on Retirement: A Review Essay," NBER Working Papers 0772, National Bureau of Economic Research, Inc.
    6. Mitchell, Olivia S & Fields, Gary S, 1984. "The Economics of Retirement Behavior," Journal of Labor Economics, University of Chicago Press, vol. 2(1), pages 84-105, January.
    7. Laurence J. Kotlikoff & Daniel E. Smith, 1983. "Introduction to "Pensions in the American Economy"," NBER Chapters,in: Pensions in the American Economy, pages 1-19 National Bureau of Economic Research, Inc.
    8. Alan L. Gustman & Thomas L. Steinmeier, 1984. "Partial Retirement and the Analysis of Retirement Behavior," ILR Review, Cornell University, ILR School, vol. 37(3), pages 403-415, April.
    9. Kotlikoff, Laurence J. & Smith, Daniel E., 1984. "Pensions in the American Economy," National Bureau of Economic Research Books, University of Chicago Press, edition 0, number 9780226451466.
    10. Burtless, Gary & Hausman, Jerry, 1982. "`Double dipping': the combined effects of social security and civil service pensions on employee retirement," Journal of Public Economics, Elsevier, vol. 18(2), pages 139-159, July.
    11. Hall, Robert E, 1982. "The Importance of Lifetime Jobs in the U.S. Economy," American Economic Review, American Economic Association, vol. 72(4), pages 716-724, September.
    12. Joseph F. Quinn, 1977. "Microeconomic Determinants of Early Retirement: A Cross-Sectional View of White Married Men," Journal of Human Resources, University of Wisconsin Press, vol. 12(3), pages 329-346.
    13. Fields, Gary S. & Mitchell, Olivia S., 1984. "The effects of social security reforms on retirement ages and retirement incomes," Journal of Public Economics, Elsevier, vol. 25(1-2), pages 143-159, November.
    14. 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.
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    Cited by:

    1. Michael D. Hurd, 1989. "Issues and Results from Research on the Elderly I: Economic Status (Part I of III Parts)," NBER Working Papers 3018, National Bureau of Economic Research, Inc.

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