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Retirement Incentives and Couples' Retirement Decisions

Listed author(s):
  • Courtney Coile

The typical family in the US is now a dual-earner couple, yet relatively few studies examine the retirement decision in a household context. This paper explores how husbands' and wives' retirement behavior is influenced by their own financial incentives from Social Security and private pensions and by spillover effects' from their spouses' incentives. I find that men and women are similarly responsive to their own incentives. I further find that men are very responsive to their wives' incentives but that women are not responsive to their husbands' incentives and present evidence to suggest that this may be due to asymmetric complementarities of leisure. Policy simulations suggest that the omission of spillover effects will bias the estimated effect of changing Social Security policy on men's labor force participation.

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File URL: http://www.nber.org/papers/w9496.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 9496.

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Date of creation: Feb 2003
Publication status: published as Coile Courtney, 2004. "Retirement Incentives and Couples' Retirement Decisions," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 4(1), pages 1-30, July.
Handle: RePEc:nbr:nberwo:9496
Note: AG LS PE
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  1. Ruhm, Christopher J, 1990. "Bridge Jobs and Partial Retirement," Journal of Labor Economics, University of Chicago Press, vol. 8(4), pages 482-501, October.
  2. Pozzebon, Silvana & Mitchell, Olivia S, 1989. "Married Women's Retirement Behavior," Journal of Population Economics, Springer;European Society for Population Economics, vol. 2(1), pages 39-53.
  3. Andrew A. Samwick, 1998. "New Evidence on Pensions, Social Security, and the Timing of Retirement," NBER Working Papers 6534, National Bureau of Economic Research, Inc.
  4. Michael Baker, 2003. "The Retirement Behavior of Married Couples: Evidence From The Spouse's Allowance," Working Papers 993, University of California, Davis, Department of Economics.
  5. Blau, David M, 1998. "Labor Force Dynamics of Older Married Couples," Journal of Labor Economics, University of Chicago Press, vol. 16(3), pages 595-629, July.
  6. Michael J. Boskin & Michael D. Hurd, 1977. "The Effect of Social Security on Early Retirement," NBER Working Papers 0204, National Bureau of Economic Research, Inc.
  7. Haider, S. & Solon, G., 2000. "Nonrandom Selection in the HRS Social Security Earnings Sample," Papers 00-01, RAND - Labor and Population Program.
  8. 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.
  9. Jerry A. Hausman & David A. Wise, 1985. "Social Security, Health Status, and Retirement," NBER Chapters, in: Pensions, Labor, and Individual Choice, pages 159-192 National Bureau of Economic Research, Inc.
  10. Yukio Noguchi & David A. Wise, 1994. "Introduction to "Aging in the United States and Japan: Economic Trends"," NBER Chapters, in: Aging in the United States and Japan: Economic Trends, pages 1-6 National Bureau of Economic Research, Inc.
  11. 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.
  12. Courtney Coile & Peter Diamond & Jonathan Gruber & Alain Jousten, 1999. "Delays in Claiming Social Security Benefits," NBER Working Papers 7318, National Bureau of Economic Research, Inc.
  13. Michael D. Hurd, 1988. "The Joint Retirement Decision of Husbands and Wives," NBER Working Papers 2803, National Bureau of Economic Research, Inc.
  14. John Bound, 1991. "Self-Reported Versus Objective Measures of Health in Retirement Models," Journal of Human Resources, University of Wisconsin Press, vol. 26(1), pages 106-138.
  15. Alan L. Gustman & Thomas L. Steinmeier, 2002. "The Social Security Early Entitlement Age in a Structural Model of Retirement and Wealth," Working Papers wp029, University of Michigan, Michigan Retirement Research Center.
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  18. repec:ntj:journl:v:47:y:1994:i:no._1:p:135-55 is not listed on IDEAS
  19. Courtney Coile & Jonathan Gruber, 2000. "Social Security and Retirement," NBER Working Papers 7830, National Bureau of Economic Research, Inc.
  20. James H. Stock & David A. Wise, 1990. "The Pension Inducement to Retire: An Option Value Analysis," NBER Chapters, in: Issues in the Economics of Aging, pages 205-230 National Bureau of Economic Research, Inc.
  21. Vistnes, Jessica Primoff, 1994. "An Empirical Analysis of Married Women's Retirement Decisions," National Tax Journal, National Tax Association, vol. 47(1), pages 135-155, March.
  22. Courtney Coile & Jonathan Gruber, 2000. "Social Security Incentives for Retirement," NBER Working Papers 7651, National Bureau of Economic Research, Inc.
  23. Joseph F. Quinn, 1999. "Has the Early Retirement Trend Reversed?," Boston College Working Papers in Economics 424, Boston College Department of Economics.
  24. Gary Burtless, 1986. "Social Security, Unanticipated Benefit Increases, and the Timing of Retirement," Review of Economic Studies, Oxford University Press, vol. 53(5), pages 781-805.
  25. Peter Diamond, 2004. "Social Security," American Economic Review, American Economic Association, vol. 94(1), pages 1-24, March.
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