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Unemployment and the Retirement Decisions of Older Workers

  • Paul Marmora

    ()

    (Department of Economics, Temple University)

  • Moritz Ritter

    ()

    (Department of Economics, Temple University)

This paper examines how unemployment late in workers' careers affects the timing of their retirement. Using data from the Survey of Income and Program Participation from 1996 to 2011, we document that unemployed workers permanently leave the labor force at a significantly higher rate than employed workers. This effect is stronger once workers become eligible for social security benefits and it is significantly dampened by the eligibility for unemployment insurance benefits. Unemployed workers, particularly those workers in households with below median wealth, also have a significantly higher social security uptake rate shortly after turning 62 than employed workers. We find little evidence for housing or stock market effects on the timing of retirement.

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File URL: http://www.cla.temple.edu/RePEc/documents/DETU_14_01.pdf
File Function: First version, 2014
Download Restriction: no

Paper provided by Department of Economics, Temple University in its series DETU Working Papers with number 1401.

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Date of creation: Jan 2014
Date of revision:
Handle: RePEc:tem:wpaper:1401
Contact details of provider: Postal: Ritter Annex 877, Philadelphia, PA 19122
Phone: 215.204.8880
Fax: 215.204.8173
Web page: http://www.cla.temple.edu/economics/

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  1. 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.
  2. Hugo Benétez-Silva & J. Ignacio Garcéa-Pérez & Sergi Jiménez-Martén, 2011. "The Effects of Employment Uncertainty and Wealth Shocks on the Labor Supply and Claiming Behavior of Older American Workers," Working Papers 564, Barcelona Graduate School of Economics.
  3. Purvi Sevak, 2002. "Wealth Shocks and Retirement Timing: Evidence from the Nineties," Working Papers wp027, University of Michigan, Michigan Retirement Research Center.
  4. Morris A. Davis & Jonathan Heathcote, 2004. "The price and quantity of residential land in the United States," Finance and Economics Discussion Series 2004-37, Board of Governors of the Federal Reserve System (U.S.).
  5. Sewin Chan & Ann Huff Stevens, 1999. "Employment and Retirement Following a Late Career Job Loss," Departmental Working Papers 199903, Rutgers University, Department of Economics.
  6. Ing-Haw Cheng & Eric French, 2000. "The effect of the run-up in the stock market on labor supply," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q IV, pages 48-65.
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