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Do Pensions Impede Phased Retirement?

Author

Listed:
  • William Even

    (Miami University)

  • David Macpherson

    (Florida State University)

Abstract

Many workers reveal a preference for a gradual reduction in work hours as they approach retirement (“phased retirement”), rather than a sudden change from full-time work to full-time retirement. Pension regulations may impede phased retirement without a switch of employers by prohibiting access to pension assets. This study uses Health and Retirement Survey data to investigate the extent to which a gradual reduction in work hours is made difficult by pensions,particularly defined benefit plans. The study also explores other possible impediments to phased retirement.

Suggested Citation

  • William Even & David Macpherson, 2004. "Do Pensions Impede Phased Retirement?," Labor and Demography 0407001, EconWPA.
  • Handle: RePEc:wpa:wuwpla:0407001
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    References listed on IDEAS

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    1. Mark Montgomery & James Cosgrove, 1993. "The Effect of Employee Benefits on the Demand for Part-Time Workers," ILR Review, Cornell University, ILR School, vol. 47(1), pages 87-98, October.
    2. Denis LATULIPPE & John TURNER, 2000. "Partial retirement and pension policy in industrialized countries," International Labour Review, International Labour Organization, vol. 139(2), pages 179-195, June.
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    4. Joseph Quinn, "undated". "New Paths to Retirement," Pension Research Council Working Papers 98-10, Wharton School Pension Research Council, University of Pennsylvania.
    5. 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.
    6. Barry T. Hirsch, 2005. "Why Do Part-Time Workers Earn Less? The Role of Worker and Job Skills," ILR Review, Cornell University, ILR School, vol. 58(4), pages 525-551, July.
    7. Leora Friedberg & Anthony Webb, 2005. "Retirement and the Evolution of Pension Structure," Journal of Human Resources, University of Wisconsin Press, vol. 40(2).
    8. Ippolito, Richard A, 1985. "The Labor Contract and True Economic Pension Liabilities," American Economic Review, American Economic Association, vol. 75(5), pages 1031-1043, December.
    9. Ruhm, Christopher J, 1990. "Bridge Jobs and Partial Retirement," Journal of Labor Economics, University of Chicago Press, vol. 8(4), pages 482-501, October.
    10. Steven G. Allen & Robert L. Clark & Linda S. Ghent, 2003. "Phasing Into Retirement," NBER Working Papers 9779, National Bureau of Economic Research, Inc.
    11. Marjorie Honig & Giora Hanoch, 1985. "Partial Retirement as a Separate Mode of Retirement Behavior," Journal of Human Resources, University of Wisconsin Press, vol. 20(1), pages 21-46.
    12. Lettau, Michael K., 1997. "Compensation in part-time jobs versus full-time jobs What if the job is the same?," Economics Letters, Elsevier, vol. 56(1), pages 101-106, September.
    13. Walter Y. Oi, 1962. "Labor as a Quasi-Fixed Factor," Journal of Political Economy, University of Chicago Press, vol. 70, pages 538-538.
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    Citations

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    Cited by:

    1. Lachowska, Marta & Sundén, Annika & Wadensjö, Eskil, 2009. "The Impact of a Phased Retirement Program: A Case Study," IZA Discussion Papers 4284, Institute for the Study of Labor (IZA).
    2. Huber, Martin & Lechner, Michael & Wunsch, Conny, 2013. "The Effect of Firms' Partial Retirement Policies on the Labour Market Outcomes of Their Employees," IZA Discussion Papers 7513, Institute for the Study of Labor (IZA).
    3. Wadensjö, Eskil, 2006. "Part-Time Pensions and Part-Time Work in Sweden," IZA Discussion Papers 2273, Institute for the Study of Labor (IZA).
    4. Alan L. Gustman & Thomas L. Steinmeier, 2004. "Minimum Hours Constraints, Job Requirements and Retirement," NBER Working Papers 10876, National Bureau of Economic Research, Inc.
    5. Alan L. Gustman & Thomas L. Steinmeier, 2008. "Projecting behavioral responses to the next generation of retirement policies," Research in Labor Economics,in: Work, Earnings and Other Aspects of the Employment Relation, volume 28, pages 141-195 Emerald Publishing Ltd.

    More about this item

    Keywords

    retirement; pension;

    JEL classification:

    • J - Labor and Demographic Economics

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