Reportgreen2002

How Does Job Loss Affect the Timing of Retirement?

26 citations0/0 files storedNational Bureau of Economic Research

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Retirement, Disability, and Employment Labor market dynamics and wage inequality Financial Literacy, Pension, Retirement Analysis

Abstract

We use the Health and Retirement Study to examine the effects of job loss on factors affecting retirement incentives, including earnings, assets and pensions.We then estimate models of the retirement decision, which take into account the incentive to retire and any additional effects of displacement that are not captured by retirement incentives.There are substantial effects of displacement on retirement incentives as the result of changes to both earnings and pensions.Displacement significantly increases the probability of retirement, but only a small fraction of the displacement-induced changes in retirement behavior and labor force participation are the result of workers responding to these altered retirement incentives.

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References

1997Persistent Effects of Job Displacement: The Importance of Multiple Job Losses 1991Are Workers Permanently Scarred by Job Displacements 1990Pensions, the Option Value of Work, and Retirement 1988Pensions, The Option Value of Work, and Retirement 2001Job Loss and Employment Patterns of Older Workers 1990Bridge Jobs and Partial Retirement 2001Social Security and Retirement 1998New evidence on pensions, social security, and the timing of retirement

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