Download or read book Partial Retirement and the Analysis of Retirement Behavior written by Alan L. Gustman and published by . This book was released on 1984 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the phenomenon of partial retirement . Topics covered include: (1) the quantitative importance of partial retirement, (2) institutional constraints in addition to mandatory retirement which limit the opportunity to retire partially in the main job, (3) the effect of these constraints on the specification of the relevant structural equations in a life cycle retirement model, (4) the impact of standard explanatory variables on four outcomes -- complete retirement, partial retirement both in and outside the main job, and non-retirement, (5) the importance of partial retirement even for those who do not face mandatory retirement, are not covered by a pension and are healthy, (6) the sensitivity of results based on a dichotomous retirement variable to whether the partially retired are classified as retired or not retired. A number of studies have either treated partial retirement inappropriately or have adopted unrealistic assumptions about the opportunity set facing potential retirees. Our findings call their results into question
Download or read book Some Theoretical and Empirical Aspects of the Analysis of Retirement Behavior written by Alan L. Gustman and published by . This book was released on 1981 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines retirement behavior with special consideration to partial retirement.
Download or read book Retirement and Wealth written by Alan L. Gustman and published by . This book was released on 2001 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates reduced form retirement and wealth equations, and analyzes the relationship between them. Data are from the first four waves of the longitudinal Health and Retirement Study, individuals born from 1931 to 1941. Single equation retirement models relate the probability of retiring to forward looking measures of changes in the values of social security and pension benefits when retirement is postponed. Such simple models suggest that if the social security early retirement age were to be raised or abolished, more people would retire earlier rather than later. Our work analyzes the reasons for such counter intuitive predictions, and discusses the need to analyze these policies in the context of a structural model of retirement and wealth. To improve retirement analysis, we develop the premium value, a measure of the future value of pensions and social security that better reflects the accrual of benefits under defined contribution plans. We also introduce a new definition of retirement to blend information on objective hours worked with subjective self reports of retirement status. Our findings also explore the effects of social security incentives on partial retirement, and consider the importance of partial retirement in any study relating social security to retirement behavior.
Download or read book Assessing Knowledge of Retirement Behavior written by Panel on Retirement Income Modeling and published by National Academies Press. This book was released on 1996-08-13 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together in one volume what researchers have learned about workers, employers, and retirees that is important for formulating retirement income policies. As the U.S. population ages, there is increasing uncertainty about the solvency of the Social Security and Medicare systems and the adequacy of private pensions to provide for people's retirement needs. The volume covers such critical behaviors as workers' decisions to retire, people's choices of saving over consumption, and employers' decisions about hiring older workers and providing pension and health care benefits. Also covered are trends in mortality, health status, and health care costs that are key to projecting the likely costs and effects of alternative retirement income security policies and a strategy for combining data and research knowledge into a policy modeling framework.
Download or read book Stated Preference Analysis of Full and Partial Retirement in the United States written by Tunga Kantarci and published by . This book was released on 2013 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the traditional retirement scenario, individuals work full-time until a given age and then stop working abruptly. In the alternative partial retirement scenario, individuals work part-time for several years before they stop working. For the individual, partial retirement provides a smooth transition to full-retirement where they gradually adjust to a possibly lower income and more leisure time in full-retirement, and for the economy, it is a potential policy tool to keep people employed longer. The models developed to explain the retirement decisions of older workers are typically estimated using data on actual retirement behavior, from which it is difficult to identify the retirement options available to employees. In particular, employers often do not provide partial retirement opportunities. In this paper, we use stated preference data to identify the preferences of individuals for full and partial retirement plans. We consider a choice set of hypothetical full and partial retirement plans and ask the respondents of a survey representative for the US population of ages 40 and over to choose their favorite plan. We analyze how the choices vary with financial incentives and other factors.
Download or read book Economic Retirement Studies written by Michael Victor Leonesio and published by . This book was released on 1990 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Structural Retirement Model written by Alan L. Gustman and published by . This book was released on 1983 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: The model analyzed here constrains most work on the main job to be full time. Partial retirement requires a job change and a wage reduction. Estimates of utility function parameters and their distributions incorporate information on age of leaving the main job and of full retirement. These estimates determine the slope at different ages and the convexity of within period indifference curves between compensation and leisure. Even though age specific dummy variables are not used, the model closely tracks retirement behavior. Policy analysis based on earlier models with simpler structures is shown to be misleading.
Download or read book Some Theoretical and Empirical Aspects of the Analysis of Retirement Behavior written by Alan L. Gustman and published by . This book was released on 1981 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Economics of Retirement written by Michael Victor Leonesio and published by . This book was released on 1995 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Social Security and the Determinants of Full and Partial Retirement written by Glenn T. Sueyoshi and published by . This book was released on 1989 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical analyses of retirement typically assume a single form of retirement. In this paper, I consider the determinants of retirement in a competing risks model which allows for full and partial retirement. Simulation results indicate that the large increase in Social Security benefits in the early 1970s has had moderate effects upon retirement, increasing the probability of early full retirement (before age 65) by less than 5 percent and reducing the probability of partial retirement by 1-2 percent.
Download or read book An Empirical Analysis of Married Women s Retirement Dicision written by Jessica Primoff and published by . This book was released on 1989 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Reinventing the Retirement Paradigm written by Robert L. Clark and published by OUP Oxford. This book was released on 2005-08-11 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores how rising pension and healthcare costs, along with workforce aging, are affecting pension and retirement planning around the world. Many middle-aged workers now realize that they will have to work longer than intended, as they begin to recognize that their retirement resources will be inadequate to finance retirement consumption. Volatile capital markets, rising medical-care costs, and low saving rates make retirement behavior and policy a moving target. Olivia Mitchell, executive director of The Pension Research Council at Wharton, and Robert L. Clark, Professor of Business Management and Economics at North Carolina State University, explore these themes with colleagues, touching on a diverse set of issues ranging from employment trends to pension accounting and investment, to retirement system overhaul. They illustrate how employers are actively reformulating the meaning of work and retirement, seeking to encourage more people to work longer than ever before in the face of projected labor shortages. At the same time, public and private trust in traditional pension offerings is rapidly eroding, as companies alter, amend, and terminate their conventional plans in the face of poor investment performance and new methods of pension accounting. Experts from the UK, the US, Japan, Sweden, and Canada offer international perspectives on the evolving institutions of retirement practice. This book provides readers a range of insights and strategies not available in other volumes, and it represents an invaluable addition to the PRC/OUP series. It will be particularly valuable for managers working toward more efficient pension plans; to scholars and policymakers seeking to maximize pension design and effectiveness; and to actuaries and tax specialists concerned with pension regulation. The Pension Research Council at the Wharton School of the University of Pennsylvania was founded 50 years ago to encourage research and teaching on pensions and retirement security. Council projects address the long-term issues that underlie contemporary concerns and seek to broaden public understanding of these complex arrangements through research into their social, economic, legal, actuarial, and financial foundations of privately and publicly-provided benefits.
Download or read book Projecting Behavioral Responses to the Next Generation of Retirement Policies written by Alan L. Gustman and published by . This book was released on 2007 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines retirement and related behavioral responses to policies that on average are actuarially neutral. Many conventional models predict that actuarially neutral policies will not affect retirement behavior. In contrast, our model allows those with high time preference rates to find that the promise of an actuarially fair increase in future rewards does not balance the loss from foregone current benefits. Using data from the Health and Retirement Study, we find that from age 62 through full retirement age, the earnings test reduces full-time work by married men by about four percentage points, or by about ten percent of married men at full-time work. Abolishing the requirements on many jobs that an individual work full-time or not at all, what we term a minimum hours constraint on employment, would induce more than twice as many people to enter partial retirement as would leave full-time work, so that total full-time equivalent (FTE) employment would increase, although by a modest amount. If all benefits from personal accounts could be taken as a lump sum, the fraction not retired at age 62 would fall by about 5 percentage points compared to a system where there is mandatory annuitization of benefits.
Download or read book Retirement and Economic Behavior written by Henry J. Aaron and published by Washington, D.C. : Brookings Institution. This book was released on 1984 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conference papers on economic implications and aspects of retirement in the USA - examines the effects of private pension schemes and maintenance of acquired rightss, the correlation between early retirement and health, social security, and unemployment, the labour force participation of retired workers, standard of living and housing of older people, effect of population dynamics on old age benefit policy, saving behaviour, and retirement income projections to 2020. References. Conference held in Washington 1982 Oct 21 and 22.
Download or read book Retirement written by Gary A. Adams and published by Springer Publishing Company. This book was released on 2003 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: For students, researchers, and practitioners in such fields as gerontology, industrial and organizational psychology, and human resources management, contributors from those fields synthesize the current literature on retirement and suggest areas for future research and practice. The sections cover before retirement, deciding to retire, and after retirement. Annotation (c)2003 Book News, Inc., Portland, OR (booknews.com).
Download or read book The Effect of Partial Retirement on Labor Supply Public Balances and the Income Distribution Evidence from a Structural Analysis written by Songül Tolan and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Back to Work written by Nicole Maestas and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes a puzzling aspect of retirement behavior known as "unretirement," in which retirees appear to reverse their retirement decisions and return to work. The author explores two possible explanations: 1) unretirement transitions are largely unexpected, resulting from failures in planning or financial shocks; and 2) unretirement transitions are an expected part of a more complex retirement process. Using data from the Health and Retirement Study, she shows that nearly one-half of retirees follow a nontraditional retirement path that involves partial retirement or unretirement, and that 24 percent of retirees later unretire. The unretirement rate rises as high as 36 percent among the youngest retirees. Using data on expectations and realizations of work during retirement, she shows that unretirement was anticipated for the vast majority (80 percent) of those returning to work. Most retirees formed accurate expectations about working after retirement, and only nine percent expected not to work but in fact did so. If anything, expectations err on the side of excessive pessimism about retirement rather than uninformed optimism. In short, the evidence suggests unretirement is not predominantly a response to negative shocks arriving after retirement, but instead represents an alternative retirement path, much like partial retirement.
