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Keywords:retirement 

Working Paper
Health, Health Insurance, and Retirement: A Survey

The degree to which retirement decisions are driven by health is a key concern for both academics and policymakers. In this paper we survey the economic literature on the health-retirement link in developed countries. We describe the mechanisms through which health affects labor supply and discuss how they interact with public pensions and public health insurance. The historical evidence suggests that health is not the primary source of variation in retirement across countries and over time. Furthermore, declining health with age can only explain a small share of the decline in employment ...
Working Paper , Paper 17-3

Retirements Surge for Older Workers during COVID-19

Though retirement decisions vary by different age groups, the COVID-19 pandemic increased retirement rates for those age 66 and older.
On the Economy

Working Paper
Human Capital and Long-Run Labor Income Risk

This review article examines the role of labor income risk in determining the value of a person?s human capital. We draw on the existing literature to present a model that incorporates various types of shocks to earnings. Within this framework, we highlight the implications of different assumptions about the correlation between market returns and labor income growth for the value of human capital and its riskiness. Further, the article surveys other work that applies similar ideas to assess the value and risk of pension promises. Finally, we discuss how to enrich the environment with ...
Working Paper Series , Paper WP-2013-16

Journal Article
Asset Returns and Labor Force Participation During COVID-19

Why did so many people retire during the pandemic?
Economic Synopses

Working Paper
Pandemic labor force participation and net worth fluctuations

The U.S. labor force participation rate (LFPR) experienced a record drop during the early pandemic. While it has since recovered to 62.2% as of December 2022, it was still 1.41 pp below its pre-pandemic peak. This gap is explained mostly by a permanent decline in the LFPR for workers older than 55. This paper argues that wealth effects driven by the historically high returns in major asset classes such as stocks and housing may have influenced these trends. Combining an estimated model of wealth effects on labor supply with micro data on balance sheet composition, we show that changes in net ...
Working Papers , Paper 2023-010

Journal Article
Pandemic Labor Force Participation and Net Worth Fluctuations

The US labor force participation rate (LFPR) experienced a record drop during the early pandemic. While it has since recovered to 62.2 percent as of December 2022, it was still 1.41 percentage points below its pre-pandemic peak. This gap is explained mostly by a permanent decline in the LFPR for workers older than 55. This article argues that wealth effects driven by the historically high returns in major asset classes such as stocks and housing may have influenced these trends. Combining an estimated model of wealth effects on labor supply with micro data on balance sheet composition, we ...
Review , Volume 106 , Issue 1 , Pages 40-58

Working Paper
Time Averaging Meets Labor Supplies of Heckman, Lochner, and Taber

We incorporate time-averaging into the canonical model of Heckman, Lochner, and Taber (1998) (HLT) to study retirement decisions, government policies, and their interaction with the aggregate labor supply elasticity. The HLT model forced all agents to retire at age 65, while our model allows them to choose career lengths. A benchmark social security system puts all of our workers at corner solutions of their career-length choice problems and lets our model reproduce HLT model outcomes. But alternative tax and social security arrangements dislodge some agents from those corners, bringing ...
Working Papers , Paper 2023-012

Working Paper
The Evolution of Retirement Wealth

Is the current mix of tax preferences for employer-sponsored pensions and individual retirement saving in the U.S. delivering the best possible retirement-preparedness across and within generations? Using data from the triennial Survey of Consumer Finances for 1989 through 2013, cohort-based analysis of life-cycle trajectories shows that (1) overall retirement plan participation was relatively stable or even rising through 2007, though participation fell noticeably in the wake of the Great Recession and has remained lower, (2) participation is strongly correlated with income, and the shift in ...
Finance and Economics Discussion Series , Paper 2015-9

Retirements, Net Worth, and the Fall and Rise of Labor Force Participation

New research suggests that declining asset values in 2022 may have prompted older workers to return to the labor force.
On the Economy

Newsletter
Retirement Account Basics: Why You’re Never Too Young to Start Thinking About Retirement

In this February 2024 Issue of Page One Economics: Focus on Finance, we’ll explore the most common retirement savings plans and other things to consider as you begin thinking about retirement. We will compare employer-based defined-benefit and defined-contribution plans, as well as options available to individuals. Understanding the basics of retirement savings accounts can help you feel empowered to start making decisions today for your retirement!
Page One Economics Newsletter

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