We investigate how Japanese men aged 60-74 adjust their workforce attachment after beginning to receive a public pension. Men who were employees at age 54 gradually move to part-time work or retire after beginning to receive pension benefits; those who continue working are more likely to be...

This paper provides novel evidence on the labor supply response to negative income shocks in retirement, exploiting an institutional feature that caused differential and unexpected income losses among otherwise identical individuals in a sharp regression discontinuity design. We conclude that...