Using data from the Health and Retirement Study, we estimate reduced form retirement and wealth equations. The retirement equation relates the probability of retiring to the quot;premium valuequot;, a forward looking measure of the future value of pensions and social security that better...

This article examines how retirement income at age 67 is likely to change for baby boomers and persons born in generation X (GenX) compared with current retirees. We use the Social Security Administration's Modeling Income in the Near Term (MINT) model to project retirement income and assets,...

The introduction of direct contribution 401(k) retirement accounts in the late 1970's brought about an institutional shift in the relationship between private employers and workers with regard to financial risk and decision making involved with retirement savings, which can impact financial...

Data from the March 2000 Current Population Survey show that gender, marital status, age, education, and income have a significant impact on the likelihood of an individual receiving a retirement annuity and/or employment-based pension payment in retirement

This paper specifies and estimates a structural life cycle model of retirement and wealth that explains the peaks in retirement both at ages 62 and at 65. Our estimates suggest that leisure and time preference are widely distributed among the population, with a bimodal distribution of time...

Together, pensions, social security and health insurance account for half of the wealth held by all households in the Health and Retirement Study (HRS), for 60 percent of total wealth of HRS households who are in the 45th to 55th wealth percentiles, and even for 48 percent of wealth for those in...

This paper specifies and estimates a structural dynamic stochastic model of the way individuals make retirement and saving choices in an uncertain world, and applies that model to analyze the effects of the stock market bubble on retirement behavior. The model includes individual variation both...

A structural life cycle model of retirement and wealth attributes retirement peaks at both ages 62 and 65 to Social Security rules and wide heterogeneity in time preferences. Those with high discount rates often retire at 62. They have few assets and heavily value lost benefits from working...

Are early retiree health benefits (RHBs) a form of deferred compensation that binds workers to an employer? Most employers who offer RHBs offer them only to workers who have 10 or more years of tenure with the firm and have reached age 55. Accordingly, workers in firms offering RHBs have an...