The paper reviews evidence that suggests that, over the coming two decades, people are likely to stay in the work force at least five years longer, possibly by considerably more. The implications for policy are surprisingly large and surprisingly unrecognized. Recent trends, if extended into the...

This paper examines income inequality over stages of the later-life course (age 45 and older) and systems that can be used to mitigate this inequality. Two hypotheses are tested: (i) Levels of income inequality decline during old age because public benefits are more equally distributed than work...

A simple structure is suggested for modelling unobserved heterogeneity in multivariate duration models which avoids the "curse of dimensionality" and numerical integration of the likelihood function. This structure can be applied to many retirement and aging decisions including: time to...

This multimethod study investigated the effect of involuntary retirement on retirement income. Using the General Social Survey 1994, a secondary data analysis was carried out which examined the economic effects of retiring because of poor health. When the men and women who retired for reasons of...

This study documents (1) the income situation of retired widows, (2) the strategies they use to cope with reduced levels of income, and (3) the effects of reduced income on their health and well-being. A major finding (based on analysis of the Survey of Ageing and Independence) is that almost...

We analyse a large longitudinal data file to determine who has retired and to assess how successful they are in maintaining their incomes after retirement. Our main conclusions are as follows. First, in the two years immediately after retirement the aftertax income replacement ratios average...

This paper seeks to contribute to a forward-looking debate on possible reform options for the Canada Pension Plan (CPP) and the Quebec Pension Plan (QPP). Even though it focuses on the CPP, most of its analysis applies to the QPP as well since the two programs are largely identical. This paper...

We analyse a large longitudinal data file to determine who has retired and to assess how successful they are in maintaining their incomes after retirement. Our main conclusions are as follows. First, in the two years immediately after retirement the after-tax income replacement ratios average...

This study compares and contrasts criteria for determining how individuals cope with adverse life events during the aging process. From a pool of 140 interviews with older men and women who had experienced a significantly stressful life event (either widowhood or involuntary retirement), a...

We look at the effect of the 2000 repeal of the earnings test above the normal retirement age on retirement expectations of workers in the Health and Retirement Study, aged 51 to 61 in 1992. For men, we find that those whose marginal wage rate increased when the earnings test was repealed, had...