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How Do Pensions Affect Actual and Expected Retirement Ages?

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Author Info
Alicia H. Munnell () (Center for Retirement Research at Boston College)
Robert K. Triest () (Federal Reserve Bank of Boston)
Natalia A. Jivan () (Center for Retirement Research at Boston College)

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Abstract

This paper uses the first six waves of the Health and Retirement Study to investigate the impact of pensions on expected retirement age, on the probability of being retired in each wave given employment in the previous wave, and on the probability of retiring earlier than planned. Pension coverage per se and the type of pension are important in each case. Pension wealth reduces the expected retirement age by 0.6 year, and the incentives in defined benefit plans lower the expected age by another 1.1 years. Pension wealth increases the probability of retiring in a given wave, and pension accruals reduce the probability. Other characteristics of defined benefit plans, as measured by the pension dummy, further raise the probability of being retired. Finally, with regard to the probability of retiring earlier than planned, a change in defined contribution wealth increases the probability, but pension coverage per se reduces it. That is, those with pensions tend to be more accurate planners than those without.

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Publisher Info
Paper provided by Center for Retirement Research in its series Working Papers, Center for Retirement Research at Boston College with number 2004-27.

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Length: 26 pages
Date of creation: Nov 2004
Date of revision:
Handle: RePEc:crr:crrwps:2004-27

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Related research
Keywords: retirement pension defined benefit defined contribution

Find related papers by JEL classification:
J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Hugo Benítez-Silva & Debra S. Dwyer, 2003. "What to Expect when you are Expecting Rationality: Testing Rational Expectations using Micro Data," Working Papers wp037, University of Michigan, Michigan Retirement Research Center. [Downloadable!]
  2. Debra S. Dwyer, 2002. "Planning For Retirement: The Accuracy Of Expected Retirement Dates And The Role Of Health Shocks," Working Papers, Center for Retirement Research at Boston College 2001-08, Center for Retirement Research. [Downloadable!]
  3. Courtney Coile & Jonathan Gruber, 2000. "Social Security Incentives for Retirement," NBER Working Papers 7651, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Gary Burtless & Joseph F. Quinn, 2002. "Is Working Longer the Answer for an Aging Workforce?," Boston College Working Papers in Economics 550, Boston College Department of Economics. [Downloadable!]
    Other versions:
  5. Alicia H. Munnell & Kevin Cahill & Natalia Jivan, 2003. "How Has The Shift To 401(k)s Affected The Retirement Age?," Issues in Brief ib_13, Center for Retirement Research. [Downloadable!]
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Deborah A. Cobb-Clark & Steve Stillman, 2006. "The Retirement Expectations of Middle-Aged Individuals," CEPR Discussion Papers 540, Centre for Economic Policy Research, Research School of Social Sciences, Australian National University. [Downloadable!]
    Other versions:
  2. Alicia H. Munnell & Natalia Zhivan, 2006. "Earnings and Women’s Retirement Security," Working Papers, Center for Retirement Research at Boston College wp2006-12, Center for Retirement Research, revised Jun 2006. [Downloadable!]
  3. Keith A. Bender & Natalia A. Jivan, 2005. "What Makes Retirees Happy?," Issues in Brief ib28, Center for Retirement Research. [Downloadable!]
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