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Integrating Retirement Models: Understanding Household Retirement Decisions

In: Factors Affecting Worker Well-being: The Impact of Change in the Labor Market

Author

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  • Alan L. Gustman
  • Thomas L. Steinmeier

Abstract

This paper advances the specification and estimation of econometric models of retirement and saving in two earner families. The complications introduced by the interaction of retirement decisions by husbands and wives have led researchers to adopt a number of simplifications. Our analysis relaxes these restrictions. The model includes three labor market states, full-time work, partial retirement, and full retirement; reverse flows from states of lesser to greater work; an extended choice set created when spouses make independent retirement decisions; heterogeneity in time preference; varying taste parameters for full-time and part-time work; and the possibility of changes in preferences after retirement.

Suggested Citation

  • Alan L. Gustman & Thomas L. Steinmeier, 2014. "Integrating Retirement Models: Understanding Household Retirement Decisions," Research in Labor Economics, in: Factors Affecting Worker Well-being: The Impact of Change in the Labor Market, volume 40, pages 79-112, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rleczz:s0147-912120140000040003
    DOI: 10.1108/S0147-912120140000040003
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    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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    Cited by:

    1. Gustman, Alan L. & Steinmeier, Thomas L., 2015. "Effects of social security policies on benefit claiming, retirement and saving," Journal of Public Economics, Elsevier, vol. 129(C), pages 51-62.
    2. Laura Hospido, 2015. "Pension reform and couples' joint retirement decisions," IZA World of Labor, Institute of Labor Economics (IZA), pages 142-142, April.
    3. Brooke Helppie McFall & Amanda Sonnega & Robert J. Willis & Peter Hudomiet, 2015. "Occupations and Work Characteristics: Effects on Retirement Expectations and Timing," Working Papers wp331, University of Michigan, Michigan Retirement Research Center.
    4. Joshua D. Rauh & Irina Stefanescu & Stephen P. Zeldes, 2020. "Cost Saving and the Freezing of Corporate Pension Plans," NBER Working Papers 27251, National Bureau of Economic Research, Inc.
    5. Gustman, Alan L. & Steinmeier, Thomas L. & Tabatabai, Nahid, 2018. "A structural analysis of the effects of the Great Recession on retirement and working longer by members of two-earner households," The Journal of the Economics of Ageing, Elsevier, vol. 12(C), pages 175-182.
    6. Rauh, Joshua D. & Stefanescu, Irina & Zeldes, Stephen P., 2020. "Cost saving and the freezing of corporate pension plans," Journal of Public Economics, Elsevier, vol. 188(C).
    7. Carman, Katherine G. & Edwards, Kathryn Anne & Brown, Kristine, 2022. "Pathways to Retirement Among Dual Earning Couples," The Journal of the Economics of Ageing, Elsevier, vol. 22(C).

    More about this item

    Keywords

    Retirement; retirement in two earner families; household retirement; family retirement; pensions; Social Security; C61; D31; D91; E21; H55; I3; J14; J16; J26; J32;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions

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