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Pensions and Mortality

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  • Paul J. Taubman

Abstract

Pensions and age specific death rates are intertwined in several ways. Pensions provide a mechanism to remove the uncertainty about date of death from consumption planning. Age specific death rates determine the cost and value of pensions. In this paper, we use the Retirement History Survey to estimate reduced form functions for the probability of having a pension when the person reaches 65 and on the dollar amount of the pension. We also evaluate the effect of 15% drop in age specific death rates from 1973 to 1979 on the costs of a pension. We find that the probability of having a pension is related to education, marital status, occupation, industry and assets. The probability equation is very similar for males and females. We find that the sharp drop in death rates has only a marginal impact on the cost of providing a pension.

Suggested Citation

  • Paul J. Taubman, 1981. "Pensions and Mortality," NBER Working Papers 0811, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:0811
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    References listed on IDEAS

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    1. Paul Taubman & Sherwin Rosen, 1982. "Healthiness, Education, and Marital Status," NBER Chapters, in: Economic Aspects of Health, pages 121-140, National Bureau of Economic Research, Inc.
    2. Boskin, Michael J, 1977. "Social Security and Retirement Decisions," Economic Inquiry, Western Economic Association International, vol. 15(1), pages 1-25, January.
    3. Joseph F. Quinn, 1977. "Microeconomic Determinants of Early Retirement: A Cross-Sectional View of White Married Men," Journal of Human Resources, University of Wisconsin Press, vol. 12(3), pages 329-346.
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    2. Jorge González, 2008. "Commuting costs and labor force retirement," Working Papers. Serie AD 2008-19, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    3. Frederic P. Slade, 1982. "Labor Force Entry and Exit of Older Men: A Longitudinal Study," NBER Working Papers 1029, National Bureau of Economic Research, Inc.

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