Integrating Retirement Models: Understanding Household Retirement Decisions

Alan Gustman () and Thomas L. Steinmeier

A chapter in Factors Affecting Worker Well-being: The Impact of Change in the Labor Market, 2014, vol. 40, pp 79-112 from Emerald Group Publishing Limited

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.

Keywords: Retirement; retirement in two earner families; household retirement; family retirement; pensions; Social Security; C61; D31; D91; E21; H55; I3; J14; J16; J26; J32 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:rleczz:s0147-912120140000040003

DOI: 10.1108/S0147-912120140000040003

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