I Can't Forget About U: Lifetime Unemployment and Retirement Well-being

Andrew E. Clark () and Anthony Lepinteur ()
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Andrew E. Clark: PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement
Anthony Lepinteur: uni.lu - Université du Luxembourg = University of Luxembourg = Universität Luxemburg

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Abstract: It is well-known that unemployment leaves scars after re-employment, but does this scarring effect persist even after retirement? We analyse European data on retirees from the SHARE panel, and show that the well-being of the retired continues to reflect the unemployment that they experienced over their working life. These scarring effects are somewhat smaller for older retirees, but larger for those who arguably had higher expectations regarding the labour market when they were active. The lower well-being from lifetime unemployment does not reflect lower retirement income. This long-run scarring for those who have left the labour market underlines that contemporaneous correlations significantly under-estimate the well-being cost of unemployment.

Keywords: Unemployment; Retirement; Scarring; Well-Being; SHARE (search for similar items in EconPapers)
Date: 2024-11
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-04788992v1
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