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Key Findings Details

Nonmonetary Job Characteristics and Employment Transitions at Older Ages
Marco Angrisani, Arie Kapteyn and Erik Meijer
WP 2015-326

• We provide a comprehensive examination of the various nonmonetary, work-related factors that affect the dynamics of labor-force withdrawal at older ages and of whether the effects are driven by individuals’ perceptions and/or by objective job demands and characteristics.

• We find that objective physical job demands are more powerful determinants of retirement, while perceived ones are more important drivers of the decision to move from full-time to part-time. Objective level of social interactions on the job decreases the likelihood of retirement, while perceived task difficulty and job-related stress make individuals more likely to withdraw from the labor force.

• Objective and perceived nonmonetary job characteristics also affect retirement plans. Specifically, physical demands decrease distance from planned retirement and the subjective probability of working full-time after age 62 and 65. Social skills requirements are associated with greater distance from planned retirement age, as well as with higher likelihood of working past age 65.