2016

Occupational Transitions at Older Ages: What Moves are People Making?

WP 2016-352, UM16-03

Given the clear benefit for both public and private finances of extending work lives, many policymakers are interested in finding and promoting ways to accomplish this objective while balancing concerns for work ability at older ages. At the same time,…

How Home Equity Extraction and Reverse Mortgages Affect the Credit Outcomes of Senior Households

WP 2016-351, UM16-12

This paper examines how the extraction of home equity, including but not limited to equity extracted through reverse mortgages, affects credit outcomes of senior households. We use data from the Federal Reserve Bank of New York/Equifax Consumer Credit Panel, supplemented…

Cohort Changes in Social Security Benefits and Pension Wealth

WP 2016-350, UM16-11

We utilize three sets of data resources—the Health and Retirement Study (HRS), linked Social Security earnings records of the HRS respondents, and publicly available pension plan descriptions—to study pension wealth accumulations among the recent HRS cohorts. We document the trends…

Do State Laws Protecting Older Workers from Discrimination Laws Reduce Age Discrimination in Hiring? Experimental (and Nonexperimental) Evidence

WP 2016-349, UM16-04

We provide evidence from a field experiment — a correspondence study — on age discrimination in hiring for retail sales jobs. We collect experimental data in all 50 states and then relate measured age discrimination — the difference in callback…

The Dynamic Effects of Health on the Employment of Older Workers

WP 2016-348, UM16-16

Using data from the Health and Retirement Study (HRS) and the English Longitudinal Study of Ageing (ELSA), we estimate a dynamic model of health and employment. We estimate how transitory and persistent health shocks affect employment over time. In a…

Time Discounting and Economic Decision-making among the Elderly

WP 2016-347, UM16-14

This research project evaluates the extent of heterogeneity in time discounting among elderly Americans, as well as its role in explaining older peoples’ key behaviors. We first show how older Americans evaluate simple (hypothetical) intertemporal choices in which payments now…

Older People's Willingness to Delay Social Security Claiming

WP 2016-346, UM16-05

We designed and fielded an experimental module in the 2014 HRS which seeks to measure older persons’ willingness to voluntarily defer claiming of Social Security benefits. In addition we evaluate the stated willingness of older individuals to work longer, depending…

Health Reform and Health Insurance Coverage of Early Retirees

WP 2016-345, UM16-15

This paper presents evidence of the dynamics of health insurance coverage between 2008 and 2014 among early retirees, defined as individuals ages 55 to 64 who are not in the labor force. We focus on three questions. First, how did…

The Interaction between Consumption and Health in Retirement

WP 2016-344, UM16-06

We study the interaction between consumption and health in retirement. Our main contribution is the estimation of a consumption Euler equation taking health into consideration. The Euler equation is derived from a model of consumption in retirement with three important…

The Affordable Care Act as Retiree Health Insurance: Implications for Retirement and Social Security Claiming

WP 2016-343, UM16-02

Using data from the Health and Retirement Study, we examine the effects of the Affordable Care Act (ACA) on retirement. We first calculate retirements (and in related analyses changes in expected ages of retirement and/or Social Security claiming) between 2010,…