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Retirement and the Evolution of Pension Structure
Leora Friedberg
University of Virginia - Department of Economics; National Bureau of Economic Research (NBER)
Anthony Webb
Boston College - Center for Retirement Research
September 2003
NBER Working Paper No. w9999
Abstract:
Defined benefit pension plans have become considerably less common since the early 1980s, while defined contribution plans have spread. Previous research showed that defined benefit plans, with sharp incentives encouraging retirement after a certain point, contributed to the striking postwar decline in American retirement ages. In this paper we find that the absence of age-related incentives in defined contribution plans leads workers to retire almost two years later on average, compared to workers with defined benefit plans. Thus, the evolution of pension structure can help explain recent increases in employment among people in their 60s, after decades of decline.
Number of Pages in PDF File: 43
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Date posted: September 28, 2003
Suggested CitationFriedberg, Leora and Webb, Anthony, Retirement and the Evolution of Pension Structure (September 2003). NBER Working Paper No. w9999. Available at SSRN: http://ssrn.com/abstract=450900
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