Forecasting Labor Force Participation and Economic Resources of the Early Baby Boomers

35 Pages Posted: 9 Jul 2008

See all articles by Pierre-Carl Michaud

Pierre-Carl Michaud

RAND Corporation; IZA Institute of Labor Economics

Susann Rohwedder

RAND Corporation

Date Written: May 1, 2008

Abstract

This paper forecasts the retirement patterns and resources of the Early Baby Boomers by estimating forward-looking dynamic models of labor force participation, wealth accumulation and pension and Social Security benefit claiming for older workers using seven waves of HRS-data. The two most important innovations of our proposed approach are the use of alternative measures of pension entitlements and the associated incentives, and accounting for subjective expectations about future work. Our main findings are that the Early Baby Boomers will work longer and claim Social Security later.

Suggested Citation

Michaud, Pierre-Carl and Rohwedder, Susann, Forecasting Labor Force Participation and Economic Resources of the Early Baby Boomers (May 1, 2008). Michigan Retirement Research Center Research Paper No. WP 2008-175. Available at SSRN: https://ssrn.com/abstract=1157358 or http://dx.doi.org/10.2139/ssrn.1157358

Pierre-Carl Michaud (Contact Author)

RAND Corporation ( email )

1776 Main Street
Santa Monica, CA 90407-2138
United States

IZA Institute of Labor Economics

P.O. Box 7240
Bonn, D-53072
Germany

Susann Rohwedder

RAND Corporation ( email )

P.O. Box 2138
1776 Main Street
Santa Monica, CA 90407-2138
United States

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