Retirement in a Family Context: A Structural Model for Husbands and Wives

64 Pages Posted: 12 Jul 2000 Last revised: 27 Aug 2010

See all articles by Alan L. Gustman

Alan L. Gustman

Dartmouth College - Department of Economics; National Bureau of Economic Research (NBER)

Thomas L. Steinmeier

Texas Tech University - Department of Economics and Geography

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Date Written: January 1994

Abstract

A structural econometric model of retirement of married couples is specified and estimated with recent panel data from the NLS for Mature Women. A coincidence of spouses retiring together, despite the younger ages of wives, suggests explicit efforts at coordination. The estimates suggest that one reason is a coincidence of tastes for leisure. More importantly, each spouse, and perhaps husbands in particular, values retirement more once their spouse has retired. The opportunity set accounts for peaks in the retirement hazards of each spouse, but coordination in opportunities is not responsible for coordination of retirement dates.

Suggested Citation

Gustman, Alan L. and Steinmeier, Thomas L., Retirement in a Family Context: A Structural Model for Husbands and Wives (January 1994). NBER Working Paper No. w4629, Available at SSRN: https://ssrn.com/abstract=226973

Alan L. Gustman (Contact Author)

Dartmouth College - Department of Economics ( email )

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Thomas L. Steinmeier

Texas Tech University - Department of Economics and Geography ( email )

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