What Causes Workers to Retire Before They Plan?

Center for Retirement Research Working Paper No. 2015-22

34 Pages Posted: 27 Sep 2015

See all articles by Alicia H. Munnell

Alicia H. Munnell

Boston College - Center for Retirement Research

Geoffrey Sanzenbacher

Boston College Economics Department

Anthony Webb

Boston College - Center for Retirement Research

Date Written: September 1, 2015

Abstract

This paper explores the extent to which health, employment, family, or finances are associated with earlier-than-planned retirement using the Health and Retirement Study (HRS). The importance of any shock that drives early retirement depends both on its effect on those experiencing it and its prevalence in the population; therefore, the analysis proceeds in two steps. First, a probit regression is used to determine the strength of the relationship between the shocks and earlier-than-planned retirement, controlling for individual characteristics. Second, to incorporate the prevalence of the shock, counterfactual experiments are run to determine how much early retirement would be reduced in the population if these shocks did not occur.

Suggested Citation

Munnell, Alicia and Sanzenbacher, Geoffrey and Webb, Anthony, What Causes Workers to Retire Before They Plan? (September 1, 2015). Center for Retirement Research Working Paper No. 2015-22. Available at SSRN: https://ssrn.com/abstract=2665786 or http://dx.doi.org/10.2139/ssrn.2665786

Alicia Munnell (Contact Author)

Boston College - Center for Retirement Research ( email )

Fulton Hall 550
Chestnut Hill, MA 02467
United States
617-552-1762 (Phone)

Geoffrey Sanzenbacher

Boston College Economics Department ( email )

United States

Anthony Webb

Boston College - Center for Retirement Research ( email )

Fulton Hall 550
Chestnut Hill, MA 02467
United States

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