Retirement Expectations: Differences by Race, Ethnicity, and Gender

Honig, Marjorie

doi:10.1093/geront/36.3.373

Cited by 66 publications

(52 citation statements)

References 20 publications

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“…Honig (1996) found the retirement decisions of single women did not differ substantially from those of either single or married men. In relation to married women, Hurd (1988) found their retirement decisions were related to their husbands' retirement, and Pozzebon and Mitchell (1989) highlighted the importance of spouses' retirement income.…”

Section: Previous Studiesmentioning

confidence: 76%

Factors Influencing Planning for Retirement

Delpachitra¹,

Beal

2002

J of App Econs and Policy

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1Introduction As in many the other counties, funding for retirement in Australia is a difficult public policy issue. Australians are living longer and the birth rate has been dropping consistently over recent decades. Consequently, the population here is ageing. Over-65 year olds are expected to comprise some 18% of the Australian population by 2020 and 26% by 2050, in contrast to about 12% of the population at the turn of the century (ABS, 1998). People in the post-War population bulge, the baby-boomers, are reaching the age of retirement now and in the near future. This rapid increase in the number and proportion of retirees will serve to highlight the retirement-incomes problem.The ageing of the population may reduce economic growth but, if those extra years of life were devoted more to work rather than to retirement, economic growth may be enhanced. The age of retirement is obviously the key determinant of the division of each life between participation and dependency. However, little is known in Australia about the decision to retire. This paper reports four different aspects of decisions to retire in order to give readers an understanding of the factors influencing retirement decisions of Australians. Firstly, it describes the planned retirement age decision of the sample in terms of an ogive; secondly, it identifies the factors influencing the decisions to retire by retirees and contrasts them with factors important to non-retirees. Thirdly, it reports a model of the probability of working full time because those who find fulltime employment are in a better position not only to plan for their retirement but also to have a secure income at retirement; and finally, it analyses the planned retirement age of non-retired Australians and investigates further the determinants of planned retirement ages.The key factors affecting the decision to retire can be classified as:The external factors include the ability to find suitable employment, working environment and job satisfaction. The personal factors include marriage, pregnancy and own-and family-health. The financial factors cover accumulating a sufficient level of assets to fund retirement or qualifying for an appropriate pension scheme. The lifestyle factors include the need to join a spouse's/partner's retirement and the desire to spend the rest of life in recreational and leisure activities.The paper is structured as follows. The next section provides a brief background to the study. Section three describes the analytical approach including the data collection. The penultimate section provides the results of the study with a discussion of key findings. The final section summarises the results with a description of major implications for government policy makers and financial planners.

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Section: Previous Studiesmentioning

confidence: 76%

Factors Influencing Planning for Retirement

Delpachitra¹,

Beal

2002

J of App Econs and Policy

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“…In 2000, another work disincentive was removed with the passage of the Senior Citizen's Freedom to Work Act; workers who are past full retirement age (currently 65) no longer have their Social Security benefits reduced if their earnings are over a particular limit (U.S. Social Security Administration, 2001). According to Honig (1996 and1998), however, Social Security benefits do not seem to have significantly influenced plans of white, married women to work full-time past age 62. Duggan (1984) found significant negative impacts of Social Security benefits on women aged 55-64 but not on women over 65.…”

Section: Many Years Later…mentioning

confidence: 99%

“…Husband's health is another factor influencing a woman's retirement plans. While the poor health of a spouse increases the value of nonmarket time, it has a larger effect on income needs, thereby increasing expectations of working past age 62 (Honig, 1996).…”

Section: Many Years Later…mentioning

confidence: 99%

“…In addition, Friedberg and Webb conclude that the change in pension structure has already contributed to such a trend among people currently in their 60s. Honig (1996) included a dummy variable for whether pension wealth increases with additional work after age 62. Consistent with the findings of Friedberg and Webb, that variable had a statistically significant, positive impact on expected continuation of work past age 62.…”

Section: Many Years Later…mentioning

confidence: 99%

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Labor force plans and labor force status

Leppel¹

2005

DemRes

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Many U.S. women who were in their late 60s at the turn of the century were still employed. These women graduated from college in the 1950s, an era when women's labor force participation was low. Data from the U.S. Department of Labor Women's Bureau Survey of the college class of 1957 was used to examine labor force expectations of these women when they completed college. Logit analysis was applied to four labor force categories: full-time, part-time, unemployed, and not in the labor force. In 1957, many women underestimated their future labor force participation. By 1964, though, the trend toward increasing future work expectations may have begun. After examining the retirement literature and factors encouraging older women to continue working, Current Population Survey data on college-educated women aged 65 to 69 in 2003 were used to explore the labor force participation of this cohort later in life.

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“…Retirement expectations appear to be reliable predictors of actual retirement behavior (Bernheim 1988;Dominitz 1996;Honig 1996).…”

Section: Retirement Trendsmentioning

confidence: 99%

Why Do Boomers Plan to Work So Long?

2006

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2004, the mean expected probability of working full-time past age 62 among workers ages 51 to 56 increased from 47 percent to 51 percent. The increase was even more rapid for the expected mean probability of full-time work after age 65, which grew from 27 percent to about 33 percent over the period. Controlling for other factors, self employment, education, and earnings increased work expectations at older ages, while defined benefit pension coverage, employer-sponsored retiree health benefits, and household wealth reduced expectations.Lower rates of retiree health insurance offers from employers, higher levels of educational attainment, and lower rates of defined benefit pension coverage accounted for most of the increase between 1992 and 2004 in expected work probabilities after ages 62 and 65. These trends suggest that the boomers will remain at work longer than the previous generation. The recent uptick in average retirement ages appears to be the leading edge of a new long-term trend. Lengthier careers will likely promote economic growth, increase government revenue, and improve individual financial security at older ages.

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Retirement Expectations: Differences by Race, Ethnicity, and Gender

Cited by 66 publications

References 20 publications

Factors Influencing Planning for Retirement

Factors Influencing Planning for Retirement

Labor force plans and labor force status

Why Do Boomers Plan to Work So Long?

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