Reentering the labor force after retirement

Monthly Labor Review

Volumn 134, Issue 6, 2011, Pages 34-42

  Cahill, Kevin E ^a   Giandrea, Michael D ^a   Quinn, Joseph F ^b  

^a BOSTON COLLEGE   (United States)

^b BUREAU OF LABOR STATISTICS   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 80052244384     PISSN: 00981818     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (42)

1. See Joseph F. Quinn, "Retirement Patterns and Bridge Jobs in the 1990s," EBRI Issue Brief No. 206 (Washington, DC, Employee Benefit Research Institute, February 1999), http://www.ebri.org/publications/ib/index.cfm?fa=ibDisp&content_id=119 (visited June 24, 2008).
2. "New Paths to Retirement," in Brett Hammond, Olivia Mitchell, and Anna Rappaport, eds., Forecasting Retirement Needs and Retirement Wealth (Philadelphia, University of Pennsylvania Press, 2000), pp. 13-32.
3. Kevin E. Cahill, Michael D. Giandrea, and Joseph F. Quinn, "Retirement Patterns from Career Employment," The Gerontologist, August 2006, pp. 514-23.
4. Michael D. Giandrea, Kevin E. Cahill, and Joseph F. Quinn, "Bridge Jobs: A Comparison Across Cohorts," Research on Aging, September 2009, pp. 549-76.
5. Jan E. Mutchler, Jeffrey A. Burr, Amy M. Pienta, and Michael P. Massagli, "Pathways to Labor Force Exit: Work Transitions and Work Instability," Journal of Gerontology, January 1997, pp. S4-S12.
6. Joseph F. Quinn, Richard V. Burkhauser, and Daniel A. Myers, Passing the Torch: The Influence of Economic Incentives on Work and Retirement (Kalamazoo, MI, W. E. Upjohn Institute for Employment Research, 1990).
7. Christopher J. Ruhm, "Bridge Jobs and Partial Retirement," Journal of Labor Economics, October 1990, pp. 482-501.
8. Quinn, "Retirement Patterns and Bridge Jobs."
9. Cahill, Giandrea, and Quinn, "Retirement Patterns."
10. Giandrea, Cahill, and Quinn, "Bridge Jobs."
11. See Alicia H. Munnell, Kevin E. Cahill, Andrew D. Eschtruth, Kevin Meme, Amy Chasse, Natalia Jivan, Greg Wiles, Mauricio Soto, Steven A. Sass, and Tatiana Mihailovschi-Muntean, "The Graying of Massachusetts: Aging, the New Rules of Retirement, and the Changing Workforce" (Boston, MassINC, June 1, 2004), http://www.massinc.org/Research/The-Graying-of-Massachusetts.aspx (visited Dec. 12, 2010).
12. Alicia H. Munnell, "Working Longer: A Potential Winwin Proposition," in Teresa Ghilarducci and John Turner, eds., Work Options for Older Americans (Notre Dame, Indiana: University of Notre Dame Press, 2007), pp. 11-43.
13. See Alicia H. Munnell and Annika Sundén, Coming Up Short: The Challenge of 401(k) Plans (Washington, DC, The Brookings Institution Press, 2004).
14. Alicia H. Munnell and Pamela Perun, "An Update on Private Pensions," Issue in Brief No. 50 (Chestnut Hill, MA, Center for Retirement Research at Boston College, August 2006), http://crr.bc.edu/briefs/an_update_on_private_pensions.html (visited Dec. 12, 2010).
15. Munnell and Perun, "An Update on Private Pensions."
16. Craig Copeland, "Retirement Plan Participation and Asset Allocation, 2007," EBRI vol. 30, no. 11 (Washington, DC, Employee Benefit Research Institute, November 2009), http://www.ebri.org/pdf/notespdf/EBRI_Notes_11-Nov09.Ret-Part.pdf (visited June 20, 2011).
17. See Kevin E. Cahill and Mauricio Soto, "How Do Cash Balance Plans Affect the Pension Landscape?" Issue in Brief No. 14 (Chestnut Hill, MA, Center for Retirement Research at Boston College, December 2003), http://crr.bc.edu/briefs/how_do_cash_balance_plans_affect_the_pension_landscape.html (visited Jan. 6, 2011).
18. Cahill and Soto provide more information on cash balance plans, which are often referred to as "hybrid" pension plans, because they contain characteristics of both defined-benefit and defined-contribution plans
19. Munnell and Sundén, Coming Up Short.
20. For data on the financial solvency of Social Security, see The 2011 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds (Board of Trustees, Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, 2011), http://www.ssa.gov/oact/TR/2011/tr2011.pdf (visited June 21, 2011).
21. "CBO's Long-Term Projections for Social Security: 2009 Update" (Congressional Budget Office, August 2009), http://www.cbo.gov/ftpdocs/104xx/ doc10457/08-07-SocialSecurity_Update.pdf (visited Dec. 12, 2010).
22. See Quinn, "Retirement Patterns," and "Work, Retirement, and the Encore Career: Elders and the Future of the American Workforce," Generations: Journal of the American Society on Aging, fall 2010, pp. 45-55.
23. See Patrick Purcell, "Older Workers: Employment and Retirement Trends," CRS Report for Congress (Congressional Research Service, Sept. 16, 2009), http://aging.senate.gov/crs/pension34.pdf (visited Dec. 12, 2010).
24. See Courtney C. Coile and Phillip B. Levine, "Bulls, Bears, and Retirement Behavior," Industrial and Labor Relations Review, April 2006, pp. 408-29.
25. Quinn, Burkhauser, and Myers, Passing the Torch
26. See David M. Blau, "Labor Force Dynamics of Older Men," Econometrica, January 1994, pp. 117-56.
27. Hazard rate, in this context, refers to the conditional probability of entering full employment in a particular quarter given that one is still out of the labor force at the beginning of that quarter
28. See Nicole Maestas, "Back to Work: Expectations and Realizations of Work after Retirement," Journal of Human Resources, summer 2010, pp. 719-48.
29. See F. Thomas Juster and Richard Suzman, "An Overview of the Health and Retirement Study," Journal of Human Resources, Special Issue on the Health and Retirement Study: Data Quality and Early Results, vol. 30, 1995, pp. S7-S56.
30. Growing Older in America: The Health & Retirement Study (U.S. Department of Health and Human Services, 2007), http://www.nia.nih.gov/ResearchInformation/ExtramuralPrograms/ BehavioralAndSocialResearch/HRS.htm (visited Dec. 12, 2010).
31. Attrition is due to many factors, including the death of the respondent, an inability to locate the respondent, or refusal to participate in the survey
32. Respondents classified as "still in a full-time career job" are those who were in a full-time career job in 2008 and those who were last observed as being in a full-time career job
33. Respondents who were judged to have left the labor force were required to be out of the labor force for at least two surveys in order to avoid misclassifying those who had only a temporary lull in employment-for example, someone who left a career job just before the 2004 survey and moved to a bridge job several weeks later, but just after the 2004 survey. Therefore, a respondent had to exit the labor force before the 2004 interview in order to qualify for reentry status. For example, a respondent who worked in 2002, was out of the labor force in 2004 and 2006, and was back in the workforce in 2008 would qualify.
34. The survey was unable to identify retirement transitions for about 8 percent of the sample. These individuals are not reflected in this tabulation.
35. See, for example, Cahill, Giandrea, and Quinn, "Retirement Patterns."
36. Other variables included in the regression, but not shown in table 3, are ethnicity, wage rate, financial wealth, and region. The coefficients of these variables were not statistically significant at the 5-percent level.
37. Maestas, "Back to Work."
38. Quinn, Burkhauser, and Myers, Passing the Torch
39. Maestas, "Back to Work."
40. See Quinn, "Retirement Patterns"
41. Cahill, Giandrea, and Quinn, "Retirement Patterns"
42. Ruhm, "Bridge Jobs."