Recessions, Retirement, and Social Security
- (pp. 23-28)
Abstract
This paper examines how labor market fluctuations around the time of retirement affect the labor force status and Social Security receipt of individuals ages 55 to 69 and the income of retirees in their 70s, using data from the March Current Population Survey, Census, and American Community Surveys. We find that workers are more likely to leave the labor force, to collect Social Security earlier, and to have lower Social Security income when they face a recession near retirement. The impact is greatest for the less-educated, who are more susceptible to job loss and rely more heavily on Social Security.Citation
Coile, Courtney C., and Phillip B. Levine. 2011. "Recessions, Retirement, and Social Security." American Economic Review, 101 (3): 23-28. DOI: 10.1257/aer.101.3.23JEL Classification
- H55 Social Security and Public Pensions
- J14 Economics of the Elderly; Economics of the Handicapped; Non-labor Market Discrimination
- J22 Time Allocation and Labor Supply
- J26 Retirement; Retirement Policies