Wharton Pension Research Council Working Papers
 

Title

The Changing Nature of Retirement

Document Type

Working Paper

Date of this Version

9-1-2014

Abstract

The trend to later retirements and increased work for pay during retirement have been explained by longer life expectancies, better health at older ages, and declining pension coverage. Retirement surveys show current workers continue to push back retirement plans and increasing numbers plan to work for pay in retirement. Yet the fraction or retirees working for pay is substantially lower, and the age of retirement notably younger, than suggested by surveys. This apparent conundrum can be explained by lack of demand for the services for older workers, and the fact that future retirees are likely to experience retirement very differently than the current older generation. Current workers should factor uncertainty about labor market outcomes into their retirement planning.

Comments

The published version of this Working Paper may be found in the 2016 publication: Reimagining Pensions.

Working Paper Number

WP2014-07

Copyright/Permission Statement

All opinions, errors, findings, interpretations, and conclusions of this paper represent the views of the authors and not those of the Wharton School or the Pension Research Council. © 2014 Pension Research Council of the Wharton School of the University of Pennsylvania.

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Date Posted: 26 June 2019