RUI: The Role of Pensions and Job Charateristics in Determining Retirement Behavior

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This project is supported under the Research in Undergraduate Institutions Program. The purpose of this research is to analyze the impact of job characteristics on retirement. A model is developed and estimated which takes into account the notion that pensions and age of retirement are jointly determined, based on comparison of a workers productivity and the marginal disutility of work. This differs from previous studies where age of retirement has been treated independent of these factors. The model will be tested using data on characteristics of occupation drawn from a number of sources and individual work histories from the Retirement History Survey. Several alternative specifications will be tested, including continuous dependent variables, categorical dependent variables, and transition hazards. This research is important because it will provide a better understanding of how retirement age may be affected by public policy regarding pensions, and how changes in retirement age might affect the composition of the labor force.