UNDERSTANDING JOINT RETIREMENT DECISIONS IN COUPLES

这项拟议研究的主要目标是了解健康状况、社会保障和残疾计划、雇主养老金激励、配偶护理给予和共同休闲偏好对夫妇个人退休决定的单独影响。英国老龄化纵向研究(ELSA)和健康与退休研究(HRS)中详细的健康和经济数据为这一分析提供了独特的机会，也是这里提出的比较工作的理想选择。英国提供了一个与美国进行比较的特别有用的角度，因为在英国，许多接近退休的夫妇拥有截然不同的公共和私人养老金组合，在应计比率、提前退休日期和正常退休日期方面有着截然不同的结构。在英国50-65岁的夫妇中，Elsa的第一批数据已经显示了养老金的多样性 安排好了。这是英国第一个允许进行如此仔细分析的数据源。此外，在英国，残疾制度中的激励措施及其与社会保险其他组成部分的互动方式也有很大不同，这将有助于区分残疾保险激励措施与健康事件对夫妇退休决定的直接影响。老年夫妇可获得的经济激励与 对他们健康状况的测量使得仔细的建模和详细的纵向数据至关重要。ELSA和HRS都满足这两个要求。我们提出了两种可供选择的方法来模拟联合退休决策以及健康、家庭考虑和退休激励的影响：准简化形式的面板数据模型和完全指定的集体动态规划模型。

The key objective of the proposed research is to understand the separate impact of health status, social security and disability programs, employer pension incentives, spousal care giving, and preferences for joint leisure on the retirement decisions of individuals in couples. The detailed health and economic data in the English Longitudinal Study of Aging (ELSA) and the Health and Retirement Study (HRS) provide a unique opportunity for this analysis and are also ideal for the comparative work proposed here. The UK provides a particularly useful point of comparison with the US as many couples approaching retirement in the UK have quite different combinations of public and private pensions with quite different structures with respect to accrual rates, early retirement dates and normal retirement dates. Among those aged 50-65 in couples in the UK, the first data from ELSA have already shown the variety of pension arrangements. This is the first data source in the UK to allow such a careful analysis. Also the incentives in the disability system and the way they interact with other components of social insurance are quite different in the UK, and will help distinguish disability insurance incentives from the direct impact of health events on retirement decisions by couples. The complicated interactions between the financial incentives available to older individuals in couples and the measurement of their health status make careful modeling and detailed longitudinal data essential. ELSA and HRS fulfill both of these requirements. We propose two alternative approaches to modeling joint retirement decisions and the impact of health, family considerations, and retirement incentives: a quasi-reduced form panel data model and a fully specified collective dynamic programming model.