Title | Are Traditional Retirements a Thing of the Past? New Evidence on Retirement Patterns and Bridge Jobs |
Publication Type | Report |
Year of Publication | 2005 |
Authors | Cahill, KE, Giandrea, MD, Quinn, JF |
Institution | Washington, DC, U.S. Department of Labor, Bureau of Labor Statistics |
Call Number | wp_2005/Cahill_etal.pdf |
Keywords | Employment and Labor Force, Methodology, Retirement Planning and Satisfaction |
Abstract | Purpose: This paper investigates whether permanent, one-time retirements are coming to an end just as the trend towards earlier and earlier retirements did nearly 20 years ago. We explore how common bridge jobs are among today s retirees, and how uncommon traditional retirements have become. Methods: Using data from the Health and Retirement Study (HRS), we explore the work histories and retirement patterns of a cohort of retirees aged 51 to 61 in 1992 over a ten-year time period in both a cross-sectional and longitudinal context. Bridge job determinants are examined using bivariate comparisons and a multinomial logistic regression model of the bridge job decision. Results: We find that one-half to two-thirds of the HRS respondents with full-time career jobs take on bridge jobs before exiting the labor force completely. We also find that bridge job behavior is most common among younger respondents, respondents without defined-benefit pension plans, and respondents at the lower- and upper-end of the wage distribution. Implications: The evidence suggests that changes in the retirement income landscape since the 1980s appear to be taking root. Going forward, traditional retirements will be the exception rather than the rule. |
URL | http://www.bls.gov/ore/pdf/ec050100.pdf |
Endnote Keywords | Retirement/Bridge Jobs/Economics |
Endnote ID | 15270 |
Citation Key | 5614 |