Involuntary Retirement, U.S. Social Security Program Participation and the Great Recession

TitleInvoluntary Retirement, U.S. Social Security Program Participation and the Great Recession
Publication TypeJournal Article
Year of Publication2014
AuthorsSeligman, JS
JournalPublic Finance and Management
Volume14
Issue3
Pagination329-356
KeywordsDisabilities, Employment and Labor Force, Health Conditions and Status, Public Policy, Retirement Planning and Satisfaction, Social Security, Women and Minorities
Abstract

Involuntary retirement covers economic and health related dislocations. Over 1992-2011, three-in-ten retirees in the Health and Retirement Study (HRS) report an involuntary retirement. Roughly half of these involuntary retirements are health-related. Following the Great Recession, involuntary retirement in the U.S. grew much faster than voluntary retirement. I find that while the population receiving Social Security retirement benefits grew 6 slower than average, the population receiving no public retirement or disability benefits grew 79 faster than average and the population reporting health-related involuntary retirement grew 270 faster than average. While incomes are found to have fallen for all retiree groups, those reporting health-related involuntary retirements are found to have retirement income declines of 38 and the lowest pre-retirement incomes of any measured group. These findings suggest patterns of vulnerability that have important implications for proposals seeking to reform the U.S. Social Security Program.

Notes

Date revised - 2015-03-01 Availability - URL:http://www.spaef.com/pfm.php Publisher's URL

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Endnote Keywords

Social Security/Public Pensions/Health Behavior/Economics of the Elderly, Economics of the Handicapped, Non-labor Market Discrimination/Retirement planning/Retirement Policies/Public Policy/labor Force Participation/Disability/Disability/Social Security

Endnote ID

999999

Citation Key8015