@article {9863, title = {Is Bridge Job Activity Overstated?}, journal = {Work, Aging and Retirement}, volume = {4}, year = {2018}, pages = {330-351}, abstract = {Considerable prior research has shown that most older Americans with career employment transition to bridge jobs before exiting the labor force. One criticism of this research is that bridge job activity may be overstated because the definition of a bridge job in the existing literature does not require a change in occupation. For some, the "bridge job" may just be another in a series of job changes, and not a prelude to retirement. This article investigates the extent to which bridge jobs involve a change in occupation or a switch to part-time status, both of which may signal the start of a retirement transition, as opposed to continued career employment, albeit with a different employer. We utilize the Health and Retirement Study (HRS), a nationally representative longitudinal dataset of older Americans that began in 1992. Among HRS respondents who were on a full-time career job at the time of the first interview and who changed jobs in subsequent waves, 48\% of the men and 39\% of the women also changed their (two-digit) occupation at the time of their first transition. Further, when hours worked is also considered, about 3 quarters of men and women experienced a change in occupation and/or a switch from full-time to part-time status. We conclude that most career workers who changed jobs later in life did in fact do so as part of a retirement transition. Ignoring these subtleties does result in an overestimate of bridge job activity, but only a modest one.}, keywords = {Bridge employment, Employment and Labor Force, Gender Differences, Retirement Planning and Satisfaction}, issn = {2054-4642}, doi = {10.1093/workar/way006}, url = {https://academic.oup.com/workar/article/4/4/330/4999804http://academic.oup.com/workar/article-pdf/4/4/330/25835505/way006.pdf}, author = {Kevin E. Cahill and Michael D. Giandrea and Joseph F. Quinn}, editor = {Henkens, Kene} } @article {9843, title = {Transitions From Career Employment Among Public- and Private-Sector Workers}, number = {Working Paper No. 25003}, year = {2018}, month = {09/2018}, institution = {National Bureau of Economic Research}, address = {Cambridge, MA}, abstract = {Do the retirement patterns of public-sector workers differ from those in the private sector? Most private-sector workers today face a do-it-yourself retirement income landscape characterized by an exposure to market forces through defined-contribution pension plans and private saving, and the risk of financial insecurity later in life. Public-sector workers, in contrast, are typically covered by defined-benefit pension plans that both encourage retirement at relatively young ages and offer financial security at older ages. As a result, the consequences of private- and public-sector workers{\textquoteright} retirement decisions could differ in important ways. For workers generally, and for private-sector workers in particular, a focus among researchers and policymakers has been the importance of continued work later in life for improving financial security at older ages. Such concerns might be of less consequence for public-sector workers due to the prevalence of defined-benefit pensions. Public-sector workers{\textquoteright} departures from the labor force might also differ from those in the private sector, all else equal, because of the age-specific incentives within their defined-benefit plans. Despite these important differences, the private-public distinction has received relatively little attention in the retirement literature. Our paper examines how private- and public-sector workers transition from career employment to complete labor force withdrawal, with a focus on the role of bridge employment, phased retirement, and re-entry. We identify the prevalence and determinants of each pathway to retirement using longitudinal data on four cohorts of private- and public-sector career older workers from the Health and Retirement Study (HRS). Our findings suggest that the prevalence of work after leaving career employment among public-sector workers resembles that of private-sector workers, although with a higher prevalence of part-time bridge employment, a result that has important implications for public policy as the pace of societal aging accelerates.}, keywords = {Employment and Labor Force, Private vs public sector, Retirement Planning and Satisfaction}, doi = {10.3386/w25003}, url = {http://www.nber.org/papers/w25003.pdf}, author = {Joseph F. Quinn and Kevin E. Cahill and Michael D. Giandrea} } @article {9015, title = {To What Extent is Gradual Retirement a Product of Financial Necessity?}, journal = {Work, Aging and Retirement}, volume = {3}, year = {2017}, month = {Jul-01-2018}, pages = {25 - 54}, abstract = {Changes in the retirement income landscape over the past 30 years have left older Americans more exposed to market forces than prior generations, and more reliant on earnings to ensure their financial stability at older ages. These earnings come from a variety of nontraditional paths to retirement. Most older Americans reduce hours in career employment, change employers later in life, reenter the labor force after an initial retirement, or follow some combination of these 3 paths. The many pathways to retirement are undoubtedly the product of a flexible labor market and may be good news on balance; however, for some these job changes may reflect hardship, as vulnerable populations seek whatever employment they can find to prevent falling into poverty at older ages. We assess the magnitude of this segment of older workers using data from the Health and Retirement Study (HRS), a large, nationally-representative longitudinal survey of older Americans that began in 1992. We find that bridge job prevalence among those with little or no financial assets resembles that of individuals in the middle of the wealth distribution, implying that financial insecurity does not appear to be a main driver of gradual retirement transitions among career workers. Bridge employment among those with little or no financial assets is, however, more likely to consist of full-time wage-and-salary work. With the prospect of increased financial insecurity among older Americans, this analysis suggests that gradual retirements consisting of short-term, full-time wage-and-salary employment may become more prevalent in the years ahead.}, keywords = {Bridge employment, Financial literacy, Older Adults, Retirement Planning and Satisfaction}, issn = {2054-4642}, doi = {10.1093/workar/waw027}, url = {https://academic.oup.com/workar/article-lookup/doi/10.1093/workar/waw027https://academic.oup.com/workar/article/2623812/To-What-Extent-is-Gradual-Retirement-a-Product-of}, author = {Kevin E. Cahill and Michael D. Giandrea and Joseph F. Quinn} } @article {8149, title = {Retirement Patterns and the Macroeconomy, 1992-2010: The Prevalence and Determinants of Bridge Jobs, Phased Retirement, and Reentry Among Three Recent Cohorts of Older Americans}, journal = {Gerontologist}, volume = {55}, year = {2015}, note = {Times Cited: 1 0 1}, pages = {384-403}, publisher = {55}, abstract = {Purpose of the Study: Older Americans contemplating retirement today face a very different economic environment than prior cohorts did. This article examines whether the retirement patterns of older Americans have changed as a result. Design and Methods: Using data from 10 waves of the Health and Retirement Study (HRS), we examine the prevalence of bridge jobs, phased retirement, and labor market reentry among 3 recent cohorts of older Americans, from 1992 through 2010. Determinants of retirement transitions are examined using bivariate comparisons and multivariate logistic and multinomial logistic regression models. Results: We find that traditional one-time, permanent exits from the labor force continue to be the exception rather than the rule and that the retirement patterns of the Early Boomers, those on the cusp of retirement during the recent Great Recession, appear to be diverging from those of earlier cohorts. The Early Boomer women, in particular, were more likely than those in previous cohorts, the HRS Core and the HRS War Babies, to move to a bridge job prior to exiting the labor force completely and both Early Boomer men and women were more likely to leave their career jobs involuntarily, with layoffs being a key factor. Implications: The do-it-yourself approach to retirement planning-with individuals managing a large portion of their retirement finances-is now common among older Americans. This change in the retirement environment, combined with a significant and persistent cyclical downturn, may have long-lasting effects and suggests that the concept of retirement in the United States will continue to evolve.}, keywords = {Employment and Labor Force, Retirement Planning and Satisfaction}, doi = {10.1093/geront/gnt146}, author = {Kevin E. Cahill and Michael D. Giandrea and Joseph F. Quinn} } @article {5950, title = {Are Gender Differences Emerging in the Retirement Patterns of the Early Boomers?}, year = {2013}, institution = {Washington, DC, Bureau of Labor Statistics}, abstract = {Controlling for career employment later in life, the retirement patterns of men and women in America have resembled one another for much of the past two decades. Is this relationship coming to an end? Recent research suggests that the retirement patterns of the Early Boomers those born between 1948 and 1953 have diverged from those of earlier cohorts. Gender differences appear to be emerging as well in the way that career men and women exit the labor force, after nearly two decades of similarities. This paper explores these gender differences in detail to help determine whether we are witnessing a break in trend or merely a short-term occurrence. We use data on three cohorts of older Americans from the nationally-representative, longitudinal Health and Retirement Study (HRS) that began in 1992. We explore by gender the types of job transitions that occur later in life and explore, in particular, the role of four potentially relevant determinants: the presence of dependent children; a parent in need of caregiving assistance; occupational status on the career job; and self-employment status. We find that, among career men and women, child and parental caregiving are not significant drivers of the retirement transitions of the Early Boomers, all else equal. Gender differences that may exist with respect to these characteristics are therefore unlikely to lead to persistent gender differences in retirement patterns. In contrast, self employment continues to be a statistically significant determinant of bridge job transitions and phased retirement. This finding, combined with the fact that men are much more likely than women to be self employed later in life, could lead to some differences by gender going forward, though the impact is likely to be limited given that the large majority of older workers are in wage-and-salary employment. Older Americans both men and women are responding to their economic environment by working later in life and exiting the labor force gradually. While some determinants of these decisions likely impact men and women differently, gender differences with respect to the retirement patterns of the Early Boomers appear to be the result of broader macroeconomic forces. The evidence to date suggests that gender differences may dissipate as the recovery ensues.}, keywords = {Demographics, Employment and Labor Force, Healthcare, Net Worth and Assets, Retirement Planning and Satisfaction, Women and Minorities}, url = {http://www.bls.gov/osmr/pdf/ec130090.pdf}, author = {Kevin E. Cahill and Michael D. Giandrea and Joseph F. Quinn} } @article {7731, title = {Older workers and short-term jobs: patterns and determinants}, journal = {Monthly Labor Review}, volume = {135}, year = {2012}, pages = {19-32}, publisher = {135}, abstract = {This article examines the labor force behavior of older individuals with a history of short-duration jobs and compares their behavior with that of older career workers. The next section provides a brief description of the data set used -- the Health and Retirement Study (HRS) -- and the research methods employed. The third section examines demographic and economic characteristics and labor force outcomes, and the last section summarizes and discusses the main findings. Men and women without a full-time career job in their work history were less likely than those with career jobs to have health insurance and also much less likely to have a defined-benefit or a defined-contribution pension on the job they reported in the first wave. The labor force outcomes examined in this article include work status and work intensity at the time of each biennial HRS interview and the number and types of job switches since the first interview.}, keywords = {Demographics, Employment and Labor Force, Medicare/Medicaid/Health Insurance}, url = {https://www.bls.gov/opub/mlr/2012/article/older-workers-and-short-term-jobs-patterns-and-determinants.htm}, author = {Kevin E. Cahill and Michael D. Giandrea and Joseph F. Quinn} } @article {5916, title = {How Does Occupational Status Impact Bridge Job Prevalence}, number = {WP-447}, year = {2011}, note = {Product reproduced from digital image. Order this product from NTIS by: phone at 1-800-553-NTIS (U.S. customers); (703)605-6000 (other countries); fax at (703)605-6900; and email at orders ntis.gov. NTIS is located at 5301 Shawnee Road, Alexandria, VA, 22312, USA. NTIS Prices: PC A04/MF A04}, institution = {U.S. Bureau of Labor Statistics}, address = {Washington, D.C.}, abstract = {Is bridge job prevalence reduced significantly if a change in occupation is required in addition to the hours and tenure requirements that typically define bridge job employment. Prior research has shown that the majority of older Americans with career employment do not exit the labor force directly from their careers. Rather, most career individuals take on a {\textquoteright}bridge job{\textquoteright} later in life, that is, a job that follows full-time career (FTC) employment and precedes complete labor force withdrawal (i.e., retirement). One criticism of this finding is that bridge job prevalence may be overstated because the definition of a bridge job in the existing literature does not require a change in occupation. This paper investigates the extent to which bridge jobs involve a change in occupation or a switch to part-time status, both of which may signal retirement transitions as opposed to continued career employment, albeit with a different employer. We use the Health and Retirement Study (HRS), a nationally-representative longitudinal dataset of older Americans that began in 1992 as the basis for our analysis. We find that, among HRS respondents who were on a FTC job at the time of the first interview and who changed jobs in subsequent waves, 48 percent of the men and 40 percent of the women also changed occupations, using 2-digit occupation codes. Further, when hours worked are also considered, we find that more than three quarters of FTC respondents who changed jobs later in life had either a change in occupation or a switch from full-time to part-time status. Finally, an examination of those career workers who changed jobs but not occupations and who remained working full time reveals that, as a whole, they resemble those who took bridge jobs rather than those who remained on their FTC job. We conclude that the vast majority of career workers who changed jobs later in life did in fact do so as part of a retirement transition.}, keywords = {Employment and Labor Force, Health Conditions and Status, Methodology, Retirement Planning and Satisfaction}, url = {https://www.bls.gov/osmr/research-papers/2011/ec110050.htm}, author = {Kevin E. Cahill and Michael D. Giandrea and Joseph F. Quinn and Office of Productivity and Technology} } @article {7505, title = {Employment Patterns and Determinants Among Older Individuals with a History of Short-Duration Jobs}, volume = {440}, number = {WP-440}, year = {2010}, note = {Using Smart Source Parsing pp U.S. Bureau of Labor Statistics, Working Papers: 440}, institution = {U.S. Bureau of Labor Statistics}, address = {Washington, D.C.}, abstract = {Many studies of labor force withdrawal patterns have focused on individuals who have had career jobs. This paper compares the demographic and economic characteristics of individuals who have never had a full-time career (FTC) job with those who have, and compares the timing and types of job switches that both groups make later in life. The comparison between non-FTC and FTC individuals is important because decisions by policymakers based on the existing retirement literature may have unintended consequences for individuals with only a series of short-duration jobs. We use a sample of respondents from the Health and Retirement Study (HRS) who have worked since age 50, and stratify respondents according to whether an individual has ever had a job that consists of 1,600 or more hours per year and lasts for at least ten years (i.e., a full-time career job). We find that individuals without FTC jobs are a heterogeneous group, representing individuals in many wage and occupational categories. Not surprisingly, we also find that individuals without FTC jobs are less likely than those with FTC jobs to be working in subsequent survey years. However, we find that the labor force withdrawal patterns of non-FTC individuals are similar to those of FTC individuals in many respects. In particular, individuals without FTC jobs change jobs later in life just as frequently as those with FTC jobs. Switching rates between wage-and-salary employment to self-employment and between white-collar and blue-collar jobs are largely similar by FTC status, as are reductions in wages later in life. Overall, the findings reveal that the work decisions later in life of individuals who have never had career employment are diverse, just as they are for individuals with career jobs.}, keywords = {Consumption and Savings, Employment and Labor Force, Net Worth and Assets, Pensions, Public Policy, Retirement Planning and Satisfaction, Social Security, Women and Minorities}, url = {https://www.bls.gov/osmr/research-papers/2010/ec100080.htm}, author = {Kevin E. Cahill and Michael D. Giandrea and Joseph F. Quinn} } @article {5790, title = {The Role of Re-entry in the Retirement Process}, number = {439}, year = {2010}, institution = {U.S. Bureau of Labor Statistics}, address = {Washington, D.C.}, abstract = {To what extent do older Americans re-enter the labor force after an initial exit and what drives these unretirement decisions? Retirement for most older Americans with full-time career jobs is not a one-time, permanent event. Labor force exit is more likely to be a process. Prior studies have found that between one half and two thirds of career workers take at least one other job before exiting from the labor force completely. The transitional nature of retirement may be even more pronounced when considering the impact of re-entry. This paper examines the extent to which older Americans with career jobs re-entered the labor force. The analysis is based on data from the Health and Retirement Study (HRS), an ongoing, longitudinal survey of older Americans that began in 1992. We examined the retirement patterns of a subset of 5,617 HRS respondents who were on a full-time career job at the time of the first interview. Logistic regression was used to explore determinants of re-entry among those who initially exited the labor force. We found that approximately 15 percent of older Americans with career jobs returned to the labor force after initially exiting. Respondents were more likely to re-enter if they were younger, were in better health, or had a defined-contribution pension plan. This research provides empirical evidence of how older Americans are utilizing bridge jobs as they transition from career employment, and that re-entry may be an important part of the work experience of older Americans.}, keywords = {Consumption and Savings, Employment and Labor Force, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction, Social Security, Women and Minorities}, url = {https://www.bls.gov/osmr/research-papers/2010/pdf/ec100070.pdf}, author = {Michael D. Giandrea and Kevin E. Cahill and Joseph F. Quinn} } @article {7354, title = {Bridge Jobs: A Comparison Across Cohorts}, journal = {Research on Aging}, volume = {31}, year = {2009}, pages = {549-76}, publisher = {31}, abstract = {Are today{\textquoteright}s retirees following in the footsteps of their older peers with respect to gradual retirement? Recent evidence from the Health and Retirement Study (HRS) suggests that most older Americans with full-time career jobs late in life moved to other jobs prior to complete labor force withdrawal. The authors explored the retirement patterns of two cohorts of individuals from the HRS. One group (the war babies) was born between 1942 and 1947 and therefore aged 59 to 64 years at the time of their fifth biennial HRS interviews in 2006. The others (the original HRS respondents) were aged 59 to 64 in 2000 and therefore 6 years older. The war babies have followed the gradual-retirement trends of their predecessors. Traditional one-step retirement appears to be fading as the effects of changes in the retirement environment continue to unfold.}, keywords = {Employment and Labor Force, Retirement Planning and Satisfaction}, author = {Michael D. Giandrea and Kevin E. Cahill and Joseph F. Quinn} } @article {5717, title = {A Micro-Level Analysis of Recent Increases in Labor Force Participation Among Older Workers}, number = {WP$\#$2008-8}, year = {2008}, institution = {Center for Retirement Research at Boston College}, address = {Boston}, abstract = {Aggregate data reveal a sizable increase in labor force participation rates since 2000 among American workers on the cusp of retirement, reverting back to levels for older men not seen since the 1970s. While these aggregate numbers are useful in that they document overall trends, they do not elucidate the reasons behind workers decisions. The Health and Retirement Study (HRS), a nationally-representative, longitudinal survey of older Americans that spans 1992 to 2004, provides micro-level data regarding these retirement trends. Moreover, the HRS contains detailed information about the types of jobs older Americans are taking (e.g., full-time versus part-time, self-employed versus wage-and-salary, low-paying versus high-paying, blue collar versus white collar). This study capitalizes on the richness of the HRS data and explores labor force determinants and outcomes of older Americans, with an emphasis on retirees{\textquoteright} choices in recent years. We present a cross-sectional and longitudinal description of the financial, health, and employment situation of older Americans. We then explore retirement determinants using multinomial logistic regression to model gradual retirement and logistic and OLS regression to model the work-leisure (whether to work) and hours intensity (how much to work) decisions of older workers. Evidence suggests that the majority of older Americans retire gradually, in stages, and that younger retirees continue to respond to financial incentives just as their predecessors did. In addition, the retirement decisions of younger and middle-aged retirees appear similar in the face of macro-level changes in the early part of this decade.}, keywords = {Employment and Labor Force, Retirement Planning and Satisfaction}, url = {https://crr.bc.edu/working-papers/a-micro-level-analysis-of-recent-increases-in-labor-force-participation-among-older-workers/}, author = {Kevin E. Cahill and Michael D. Giandrea and Joseph F. Quinn} } @article {5714, title = {Self-Employment Transistions among Older American Workers with Career Jobs}, year = {2008}, institution = {US Dept. of Labor, Bureau of Labor Statistics}, address = {Washington, D.C.}, abstract = {What role does self-employment play in the retirement process? Older Americans are staying in the labor force longer than prior trends would have predicted and many change jobs later in life. These job transitions are often within the same occupation or across occupations within wage-and-salary employment. The transition can also be out of wage-and-salary work and into self employment. Indeed, national statistics show that self employment becomes more prevalent with age, partly because self employment provides older workers with opportunities not found in traditional wage-and-salary jobs, such as flexibility in hours worked and independence. This paper analyzes transitions into and out of self employment among older workers who have had career jobs. We utilize the Health and Retirement Study, a nationally-representative dataset of older Americans, to investigate the prevalence of self employment among older workers who made a job transition later in life and to explore the factors that determine the choice of wage-and-salary employment or self employment. We find that post-career transitions into and out of self employment are common and that health status, career occupation, and financial variables are important determinants of these transitions. As older Americans and the country as a whole face financial strains in retirement income in the years ahead, self employment may be a vital part of the pro-work solution.}, keywords = {Employment and Labor Force}, url = {https://www.bls.gov/osmr/research-papers/2008/ec080040.htm}, author = {Michael D. Giandrea and Kevin E. Cahill and Joseph F. Quinn} } @article {7097, title = {Retirement patterns from career employment.}, journal = {Gerontologist}, volume = {46}, year = {2006}, month = {2006 Aug}, pages = {514-23}, publisher = {46}, abstract = {

PURPOSE: This article investigates how older Americans leave their career jobs and estimates the extent of intermediate labor force activity (bridge jobs) between full-time work on a career job and complete labor-force withdrawal.

DESIGN AND METHODS: Using data from the Health and Retirement Study, we explored the work histories and retirement patterns of a cohort of retirees aged 51 to 61 in 1992 during a 10-year period in both cross-sectional and longitudinal contexts. We examined determinants of retirement patterns in a multinomial logistic regression model.

RESULTS: We found that a majority of older Americans with career jobs retire gradually, in stages, rather than all at once. We also found that the utilization of bridge jobs was more common among younger respondents, respondents without defined-benefit pension plans, and respondents at both the lower and upper ends of the wage distribution.

IMPLICATIONS: Older Americans are now working longer than pre-1980s trends would have predicted. Given concerns about the traditional sources of retirement income (Social Security, employer pensions, and prior savings), older Americans may have to rely more on earnings. This article suggests that many are already doing so by moving to bridge jobs after leaving their career employment.

}, keywords = {Aged, Aged, 80 and over, Aging, Career Choice, Employment, Female, Health Status, Humans, Income, Male, Middle Aged, Pensions, Retirement, Social Security, United States}, issn = {0016-9013}, doi = {10.1093/geront/46.4.514}, author = {Kevin E. Cahill and Michael D. Giandrea and Joseph F. Quinn} } @article {5614, title = {Are Traditional Retirements a Thing of the Past? New Evidence on Retirement Patterns and Bridge Jobs}, year = {2005}, institution = {Washington, DC, U.S. Department of Labor, Bureau of Labor Statistics}, 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.}, keywords = {Employment and Labor Force, Methodology, Retirement Planning and Satisfaction}, url = {http://www.bls.gov/ore/pdf/ec050100.pdf}, author = {Kevin E. Cahill and Michael D. Giandrea and Joseph F. Quinn} }