@article {10581,
	title = {How Reliant are Older Americans on State and Local Government Pensions?},
	number = {WP 2019-399},
	year = {2019},
	type = {Report},
	abstract = {State and local government pension plans cover about 19.5 million participants, and many participants are heavily reliant on these pensions for retirement income. Most of these plans, however, are underfunded. Based on data from the Health and Retirement Study, we examined the lifetime work histories of those observed at ages 67 to 72 in 2004, 2008, or 2014. Seventy-seven percent of single persons and 61 percent of couple households had never worked for state or local (S\&L) government. Among those single and couple households who did work for S\&L government, we found that they have on average more years of education and more economic resources. Among currently retired and near-retirement households, we compared economic preparation for retirement according to their lifetime employment in the S\&L sector, and we examined how economic preparation would be affected if pension benefits were cut. Based on stochastic simulations, which account for uncertainty about length of life and out-of-pocket medical expenditures, we found that economic preparation for retirement among those with S\&L government work histories would only be modestly reduced if their pension income were cut. Under a 50 percent cut to all pension income of households with any S\&L sector work, only an additional three to four percent of these households would no longer be prepared for retirement. The change is modest because households with S\&L employment have better preparation than other households; some of the cuts are paid for by reduced taxes; and the affected households will bequeath less.},
	url = {https://mrdrc.isr.umich.edu/pubs/how-reliant-are-older-americans-on-state-and-local-government-pensions/},
	author = {Philip Armour and Michael D Hurd and Susann Rohwedder}
}
@article {8950,
	title = {Personality and Employment Transitions at Older Ages: Direct and Indirect Effects through Non-Monetary Job Characteristics},
	journal = {Labour},
	volume = {31},
	year = {2017},
	pages = {127-152},
	abstract = {We study whether individuals with different personality traits systematically exhibit different retirement trajectories. We find weak direct associations between personality and employment transitions. On the other hand, personality does contribute indirectly to these transitions by moderating the effects of non-monetary job characteristics. Specifically, workers with different traits are observed to follow different retirement paths when faced with similar physical demands, computer skills requirements, job flexibility, and age discrimination in the workplace. Contrary with other economic domains, conscientiousness does not have the strongest association with retirement; the other components of the Big Five personality traits show more salient patterns.},
	keywords = {Employment and Labor Force, Jobs, Older Adults, Personality},
	doi = {10.1111/labr.12090},
	url = {http://doi.wiley.com/10.1111/labr.12090http://onlinelibrary.wiley.com/wol1/doi/10.1111/labr.12090/fullpdfhttps://api.wiley.com/onlinelibrary/tdm/v1/articles/10.1111\%2Flabr.12090},
	author = {Marco Angrisani and Michael D Hurd and Erik Meijer and Andrew M Parker and Susann Rohwedder}
}
@article {5971,
	title = {Labor Force Transitions at Older Ages: The Roles of Work Environment and Personality},
	year = {2013},
	institution = {Ann Arbor, The University of Michigan},
	abstract = {Besides compensation and financial incentives, several other work-related factors may affect individual retirement decisions. Specifically, job characteristics such as autonomy, skill variety, task significance and difficulty, stress and physical demands, peer pressure and relations with co-workers, play a crucial role in determining psychological commitment to work at older ages. While financial preparedness for retirement and health shocks are often cited as main predictors of the choice to exit the labor force, there exists relatively little research documenting the extent to which the work environment itself and its interaction with economic variables influence retirement decisions. We document that job characteristics are associated with labor force transitions at older ages, in particular transitions to retirement and part-time employment. Additionally, we show that while personality traits do not directly drive labor force transitions, the effect of job characteristics on labor supply outcomes varies with the  intensity  of personality traits. We also document that job characteristics themselves are strongly related to personality traits. This suggests that, depending on their personality, individuals may select into specific jobs, whose characteristics ultimately shape their retirement paths.},
	keywords = {Employment and Labor Force, Health Conditions and Status, Other, Retirement Planning and Satisfaction},
	url = {http://www.mrrc.isr.umich.edu/publications/papers/pdf/wp295.pdf},
	author = {Marco Angrisani and Michael D Hurd and Erik Meijer and Andrew M Parker and Susann Rohwedder}
}
