@inbook {5256,
	title = {Effects of Late-Life Job Loss on Wealth and Labor Supply},
	booktitle = {Lifecycle Events and Their Consequences: Job Loss, Family Change, and Declines in Health},
	year = {2013},
	pages = {57-75},
	publisher = {Stanford University Press},
	organization = {Stanford University Press},
	address = {Stanford, CA},
	abstract = {This chapter considers the impact of job loss on economic well-being during retirement. Using data from the Health and Retirement Study (HRS), it compares retirement wealth across individuals who experience a job loss and those who do not. Sizeable differences are reported, especially when the job loss occurs at young ages. Little evidence is found that displaced workers can make up these differences by shifting retirement to a later date. The inability to recover appears related to both the difficulty in becoming reemployed and, if a new job is found, working sufficiently long before retirement to offset the initial declines in assets.},
	keywords = {Employment and Labor Force, Net Worth and Assets, Other, Retirement Planning and Satisfaction},
	author = {Ann H. Stevens and Jeremy G. Moulton},
	editor = {Kenneth A. Couch and Mary C. Daly and Julie M Zissimopoulos}
}
@inbook {5253,
	title = {Marriage and Wealth Changes at Older Ages},
	booktitle = {Lifecycle Events and Their Consequences: Job Loss, Family Change, and Declines in Health},
	year = {2013},
	pages = {158-177},
	publisher = {Stanford Economics and Finance},
	organization = {Stanford Economics and Finance},
	address = {Stanford, CA},
	abstract = {This chapter presents an examination of the impact on net worth and savings of changes in family structure at older ages. The analysis demonstrates that married couples have more wealth than unmarried individuals primarily due to the higher lifetime earnings and lower mortality risk of married couples compared to unmarried individuals. Divorce at older ages both divides and consumes wealth and has negative and long-lasting consequences on wealth accumulation while remarriage rebuilds assets.},
	keywords = {Adult children, Event History/Life Cycle, Health Conditions and Status, Income, Net Worth and Assets},
	doi = {DOI:10.11126/stanford/9780804785853.003.0009},
	author = {Julie M Zissimopoulos},
	editor = {Kenneth A. Couch and Mary C. Daly and Julie M Zissimopoulos}
}
@mastersthesis {6263,
	title = {Three Essays on the Labor Supply, Savings and Investment Behavior of Older Workers},
	volume = {Ph.D.},
	year = {2012},
	school = {The Pardee RAND Graduate School},
	address = {Santa Monica, CA},
	abstract = {In this dissertation, I provide three distinct analyses addressing labor supply, saving and investment behavior of (older) workers, in the context of the incentives and constraints they face due to employer and government policies. In the first paper, I examine labor supply flexibility and its effect on the labor supply decisions of older workers. Previous literature suggests that people would like to reduce hours of work gradually over time as they get older, but do not have the flexibility to do so in their job, and consequently may retire early rather than continue to work high hours at older ages. If greater flexibility allows individuals to stay in the labor force longer, this could increase total labor supply, helping to increase both private resources for retirement and tax revenue to support public programs. Following a sample of older Americans for 16 years from 1992 to 2008, I find that there are noticeable differences in labor outcomes between those who had flexibility over their hours in 1992 and those who were not able to adjust their hours: those with flexibility worked fewer hours in their 50s, but tended to stay in the labor force longer; the major difference between groups occurred when individuals were in their early-mid 60s, at which time those who did not have flexibility in 1992 were much more likely to retire than those with flexibility. This work provides support for the theory that people prefer gradual retirement to more abrupt departures from the labor force, and indicates that flexibility around key retirement ages might have an impact on behavior. The overall effect on total labor supply of providing flexibility at all points of the lifecycle is ambiguous. In the second paper, we examine whether labor supply flexibility affects investment behavior. Individuals can receive higher returns (on average) on their investments if they are willing to bear more risk, which allows people to reach retirement with greater resources (on average) than if they had pursued low-risk strategies; but the fear of suffering big losses discourages people from taking risks. Theoretical work has argued that individuals with flexibility over their labor supply over the lifecycle can bear more risk in their portfolio of investments, as they can increase their labor to offset any losses they might suffer. Using a new survey we fielded in the American Life Panel (ALP), we examine how different measures of labor supply flexibility are related to measures of risk-taking in investments: individual participation in the stock market, and the percentage of an individual{\textquoteright}s financial wealth held in stocks. We find no evidence that flexibility over number of hours worked per week is related to investments in stocks. We find weak evidence that other flexibility measures--an individual{\textquoteright}s belief that they would be able to continue to work longer to make up for any negative wealth shocks, and the absence of factors that make it difficult to sustain a job into old age--may be related to greater risk-taking in investments. These results may indicate that flexibility at the extensive margin (ability to extend a career) may be more relevant to investment decision-making than flexibility at the intensive margin (ability to adjust hours). In the third paper, I describe the construction and characteristics of a unique dataset with which I lay the foundations for understanding pension system incentives and how they influence work and savings behavior over the lifecycle. Public pension systems across the developed world are in need of reform, but it is important to understand how the incentives in these systems affect behavior if we are to predict the consequences of different possible reforms. Previous literature has argued that public pensions displace private savings, but with elasticity of less than 1; this suggests that possible reductions in pension benefits through reforms would be partially (but not fully) offset by increases in private saving. Using new retrospective earnings history data for five European countries, in conjunction with linked survey data describing household wealth, I construct a dataset that captures the heterogeneous pension system incentives faced, and labor supply decisions made, at each point in the lifecycle for a large group of European men. My exploratory analysis of this dataset is consistent with the hypotheses that more generous income replacement by pension plans leads to lower private wealth accumulation, and greater reward within the pension system for continued work leads to later retirement. However, these statistical associations admit of plausible alternative explanations; the work documented in this paper cannot provide definitive answers on the incentive effects of pension systems, but provides the groundwork for significant extensions of research in this field, and eventually for detailed policy simulation of pension reform. (Abstract shortened by UMI.)},
	keywords = {Employment and Labor Force, Healthcare, Methodology, Net Worth and Assets, Pensions, Public Policy, Retirement Planning and Satisfaction, Social Security},
	url = {https://www.rand.org/pubs/rgs_dissertations/RGSD305.html},
	author = {Clift, Jack W.}
}
@article {5756,
	title = {Gain and Loss: Marriage and Wealth Changes Over Time},
	number = {WR-724},
	year = {2010},
	institution = {RAND Corporation },
	address = {Santa Monica, CA},
	abstract = {Family composition has changed dramatically over the past 25 years. Divorce rates increased and remarriage rates declined. While considerable research established a link between marriage and earnings, far less is empirically understood about the effect of marriage on wealth although wealth is an important measure for older individuals because it represents resources available for consumption in retirement. This research employs eight waves of panel data from the Health and Retirement Study to study the relationship between wealth changes and marital status among individuals over age 50. It advances understanding of the relationship by first, incorporating measures of current and lifetime earnings, mortality risk and other characteristics that vary by marital status into models of wealth change; second, measuring the magnitude of wealth loss and gain associated with divorce, widowing and remarriage and third, estimating wealth change before and after marital status change so the change in wealth change is not the result of individuals entering or leaving the household and other sources of unobserved differences are removed from estimates of the effect of marriage on wealth. The results suggest no differences in wealth change over time among individuals that remain married, divorced, widowed, never married and partnered over 7 years. In the short-run there are substantial wealth changes associated with marital status changes. Divorce at older ages is costly, remarriage is wealth enhancing and people appear to change their savings in response to changes in marital status.},
	keywords = {Adult children, Healthcare, Income, Net Worth and Assets},
	url = {https://www.rand.org/pubs/working_papers/WR724.html},
	author = {Julie M Zissimopoulos}
}
@article {5757,
	title = {Liquidity Constraints, Household Wealth, and Self-Employment: The Case of Older Workers},
	number = {WR-725},
	year = {2010},
	institution = {RAND Corporation },
	address = {Santa Monica, CA},
	abstract = {Evidence of liquidity constraints affecting entrepreneurship includes increasing rates of business formation with increases in household wealth and no relationship between the likelihood of business formation and wealth at high wealth levels. Using longitudinal data from the Health and Retirement Study on workers over age 50 and employing probit regressions with a non-linear specification of household wealth and liquid wealth, the authors find the relationship between wealth and business formation is consistent with this pattern. The paper also finds that wealth matters more for the formation of businesses requiring high starting capital. Employing the availability of a lump-sum distribution option (LSO) of an employer-provided pension plan as a new proxy for liquidity, the results show that workers with an LSO are more likely than workers with a pension and without an LSO to transition into self-employment. This provides further evidence of the existence and importance of liquidity constraints.},
	keywords = {Employment and Labor Force, Income, Net Worth and Assets, Other},
	url = {https://www.rand.org/pubs/working_papers/WR725.html},
	author = {Julie M Zissimopoulos and Lynn A Karoly and Gu, Qian}
}
