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Reimagining PensionsThe Next 40 Years$
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Olivia S. Mitchell and Richard C. Shea

Print publication date: 2016

Print ISBN-13: 9780198755449

Published to Oxford Scholarship Online: March 2016

DOI: 10.1093/acprof:oso/9780198755449.001.0001

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The Changing Nature of Retirement

The Changing Nature of Retirement

Chapter:
(p.61) Chapter 4 The Changing Nature of Retirement
Source:
Reimagining Pensions
Author(s):

Julia Coronado

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198755449.003.0004

The trend to later retirements and increased work for pay during retirement have been explained by longer life expectancies, better health at older ages, and declining pension coverage. Retirement surveys show current workers continue to push back retirement plans and increasing numbers plan to work for pay in retirement. Yet the fraction of retirees working for pay is substantially lower, and the age of retirement notably younger, than suggested by surveys. This apparent conundrum can be explained by lack of demand for the services of older workers, and the fact that future retirees are likely to experience retirement very differently than the current older generation. Current workers should factor uncertainly about labor market outcomes into their retirement planning.

Keywords:   retirement preparedness, labor demand, health, pension coverage, life expectancy

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