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Redefining RetirementHow Will Boomers Fare?$
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Brigitte Madrian, Olivia S. Mitchell, and Beth J. Soldo

Print publication date: 2007

Print ISBN-13: 9780199230778

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780199230778.001.0001

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Cohort Differences in Retirement Expectations and Realizations

Cohort Differences in Retirement Expectations and Realizations

(p.13) Chapter 2 Cohort Differences in Retirement Expectations and Realizations
Redefining Retirement

Brigitte Madrian (Contributor Webpage)

Olivia S. Mitchell (Contributor Webpage)

Beth J. Soldo (Contributor Webpage)

Oxford University Press

This chapter compares retirement expectations, retirement patterns, and expectations of future work across different cohorts of the Health and Retirement Study, including the new cohort of Baby Boomers currently in their late fifties. The Boomers appear more strongly attached to the labor force as they enter their retirement years than were earlier cohorts at the same age. Compared to the preceding birth cohort, they expect to retire nearly one year later, they are 14% more likely to expect to be working full-time at age 65, and they are 21% more likely to expect to work in the future if they are not currently working. These differences are not entirely explained by cohort differences in socioeconomic status, pension incentives, demographics, or health. In all, Baby Boomers may have stronger preferences for work than previous cohorts.

Keywords:   Baby Boomer, retirement expectations, workforce patterns, older labor force, comparative work patterns, retirement behavior, Health and Retirement Study

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