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Planning for Retirement: The Accuracy of Expected Retirement Dates and the Role of Health Shocks

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by Debra S. Dwyer

WP#2001-8  

Abstract

This paper explores the relationship between expectations about retirement, realizations of retirement, and the role of health shocks. Using waves 1 through 4 of the Health and Retirement Study we follow people into retirement. We explore the factors that affect changes to plans that were made in wave 1 paying special attention to changes in health status. We find that health shocks since the planning horizon trigger earlier retirement than planned. Existing health problems have little impact on changes to retirement plans. Health insurance availability continues to be a significant predictor of retirement.

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Debra S. Dwyer is an Assistant Professor of Economics at SUNY Stony Brook. The research reported herein was performed pursuant to a grant from the U.S. Social Security Administration (SSA) to the Center for Retirement Research at Boston College (CRR). This grant was awarded through the CRR’s Steven H. Sandell Grant Program for Junior Scholars in Retirement Research. The opinions and conclusions are solely those of the author and should not be construed as representing the opinions or policy of SSA or any agency of the Federal Government or of the CRR.
Tags: Health, Work and Retirement, Working Papers,
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