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"To defer or not defer? UK state pension and work decisions in a lifecycle model" and "Post retirement labour supply in England"
Abstract (Post retirement labour supply in England):
This paper uses data from the English Longitudinal Study of Ageing to investigate the determinants of post retirement labour supply behaviour amongst retired men in England. I find the hazard of unretirement is highest when an individual is in their mid-late 60s. Evidence suggests unretirement is more likely amongst individuals with a higher level of educational attainment, who have a spouse in the labour market and are in better health. I investigate the nature of unretirement jobs and find they tend to be part time and provide a non-trivial source of income.
Abstract (To defer or not defer? UK state pension and work decisions in a lifecycle model)
The UK state pension (which depends only on age) includes an option to defer take up which yields either a subsequent lump sum or higher weekly pension. We analyse the joint decisions on pension deferral and intertemporal labour supply/participation in a lifecycle setting. We show that deferral is purely a financial decision, but the impact of deferral on work decisions depends on preferences, wage rates, non-labour income and initial wealth. To exactly characterize this, we use a quasilinear utility function and provide calibrated simulations.We also discuss the choice between a lump sum or increased weekly pension.
Date:
27 October 2016, 14:00
Venue:
66 Banbury Road (Wolsey Hall), 66 Banbury Road OX2 6PR
Venue Details:
Seminar Room
Speaker:
Dr Ricky Kanabar (Univeristy of Essex)
Organising department:
Oxford Institute of Ageing
Organiser:
Mr Kenneth Howse (Oxford Institute of Population Ageing)
Organiser contact email address:
administrator@ageing.ox.ac.uk
Part of:
Financial Planning for Later Life in the UK
Booking required?:
Not required
Audience:
Public
Editor:
Katia Padvalkava
