Journal Article
Booms, busts and retirement timing
Publication details
Summary
Cyclical fluctuations—which affect both asset and labour markets—can
have an ambiguous effect on retirement. We explore this empirically
using data from the British Household Panel Survey, exploiting small
area geographic identifiers to match local house prices, earnings and
unemployment to respondents. We match stock prices via the date of
interview. Our results show little evidence of any positive wealth
effects despite large spatial and temporal variations in asset prices
over the period analysed. We find more response to local labour market
conditions—increases in unemployment are associated with earlier
retirement, while increases in wages delay retirement.
Notes
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