In or Out or Somewhere in Between? The Determinants of Gradual Retirement

The very definition of retirement has changed. Rather than leaving the labor force completely, many full-time workers engage in gradual retirement. Gradual retirement involves leaving full-time employment for part-time employment, either with the same employer or another employer. This paper examine...

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Bibliographic Details
Published in:Journal of family and economic issues 2021-06, Vol.42 (2), p.387-394
Main Authors: Kalenkoski, Charlene M., McCarty, Sara Helms
Format: Article
Language:English
Subjects:
Brief Communication
College graduates
Employment
Family
Labor force
Older people
Panel data
Part time employment
Personality and Social Psychology
Random effects
Retirement
Social Policy
Social Sciences
Sociology
State employees
Workers
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Summary:The very definition of retirement has changed. Rather than leaving the labor force completely, many full-time workers engage in gradual retirement. Gradual retirement involves leaving full-time employment for part-time employment, either with the same employer or another employer. This paper examines the determinants of the gradual retirement decisions of older workers. The paper uses panel data from the PSID and a random-effects ordered-logit model. The results indicate that older individuals, Blacks, and individuals with higher non-labor income are more likely to engage in gradual or full retirement. They also indicate that married individuals, college graduates, and those who are in good health are less likely to either gradually or fully retire. The 60s are the time most people engage in gradual retirement.
ISSN:1058-0476
1573-3475
DOI:10.1007/s10834-020-09734-4