New evidence on pensions, social security, and the timing of retirement
利用家庭经济与人口信息及养老金公式的独特数据，估计社会保障和养老金对退休概率的联合影响，发现退休财富累积率显著影响退休决策，模拟养老金覆盖扩展可解释劳动力参与率下降的四分之一。
Using a unique dataset that links the economic and demographic information of households with the details of their pension formulas, I estimate the combined effect of Social Security and pension benefits on the probability of retirement in a cross-section of the population near retirement age. The accrual rate of retirement wealth is shown to be a significant determinant of the probability of retirement. Simulations of extensions in pension coverage comparable to those that occurred in the early postwar period can account for one fourth of the contemporaneous decline in labor force participation rates.