The Determinants of Planned Retirement Age

This paper develops and estimates a model of planned retirement age that views the retirement decision as depending partially on individual tastes and opportunities--reflected in retirement plans--and partially on unforeseeable events such as the onset of health problems or the unexpected loss of a job. Empirical results for both elderly men and women, based on the 1969 wave of the Longitudinal Retirement History Study, are consistent with the model. In particular, current poor health and the expected receipt of Social Security and other pensions increase the likelihood of early retirement plans. (Author's abstract.)