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作者

来源

REGIONAL SCIENCE AND URBAN ECONOMICS,Vol.73,P.180-195

语言

英文

关键字

Retirement; Retirement reversals; Social Security; Housing wealth; Unanticipated shocks; SOCIAL-SECURITY; GREAT RECESSION; PRICES; EXPECTATIONS; EARNINGS; HEALTH; PERFORMANCE; CONSUMPTION; ADJUSTMENT; BENEFITS

作者单位

[Begley, Jaclene] Fannie Mae, Econ & Strateg Res, 3900 Wisconsin Ave NW, Washington, DC 20016 USA. [Chan, Sewin] NYU, Robert F Wagner Grad Sch Publ Serv, 295 Lafayette St,2nd Floor, New York, NY 10012 USA. Chan, SW (reprint author), NYU, Robert F Wagner Grad Sch Publ Serv, 295 Lafayette St,2nd Floor, New York, NY 10012 USA. E-Mail: jaclene_begley@fanniemae.com; sewin.chan@nyu.edu

摘要

Using panel data from 2000 to 2012, we show that unanticipated zip code-level shocks to home values affect retirement, retirement reversals, and Social Security claims. Among older men, homeowners experiencing moderately negative housing price shocks are less likely to retire, more likely to reverse retirement in some cases, and more likely to delay claiming Social Security relative to those experiencing positive shocks. We find similar responses among specific subgroups of older women, though not in general. Overall, our results imply that adverse housing shocks have substantial influence on labor market participation for older individuals.