Booms, busts and retirement decisions

Publication type

Conference Paper


International Pension Workshop, held June 10-11, 2010, Z├╝rich, Switzerland.


Publication date

June 1, 2010


This paper investigates the effect of asset price fluctuations and labour market conditions on retirement behaviour to gauge the likely impact of the current recession on retirement plans. A number of papers use asset price fluctuations to estimate wealth effects in retirement behaviour in the US. But in contrast to other wealth shocks, asset prices fluctuations comprise wealth and substitution effects. The latter may encourage people to delay retirement to work and save more in expectations of high rates of return. We find that rising stock markets do indeed encourage people to delay retirement. We also find that unemployment increases retirement transitions. On balance, the current recession has likely increased the stock of retired.






Latest findings, new research

Publications search

Search all research by subject and author


Researchers discuss their findings and what they mean for society


Background and context, methods and data, aims and outputs


Conferences, seminars and workshops

Survey methodology

Specialist research, practice and study

Taking the long view

ISER's annual report


Key research themes and areas of interest