TY - JOUR
T1 - The effect of housing wealth shocks on work and retirement decisions
AU - Begley, Jaclene
AU - Chan, Sewin
N1 - Publisher Copyright:
© 2018
PY - 2018/11
Y1 - 2018/11
N2 - 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.
AB - 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.
KW - Housing wealth
KW - Retirement
KW - Retirement reversals
KW - Social Security
KW - Unanticipated shocks
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U2 - 10.1016/j.regsciurbeco.2018.10.001
DO - 10.1016/j.regsciurbeco.2018.10.001
M3 - Article
AN - SCOPUS:85055569200
SN - 0166-0462
VL - 73
SP - 180
EP - 195
JO - Regional Science and Urban Economics
JF - Regional Science and Urban Economics
ER -