[go: up one dir, main page]
More Web Proxy on the site http://driver.im/
IDEAS home Printed from https://ideas.repec.org/p/mrr/papers/wp270.html
   My bibliography  Save this paper

Retirement in Japan and the United States: Cross-national Comparisons using the Japanese Study of Aging and Retirement (JSTAR) and the U.S. Health and Retirement Study (HRS)

Author

Listed:
  • Olivia S. Mitchell

    (Wharton School, University of Pennsylvania)

  • John W. R. Phillips

    (National Institute on Aging, Division of Behavioral and Social Research)

Abstract
Cross-national comparisons of data from developed countries offer useful insights into the retirement process and policy. Here we summarize findings for older persons age 50-70 using new microdata files collected by the Japanese Study of Aging and Retirement (JSTAR) project, and we compare these with results in the U.S. Health and Retirement Study (HRS). We examine the relative importance of health, wealth, family, and other factors in work and retirement at older ages cross-nationally. Though both countries have relatively high employment at older ages, the Japanese have longer life expectancy, higher levels of financial wealth, and a lower public pension eligibility age. Our analysis, the first to compare these two rich data sources, suggests two conclusions (subject to revision when data weights become available). First, older Americans differ in key ways from their Japanese counterparts, particularly along educational, health, and wealth dimensions. Second, in some cases, there is a distinctly different impact of these factors on labor force outcomes. Specifically, age, sex, education, and wealth influence behavior differently across the two countries, though being obese or having better mental acuity/financial literacy scores has no differential impact. Thus observed differences in work patterns between Americans and Japanese at older ages are attributable to some identifiable factors; moreover, the results can be used to project future responses to changes in education, age, health, and wealth in order to account for the large differences in older workers’ work patterns at older ages in Japan and the US.

Suggested Citation

  • Olivia S. Mitchell & John W. R. Phillips, 2012. "Retirement in Japan and the United States: Cross-national Comparisons using the Japanese Study of Aging and Retirement (JSTAR) and the U.S. Health and Retirement Study (HRS)," Working Papers wp270, University of Michigan, Michigan Retirement Research Center.
    • Handle: RePEc:mrr:papers:wp270
    as

    Download full text from publisher

    File URL: http://mrdrc.isr.umich.edu/publications/Papers/pdf/wp270.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Shimizutani, Satoshi & 清水谷, 諭 & シミズタニ, サトシ & Oshio, Takashi & 小塩, 隆士 & オシオ, タカシ, 2009. "New Evidence on Initial Transition from Career Job to Retirement in Japan," PIE/CIS Discussion Paper 430, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
    2. Julie Zissimopoulos & Nicole Maestas & Lynn A. Karoly, 2007. "The Effect of Retirement Incentives on Retirement Behavior Evidence from the Self-Employed In the United States and England," Working Papers WR-528, RAND Corporation.
    3. Michael Hurd & Pierre‐Carl Michaud & Susann Rohwedder, 2012. "The Displacement Effect of Public Pensions on the Accumulation of Financial Assets," Fiscal Studies, Institute for Fiscal Studies, vol. 33(1), pages 107-128, March.
    4. Leora Friedberg, 1998. "The Social Security Earnings Test and Labor Supply of Older Men," NBER Chapters, in: Tax Policy and the Economy, Volume 12, pages 121-150, National Bureau of Economic Research, Inc.
    5. Lusardi, Annamaria & Mitchell, Olivia S., 2007. "Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth," Journal of Monetary Economics, Elsevier, vol. 54(1), pages 205-224, January.
    6. Takashi Oshio & Satoshi Shimizutani, 2012. "Disability Pension Program and Labor Force Participation in Japan: An Historical Perspective," NBER Chapters, in: Social Security Programs and Retirement around the World: Historical Trends in Mortality and Health, Employment, and Disability Insurance Participatio, pages 391-417, National Bureau of Economic Research, Inc.
    7. Shimizutani, Satoshi, 2011. "A new anatomy of the retirement process in Japan," Japan and the World Economy, Elsevier, vol. 23(3), pages 141-152.
    8. Julie Zissimopoulos & Nicole Maestas & Lynn Karoly, 2007. "The Effect of Retirement Incentives on Retirement Behavior: Evidence from the Self-Employed in the United States and England," Working Papers wp155, University of Michigan, Michigan Retirement Research Center.
    9. Jonathan Gruber & David A. Wise, 2004. "Social Security Programs and Retirement around the World: Micro-Estimation," NBER Books, National Bureau of Economic Research, Inc, number grub04-1.
    10. Takashi Oshio & Akiko Sato Oishi & Satoshi Shimizutani, 2011. "Social Security Reforms And Labour Force Participation Of The Elderly In Japan," The Japanese Economic Review, Japanese Economic Association, vol. 62(2), pages 248-271, June.
    11. Michael D. Hurd & James P. Smith & Julie M. Zissimopoulos, 2004. "The effects of subjective survival on retirement and Social Security claiming," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 19(6), pages 761-775.
    12. Jonathan Gruber & David A. Wise, 1999. "Introduction to "Social Security and Retirement around the World"," NBER Chapters, in: Social Security and Retirement around the World, pages 1-35, National Bureau of Economic Research, Inc.
    13. Naohiro Yashiro & Takashi Oshio, 1999. "Social Security and Retirement in Japan," NBER Chapters, in: Social Security and Retirement around the World, pages 239-267, National Bureau of Economic Research, Inc.
    14. Julie Zissimopoulos & Nicole Maestas & Lynn Karoly, 2007. "The Effect of Retirement Incentives on Retirement Behavior: Evidence from the Self-Employed in the United States and England," Working Papers wp155, University of Michigan, Michigan Retirement Research Center.
    15. ICHIMURA Hidehiko & SHIMIZUTANI Satoshi & HASHIMOTO Hideki, 2009. "JSTAR First Results 2009 Report," Discussion papers 09047, Research Institute of Economy, Trade and Industry (RIETI).
    16. David H. Autor & Mark G. Duggan, 2006. "The Growth in the Social Security Disability Rolls: A Fiscal Crisis Unfolding," Journal of Economic Perspectives, American Economic Association, vol. 20(3), pages 71-96, Summer.
    17. Hurd, Michael D. & Yashiro, Naohiro (ed.), 1997. "The Economic Effects of Aging in the United States and Japan," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226361000, September.
    18. Gary S. Fields & Olivia S. Mitchell, 1984. "Retirement, Pensions, and Social Security," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262060914, April.
    19. Takashi Oshio & Akiko Sato Oishi, 2004. "Social Security and Retirement in Japan: An Evaluation Using Micro-Data," NBER Chapters, in: Social Security Programs and Retirement around the World: Micro-Estimation, pages 399-460, National Bureau of Economic Research, Inc.
    20. Brown, Jeffrey R. & Kapteyn, Arie & Luttmer, Erzo F.P. & Mitchell, Olivia S., 2011. "Do Consumers Know How to Value Annuities? Complexity as a Barrier to Annuitization," Working Papers 924, RAND Corporation.
    21. Courtney Coile & Jonathan Gruber, 2004. "The Effect of Social Security on Retirement in the United States," NBER Chapters, in: Social Security Programs and Retirement around the World: Micro-Estimation, pages 691-730, National Bureau of Economic Research, Inc.
    22. Jonathan Gruber & David A. Wise, 1999. "Social Security and Retirement around the World," NBER Books, National Bureau of Economic Research, Inc, number grub99-1.
    23. James M. Raymo & Jersey Liang & Hidehiro Sugisawa & Erika Kobayashi & Yoko Sugihara, 2004. "Work at Older Ages in Japan: Variation by Gender and Employment Status," The Journals of Gerontology: Series B, The Gerontological Society of America, vol. 59(3), pages 154-163.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Dobrescu, L.I. & Smith, J.P., 2016. "The HRS Around the World Surveys," Handbook of the Economics of Population Aging, in: Piggott, John & Woodland, Alan (ed.), Handbook of the Economics of Population Aging, edition 1, volume 1, chapter 0, pages 993-1018, Elsevier.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. ICHIMURA Hidehiko & SHIMIZUTANI Satoshi, 2011. "Retirement Process in Japan: New evidence from Japanese Study on Aging and Retirement (JSTAR)," Discussion papers 11080, Research Institute of Economy, Trade and Industry (RIETI).
    2. SHIMIZUTANI Satoshi & FUJII Mayu & OSHIO Takashi, 2012. "Option Value of Work, Health Status, and Retirement Decisions: New evidence from the Japanese Study on Aging and Retirement (JSTAR)," Discussion papers 12050, Research Institute of Economy, Trade and Industry (RIETI).
    3. Coe, Norma B. & Zamarro, Gema, 2011. "Retirement effects on health in Europe," Journal of Health Economics, Elsevier, vol. 30(1), pages 77-86, January.
    4. Blundell, R. & French, E. & Tetlow, G., 2016. "Retirement Incentives and Labor Supply," Handbook of the Economics of Population Aging, in: Piggott, John & Woodland, Alan (ed.), Handbook of the Economics of Population Aging, edition 1, volume 1, chapter 0, pages 457-566, Elsevier.
    5. Gruber, Jonathan & Kanninen, Ohto & Ravaska, Terhi, 2022. "Relabeling, retirement and regret," Journal of Public Economics, Elsevier, vol. 211(C).
    6. Axel Börsch-Supan & Tabea Bucher-Koenen & Felizia Hanemann, 2018. "Early Determinants of Work Disability in an International Perspective," NBER Working Papers 25142, National Bureau of Economic Research, Inc.
    7. Niels Vermeer & Maarten Rooij & Daniel Vuuren, 2019. "Retirement Age Preferences: The Role of Social Interactions and Anchoring at the Statutory Retirement Age," De Economist, Springer, vol. 167(4), pages 307-345, December.
    8. Takashi Oshio & Akiko S. Oishi & Satoshi Shimizutani, 2018. "Social Security Programs and Elderly Employment in Japan," NBER Chapters, in: Social Security Programs and Retirement around the World: Reforms and Retirement Incentives, pages 271-296, National Bureau of Economic Research, Inc.
    9. Binswanger, Johannes & Schunk, Daniel, 2012. "What is an adequate standard of living during Retirement?," Journal of Pension Economics and Finance, Cambridge University Press, vol. 11(2), pages 203-222, April.
    10. Aguila, Emma, 2014. "Male labor force participation and social security in Mexico," Journal of Pension Economics and Finance, Cambridge University Press, vol. 13(2), pages 145-171, April.
    11. Satoshi Shimizutani & Takashi Oshio & Mayu Fujii, 2014. "Option Value of Work, Health Status, and Retirement Decisions in Japan: Evidence from the Japanese Study on Aging and Retirement (JSTAR)," NBER Chapters, in: Social Security Programs and Retirement Around the World: Disability Insurance Programs and Retirement, pages 497-535, National Bureau of Economic Research, Inc.
    12. Heller-Sahlgren, Gabriel, 2017. "Retirement blues," Journal of Health Economics, Elsevier, vol. 54(C), pages 66-78.
    13. Sílvia Garcia-Mandicó & Sergi Jiménez-Martín, 2020. "Spillovers in pension incentives and the joint retirement behavior of Spanish couples," Working Papers 2020-13, FEDEA.
    14. OSHIO Takashi, 2018. "Health Capacity to Work and Its Long-term Trend among the Japanese Elderly," Discussion papers 18079, Research Institute of Economy, Trade and Industry (RIETI).
    15. Oshio, Takashi & Shimizutani, Satoshi & Oishi, Akiko S., 2020. "Examining how elderly employment is associated with institutional disincentives in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 56(C).
    16. Tibor Hanappi, 2012. "Retirement Behaviour in Austria: Incentive Effects on Old-Age Labor Supply," NRN working papers 2012-13, The Austrian Center for Labor Economics and the Analysis of the Welfare State, Johannes Kepler University Linz, Austria.
    17. Courtney C. Coile, 2015. "Economic Determinants Of Workers’ Retirement Decisions," Journal of Economic Surveys, Wiley Blackwell, vol. 29(4), pages 830-853, September.
    18. Titus Galama & Arie Kapteyn & Raquel Fonseca & Pierre‐Carl Michaud, 2013. "A Health Production Model With Endogenous Retirement," Health Economics, John Wiley & Sons, Ltd., vol. 22(8), pages 883-902, August.
    19. Oshio, Takashi & Shimizutani, Satoshi, 2019. "Health capacity to work and its long-term trend among the Japanese elderly," Journal of the Japanese and International Economies, Elsevier, vol. 51(C), pages 76-86.
    20. Roman Raab, 2011. "Financial incentives in the Austrian PAYG-pension system: micro-estimation," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 38(2), pages 231-257, May.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mrr:papers:wp270. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MRRC Administrator (email available below). General contact details of provider: https://edirc.repec.org/data/isumius.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.