@article {13656, title = {Better Mobility Is Associated With Higher Incomes and Longer Working Years Among Older Adults.}, journal = { Clinical Orthopaedics and Related Research}, year = {Forthcoming}, month = {2023 Oct 25}, abstract = {

BACKGROUND: Robust physical mobility is the key to healthy independent aging. Although the association between socioeconomic status and health is well documented, it is unclear whether there is a relationship between mobility and income, because income data are not readily available.

QUESTIONS/PURPOSES: (1) Do individuals with better mobility have higher incomes? (2) Does maintaining mobility over time allow individuals to keep working? (3) Is exercise associated with higher mobility over time?

METHODS: We obtained longitudinal income and health data from the nationally representative Health and Retirement Study. Three cohorts were used. First, we studied the relationship between household income and mobility (on a 6-point index of walking impairment) in 19,430 adults who were assessed in 2016 (representing 93\% of the 20,805-person total cohort). We measured the association of mobility and household income in a multivariate linear regression analysis of age, gender, health conditions, and education. We then identified a second group of 1094 individuals with unrestricted mobility in the year 2000 and compared differences in income and working rates between those who maintained mobility and those who lost mobility after 10 years. Finally, we identified a third group of 7063 individuals who were 60 to 80 years old in 2012, divided the group by how often they engaged in exercise, and observed differences in mobility after 4 years.

RESULTS: After adjusting for covariates, a drop of one level of mobility was associated with a USD 3410 reduction in annual household income (95\% CI USD 2890 to USD 3920; p < 0.001). After 10 years, individuals who maintained their mobility had incomes that were USD 6500 higher than that of individuals who were not working (95\% CI USD 2300 to USD 10,300; p < 0.001) and were more likely to be working (40\% versus 34.5\%; p < 0.001). Exercising at least once per week was associated with better mobility 4 years later (mobility score 4.46 {\textpm} 0.08 versus 3.66 {\textpm} 0.08; p < 0.001).

CONCLUSION: Better mobility was associated with more than USD 3000 in annual income. Regular exercise and other interventions that improve mobility may have meaningful returns on investment.

CLINICAL RELEVANCE: Because greater mobility is strongly associated with higher income, orthopaedic interventions may be undervalued.

}, keywords = {Income, mobility, working years}, issn = {1528-1132}, doi = {10.1097/CORR.0000000000002886}, author = {Pu, Alex and Paul, Subrata and Luke, Brian and Bhattacharyya, Timothy} } @article {13805, title = {Education, Income, Wealth, and Discrimination in Black-White Allostatic Load Disparities.}, journal = {American Journal of Preventive Medicine}, year = {Forthcoming}, abstract = {

INTRODUCTION: Allostatic load (AL) is a significant marker of aging, associated with disease and mortality. Research has elucidated the impact of education and income on AL. However, the roles of wealth and discrimination in contributing to AL and shaping AL disparities remain underexplored. This study aimed to investigate the association between wealth and AL, while also examining the independent contributions of education, income, wealth, and everyday discrimination in shaping AL disparities.

METHODS: Using 2016 data from the nationally representative Health and Retirement Study (N=3,866), this study employed multilinear regression analysis to quantify the association between education and income, wealth (calculated as assets minus debts), and everyday discrimination with AL. Oaxaca-Blinder decomposition analysis was conducted to determine the proportion of AL disparities between Black and White participants attributed to education and income, wealth, and everyday discrimination. Analyses were performed in 2023.

RESULTS: Having a college degree or more (b = -0.32; 95\% CI: -0.46, -0.17), higher income (b = -0.06; 95\% CI: -0.11, -0.01), and greater wealth (b = -0.11; 95\% CI: -0.16, -0.07) were linked to reduced AL. Conversely, increased experiences of everyday discrimination were associated with heightened AL (b = 0.07; 95\% CI: 0.01, 0.16). Collectively, differences in possessing a college degree or more, wealth, and exposure to discrimination accounted for about 18\% of the observed Black-White AL disparities.

CONCLUSIONS: Education, income, wealth, and experiences of discrimination may independently contribute to AL and partially explain Black-White disparities in AL. There is a need to elucidate the underlying mechanisms governing these relationships, particularly wealth, and extend the research to additional social determinants of racial health disparities.

}, keywords = {Aging, Discrimination, Education, Income, Wealth}, issn = {1873-2607}, doi = {10.1016/j.amepre.2024.02.021}, author = {Cuevas, Adolfo G and McSorley, Anna-Michelle and Lyngdoh, Adiammi and Kaba-Diakit{\'e}, Fatoumata and Harris, Adrian and Rhodes-Bratton, Brennan and Rouhani, Saba} } @article {13849, title = {Inflation and Economic Security of the Older Population}, year = {2024}, institution = {University of Michigan Retirement and Disability Research Center }, address = {Ann Arbor}, keywords = {economic security, economic vulnerability, Income, inflation, older population}, url = {https://mrdrc.isr.umich.edu/publications/papers/pdf/wp480.pdf}, author = {Michael D. Hurd and Susann Rohwedder} } @article {13184, title = {Comparison of sex differences in cognitive function in older adults between high- and middle-income countries and the role of education: a population-based multicohort study.}, journal = {Age Ageing}, volume = {52}, year = {2023}, month = {2023 Feb 01}, abstract = {

BACKGROUND: The extent to which education explains variations in sex differences in cognitive function between countries at different levels of economic development is unknown. We examined the role of education in sex differences in four cognitive domains in high- and middle-income countries.

METHODS: Analyses were based on 70,846 participants, aged 60~years and older, in cohort studies from a high-income (United States) and four middle-income countries (Mexico, Brazil, China, and India). We used weighted linear models to allow nationally-representative comparisons of sex differences in orientation, memory, attention, and fluency using the United States as the reference, before and after adjustment for education, and after stratification by education.

RESULTS: Females had lower levels of education than males in all countries, particularly in India. Before adjustment for education, sex differences in orientation and attention in all middle-income countries, memory in Brazil, China, and India, and fluency in India were less favourable to females than in the United States (P < 0.010). For example, females outperformed males in memory in the United States (mean difference [male-female scores] = -0.26 standard deviations [95\% CI -0.30, -0.22]) but not in China (0.15 [0.09, 0.21]) or India (0.16 [0.13, 0.19]). Adjustment for education attenuated these sex differences. In analyses stratified by education, there were minimal sex differences in the high education group in all countries.

CONCLUSION: Education contributes to larger female disadvantages in cognitive function at older ages in middle-income countries compared with the United States. Gender equity in education is an important target to reduce sex disparities in cognitive function globally.

}, keywords = {Aged, Cognition, Developing Countries, Educational Status, Female, Humans, Income, Male, Middle Aged, Sex Characteristics, United States}, issn = {1468-2834}, doi = {10.1093/ageing/afad019}, author = {Bloomberg, Mikaela and Dugravot, Aline and Sommerlad, Andrew and Kivim{\"a}ki, Mika and Singh-Manoux, Archana and Sabia, S{\'e}verine} } @article {13492, title = {Disparities Growing Between Low- and High-Income Retirement Accounts: GAO}, year = {2023}, publisher = {American Society of Pension Professionals \& Actuaries }, keywords = {Disparities, Income, retirement account}, url = {https://www.asppa-net.org/news/disparities-growing-between-low-and-high-income-retirement-accounts-gao}, author = {Godbout, Ted} } @article {12908, title = {History of Low Hourly Wage and All-Cause Mortality Among Middle-aged Workers.}, journal = {JAMA}, volume = {329}, year = {2023}, pages = {561-573}, abstract = {

IMPORTANCE: Earning a low wage is an increasingly recognized public health concern, yet little research exists on the long-term health consequences of sustained low-wage earning.

OBJECTIVE: To examine the association of sustained low-wage earning and mortality in a sample of workers with hourly wage reported biennially during peak midlife earning years.

DESIGN, SETTING, AND PARTICIPANTS: This longitudinal study included 4002 US participants, aged 50 years or older, from 2 subcohorts of the Health and Retirement Study (1992-2018) who worked for pay and reported earning hourly wages at 3 or more time points during a 12-year period during their midlife (1992-2004 or 1998-2010). Outcome follow-up occurred from the end of the respective exposure periods until 2018.

EXPOSURES: Low-wage-less than the hourly wage for full-time, full-year work at the federal poverty line-earning history was categorized as never earning a low wage, intermittently earning a low wage, and sustained earning a low wage.

MAIN OUTCOMES AND MEASURES: Cox proportional hazards and additive hazards regression models sequentially adjusted for sociodemographics, and economic and health covariates were used to estimate associations between low-wage history and all-cause mortality. We examined interaction with sex or employment stability on multiplicative and additive scales.

RESULTS: Of the 4002 workers (aged 50-57 years at the beginning of exposure period and 61-69 years at the end), 1854 (46.3\%) were female; 718 (17.9\%) experienced employment instability; 366 (9.1\%) had a history of sustained low-wage earning; 1288 (32.2\%) had intermittent low-wage earning periods; and 2348 (58.7\%) had never earned a low wage. In unadjusted analyses, those who had never earned low wages experienced 199 deaths per 10 000 person-years, those with intermittent low wages, 208 deaths per 10 000 person-years, and those with sustained low wages, 275 deaths per 10 000 person-years. In models adjusted for key sociodemographic variables, sustained low-wage earning was associated with mortality (hazard ratio [HR], 1.35; 95\% CI, 1.07-1.71) and excess deaths (66; 95\% CI, 6.6-125); these findings were attenuated with additional adjustments for economic and health covariates. Significant excess death and elevated mortality risk were observed for workers with sustained low-wage exposure and employment fluctuations (eg, for sustained low-wage {\texttimes} employment fluctuated, HR, 2.18; 95\% CI, 1.35-3.53; for sustained low-wage {\texttimes} stable employment, HR, 1.17; 95\% CI, 0.89,-1.54; P for interaction = .003).

CONCLUSIONS AND RELEVANCE: Sustained low-wage earning may be associated with elevated mortality risk and excess deaths, especially when experienced alongside unstable employment. If causal, our findings suggest that social and economic policies that improve the financial standing of low-wage workers (eg, minimum wage laws) could improve mortality outcomes.

}, keywords = {Employment, Income, Poverty, Salaries and Fringe Benefits}, issn = {1538-3598}, doi = {10.1001/jama.2023.0367}, author = {Kezios, Katrina L and Lu, Peiyi and Calonico, Sebastian and Al Hazzouri, Adina Zeki} } @article {13655, title = {How does physical mobility affect working years and income?}, year = {2023}, publisher = {National Safety Council}, keywords = {Income, physical mobility, working years}, url = {https://www.safetyandhealthmagazine.com/articles/24810-study-explores-physical-mobility-in-later-years-and-income}, author = {National Safety Council} } @article {13759, title = {How Staying Active Could Make You Richer}, year = {2023}, publisher = {Money Talks News}, keywords = {health, Income, mobility, Work}, url = {https://www.moneytalksnews.com/how-staying-active-could-make-you-richer/}, author = {Kissell, Chris} } @article {13332, title = {Immigrant Wealth Stratification and Return Migration: The Case of Mexican Immigrants in the United States During the Twentieth Century.}, journal = {Demography}, volume = {60}, year = {2023}, pages = {809-835}, abstract = {

Considerable wealth stratification exists between U.S.-born and foreign-born populations (Campbell and Kaufman 2006), with low wealth attainment documented among Mexican immigrants (Hao 2007). High rates of Mexican return migration (Azose and Raftery 2019) suggest that nonrandom selection into return migration on wealth is a potential driver of stratification. Existing theories do not conclusively predict asset accumulation among returnees versus stayers, and empirical research on return migration and wealth stratification is scarce. Combining data from the 2000 U.S. Health and Retirement Study and the 2001 Mexican Health and Aging Study to create a novel data set representing all Mexicans aged 50 and older with a history of migration to the United States and adopting a life course perspective, I find that return migration at younger and older ages is associated with higher wealth accumulation and might be a way to maximize assets at older ages. Thus, return migration may contribute to nativity-based wealth stratification in the United States. The study{\textquoteright}s findings point to the greater financial risks for new cohorts of immigrants aging in place, suggest caution in interpreting wealth stratification as a measure of mobility, and inform theories about the links between return migration and wealth across the life course.

}, keywords = {Aged, Aging, Emigrants and Immigrants, Emigration and Immigration, Humans, Income, Independent Living, Mexican Americans, Mexico, Middle Aged, United States}, issn = {1533-7790}, doi = {10.1215/00703370-10693686}, author = {Sheftel, Mara Getz} } @article {13407, title = {Income-Related Inequalities in Physical and Cognitive Health Domains Over the Later Life Course: Longitudinal Evidence From the U.S. (1992-2016).}, journal = {Res Aging}, year = {2023}, pages = {1640275231183438}, abstract = {

This study aims to investigate changes in the income-health gradient over the later life course. We test the age-as-leveler, the cumulative advantage/disadvantage, and the persistent inequality pattern for physical and cognitive health domains, and analyze whether these patterns are gendered. We used HRS data (1992-2016) and Poisson growth curve models to predict multimorbidity (33,860 participants) as an indicator of physical health and memory (25,291 participants) as an indicator of cognitive health. We disentangled the within-participant from the between-participant effects. For multimorbidity, the income-health gradient weakened as individuals aged; whereas for memory, the income-health gradient strengthened as individuals aged. The cumulative advantage/disadvantage of higher/lower income on memory may be more pronounced among women than men. Findings were confirmed by sensitivity analyses. Findings suggest that the support for the age-as-leveler or cumulative advantage/disadvantage pattern may depend on health domains and the effect strength may depend on gender.

}, keywords = {cognitive, Income, inequalities, physical}, issn = {1552-7573}, doi = {10.1177/01640275231183438}, author = {Cheng, Mengling and Sommet, Nicolas and Jopp, Daniela S and Spini, Dario} } @article {doi:10.1177/23780231231186072, title = {Mental Health Effects of Income over the Adult Life Course}, journal = {Socius}, volume = {9}, year = {2023}, pages = {23780231231186072}, abstract = {While a gradient between income and depression is well documented, associational estimates are subject to bias due to measurement errors, reverse causation, and other sources of confounding. Causal studies are few and report small and divergent estimates, even in their direction. But prior research has important limitations for causal inference, such as relying on comparisons between individuals sensitive to each other{\textquoteright}s relative income or capturing only a subset of pathways through which income affects well-being. This study leverages longitudinal and genomic data to assess how much some known biases affect the income-depression gradient and to what extent the gradient might be reflective of a causal effect. Findings from three U.S. samples{\textemdash}representing early midlife, late midlife, and older adulthood{\textemdash}are suggestive of a beneficial effect of income on mental health, especially in late midlife and beyond. The results have implications for interpreting the nature of socioeconomic disparities in mental health.}, keywords = {Adult, Income, Mental Health}, doi = {10.1177/23780231231186072}, author = {Tamkinat Rauf} } @article {13491, title = {Retirement Account Disparities Have Increased by Income and Persisted by Race Over Time}, year = {2023}, publisher = {United States Government Accountability Office}, abstract = {Disparities between low-income and high-income older workers{\textquoteright} retirement accounts were greater in 2019 than in 2007, according to GAO{\textquoteright}s analysis of Survey of Consumer Finances (SCF) data on households 51 to 64. For example, about one in 10 low-income households had a retirement account balance in 2019 compared to about one in five in 2007, while about nine in 10 high-income households had a balance through the period. For those with a balance, the median balance was higher for high-income households over the period, while any change for the other income groups was not statistically significant. Racial disparities also persisted over the period. A higher share of White households had a balance than those of all other races. Also, White households had about double the median balance as households of all other races. }, keywords = {Income, race disparity, Retirement}, url = {https://www.gao.gov/assets/gao-23-105342.pdf}, author = {United States Government Accountability Office} } @article {13161, title = {Structural Inequity and Socioeconomic Status Link to Osteoporosis Diagnosis in a Population-Based Cohort of Middle-Older-Age Americans.}, journal = {Inquiry}, volume = {60}, year = {2023}, month = {2023 Jan-Dec}, pages = {469580231155719}, abstract = {

Socioeconomic status (SES) is an important social determinant of health inequities that has been linked to chronic conditions, including osteoporosis, but research tends to focus on socioeconomic disadvantage rather than how socioeconomic advantage may facilitate these inequities. This study accounts for structural inequities and assesses the relationship between early-life and later-life SES, and risk of osteoporosis diagnosis. Data come from the nationally representative, population-based cohort Health and Retirement Study and include individuals ages 50 to 90. The outcome variable is osteoporosis diagnosis. Logistic regression models of the relationship between SES and osteoporosis diagnosis are estimated, accounting for demographic, health, and childhood variables. Higher levels of childhood and adult SES link to lower odds of osteoporosis diagnosis. Structural inequities in income and underdiagnosis of osteoporosis among persons identifying as Black/African American were detected. Accounting for bone density scan access, inequities in osteoporosis diagnosis appear to stem from barriers to accessing health care due to financial constraints. The important role of SES and evidence of structural inequities leading to underdiagnosis suggest the critical importance of clinicians receiving Diversity, Equity, and Inclusion training to reduce health inequities.

}, keywords = {Adult, Aged, Aged, 80 and over, Black or African American, Humans, Income, Logistic Models, Middle Aged, Osteoporosis, Social Class, Socioeconomic factors}, issn = {1945-7243}, doi = {10.1177/00469580231155719}, author = {Gough Courtney, Margaret and Roberts, Josephine and Godde, Kanya} } @article {13252, title = {Working, Low Income, and Cancer Caregiving: Financial and Mental Health Impacts.}, journal = {J Clin Oncol}, volume = {41}, year = {2023}, pages = {2939-2948}, abstract = {

PURPOSE: Approximately 6 million people provide caregiving to people diagnosed with cancer. Many must remain employed to support their household and to have access to health insurance. It is unknown if caregiving for a spouse diagnosed with cancer is associated with greater financial and mental stress relative to providing care for a spouse with different conditions.

METHODS: Health and Retirement Study (2002-2020) data were used to compare employed caregivers, younger than age 65 years, caring for a spouse diagnosed with cancer (n = 103) and a matched control group caring for a spouse with other conditions (n = 515). We used logistic regression to examine a decrease in household income, increase in household debt, stopping work, and a new report of a mental health condition over a 4-year period, adjusting for socioeconomic and demographic characteristics, and health insurance status. Subanalyses stratified estimations by median household income.

RESULTS: Around a third of cancer caregivers reported they stopped working (35\%) and had an increase in household debt (30\%). Cancer caregivers in households below the median household income were more likely to report decreased income (13.4 percentage points [pp]; < .10), increased household debt (14.5 pp; < .10), and stopping work (18.8 pp; < .05) than similar noncancer caregivers. Mixed results were found for a change in mental health domains. The results were robust to multiple sensitivity analyses.

CONCLUSION: Cancer caregivers from low-income households were more likely to increase debt and incur work loss compared with noncancer caregivers in similar households. Policies such as paid sick leave and family leave are needed for this strained and important population who have financial and employment responsibilities in addition to caregiving.

}, keywords = {Aged, Caregivers, Employment, Humans, Income, Insurance, Health, Mental Health, Neoplasms}, issn = {1527-7755}, doi = {10.1200/JCO.22.02537}, author = {Bradley, Cathy J and Kitchen, Sara and Owsley, Kelsey M} } @article {12871, title = {Association Between Racial Wealth Inequities and Racial Disparities in Longevity Among US Adults and Role of Reparations Payments, 1992 to 2018.}, journal = {JAMA Network Open}, volume = {5}, year = {2022}, pages = {e2240519}, abstract = {

IMPORTANCE: In the US, Black individuals die younger than White individuals and have less household wealth, a legacy of slavery, ongoing discrimination, and discriminatory public policies. The role of wealth inequality in mediating racial health inequities is unclear.

OBJECTIVE: To assess the contribution of wealth inequities to the longevity gap that exists between Black and White individuals in the US and to model the potential effects of reparations payments on this gap.

DESIGN, SETTING, AND PARTICIPANTS: This cohort study analyzed the association between wealth and survival among participants in the Health and Retirement Study, a nationally representative panel study of community-dwelling noninstitutionalized US adults 50 years or older that assessed data collected from April 1992 to July 2019. Participants included 7339 non-Hispanic Black (hereinafter Black) and 26 162 non-Hispanic White (hereinafter White) respondents. Data were analyzed from January 1 to September 17, 2022.

EXPOSURES: Household wealth, the sum of all assets (including real estate, vehicles, and investments), minus the value of debts.

MAIN OUTCOMES AND MEASURES: The primary outcome was all-cause mortality by the end of survey follow-up in 2018. Using parametric survival models, the associations among household wealth, race, and survival were evaluated, adjusting for age, sex, number of household members, and marital status. Additional models controlled for educational level and income. The survival effects of eliminating the current mean wealth gap with reparations payments ($828 055 per household) were simulated.

RESULTS: Of the 33 501 individuals in the sample, a weighted 50.1\% were women, and weighted mean (SD) age at study entry was 59.3 (11.1) years. Black participants{\textquoteright} median life expectancy was 77.5 (95\% CI, 77.0-78.2) years, 4 years shorter than the median life expectancy for White participants (81.5 [95\% CI, 81.2-81.8] years). Adjusting for demographic variables, Black participants had a hazard ratio for death of 1.26 (95\% CI, 1.18-1.34) compared with White participants. After adjusting for differences in wealth, survival did not differ significantly by race (hazard ratio, 1.00 [95\% CI, 0.92-1.08]). In simulations, reparations to close the mean racial wealth gap were associated with reductions in the longevity gap by 65.0\% to 102.5\%.

CONCLUSIONS AND RELEVANCE: The findings of this cohort study suggest that differences in wealth are associated with the longevity gap that exists between Black and White individuals in the US. Reparations payments to eliminate the racial wealth gap might substantially narrow racial inequities in mortality.

}, keywords = {Black People, ethnicity, Income, Socioeconomic factors}, issn = {2574-3805}, doi = {10.1001/jamanetworkopen.2022.40519}, author = {Himmelstein, Kathryn E W and Lawrence, Jourdyn A and Jahn, Jaquelyn L and Ceasar, Joniqua N and Morse, Michelle and Bassett, Mary T and Wispelwey, Bram P and Darity, William A and Venkataramani, Atheendar S} } @article {12264, title = {Do Households Save More When the Kids Leave? Take Two}, number = {IB$\#$22-5}, year = {2022}, institution = {Center for Retirement Research at Boston College}, address = {Chestnut Hill, MA}, abstract = {When kids leave home, parents consume less but they don{\textquoteright}t save more. So where is the money going? The analysis looks at three ways to square the circle: define saving more broadly: parents could be paying down debt faster; define consumption more broadly: they could be assisting grown children; and define income more precisely: they could be earning less than before. The results support the third explanation: when kids leave, parents work and earn less. But the results also show that consumption still declines relative to income without any rise in net worth, so this study does not fully resolve the puzzle.}, keywords = {consumption, Income, Saving}, url = {https://crr.bc.edu/briefs/do-households-save-more-when-the-kids-leave-take-two/}, author = {Andrew G. Biggs and Anqi Chen and Alicia H. Munnell} } @article {12421, title = {Financial Hardship and Psychological Resilience during COVID-19: Differences by Race/Ethnicity.}, journal = {The Journals of Gerontology, Series B}, volume = {77}, year = {2022}, pages = {e117-e122}, abstract = {

OBJECTIVES: Research on the impact of COVID-19 among older adults has primarily focused on relatively acute virus outcomes, but it is likely financial hardships during this time have eroded the adaptive capacity of older adults. It is also possible these impacts vary by race and ethnicity. We examine changes in psychological resilience (PR) among older adults before and during the pandemic to determine whether financial hardships and other stressors have altered this resource for White, Black, and Hispanic older adults.

METHOD: Using the COVID module released by the HRS (n=735), we examined changes in PR between 2016 and 2020 related to financial hardships during COVID. We tested interactions to determine whether the effects were patterned by race and ethnicity.

RESULTS: Consistent with previous literature, resilience was relatively stable during this time on average. Financial hardship during COVID-19 diminished resilience, but this effect was concentrated primarily among White Americans.

DISCUSSION: The results suggest that PR is a relatively stable resource in later life, even during the pandemic. However, this resource may be impacted in the face of specific challenges in later life. Policies related to financial hardship during the pandemic should be seen as supporting the capacity for older adults to adapt to current as well as future challenges.

}, keywords = {COVID-19, Health Disparities, Income, Race/ethnicity, Successful aging, Wellbeing}, issn = {1758-5368}, doi = {10.1093/geronb/gbab173}, author = {Taylor, Miles G and Carr, Dawn C and Jason, Kendra} } @article {12966, title = {Improving identification of Medicaid eligible community-dwelling older adults in major household surveys with limited income or asset information}, journal = {Health Services and Outcomes Research Methodology }, year = {2022}, abstract = {Analysis of public policy affecting dual eligibles requires accurate identification of survey respondents eligible for both Medicare and Medicaid. Doing so for Medicaid is particularly challenging given the complex eligibility rules tied to income and assets. In this paper we provide guidance on how to best identify eligible respondents in household surveys that have limited income or asset information, such as the National Health Interview Survey, American Community Survey, Current Population Survey, and Medical Expenditure Panel Survey. We show how two types of errors{\textemdash}false negative and false positive errors{\textemdash}are impacted by incorporating limited income or asset information, relative to the commonly-used approach of solely comparing total income to the income threshold. With the 2018 Health and Retirement Study, which has detailed income and asset information, we mimic the income and asset information available in those other household surveys and quantify how errors change when imposing income or asset tests with limited information. We show that incorporating all available income and asset data results in the lowest number of errors and the lowest overall error rates. We recommend that researchers adjust income and impose the asset test to the fullest extent possible when imputing Medicaid eligibility for Medicare enrollees.}, keywords = {Eligibility Determination, Income, Medicaid, Socioeconomic factors}, doi = {10.1007/s10742-022-00297-5}, author = {McInerney, Melissa and Mellor, Jennifer M. and Ramamoorthy, Venkatesh and Sabik, Lindsay M} } @mastersthesis {12592, title = {The Influence of Work-Life Balance Directionality on Retirement Decisions}, volume = {M.S. }, year = {2022}, school = {California State University, San Bernardino}, address = {San Bernardino, CA}, abstract = {The retirement landscape is ever shifting and has become a dual-decision process more so now than ever before. Employees consider retirement through a family lens and particularly so when there is conflict between life and work domains. Researchers have suggested that work-life directionality does influence work-related decisions (Wiktorowicz, 2018). The impact of work-life directionality, however, on retirement choices has not been substantially examined. Further, socioeconomic status (SES) has been found to influence retirement decisions to some degree (Dushi et al., 2017). Therefore, in the present study, data from a total of 17,146 participants were used from the 2018 wave of the Health and Retirement Study (HRS) to examine the influence of work-life directionality, as well as the moderating effects of income, on bridge employment and planned age to stop working permanently. The findings indicate that work-life and life-work conflict influence planned age to stop working permanently, as the presence of work-life conflict reduces the planned age and life-work conflict increases the planned age. Also, the interaction between work-life and life-work significantly influences planned age to stop working but not bridge employment. Implications of these finding for both theory and practice are discussed.}, keywords = {Bridge employment, Income, Retirement Decision, Work-life balance}, url = {https://scholarworks.lib.csusb.edu/etd/1550/}, author = {Craig, Joshua} } @article {11835, title = {As dementia{\textquoteright}s toll on the U.S. rises, new study shows major gaps in who gets care that could help them remain at home}, journal = {News Release}, year = {2021}, publisher = {Institute for Social Research, University of Michigan}, address = {Ann Arbor, MI}, abstract = {A new study provides stark statistics about a reality that 6 million Americans with dementia and their families live every day: one where people with dementia receive hundreds of hours a month in unpaid care from spouses, adult children and other relatives, and where some rely on paid help including nursing home care. The study finds major differences in potential family caregiver availability by the gender, race, ethnicity, education level and family structure of the person with dementia. People with dementia who are women, Black, low-income or have lower levels of education were all less likely than their counterparts to have available spouse caregivers, but more likely to have adult children available to provide care. The study also shows that the immediate availability of adult children is directly associated with the chances that a person with dementia will continue to live at home or move to a nursing home.}, keywords = {Caregiving, Dementia, Education, Income, race}, url = {https://isr.umich.edu/news-events/news-releases/as-dementias-toll-on-the-u-s-rises-new-study-shows-major-gaps-in-who-gets-care-that-could-help-them-remain-at-home/}, author = {Gavin, Kara} } @article {11636, title = {The Changing Relationship between Bodyweight and Longevity in High- and Low-Income Countries}, number = {28813}, year = {2021}, institution = {National Bureau of Economic Research}, address = {Cambridge, MA}, abstract = {Standard measures of bodyweight (overweight and obese, for example) fail to reflect technological progress over time - and in particular, recent progress disproportionately promoting longevity at higher bodyweights (and differences in access to it). This paper builds on the pioneering work of Hans Waaler (Waaler, 1984) and Robert Fogel (Fogel, 1994) to empirically estimate how technological progress, and differential access to it, have fundamentally transformed the relationship between body mass index (BMI) and longevity in high-, middle-, and low-income countries. Importantly, we show that the combined effect of technological progress and access to it across countries is so profound that the share of national populations above mortality-minimizing bodyweight is not clearly greater in countries with higher overweight and obesity rates (as traditionally defined) - and in fact, relative to current standards, a larger share of low-income countries{\textquoteright} populations can be unhealthily heavy.}, keywords = {BMI, Income, MHAS, Technology}, doi = {10.3386/w28813}, author = {Joanna Aleksandra Kopinska and Atella, Vincenzo and Bhattacharya, Jay and Grant Miller} } @article {11646, title = {Does Having a Happy Spouse Lead to a Longer Life?}, year = {2021}, publisher = {Psychology Today}, abstract = {KEY POINTS A person{\textquoteright}s spouse affects their life in many ways. Some characteristics in one{\textquoteright}s spouse are linked to higher income and health, studies show. People aged 50 or older whose spouses report greater life satisfaction are more likely to be alive eight years later, according to research. Happier people are more likely to have a healthy lifestyle, which may guide their partner to adopt that lifestyle and increase longevity. }, keywords = {Happiness, Income, Life Satisfaction, Longevity, spouse}, url = {https://www.psychologytoday.com/ca/blog/positively-negative/202105/does-having-happy-spouse-lead-longer-life}, author = {Stavrova, Olga} } @article {11039, title = {The Economic Consequences of Gray Divorce for Women and Men}, journal = {The Journals of Gerontology, Series B}, volume = {76}, year = {2021}, pages = {2073-2085}, abstract = {Gray divorce, which describes divorce among persons aged 50 and older, is increasingly common reflecting the doubling of the gray divorce rate since 1990. Yet, surprisingly little is known about the consequences of gray divorce and in particular how women and men fare economically during the aftermath.Using longitudinal data from the 2004{\textendash}2014 Health and Retirement Study, we estimated hybrid fixed/random-effects models comparing women{\textquoteright}s and men{\textquoteright}s economic well-being prior to, during, and following gray divorce and subsequent repartnering.Women experienced a 45\% decline in their standard of living (measured by an income-to-needs ratio) whereas men{\textquoteright}s dropped by just 21\%. These declines persisted over time for men, and only reversed for women following repartnering, which essentially offset women{\textquoteright}s losses associated with gray divorce. No gender gap emerged for changes in wealth following divorce with both women and men experiencing roughly a 50\% drop. Similarly, repartnering was ameliorative only for women{\textquoteright}s wealth.Gray divorce is often financially devastating, especially for women. Although repartnering seems to reverse most of the economic costs of gray divorce for women, few form new co-residential unions after divorce. This study offers a cautionary tale about the financial aftermath of gray divorce, which is likely to contribute to growing economic disadvantage among older adults.}, keywords = {Divorce, Economics, gender, Income, Older adult, Personal Satisfaction}, isbn = {1079-5014}, doi = {10.1093/geronb/gbaa157}, author = {Lin, I-Fen and Susan L. Brown} } @article {12085, title = {Health dynamics shape life-cycle incomes.}, journal = {Journal of Health Economics}, volume = {75}, year = {2021}, pages = {102398}, abstract = {

This paper empirically investigates the long-run effects of major health improvements on income growth in the United States. To isolate exogenous changes in health, the econometric model uses quasi-experimental variation in cardiovascular disease mortality across states over time. Based on data for the white population, the results show that there is a causal link between health and income per person, and they provide novel evidence that health dynamics shape life-cycle incomes. Life-cycle income profiles slope more strongly at the beginning and at the end of work life in 2000 than in 1960, indicating that age becomes a more prominent determinant of income dynamics over this period. The channels for this transformation include better health, higher educational attainment, and changing labor supply.

}, keywords = {Demography, Economics, Educational Status, Employment, Fertility, Health Workforce, Humans, Income, Population Dynamics, Socioeconomic factors}, issn = {1879-1646}, doi = {10.1016/j.jhealeco.2020.102398}, author = {Rainer Kotschy} } @article {11375, title = {Improving the Measurement of Retirement Income of the Aged Population}, number = {116}, year = {2021}, institution = {Office of Retirement and Disability Policy, Social Security Administration}, address = {Washington, D.C.}, abstract = {Research has shown that survey-reported income measures, particularly pension and retirement income, suffer from reporting errors, which lead to biased estimates of income and poverty of the aged population. Two of the Social Security Administration{\textquoteright}s main publications{\textemdash}Income of the Population 55 or Older and the Income of the Aged Chartbook{\textemdash}are published biennially and are based exclusively on publicly available data from the U.S. Census Bureau. In this paper, we use data from the Census{\textquoteright} 2016 Current Population Survey (CPS) Annual Social and Economic Supplement (ASEC) merged with administrative data{\textemdash}Internal Revenue Service (IRS) tax records and Social Security earnings and benefit records{\textemdash}to examine whether and to what extent using these additional data improves income estimates. We also compare those estimates with public-use data from the 2016 Health and Retirement Study (HRS), which has the reputation of being a reliable source of income measures for the aged population. We find that for the population aged 65 or older, supplementing the CPS ASEC with IRS and Social Security administrative data results in a higher estimate of pension income{\textquoteright}s share of aggregate income, less estimated reliance on Social Security, and a lower estimated rate of poverty. Furthermore, we find that the HRS provides better estimates of the income of the aged population than the public-use CPS data.}, keywords = {Income, Measurement error}, url = {https://www.ssa.gov/policy/docs/workingpapers/wp116.html}, author = {Irena Dushi and Trenkamp, Brad} } @article {11541, title = {Marital loss and risk of dementia: Do race and gender matter?}, journal = {Social Science \& Medicine}, volume = {275}, year = {2021}, pages = {113808}, abstract = {

Recent studies have found that marital loss through divorce or widowhood is associated with a higher risk of dementia for older adults. However, whether these associations vary by race and gender is less clear. To address this gap, we drew upon longitudinal data from the Health and Retirement Study (2000-2016) to investigate the association between marital loss and dementia risk, separately for non-Hispanic Whites and non-Hispanic Blacks. We further examined gender variations in the link between marital loss and dementia risk within each racial group. Results from discrete-time event history models suggested that widowhood is significantly associated with a higher risk of dementia for both Whites and Blacks, controlling for basic demographic characteristics. However, while divorce is significantly associated with a higher risk of dementia for Blacks, the association is marginally significant (p~<~0.1) for Whites. There are few significant gender variations in these associations except for the effect of divorce among Whites. Even after controlling for economic and health-related factors, we found that divorce is associated with a higher risk of dementia among White men but not among White women. Economic resources explain a significant portion of the association between widowhood and dementia risk, more so for Whites than for Blacks. Our findings call for more research into the pathways through which marital loss shapes the risk of dementia across racial and ethnic groups.

}, keywords = {Dementia, Divorce, gender, Income, Marital Status, race, Widowhood}, issn = {1873-5347}, doi = {10.1016/j.socscimed.2021.113808}, author = {Zhang, Zhenmei and Hui Liu and Seung-won Emily Choi} } @article {11797, title = {The role of education and income for cognitive functioning in old age: A cross-country comparison.}, journal = {International Journal of Geriatric Psychiatry}, volume = {36}, year = {2021}, pages = {1908-1921}, abstract = {

OBJECTIVES: Previous studies have shown that higher education promotes cognitive health. This effect, however, is embedded in the living conditions of a particular country. Since it is not clear to what extent the country and its specific living standards are necessary preconditions for the observed effect, we investigated whether the impact of education and income on cognitive functioning differs between countries.

METHODS: Analyses were based on harmonized data from the World Health Organization{\textquoteright}s multi-country Study on global AGEing and adult health (WHO SAGE), the Health and Retirement Study (HRS), and the Survey of Health, Ageing and Retirement in Europe (SHARE)) of over 85,000 individuals aged 50 years and older. Analyses were conducted via multivariate regression analyses and structural equation modelling adjusted for age, gender, marital status, health status, and depression.

RESULTS: The effect of education was twice as large as the effect of income on cognitive functioning and indirectly moderated the effect of income on cognitive functioning. The effect sizes varied strongly between countries. The country{\textquoteright}s gross domestic product per capita seems to influence cognitive functioning.

CONCLUSIONS: Our findings indicate that education has a dominant effect on cognitive functioning in people aged 50 years and older, which might even offset the adverse implications of living with low income on cognitive health. Therefore, expanding efforts to achieve universal education are essential to mitigate health disparities due to low income and early life disadvantages, including chances for good cognitive functioning over the life-span. This article is protected by copyright. All rights reserved.

}, keywords = {cognitive functioning, Cognitive Reserve, Cross-country comparison, deprivation, Education, Epidemiology, Income, Life-course, Poverty, SHARE}, issn = {1099-1166}, doi = {10.1002/gps.5613}, author = {Rodriguez, Francisca S and Hofbauer, Lena M and R{\"o}hr, Susanne} } @article {11747, title = {TEMPORAL INSTABILITY OF RISK PREFERENCE AMONG THE POOR: EVIDENCE FROM PAYDAY CYCLES}, number = { 28784}, year = {2021}, institution = {National Bureau of Economic Research}, address = {Cambridge, MA}, abstract = {The poor live paycheck to paycheck and are repeatedly exposed to strong cyclical income fluctuations. We investigate whether such income fluctuations affect risk preference among the poor. If risk preference temporarily changes around payday, optimal decisions made before payday may no longer be optimal afterward, which could reinforce poverty. By exploiting Social Security payday cycles in the US, we find that risk preference among the poor relying heavily on Social Security changes around payday. Rather than cognitive decline before payday, the deterioration of mental health and relative deprivation may play a role. We find similar evidence among the Japanese elderly. }, keywords = {Income, instability, payday cycles, Risk preference}, doi = {10.3386/w28784}, author = {Akesaka, Mika and Eibich, Peter and Hanaoka, Chie and Shigeoka, Hitoshi} } @article {11428, title = {Tracking Progress on Person-Centered Care for Older Adults: How Are We Doing?}, year = {2021}, institution = {Center for Consumer Engagement in Health Innovation}, address = {Boston, MA}, abstract = {Person-centered care is essential to a high-quality system of care, emphasizing a holistic approach oriented around individuals{\textquoteright} goals and preferences. Analyzing the 2014 and 2016 Health and Retirement Study, we measure the extent to which older adults experience person-centered care, differences by race, income and other variables, and how receipt of person-centered care affects overall health care satisfaction and service utilization. Roughly one-third of older adults reported that their preferences were only rarely or sometimes taken into account. Results varied greatly by race. One in four Hispanics reported never having their preferences taken into account compared to roughly one in ten whites and one in six Blacks. When people{\textquoteright}s preferences are ignored, they are more likely to forgo medical care and report lower satisfaction with the health care system. New efforts are needed to strengthen and advance person-centered care, particularly for people of color and low-income populations.}, keywords = {Health Care, Income, person-centered care, race}, url = {https://www.healthinnovation.org/resources/publications/body/Person-Centered-Care-Report_Jan-2021.pdf}, author = {Jane Tavares and Hwang, Ann and Marc A Cohen} } @article {11588, title = {What Explains Low Old-Age Income? Evidence from the Health and Retirement Study}, number = {28721}, year = {2021}, institution = {National Bureau of Economic Research}, address = {Cambridge, MA}, abstract = {We examine respondents in the Health and Retirement Study (HRS) to observe how their financial situations unfolded as they aged. We focus on low income older adults and follow them over time to identify the factors associated with having low income at baseline and thereafter. We find that (a) real income remained relatively stable as individuals approach and enter retirement, and progress through their retirement years, and (b) labor force participation declined and thus earnings became less important with age, while Social Security and retirement savings rose as a proportion of annual income.}, keywords = {Income, retirement savings, Social Security}, doi = {10.3386/w28721}, author = {Olivia S. Mitchell and Clark, Robert L. and Annamaria Lusardi} } @article {10901, title = {Comparison of Health Outcomes Among High- and Low-Income Adults Aged 55 to 64 Years in the US vs England}, journal = {JAMA Intern Med}, year = {2020}, month = {2020}, abstract = {Socioeconomic differences in life expectancy, health, and disability have been found in European countries as well as in the US. Identifying the extent and pattern of health disparities, both within and across the US and England, may be important for informing public health and public policy aimed at reducing these disparities.To compare the health of US adults aged 55 to 64 years with the health of their peers in England across the high and low ranges of income in each country.Using data from the Health and Retirement Study (HRS) and the English Longitudinal Study of Ageing (ELSA) for 2008-2016, a pooled cross-sectional analysis of comparably measured health outcomes, with adjustment for demographic characteristics and socioeconomic status, was conducted. The analysis sample included community-dwelling adults aged 55 to 64 years from the HRS and ELSA, resulting in 46 887 person-years of observations. Data analysis was conducted from September 17, 2019, to May 12, 2020.Residence in the US or England and yearly income.Sixteen health outcomes were compared, including 5 self-assessed outcomes, 3 directly measured outcomes, and 8 self-reported physician-diagnosed health conditions.This cross-sectional study included 12 879 individuals and 31 928 person-years from HRS (mean [SD] age, 59.2 [2.8] years; 51.9\% women) and 5693 individuals and 14 959 person-years from ELSA (mean [SD] age, 59.3 [2.9] years; 51.0\% women). After adjusting for individual-level demographic characteristics and socioeconomic status, a substantial health gap between lower-income and higher-income adults was found in both countries, but the health gap between the bottom 20\% and the top 20\% of the income distribution was significantly greater in the US than England on 13 of 16 measures. The adjusted US-England difference in the prevalence gap between the bottom 20\% and the top 20\% ranged from 3.6 percentage points (95\% CI, 2.0-5.2 percentage points) in stroke to 9.7 percentage points (95\% CI, 5.4-13.9 percentage points) for functional limitation. Among individuals in the lowest income group in each country, those in the US group vs the England group had significantly worse outcomes on many health measures (10 of 16 outcomes in the bottom income decile); the significant differences in adjusted prevalence of health problems in the US vs England for the bottom income decile ranged from 7.6\% (95\% CI, 6.0\%-9.3\%) vs 3.8\% (95\% CI, 2.6\%-4.9\%) for stroke to 75.7\% (95\% CI, 72.7\%-78.8\%) vs 59.5\% (95\% CI, 56.3\%-62.7\%) for functional limitation. Among individuals in the highest income group, those in the US group vs England group had worse outcomes on fewer health measures (4 of 16 outcomes in the top income decile); the significant differences in adjusted prevalence of health problems in the US vs England for the top income decile ranged from 36.9\% (95\% CI, 33.4\%-40.4\%) vs 30.0\% (95\% CI, 27.2\%-32.7\%) for hypertension to 35.4\% (95\% CI, 32.0\%-38.7\%) vs 22.5\% (95\% CI, 19.9\%-25.1\%) for arthritis.For most health outcomes examined in this cross-sectional study, the health gap between adults with low vs high income appeared to be larger in the US than in England, and the health disadvantages in the US compared with England are apparently more pronounced among individuals with low income. Public policy and public health interventions aimed at improving the health of adults with lower income should be a priority in the US.}, keywords = {Demographics, ELSA, Income, socioeconomic status}, isbn = {2168-6106}, doi = {10.1001/jamainternmed.2020.2802}, author = {Choi, Hwajung and Andrew Steptoe and Michele M Heisler and Philippa J Clarke and Robert F. Schoeni and Jivraj, Stephen and Cho, Tsai-Chin and Kenneth M. Langa} } @article {11259, title = {The Evolution of Late-Life Income and Assets: Measurement in IRS Tax Data and Three Household Surveys}, number = {NB20-04}, year = {2020}, institution = {National Bureau of Economic Research, Retirement and Disability Research Center}, address = {Cambridge, MA}, abstract = {Using a 5\% random sample of administrative IRS tax records covering households born from 1933 to 1952, we evaluate how three widely-used household surveys{\textemdash}the Health and Retirement Study, the Survey of Income and Program Participation, and the Current Population Survey{\textemdash}capture the level of and trends in late-life income and assets. First, relative to the tax data, survey data underestimate total income levels and overestimate declines in income at the median during the initial transition from working life to retirement. Survey estimates of median income at age 73 are lower than tax data estimates by an average of 4.5\% in the HRS, 14.2\% in the SIPP, and 25.1\% in the CPS. Median total income declined from 58 to 68 by an average of only 11.7\% in the tax data, compared with 24.4\% in HRS, 16.8\% in SIPP, and 29.0\% in CPS. Second, survey sources overestimate income growth across birth cohorts at older ages but do a better job of capturing these trends at younger ages. Third, lower-income households have not experienced income growth across birth cohorts outside of the Social Security system. Averaging across ages 68 to 74, the 25th percentile income excluding Social Security fell by 16.5\% from the 1933 birth cohort to the 1943 birth cohort in the tax data. These declines are larger in the HRS (26.9\%) and SIPP (45.5\%) and smaller in the CPS (11.1\%). The fraction of households in the tax data with no non-Social Security income and no assets at age 72 rose from 18.9\% to 20.5\% from cohorts born in 1933 to 1945. The fraction of such households is captured well by the HRS and SIPP, but overstated by the CPS.}, keywords = {Assets, Income, late-life finances}, url = {https://www.nber.org/programs-projects/projects-and-centers/retirement-and-disability-research-center/center-papers/nb20-04}, author = {Choi, James and Goodman, Lucas and Katz, Justin and David I. Laibson and Ramnath, Shanthi} } @article {11082, title = {EXTENDING THE EARNED INCOME TAX CREDIT: HOW THE ECONOMIC SECURITY PROJECT{\textquoteright}S COST-OF-LIVING REFUND WOULD AFFECT FAMILY CAREGIVERS}, year = {2020}, institution = {Urban Institute and Brookings Institution}, address = {Washington, D.C.}, abstract = {In recognition of the important work family caregivers do, the Economic Security Project (ESP) has proposed that they be eligible for the cost-of-living refund, an expansion of the earned income tax credit (EITC). Among other changes to the EITC, the cost-of-living refund would extend benefits to family caregivers who have little or no earnings from paid employment, essentially expanding the kinds of work eligible for tax benefits. We estimate the caregiver provisions of the proposal would increase tax benefits for 2.6 million families in 2020. The proposal would provide $2,830 billion in tax benefits over fiscal years 2019{\textendash}28; 1 extending full benefits to low-income family caregivers would account for about $180 billion2 of those costs. Benefits from the caregiver provision would be highly concentrated among very low-income families.}, keywords = {budget, Families, Income, Taxes, Wealth}, url = {https://www.urban.org/research/publication/extending-earned-income-tax-credit-how-economic-security-projects-cost-living-refund-would-affect-family-caregivers}, author = {Maag, Elaine and Melissa Favreault and Airi, Nikhita} } @article {11021, title = {Genetic Fortune: Winning or Losing Education, Income, and Health}, number = {TI 2020-053/V}, year = {2020}, institution = {Tinbergen Institute}, address = {Amsterdam}, abstract = {We study the effects of genetic endowments on inequalities in education, income, and health. Specifically, we conduct the first genome-wide association study (GWAS) of individual income, using data from individuals of European ancestries. We find that ≈10\% of the variance in occupational wages can be attributed to genetic similarities between individuals who are only very distantly related to each other. Our GWAS (N = 282,963) identifies 45 approximately independent genetic loci for occupational wages, each with a tiny effect size (R 2<0.04\%). An aggregated genetic score constructed from these GWAS results accounts for ≈1\% of the variance in self-reported income in two independent samples (N = 29,440) and improves upon the variance captured by a genetic score obtained from previous GWAS results for educational attainment. A one-standard-deviation increase in our genetic score for occupational wages is associated with a 6{\textendash}8\% increase in self-reported hourly wages. We exploit random genetic differences between ~35,000 biological siblings to show that (i) roughly half of the covariance between our genetic score and socioeconomic outcomes is causal, (ii) genetic luck for higher income is linked with better health outcomes in late adulthood, and (iii) having a college degree partly mediates this relationship. We also demonstrate that the returns to schooling remain substantial even after controlling for genetic confounds, with an average of 8{\textendash}11\% higher hourly wages for each additional year of education obtained in a US sample. Thus, the implications of genetic endowments are malleable, for example, via policies targeting education.}, keywords = {Education, Genetics, health, heritability, Income, Inequality, polygenic score}, url = {https://papers.tinbergen.nl/20053.pdf}, author = {Kweon, Hyeokmoon and Burik, Casper and Richard Karlsson Linn{\'e}r and de Vlaming, Ronald and Okbay, Aysu and Martschenko, Daphne and Harden, Kathryn and DiPrete, Thomas and Philipp D Koellinger} } @article {12080, title = {Long-term decline in intergenerational mobility in the United States since the 1850s.}, journal = {Proc Natl Acad Sci U S A}, volume = {117}, year = {2020}, month = {2020 01 07}, pages = {251-258}, abstract = {

We make use of newly available data that include roughly 5 million linked household and population records from 1850 to 2015 to document long-term trends in intergenerational social mobility in the United States. Intergenerational mobility declined substantially over the past 150 y, but more slowly than previously thought. Intergenerational occupational rank-rank correlations increased from less than 0.17 to as high as 0.32, but most of this change occurred to Americans born before 1900. After controlling for the relatively high mobility of persons from farm origins, we find that intergenerational social mobility has been remarkably stable. In contrast with relative stability in rank-based measures of mobility, absolute mobility for the nonfarm population-the fraction of offspring whose occupational ranks are higher than those of their parents-increased for birth cohorts born prior to 1900 and has fallen for those born after 1940.

}, keywords = {Censuses, Family Characteristics, Female, History, 19th Century, History, 20th Century, Humans, Income, Intergenerational Relations, Male, Parents, social mobility, Socioeconomic factors, United States}, issn = {1091-6490}, doi = {10.1073/pnas.1905094116}, author = {Song, Xi and Massey, Catherine G and Rolf, Karen A and Ferrie, Joseph P and Rothbaum, Jonathan L and Xie, Yu} } @article {11165, title = {Why Does Consumption Fluctuate in Old Age and How Should the Government Insure it?}, number = {40}, year = {2020}, institution = {Federal Reserve Bank of Minneapolis}, address = {Minneapolis, MN}, abstract = {In old age, consumption can fluctuate because of shocks to available resources and because health shocks affect utility from consumption. We find that even temporary drops in income and health are associated with drops in consumption and most of the effect of temporary drops in health on consumption stems from the reduction in the marginal utility from consumption that they generate. More precisely, after a health shock, richer households adjust their consumption of luxury goods because their utility of consuming them changes. Poorer households, instead, adjust both their necessary and luxury consumption because of changing resources and utility from consumption.}, keywords = {CAMS, health, Income}, doi = {https://doi.org/10.21034/iwp.40}, author = {Richard Blundell and Commault, Jeanne and Borella, Margherita and Mariacristina De Nardi} } @article {10491, title = {Modeling Income in the Near Term 8 and 2014}, year = {2019}, institution = {Urban Institute}, abstract = {Modeling Income in the Near Term (MINT) is a dynamic microsimulation model developed by the Social Security Administration to facilitate analysis of proposals to change Social Security benefits and payroll taxes. This primer describes MINT{\textquoteright}s development history. It then details the model{\textquoteright}s starting sample and the specification of its demographic and economic aging modules, including the calculators that compute various benefits and taxes. It also provides information about previous analyses that have relied on MINT.}, keywords = {Finance, Income}, url = {https://www.urban.org/sites/default/files/publication/100965/modeling_income_in_the_near_term_8_and_2014_primer.pdf}, author = {Melissa Favreault and Karen E. Smith} } @article {10199, title = {Social support and monetary resources as protective factors against food insecurity among older Americans: findings from a health and retirement study}, journal = {Food Security}, volume = {11}, year = {2019}, month = {08/2019}, pages = {929{\textendash}939}, abstract = {We examined the association between social support, monetary resources, and food insecurity among a nationally representative sample of older Americans. Analyses included 1164 Americans aged 65 and above from the 2012 Health and Retirement Study and the 2013 Health Care and Nutrition Study. Logistic regression analyses were used to estimate the likelihood of food insecurity as a function of social support (including social contact, emotional support, and social strain), monetary resources (including household income and household assets), and covariates. We found older adults with greater social strain and lower emotional support were at increased risk of food insecurity. Greater monetary resources were associated with lower risk of food insecurity. Select indicators of social support appeared to moderate the effect of monetary resources on food insecurity, with increasing social strain reducing the protective benefits of greater household assets, and low emotional support reducing the protective effect of increased household income to non-significance. Emotional support and social strain are aspects of social relationships that may play important roles in the relationship between monetary resources and food insecurity. Interventions seeking to reduce the burden of food insecurity should consider the quality and quantity of social relationships as potential risk factors.}, keywords = {Assets, Emotional support, Food insecurity, Income, Social strain}, url = {https://link.springer.com/article/10.1007/s12571-019-00945-8}, author = {Nicholas J Bishop and Wang, Kaipeng} } @article {9244, title = {Spousal breadwinning across 30 years of marriage and husbands{\textquoteright} health: A gendered life course stress approach.}, journal = {Journal of Aging and Health}, volume = {31}, year = {2019}, pages = {37-66}, abstract = {

OBJECTIVE: Wives increasingly outearn their husbands, and gender relations theory suggests this arrangement may undermine men{\textquoteright}s well-being. We explore how long-term histories of spousal breadwinning may be associated with older men{\textquoteright}s self-rated mental and physical health, and risk of nine health diagnoses.

METHOD: Using 30 years of couple-level income data from the Health and Retirement Study ( n = 1,095 couples), we use latent class analyses to identify six classes that differ with respect to the timing and level of wife breadwinning. We link these classes to older husbands{\textquoteright} later-life health.

RESULTS: Classes that transitioned from husband breadwinning to wife breadwinning in early or later adulthood were associated with husbands{\textquoteright} poorer overall physical health and risk of cardiometabolic and stress-related diseases. Patterns persist net of sociodemographics, depressive symptoms, health behaviors, and adolescent health.

DISCUSSION: Violating cultural expectations, such as the masculinity ideal of male breadwinning, is associated with older men{\textquoteright}s poorer health.

}, keywords = {Gender Differences, Income, Marriage, Women and Minorities}, issn = {1552-6887}, doi = {10.1177/0898264317721824}, author = {Kristen W Springer and Lee, Chioun and Deborah Carr} } @article {12307, title = {Family, Income, \& Medicaid Policy: Multinomial Logistic Model of Long-Term Care Decisions}, year = {2018}, abstract = {Providing care for older family members is a difficult and costly decision; in 2015, 34 million Americans provided care to an elder loved one (National Alliance for Caregiving \& AARP Public Policy Institute, 2015). Formal long-term care (LTC) in a facility outside the home is expensive and caregivers that provide informal LTC at home may incur high opportunity costs, including limiting work hours or forgoing employment outside the home. Existing research focuses on this supply issue and ignores how characteristics of elders and their family members and Medicaid LTC policy jointly factor into the decision between formal and informal LTC. In this paper, I examine informal LTC in the context of all other alternatives for care (no care, informal LTC, formal LTC) and include demographic and economic measures of the elder care recipient and potential family caregivers as explanatory variables.}, keywords = {Family, Income, Long-term Care, Medicaid, medicaid beneficiaries, Policy}, url = {https://appam.confex.com/appam/2018/webprogram/Paper26576.html}, author = {Selena Caldera} } @article {9906, title = {How much income do retirees actually have? Evaluating the evidence from five national datasets.}, number = {CRR WP 2018-14}, year = {2018}, month = {11/2018}, institution = {Center for Retirement Research at Boston College}, address = {Chestnut Hill, MA}, abstract = {Recent research by Bee and Mitchell (2017) has refocused attention on the fact that the Current Population Survey (CPS) underestimates retirement income. In the wake of this study, some observers have questioned whether other surveys more frequently used by retirement researchers also understate retirement income and, if so, whether prior research suggesting that many households are unprepared for retirement is accurate. This paper addresses both questions by examining retirement income data from the CPS and four other surveys: 1) the Survey of Consumer Finances (SCF); 2) the Health and Retirement Study (HRS); 3) the Panel Survey of Income Dynamics (PSID); and 4) the Survey of Income and Program Participation (SIPP). The paper compares the income measures from each survey to administrative data from tax and Social Security records, both in aggregate and across the income distribution. It then uses a common measure of retirement income adequacy, the replacement rate, to assess overall household preparedness for retirement. }, keywords = {Finances, Income, Retirement Planning and Satisfaction}, url = {http://crr.bc.edu/wp-content/uploads/2018/11/wp_2018-14__.pdf}, author = {Anqi Chen and Alicia H. Munnell and Geoffrey T. Sanzenbacher} } @article {9749, title = {Means Testing Federal Health Entitlement Benefits}, journal = {Tax Policy and the Economy}, volume = {32}, year = {2018}, month = {Jan-05-2018}, pages = {173 - 210}, abstract = {Recent federal legislation has linked the price paid for health insurance benefits to current income. Under the Patient Protection and Affordable Care Act of 2010, individuals and families with income as high as 400\% of the federal poverty level are eligible for premium tax credits that limit their health insurance premiums to under 10\% of their income. Under the Medicare Modernization Act of 2003, higher-income beneficiaries face income-related premiums over three times the standard premium for Part B coverage. For workers at or near retirement age, means testing based on current income provides an incentive for early retirement, dissaving, and income manipulation, raising concerns about the efficiency of such means testing. Further, current income is subject to short-term fluctuations, making it a noisy predictor of ability to pay. Using the Health and Retirement Study and linked Social Security earnings histories, this paper introduces a measure of lifetime income that compares favorably to current income as a basis for means testing. It offers less short-term variation in premiums while improving incentives for preretirement work and saving.}, keywords = {Affordable Care Act, Health Insurance, Income, Medicare, Poverty, Social Security linkage}, issn = {0892-8649}, doi = {10.3386/w23990}, author = {Andrew A. Samwick} } @article {9784, title = {Race and income disparities in disaster preparedness in old age}, journal = {Journal of Gerontological Social Work}, volume = {61}, year = {2018}, pages = {719-734}, abstract = {This study investigated to what extent income status and race/ethnicity in old age interplayed with disaster preparedness. Data came from the 2010 Health and Retirement Study, a nationally representative panel survey of older Americans over 51 years old. Our sample was restricted to respondents who participated in a special survey about disaster preparedness (N=1,711). Disaster preparedness was measured as a score, which includes 13 variables. Race/ethnicity was categorized by White, Black, and Hispanic. Low income was defined as below 300\% of the federal poverty line. OLS regression was used to examine the main and interaction effects of race/ethnicity and lower income status on disaster preparedness scores. We found that older adults in lower income status had lower preparedness level than those in higher income (Coef. =-0.318, p<.01). Hispanics tend to be less prepared compared to White and Blacks (Coef. =-0.608, p<.001). Preparedness of Black elders was not significantly different from that of Whites. However, interestingly, Black elders in lower income status were significantly less prepared for disaster than other groups (Coef. =- 0.622, p<.05). This study identified vulnerable subgroups of older adults for disaster preparedness and suggests that preparedness programs should target minority and low income elders.}, keywords = {Emergency preparedness, Income, Racial/ethnic differences, Women and Minorities}, issn = {0163-4372}, doi = {10.1080/01634372.2018.1489929}, url = {https://www.tandfonline.com/doi/full/10.1080/01634372.2018.1489929https://www.tandfonline.com/doi/pdf/10.1080/01634372.2018.1489929}, author = {Cox, Kate and BoRin Kim} } @article {8805, title = {Associations between community-level disaster exposure and individual-level changes in disability and risk of death for older Americans.}, journal = {Soc Sci Med}, volume = {173}, year = {2017}, month = {2017 01}, pages = {118-125}, abstract = {

Disasters occur frequently in the United States (US) and their impact on acute morbidity, mortality and short-term increased health needs has been well described. However, barring mental health, little is known about the medium or longer-term health impacts of disasters. This study sought to determine if there is an association between community-level disaster exposure and individual-level changes in disability and/or the risk of death for older Americans. Using the US Federal Emergency Management Agency{\textquoteright}s database of disaster declarations, 602 disasters occurred between August 1998 and December 2010 and were characterized by their presence, intensity, duration and type. Repeated measurements of a disability score (based on activities of daily living) and dates of death were observed between January 2000 and November 2010 for 18,102 American individuals aged 50-89 years, who were participating in the national longitudinal Health and Retirement Study. Longitudinal (disability) and time-to-event (death) data were modelled simultaneously using a {\textquoteright}joint modelling{\textquoteright} approach. There was no evidence of an association between community-level disaster exposure and individual-level changes in disability or the risk of death. Our results suggest that future research should focus on individual-level disaster exposures, moderate to severe disaster events, or higher-risk groups of individuals.

}, keywords = {Aged, Aged, 80 and over, Cohort Studies, Community Participation, Continental Population Groups, Disabled Persons, Disaster Planning, Disasters, Female, Humans, Income, Longitudinal Studies, Male, Middle Aged, Mortality, United States}, issn = {1873-5347}, doi = {10.1016/j.socscimed.2016.12.007}, url = {https://www.sciencedirect.com/science/article/abs/pii/S0277953616306785?via\%3Dihub}, author = {Samuel L. Brilleman and Wolfe, Rory and Moreno-Betancur, Margarita and Anne E Sales and Kenneth M. Langa and Yun Li and Elizabeth L. Daugher Biddison and Rubinson, Lewis and Theodore J Iwashyna} } @article {8921, title = {The Decline in Earnings Prior to Application for Disability Insurance Benefits}, volume = {77}, year = {2017}, pages = {1-15}, publisher = {Social Security Bulletin}, edition = {1}, keywords = {Disabilities, Income, Medicare/Medicaid/Health Insurance, Older Adults, Social Security}, url = {https://www.ssa.gov/policy/docs/ssb/v77n1/v77n1p1.html}, author = {Costa, Jackson} } @article {9610, title = {How much does Out-of-Pocket Medical Spending Eat Away at Retirement Income?}, year = {2017}, month = {10/2017}, pages = {2-31}, institution = {Center for Retirement Research at Boston College}, address = {Boston, MA}, abstract = {The adequacy of retirement income {\textendash} from Social Security benefits and other sources {\textendash} is substantially reduced by Medicare{\textquoteright}s high out-of-pocket (OOP) costs. This project uses the 2002-2014 Health and Retirement Study to calculate post-OOP benefit ratios, defined as the share of either Social Security benefits or total income available for non-medical spending. The project decomposes the share of income that is going toward premium payments and services delivered and examines how these post-OOP benefit ratios differ by age, gender, income, supplemental insurance coverage, and health status. The project also updates previous studies{\textquoteright} estimates to document how OOP spending and the post-OOP income ratios changed following the introduction of Medicare Part D prescription drug coverage in 2006 and the closing of the {\textquotedblleft}donut hole{\textquotedblright} coverage gap in 2010, which decreased OOP costs under Part D for those spending moderate amounts on prescriptions.}, keywords = {Gender Differences, Income, Medicare, Social Security}, url = {http://crr.bc.edu/working-papers/how-much-does-out-of-pocket-medical-spending-eat-away-at-retirement-income/}, author = {Melissa McInerney and Matthew S. Rutledge and Sara Ellen King} } @article {8814, title = {Out-of-Pocket Spending and Financial Burden Among Medicare Beneficiaries With Cancer.}, journal = {JAMA Oncol}, volume = {3}, year = {2017}, month = {2017 Jun 01}, pages = {757-765}, abstract = {

Importance: Medicare beneficiaries with cancer are at risk for financial hardship given increasingly expensive cancer care and significant cost sharing by beneficiaries.

Objectives: To measure out-of-pocket (OOP) costs incurred by Medicare beneficiaries with cancer and identify which factors and services contribute to high OOP costs.

Design, Setting, and Participants: We prospectively collected survey data from 18 166 community-dwelling Medicare beneficiaries, including 1409 individuals who were diagnosed with cancer during the study period, who participated in the January 1, 2002, to December 31, 2012, waves of the Health and Retirement Study, a nationally representative panel study of US residents older than 50 years. Data analysis was performed from July 1, 2014, to June 30, 2015.

Main Outcomes and Measures: Out-of-pocket medical spending and financial burden (OOP expenditures divided by total household income).

Results: Among the 1409 participants (median age, 73 years [interquartile range, 69-79 years]; 46.4\% female and 53.6\% male) diagnosed with cancer during the study period, the type of supplementary insurance was significantly associated with mean annual OOP costs incurred after a cancer diagnosis ($2116 among those insured by Medicaid, $2367 among those insured by the Veterans Health Administration, $5976 among those insured by a Medicare health maintenance organization, $5492 among those with employer-sponsored insurance, $5670 among those with Medigap insurance coverage, and $8115 among those insured by traditional fee-for-service Medicare but without supplemental insurance coverage). A new diagnosis of cancer or common chronic noncancer condition was associated with increased odds of incurring costs in the highest decile of OOP expenditures (cancer: adjusted odds ratio, 1.86; 95\% CI, 1.55-2.23; P < .001; chronic noncancer condition: adjusted odds ratio, 1.82; 95\% CI, 1.69-1.97; P < .001). Beneficiaries with a new cancer diagnosis and Medicare alone incurred OOP expenditures that were a mean of 23.7\% of their household income; 10\% of these beneficiaries incurred OOP expenditures that were 63.1\% of their household income. Among the 10\% of beneficiaries with cancer who incurred the highest OOP costs, hospitalization contributed to 41.6\% of total OOP costs.

Conclusions and Relevance: Medicare beneficiaries without supplemental insurance incur significant OOP costs following a diagnosis of cancer. Costs associated with hospitalization may be a primary contributor to these high OOP costs. Medicare reform proposals that restructure the benefit design for hospital-based services and incorporate an OOP maximum may help alleviate financial burden, as can interventions that reduce hospitalization in this population.

}, keywords = {Aged, Cost of Illness, Female, Financing, Personal, Health Expenditures, Humans, Income, Insurance, Health, Male, Medicare, Neoplasms, Prospective Studies, Social Class, United States}, issn = {2374-2445}, doi = {10.1001/jamaoncol.2016.4865}, url = {http://oncology.jamanetwork.com/article.aspx?doi=10.1001/jamaoncol.2016.4865}, author = {Amol K Narang and Lauren Hersch Nicholas} } @article {8521, title = {Alternate Wave Question Cross-Reference Table}, year = {2016}, month = {2016}, publisher = {Health and Retirement Study}, address = {Ann Arbor}, keywords = {Cancer screenings, Income, Jobs, Survey Methodology}, url = {http://hrsonline.isr.umich.edu/sitedocs/XrefAlternateWaveQs2014.pdf} } @article {8824, title = {Do working conditions at older ages shape the health gradient?}, journal = {J Health Econ}, volume = {50}, year = {2016}, month = {2016 12}, pages = {183-197}, abstract = {

This study examines whether working conditions at the end of workers{\textquoteright} careers impact health and contribute to health disparities across occupations. A dynamic panel correlated random effects model is used in conjunction with a rich data set that combines information from the Health and Retirement Study (HRS), expert ratings of job demands from the Occupational Information Network (O*NET), and mid-career earnings records from the Social Security Administration{\textquoteright}s (SSA) Master Earnings File (MEF). Results reveal a strong relationship between positive aspects of the psychosocial work environment and improved self-reported health status, blood pressure, and cognitive function. However, there is little evidence to suggest that working conditions shape observed health disparities between occupations in the years leading up to retirement.

}, keywords = {Aged, Female, Health Status, Humans, Income, Male, Middle Aged, Occupations, Retirement, Workplace}, issn = {1879-1646}, doi = {10.1016/j.jhealeco.2016.10.002}, url = {http://linkinghub.elsevier.com/retrieve/pii/S016762961630337Xhttp://api.elsevier.com/content/article/PII:S016762961630337X?httpAccept=text/xmlhttp://api.elsevier.com/content/article/PII:S016762961630337X?httpAccept=text/plain}, author = {Lauren L Schmitz} } @article {8681, title = {Does Volunteering Experience Influence Advance Care Planning in Old Age?}, journal = {J Gerontol Soc Work}, volume = {59}, year = {2016}, month = {2016 07}, pages = {423-438}, abstract = {

Advance care planning (ACP) increases the likelihood patients will receive end-of-life care that is congruent with their preferences and lowers stress among both patients and caregivers. Previous efforts to increase ACP have mainly focused on information provision in the very late stage of life. This study examines whether a relationship exists between volunteering and ACP, and whether this relationship is associated with social support. The sample comprises 877 individuals who were aged 55+ in 2008, and were deceased before 2010. The sample is derived from seven waves (1998-2010) of data from the Health and Retirement Study. Logistic regression results showed that overall ACP and durable power of attorney for health care (DPAHC) were both higher (OR~=~1.61 and 1.71, respectively) for older adults with volunteering experience in the past 10~years than those without such experience. Available social support (relatives and friends living nearby) was not associated with the relationship between volunteering and ACP. Other factors related to ACP included poorer health, death being expected, death due to cancer, older age, and being a racial minority. Involving older people in volunteer work may help to increase ACP. Future research is encouraged to identify reasons for the association between volunteering and ACP.

}, keywords = {Advance care planning, Aged, Aging, Female, Humans, Income, Logistic Models, Male, Middle Aged, Social Support, Socioeconomic factors, Terminal Care, Volunteers}, issn = {1540-4048}, doi = {10.1080/01634372.2016.1230567}, author = {Shen, Huei-Wern and Khosla, Nidhi} } @mastersthesis {8738, title = {Essays in defense economics}, volume = {Ph.D.}, year = {2016}, pages = {106}, school = {Michigan State University}, type = {Dissertation}, address = {East Lansing}, abstract = {This dissertation contains three independent chapters focusing on a common theme{\textemdash}the behavior of military retirees and veterans at middle and old age. Chapter one focuses on a retirement benefit for military retirees and how a change in enrollment policy affected enrollment behavior. Chapters two and three focus on health care access and usage among older veterans. (Abstract shortened by ProQuest.)}, keywords = {Income, Medicare/Medicaid/Health Insurance, Older Adults, Veterans}, isbn = {9781369093193}, url = {http://proxy.lib.umich.edu/login?url=http://search.proquest.com/docview/1816977966?accountid=14667}, author = {Stype, Amanda C.} } @mastersthesis {8728, title = {Essays in Household Finance}, volume = {Ph.D.}, year = {2016}, pages = {167}, school = {New York University}, type = {Dissertation}, abstract = {In this dissertation I examine the causes of household financial decision making. The first two chapters use administrative data in Sweden to study how wealth effects financial risk taking. In the third chapter I study the interaction between saving and health in the Health and Retirement Study (HRS). The first two chapters use an administrative data set of Swedish lottery players that were randomly assigned 500M USD to estimate the causal effect of wealth on various measures of financial risk taking. From 1999-2007 the Swedish tax authorities collected detailed records of asset holdings for the entire Swedish population to implement a tax on pre-existing wealth. During this same period, I have gained access to records of over 300K lottery winners that won prizes in three distinct lottery subsamples. By linking these two data sets, I have developed an ideal laboratory to estimate the causal effect of wealth on outcomes. The first chapter of this dissertation estimates the causal effect of wealth on stock market participation. A $150,000 windfall gain increases stock ownership probability among pre-lottery non-participants by 12 percentage points, while pre-lottery stock holders are unaffected. The effect is immediate, seemingly permanent and heterogeneous in intuitive ways. Standard lifecycle models predict wealth effects far too large to match our causal estimates under common calibrations. Additional analyses suggest a limited role for explanations such as procrastination or real-estate investment. Overall, results suggest that "nonstandard" beliefs or preferences contribute to the nonparticipation of households across many demographic groups. In the second chapter of this dissertation I estimate the causal effect of wealth on the share of risky assets in a household{\textquoteright}s financial portfolio. We find that $150,000 causes a 9 percentage point decrease in the average household portfolio{\textquoteright}s equity share in their financial portfolio. The effect is immediate, not explained by passive investing, and negative in all subsamples considered. A decrease in risk taking could indicate increasing relative risk aversion. However, we show that a dynamic model with realistic income profile can replicate the estimated decrease in portfolio risk, and that caution should be used when inferring risk preference from portfolio shares. In the third chapter of this dissertation I explore the role of health on retirement savings. Using the HRS, I estimate preferences for wealth when older individuals are in poor health. I find a high marginal value of wealth in the poor health state, and show that it is an important channel that encourages saving late in life.}, keywords = {Finances, Income, Older Adults, Retirement Planning and Satisfaction, Savings}, isbn = {9781339951539}, url = {http://proxy.lib.umich.edu/login?url=http://search.proquest.com/docview/1820908554?accountid=14667}, author = {Briggs, Joseph S.} } @mastersthesis {8716, title = {The Health Consequences of Negative Wealth Shock During Late Middle Age}, volume = {Ph.D.}, year = {2016}, pages = {143}, school = {University of Michigan}, type = {Dissertation}, address = {Ann Arbor}, abstract = {There is robust empirical evidence for a link between lower economic status and adverse health outcomes, but little is known about whether a sudden, unplanned loss of assets {\textendash} a negative wealth shock {\textendash} has long-term health consequences. Previous research has shown associations between negative wealth shocks and short-term health declines, primarily from losses of housing and investment wealth, with macroeconomic recession presumed to have triggered these shocks. Even during better economic times, however, negative wealth shocks arise frequently from more individualized circumstances, such as high medical expenses, but causal mechanisms linking subsequent health outcomes to these endogenous shocks can be difficult to establish due to the potential for reverse causality and residual confounding. Using data from the Health and Retirement Study, a nationally representative study of US adults aged 50 and older, this dissertation examined markers of short-term changes in stress and health care consumption after negative wealth shock in late middle age, a time of particular vulnerability. Then, differences by whether an individual experienced negative wealth shock in late middle age were assessed for three long-term aging-related trajectories {\textendash} cognitive decline, physical function limitation accumulation, and all-cause mortality. Design and analytic methods addressed bidirectional and time-dependent causation in the relationship between negative wealth shock and health outcomes. Over 15 percent of late middle-aged adults with existing assets experienced negative wealth shock. The main findings indicated that experiencing a negative wealth shock during late middle age was associated with a higher risk of elevated depressive symptoms, a marker of increased stress, as well as long-term risk of mortality and cognitive decline. However, there was no significant association between negative wealth shock and risk of cost-related medication non-adherence {\textendash} a marker of reduced health-related consumption, nor accelerated physical function limitation accumulation. With a substantial proportion of the late middle-aged population experiencing negative wealth shock, targeted interventions to prevent of the occurrence of these shocks and the health consequences thereafter may have a large impact on the health of older Americans}, keywords = {Health Conditions and Status, Health Shocks, Income, Medicare/Medicaid/Health Insurance, Older Adults, Wealth Shocks}, isbn = {9781369082029}, url = {http://proxy.lib.umich.edu/login?url=http://search.proquest.com/docview/1817658414?accountid=14667}, author = {Lindsay R Pool} } @article {8542, title = {Lagged Associations of Metropolitan Statistical Area- and State-Level Income Inequality with Cognitive Function: The Health and Retirement Study.}, journal = {PLoS One}, volume = {11}, year = {2016}, month = {2016}, pages = {e0157327}, abstract = {

PURPOSE: Much variation in individual-level cognitive function in late life remains unexplained, with little exploration of area-level/contextual factors to date. Income inequality is a contextual factor that may plausibly influence cognitive function.

METHODS: In a nationally-representative cohort of older Americans from the Health and Retirement Study, we examined state- and metropolitan statistical area (MSA)-level income inequality as predictors of individual-level cognitive function measured by the 27-point Telephone Interview for Cognitive Status (TICS-m) scale. We modeled latency periods of 8-20 years, and controlled for state-/metropolitan statistical area (MSA)-level and individual-level factors.

RESULTS: Higher MSA-level income inequality predicted lower cognitive function 16-18 years later. Using a 16-year lag, living in a MSA in the highest income inequality quartile predicted a 0.9-point lower TICS-m score (β = -0.86; 95\% CI = -1.41, -0.31), roughly equivalent to the magnitude associated with five years of aging. We observed no associations for state-level income inequality. The findings were robust to sensitivity analyses using propensity score methods.

CONCLUSIONS: Among older Americans, MSA-level income inequality appears to influence cognitive function nearly two decades later. Policies reducing income inequality levels within cities may help address the growing burden of declining cognitive function among older populations within the United States.

}, keywords = {Cities, Cognition, Female, health, Humans, Income, Interviews as Topic, Linear Models, Male, Middle Aged, Multivariate Analysis, Residence Characteristics, Retirement, Socioeconomic factors, Statistics as Topic, Telephone, United States}, issn = {1932-6203}, doi = {10.1371/journal.pone.0157327}, url = {http://dx.doi.org/10.1371/journal.pone.0157327}, author = {Kim, Daniel and Griffin, Beth Ann and Mohammed U Kabeto and Jos{\'e} J Escarce and Kenneth M. Langa and Regina A Shih}, editor = {M. Maria Glymour} } @article {8524, title = {Life Spans of the Rich Leave the Poor Behind}, journal = {The New York Times}, number = {A1}, year = {2016}, edition = {February 13, 2016}, chapter = {A}, keywords = {Income, Life Expectancy, Older Adults, Wage gap}, url = {http://www.nytimes.com/2016/02/13/health/disparity-in-life-spans-of-the-rich-and-the-poor-is-growing.html}, author = {Tavernise, Sabrina} } @article {9745, title = {Public and Private Challenges of an Aging U.S. Population}, journal = {Business Economics}, volume = {51}, year = {2016}, month = {Jan-01-2016}, pages = {8 - 10}, abstract = {The challenges posed by the aging of the US population for business and public policy are vast. They are amplified particularly by: * Slow increase of incomes - and therefore low private savings - for those at the bottom of the pay distribution. * Cutbacks in employee health-care insurance and defined benefit pension plans. * Unsustainability of Social Security and Medicare as currently configured. This paper spells out these challenges and discusses how they can be addressed. Of particular importance are some combination of enhanced revenue and reduced expenditure for Social Security and Medicare, the shift of private pension plans from defined benefit to defined contribution, the need to consider later retirement ages, and the need for improved personal financial literacy.}, keywords = {Income, Income inequality, Savings, Social Security, Spending, Taxes}, issn = {0007-666X}, doi = {10.1057/be.2016.6}, url = {http://dx.doi.org/10.1057/be.2016.6}, author = {Olivia S. Mitchell} } @mastersthesis {8719, title = {The relationship between retirement decisions and health care expenditures in the United States}, volume = {M.P.P.}, year = {2016}, month = {04/2016}, pages = {35}, school = {Georgetown University}, type = {Thesis}, address = {Washington, DC}, abstract = {A substantial literature analyzes the relationship in the U.S. between retirement decisions and health outcomes; however, the relationship between health care costs and retirement has not yet been adequately studied. This paper investigates the association between retirement choices and health care expenditures using data from the U.S. Health and Retirement Study. My analysis shows that retirement status is not predictive of healthcare expenditures. However, I find statistically significant evidence that the overall relationship between healthcare expenditures and retirement status is masked by the fact that this relationship is negative for women but positive for men.}, keywords = {Decision making, Income, Medicare/Medicaid/Health Insurance, Older Adults, Retirement Planning and Satisfaction}, isbn = {9781339689579}, url = {http://proxy.lib.umich.edu/login?url=http://search.proquest.com/docview/1787149479?accountid=14667}, author = {Boyacioglu, Serife Nur} } @article {8780, title = {What Do Academic Studies Have to Say About Americans{\textquoteright} Retirement Saving?}, journal = {Forbes}, year = {2016}, publisher = {Forbes}, keywords = {Income, Older Adults, Retirement Planning and Satisfaction, Saving}, url = {http://www.forbes.com/sites/andrewbiggs/2016/11/11/what-do-academic-studies-have-to-say-about-americans-retirement-saving/$\#$7fd4f098526c}, author = {Andrew G. Biggs} } @article {5885, title = {Change in Household Spending After Retirement: Results from a Longitudinal Sample}, year = {2015}, institution = {Washington, DC, Employee Benefit Research Institute}, abstract = {This paper shows how household spending changed in the immediate years following retirement by analyzing the spending patterns of a fixed group of households up to six years after their retirement. Two sources of data are used for this study. First is the Health and Retirement Study (HRS), which is a study of a nationally representative sample of U.S. households with individuals over age 50. The other source of data is the Consumption and Activities Mail Survey (CAMS), which was started in 2001 as a supplement to the HRS. The data show that household spending dropped at the beginning of retirement. In the first two years of retirement, median household spending dropped by 5.5 percent from preretirement spending levels, and by 12.5 percent by the third or fourth year of retirement. But the spending reduction slowed down after the fourth year. Although average spending in retirement fell, a large percentage of households experienced higher spending following retirement. In the first two years of retirement, 45.9 percent of households spent more than what they had spent just before retirement. This declined to 33.4 percent by the sixth year of retirement. Households that spent more in the first two years of retirement were not exclusively high-income households; rather they were distributed similarly across income levels. In the first two years of retirement, 2 in 5 households (39.3 percent) spent less than 80 percent of their preretirement spending. By the sixth year of retirement, a majority (53.1 percent) of households did so. In the first two years of retirement, 28.0 percent of households spent more than 120 percent of their preretirement spending. By the sixth year of retirement, 23.4 percent of households still did so. A very small percentage of the household budget was spent on durable goods. The median household (half above and half below) spent nothing on durables in retirement. Transportation spending showed the highest drop in the first two years of retirement. Median spending on transportation went down by 25.1 percent in the first two years of retirement, although the reduction in subsequent years was small. The median household had a mortgage payment before retirement but none after retirement.}, keywords = {Consumption and Savings, Income, Net Worth and Assets, Retirement Planning and Satisfaction}, author = {Sudipto Banerjee} } @article {8627, title = {Comparing Retirement Wealth Trajectories on Both Sides of the Pond }, number = {Research Brief 33}, year = {2015}, institution = {Institute for Social Research}, type = {Brief}, address = {Ann Arbor}, keywords = {Cross-National, Income, Older Adults, Retirement Planning and Satisfaction}, url = {http://www.mrrc.isr.umich.edu/publications/briefs/pdf/rb333.pdf}, author = {Richard Blundell and Crawford, Rowena and Eric French and Tetlow, Gemma} } @conference {8634, title = {The Comprehensive Wealth of Immigrants and Natives}, booktitle = {17th Annual Joint Meeting of the Retirement Research Consortium}, year = {2015}, publisher = {NBER}, organization = {NBER}, address = {Washington, DC}, abstract = {The 1965 Immigration and Nationality Act had a profound impact on the demographic and skill composition of immigrants arriving in the U.S. A large literature has investigated the relative earnings of immigrants and natives, but much less is known about relative wealth accumulation and the preparation of immigrants for retirement. This paper compares the retirement preparation of older immigrants to that of native-born households using an annualized comprehensive measure of available resources. We find that immigrants have less wealth overall, but that they appear to be drawing down resources at a slower rate. We attempt to make sense of the trends in annualized wealth with the help of a lifecycle framework that incorporates uncertain longevity, bequests, risk in retirement resources, as well as endogenous housing wealth. Simulations from the model indicate that it is difficult to match the observed patterns in annualized wealth without the combination of both an explicit bequest motive and an explicit treatment of housing choice. These patterns mask a good deal of heterogeneity, however, in terms of socioeconomic and demographic characteristics. Some of the largest differences within immigrants occur along the margins of race and ethnicity, as well as the number of years since arrival. The evidence suggests that the typical immigrant is relatively well situated in retirement, but that more recent immigrants have low levels of total resources and are likely to have difficulty maintaining adequate levels of spending in retirement.}, keywords = {Immigrants, Income, Older Adults, Wealth, Women and Minorities}, url = {https://www.nber.org/programs/ag/rrc/rrc2015/papers/4.2\%20-\%20Love,\%20Schmidt.pdf}, author = {Love, David A. and Lucie Schmidt} } @article {8626, title = {Do Retired Americans Annuitize Too Little? Trends in the Share of Annuitized Income}, number = {CRR WP 2015-9}, year = {2015}, month = {06/2015}, pages = {1-49}, institution = {Center for Retirement Research at Boston College}, address = {Chestnut Hill, MA}, abstract = {This paper examines the importance of annuity-like income as a share of total money income received by aged families. The analysis considers the aged (62+) population as a whole as well as different parts of the aged families{\textquoteright} income distribution during the period from the early 1980s through 2009. We use survey data from 1983 through 2009 from the March Current Population Survey (March CPS) and the Survey of Consumer Finances (SCF). The total income amounts reported in the files are compared with data in the National Income and Product Accounts (NIPA). We calculate the family income consisting of annuitized income flows (primarily Social Security and pensions) and measure it as a share of families{\textquoteright} total money income. We also expand the definition of both annuitized and non-annuitized income to include income flows not captured in the surveys, namely, health insurance subsidies and the housing services received by homeowners. Finally, we consider the potential impact on aged families if they were to convert their wealth into private annuities.}, keywords = {Annuitization, Income, Older Adults, Retirement Planning and Satisfaction}, url = {http://crr.bc.edu/wp-content/uploads/2015/06/wp_2015-9.pdf}, author = {Barry Bosworth and Gary T. Burtless and Mattan Alalouf} } @article {5870, title = {The Effect of Using Different Imputation Methods for Economic Variables in Aging Surveys}, year = {2015}, institution = {Los Angeles, University of Southern California}, abstract = {We study the sensitivity of analyses on income and wealth to the methods of imputation for missing data. We do so by implementing a conditional hot-deck imputation, based on the method used by the English Longitudinal Study of Ageing, in the Health and Retirement Study. We compare marginal and joint distributions and regression models estimated from data using these imputations to the same statistics estimated from the RAND HRS data, which use a much more elaborate imputation method, and to estimates from data using an intermediate method. Although many results are qualitatively or quantitatively similar, there are also notable differences.}, keywords = {Income, Methodology}, author = {Jinkook Lee and Erik Meijer and Drystan F. Phillips} } @article {8307, title = {The effects of income on mental health: evidence from the social security notch.}, journal = {J Ment Health Policy Econ}, volume = {18}, year = {2015}, note = {Times Cited: 0 0}, month = {2015 Mar}, pages = {27-37}, publisher = {18}, abstract = {

BACKGROUND: Mental health is a key component of overall wellbeing and mental disorders are relatively common, including among older adults. Yet the causal effect of income on mental health status among older adults is poorly understood.

AIMS: This paper considers the effects of a major source of transfer income, Social Security retirement benefits, on the mental health of older adults.

METHODS: The Social Security benefit "Notch" is as a large, permanent, and exogenous shock to Social Security income in retirement. The "Notch" is used to identify the causal effect of Social Security income on mental health among older ages using data from the AHEAD cohort of the Health and Retirement Study.

RESULTS: We find that increases in Social Security income significantly improve mental health status and the likelihood of a psychiatric diagnosis for women, but not for men.

DISCUSSION: The effects of income on mental health for older women are statistically significant and meaningful in magnitude. While this is one of the only studies to use plausibly exogenous variation in household income to identify the effect of income on mental health, a limitation of this work is that the results only directly pertain to lower-education households.

IMPLICATIONS: Public policy proposals that alter retirement benefits for the elderly may have important effects on the mental health of older adults.

}, keywords = {Age Factors, Aged, Aged, 80 and over, Female, Humans, Income, Male, Mental Health, Models, Econometric, Retirement, Sex Factors, Social Security, Socioeconomic factors, United States}, issn = {1091-4358}, author = {Ezra Golberstein} } @article {5858, title = {Elderly Poverty in the United States in the 21st Century: Exploring the Role of Assets in the Supplemental Poverty Measure}, year = {2015}, institution = {Boston College}, abstract = {Official estimates of elderly poverty do not take into account either the medical needs of the elderly, which can be quite extensive, or the assets at their disposal, which may also be extensive. The new Supplemental Poverty Measure (SPM) explicitly takes into account medical needs but has been criticized for not concomitantly taking into account asset portfolios. In this paper we consider both jointly, using an approach adapted from a recent National Academy of Sciences report recommending methods for measuring poverty and medical risk while taking account of assets. We use longitudinal data from the Health and Retirement Study (HRS).}, keywords = {Income, Net Worth and Assets}, url = {http://crr.bc.edu/working-papers/elderly-poverty-in-the-united-states-in-the-21st-century-exploring-the-role-of-assets-in-the-supplemental-poverty-measure/}, author = {Wimer, Christopher and Manfield, Lucas} } @mastersthesis {6351, title = {Essays on Health Economics}, volume = {3714612}, year = {2015}, note = {Copyright - Copyright ProQuest, UMI Dissertations Publishing 2015 Last updated - 2015-08-26 First page - n/a}, month = {2015}, pages = {95}, school = {The University of Wisconsin - Madison}, type = {Ph.D.}, address = {Madison, WI}, abstract = {The first chapter, co-authored with Michael Batty, investigates how financial constraints influence hospital care. Specifically we study the impacts of recently enacted state "Fair Pricing" laws, which explicitly limit how much hospitals can collect from uninsured patients. Using the Nationwide Inpatient Sample, we find that the introduction of a fair pricing law leads to reductions in the amount of care delivered to uninsured patients, but find no evidence of deterioration of short-term quality of care. Overall, our results provide strong evidence that hospitals actively alter their behavior in response to financial incentives, and are consistent with the laws promoting a shift towards more efficient care delivery. In the second chapter I investigate how retirement incentives embedded in health insurance contracts influence labor market decisions of older workers. Employers typically offer one of two types of health plans: tied contracts (coverage ends at retirement) or retiree contracts (coverage continues in retirement). In comparison to a retiree plan, a tied contract provides an obvious incentive to delay retirement, but which workers stay? Particularly, what are the health characteristics of workers who respond to the incentives of the tied contract? I show that, contrary to suggestions in the literature, tied contracts produce advantageous selection. Additionally, I investigate the fact that tied contracts are consistently found to delay retirement even after age 65 - at which point workers are eligible for Medicare coverage. I show that this "excess retention" effect is entirely driven by workers with younger spouses who do not have their own insurance. The final chapter is joint work with Michael Batty and Joseph Levy, and examines how physician behavior responds to the introduction of a "panel-based" compensation structure - where a large portion of compensation is based on the number of patients a provider is responsible for, rather than the amount of work actually done. Taking advantage of a natural experiment at a large academic health system, we show that physician behavior is surprisingly unresponsive to changes in incentives - particularly for those who experienced a clear reduction in production incentives.}, keywords = {Employment and Labor Force, Healthcare, Income, Insurance, Methodology, Net Worth and Assets, Retirement Planning and Satisfaction}, url = {http://proxy.lib.umich.edu/login?url=http://search.proquest.com/docview/1700219263?accountid=14667http://mgetit.lib.umich.edu/?ctx_ver=Z39.88-2004\&ctx_enc=info:ofi/enc:UTF-8\&rfr_id=info:sid/Dissertations+\%26+Theses+\%40+CIC+Institutions\&rft_val_fmt=info:of}, author = {Ippolito, Benedic N.} } @article {8313, title = {Functional impairment and hospital readmission in Medicare seniors.}, journal = {JAMA Intern Med}, volume = {175}, year = {2015}, note = {Times Cited: 0 0}, month = {2015 Apr}, pages = {559-65}, publisher = {175}, abstract = {

IMPORTANCE: Medicare currently penalizes hospitals for high readmission rates for seniors but does not account for common age-related syndromes, such as functional impairment.

OBJECTIVE: To assess the effects of functional impairment on Medicare hospital readmissions given the high prevalence of functional impairments in community-dwelling seniors.

DESIGN, SETTING, AND PARTICIPANTS: We created a nationally representative cohort of 7854 community-dwelling seniors in the Health and Retirement Study, with 22,289 Medicare hospitalizations from January 1, 2000, through December 31, 2010.

MAIN OUTCOMES AND MEASURES: Outcome was 30-day readmission assessed by Medicare claims. The main predictor was functional impairment determined from the Health and Retirement Study interview preceding hospitalization, stratified into the following 5 levels: no functional impairments, difficulty with 1 or more instrumental activities of daily living, difficulty with 1 or more activities of daily living (ADL), dependency (need for help) in 1 to 2 ADLs, and dependency in 3 or more ADLs. Adjustment variables included age, race/ethnicity, sex, annual income, net worth, comorbid conditions (Elixhauser score from Medicare claims), and prior admission. We performed multivariable logistic regression to adjust for clustering at the patient level to characterize the association of functional impairments and readmission.

RESULTS: Patients had a mean (SD) age of 78.5 (7.7) years (range, 65-105 years); 58.4\% were female, 84.9\% were white, 89.6\% reported 3 or more comorbidities, and 86.0\% had 1 or more hospitalizations in the previous year. Overall, 48.3\% had some level of functional impairment before admission, and 15.5\% of hospitalizations were followed by readmission within 30 days. We found a progressive increase in the adjusted risk of readmission as the degree of functional impairment increased: 13.5\% with no functional impairment, 14.3\% with difficulty with 1 or more instrumental activities of daily living (odds ratio [OR], 1.06; 95\% CI, 0.94-1.20), 14.4\% with difficulty with 1 or more ADL (OR, 1.08; 95\% CI, 0.96-1.21), 16.5\% with dependency in 1 to 2 ADLs (OR, 1.26; 95\% CI, 1.11-1.44), and 18.2\% with dependency in 3 or more ADLs (OR, 1.42; 95\% CI, 1.20-1.69). Subanalysis restricted to patients admitted with conditions targeted by Medicare (ie, heart failure, myocardial infarction, and pneumonia) revealed a parallel trend with larger effects for the most impaired (16.9\% readmission rate for no impairment vs 25.7\% for dependency in 3 or more ADLs [OR, 1.70; 95\% CI, 1.04-2.78]).

CONCLUSIONS AND RELEVANCE: Functional impairment is associated with increased risk of 30-day all-cause hospital readmission in Medicare seniors, especially those admitted for heart failure, myocardial infarction, or pneumonia. Functional impairment may be an important but underaddressed factor in preventing readmissions for Medicare seniors.

}, keywords = {Activities of Daily Living, Age Factors, Aged, Aged, 80 and over, Cohort Studies, Comorbidity, Female, Heart Failure, Humans, Income, Logistic Models, Male, Medicare, Myocardial Infarction, Patient Readmission, Pneumonia, Risk Assessment, Risk Factors, Sex Factors, United States}, issn = {2168-6114}, doi = {10.1001/jamainternmed.2014.7756}, author = {S. Ryan Greysen and Irena Cenzer and Andrew D. Auerbach and Kenneth E Covinsky} } @article {8229, title = {Increase in Disability Prevalence Before Hip Fracture.}, journal = {J Am Geriatr Soc}, volume = {63}, year = {2015}, note = {Times Cited: 0 0}, month = {2015 Oct}, pages = {2029-35}, publisher = {63}, abstract = {

OBJECTIVES: To establish the prevalence and correlates of disability during the 2 years before hip fracture.

DESIGN: Data from participants who experienced hip fracture in the Health and Retirement Study (HRS) with hip fracture identified using linked Medicare claims. Each participant was interviewed at varying time points in the 2 years before hip fracture. Disability was defined as self-report of the need for assistance in any activity of daily living (walking across the room, eating, bathing, dressing, using the toilet, transferring). Based on the timing between interview and hip fracture, prevalence of disability was calculated in the cohort as a whole over the 2 years before hip fracture and in subgroups defined according to demographic and clinical characteristics.

SETTING: The HRS is a nationally representative longitudinal study (1992-2010).

PARTICIPANTS: HRS participants aged >=65 with hip fracture (mean age at fracture 84, 77\% female).

RESULTS: The adjusted prevalence of disability was 20\% (95\% confidence interval (CI) = 14-25\%) 2 years before hip fracture, with little change until approximately 10 months before fracture, when it started to rise, reaching 44\% (95\% CI = 33-55\%) in the month before hip fracture. The prevalence of disability was highest in the last month before fracture for persons aged 85 and older (53\%) and for those with dementia (60\%).

CONCLUSION: Care models for hip fracture need to consider not only the acute medical and surgical needs, but also the high level of need for supportive care and caregiver assistance that chronically disabled individuals require.

}, keywords = {Activities of Daily Living, Age Factors, Aged, Aged, 80 and over, Dementia, Disability Evaluation, Disabled Persons, Educational Status, Female, Health Surveys, Hip Fractures, Humans, Income, Male, Mobility Limitation, Prevalence, United States}, issn = {1532-5415}, doi = {10.1111/jgs.13658}, author = {Irena Cenzer and W John Boscardin and Christine S Ritchie and Margaret Wallhagen and Kenneth E Covinsky} } @article {8198, title = {Risk-Sharing within Families: Evidence from the Health and Retirement Study}, journal = {Journal of Economic Dynamics and Control}, volume = {52}, year = {2015}, pages = {270-284}, publisher = {52}, abstract = {We report strong empirical support for the presence of self-interest-based risk sharing within extended families in the U.S. A standard model of self-interest-based risk sharing predicts that the share of current family income consumed by a child positively depends on that child{\textquoteright}s permanent income. It follows that parental transfers to children that are expected to earn more over the period of risk-sharing arrangements should exhibit less sensitivity to the recipient{\textquoteright}s income fluctuations. We test this distinguishing prediction of self-interest-based risk sharing by exploiting the variation of transfer receipts among siblings, observed over 17 years of longitudinal data spanned by the Health and Retirement Study.}, keywords = {Adult children, Health Conditions and Status, Income, Retirement Planning and Satisfaction, Risk Factors}, doi = {10.1016/j.jedc.2014.12.005}, url = {http://www.sciencedirect.com/science/article/pii/S0165188914003303}, author = {Akin, S. Nuray and Leukhina, Oksana} } @article {8249, title = {Social Status and Personality Traits}, journal = {Journal of Economic Psychology}, volume = {51}, year = {2015}, note = {Times Cited: 0 0}, pages = {245-260}, publisher = {51}, abstract = {We provide direct evidence on the relationship between social status and personality traits. Using survey data from the 2006-2012 waves of the US Health and Retirement Study, we show that self-perceived social status is associated with all the Big Five personality traits, after controlling for observable characteristics that arguably reflect one{\textquoteright}s actual status. We also construct an objective status measure that in turn is associated with personality traits. Objectively measured status is positively but not highly correlated with its subjective counterpart. When incorporated in a regression specification, it still leaves room for significant correlations between personality traits and status perception: traits such as openness, conscientiousness and extraversion predict a higher self-positioning on the social ladder, while agreeableness and neuroticism predict a lower one. (C) 2015 Elsevier B.V. All rights reserved.}, keywords = {Demographics, Expectations, Health Conditions and Status, Income}, doi = {10.1016/j.joep.2015.10.002}, author = {Alessandro Bucciol and Cavasso, Barbara and Luca Zarri} } @article {8303, title = {Subjective Well-Being in Context: County- and State-Level Socioeconomic Factors and Individual Moderators}, journal = {Social Psychological and Personality Science}, volume = {6}, year = {2015}, note = {Times Cited: 0 0}, pages = {148-156}, publisher = {6}, abstract = {Subjective well-being (SWB) is not only influenced by people{\textquoteright}s individual characteristics but also by characteristics of the places where they live. Using data from the Health and Retirement Survey (N = 5,975), we examined whether two indicators of the socioeconomic context (unemployment and poverty rates) are associated with SWB in older adults. The main findings were (a) these contextual variables are differentially related to SWB on the county level and state level in terms of strength and direction, highlighting the importance of distinguishing between different levels of analysis; (b) poverty rate tends to be more strongly associated with life satisfaction and positive affect than with negative affect; and (c) county-level poverty rate is more strongly related to positive affect in poor individuals and county-level unemployment rate is more strongly related to SWB in nonretired individuals, suggesting that the socioeconomic context matters more for people who are directly affected by it.}, keywords = {Demographics, Employment and Labor Force, Expectations, Income}, doi = {10.1177/1948550614548075}, author = {Luhmann, Maike and Murdoch, James C., III and Louise C Hawkley} } @article {8209, title = {Why Don{\textquoteright}t Lower-Income Individuals Have Retirement Saving Plans?}, journal = {Communities and Banking}, volume = {16}, year = {2015}, pages = {16-19}, publisher = {16}, abstract = {Lower-income individuals lower employment rate and the smaller probability of their working for an employer that offers pensions underlie the pension gap between higher- and lower-income groups.}, keywords = {Income, Pensions}, author = {April Yanyuan Wu and Matthew S. Rutledge and Penglase, Jacob} } @article {6475, title = {Dementia and dependence: Do Modifiable Risk Factors Delay Disability?}, journal = {Neurology}, volume = {82}, year = {2014}, month = {04/2014}, pages = {1543-1550}, chapter = {1543}, abstract = {Objective: To identify modifying factors that preserve functional independence among individuals at high dementia risk. Methods: Health and Retirement Study participants aged 65 years or older without baseline activities of daily living (ADL) limitations (n = 4,922) were interviewed biennially for up to 12 years. Dementia probability, estimated from direct and proxy cognitive assessments, was categorized as low (i.e., normal cognitive function), mild, moderate, or high risk (i.e., very impaired) and used to predict incident ADL limitations (censoring after limitation onset). We assessed multiplicative and additive interactions of dementia category with modifiers (previously self-reported physical activity, smoking, alcohol consumption, depression, and income) in predicting incident limitations. Results: Smoking, not drinking, and income predicted incident ADL limitations and had larger absolute effects on ADL onset among individuals with high dementia probability than among cognitively normal individuals. Smoking increased the 2-year risk of ADL limitations onset from 9.9 to 14.9 among the lowest dementia probability category and from 32.6 to 42.7 among the highest dementia probability category. Not drinking increased the 2-year risk of ADL limitations onset by 2.1 percentage points among the lowest dementia probability category and 13.2 percentage points among the highest dementia probability category. Low income increased the 2-year risk of ADL limitations onset by 0.4 among the lowest dementia probability category and 12.9 among the highest dementia probability category. Conclusions: Smoking, not drinking, and low income predict incident dependence even in the context of cognitive impairment. Regardless of cognitive status, reducing these risk factors may improve functional outcomes and delay institutionalization.}, keywords = {Health Conditions and Status, Income}, doi = {10.1212/WNL.0000000000000357}, author = {Pamela M. Rist and Benjamin D Capistrant and Bei Wu and Jessica R Marden and M. Maria Glymour} } @article {10989, title = {Does Retirement Make You Happy? A Simultaneous Equations Approach}, number = {2014-310}, year = {2014}, institution = {Michigan Retirement Research Center, University of Michigan}, address = {Ann Arbor}, abstract = {Continued improvements in life expectancy and fiscal insolvency of public pensions have led to increased pension entitlement ages in several countries, but its consequences for subjective well-being are largely unknown. Financial consequences of retirement complicate the estimation of effects of retirement on well-being as financial circumstances may influence well-being, so the effects of retirement may be confounded by income changes. Also, unobservable determinants of income are probably related with unobservable determinants of well-being, making income possibly endogenous if used as control in well-being regressions. To address these issues, we estimate a simultaneous model of retirement, income, and subjective well-being while accounting for time effects and unobserved individual effects. Public pension arrangements (replacement rates, eligibility rules for early and full retirement) serve as instrumental variables. We use data from HRS and SHARE from 2004 to 2010. We find that depressive symptoms are negatively related to retirement while life satisfaction is positively related. Remarkably, income does not seem to affect depression or life satisfaction. This contrasts with correlations in the raw data showing significant relations between income and depression and life satisfaction. This suggests that accounting for the endogeneity of income in equations explaining depression or life satisfaction is important. }, keywords = {Depressive symptoms, Income, Life Satisfaction, Retirement}, url = {https://mrdrc.isr.umich.edu/publications/papers/pdf/wp310.pdf}, author = {Raquel Fonseca and Arie Kapteyn and Jinkook Lee and Gema Zamarro} } @mastersthesis {6306, title = {The economic security of an aging minority population: A profile of Latino baby boomers to inform future retirees}, volume = {3628171}, year = {2014}, note = {Copyright - Copyright ProQuest, UMI Dissertations Publishing 2014 Last updated - 2014-09-17 First page - n/a}, month = {2014}, pages = {124}, school = {University of Southern California}, type = {Ph.D.}, address = {Los Angeles}, abstract = {The United States is facing dramatic demographic changes due to the aging of the Baby Boom Generation and increasing diversity, including rapid growth of the Latino population. Questions have been raised regarding the economic security of the aging baby boomers{\textquoteright} generational cohort once they retire, which are of particular relevance to minority and Latino members of the cohort. Latinos tend to have lower levels of financial security than their white, non-Latino counterparts, but there is little research that examines individuals who fall into the intersection of these two groups: the Latino baby boomers. Because Latino boomers are a largely hidden population, their economic status and prospects are difficult to estimate. The first empirical chapter (Chapter 2) looks at the characteristics of the Baby Boomer population living in the 50 U.S. states and the District of Columbia, broken down by Latino ethnicity and citizenship status. Drawing from several U.S. Census Bureau data sources, it revealed three key findings: 1) there were 80 million baby boomers in the U.S. in 2000--more than previously reported--of which 8.0 million (10\%) were Latinos; 2) U.S.-born Latino boomers were more similar to non-Latino boomers in terms of demographic characteristics, whereas foreign-born citizens and non-citizens scored less well on key demographic indicators; and 3) compared to non-Latino baby boomers, U.S.-born Latino baby boomers had somewhat less favorable economic characteristics. The second empirical chapter identifies the magnitude of racial/ethnic structural disadvantage for income and wealth in the years preceding retirement for the Baby Boom Generation, then compares their structural disadvantage with that of members of the Silent Generation cohort when they were the same age. After adjusting for sociodemographic variables (age, gender, citizenship status, education, marital status, and labor force participation), the structural effects of race/ethnicity on income--using the American Community Survey--and wealth--using the Health and Retirement Study--were considerably reduced, confirming two of the chapter{\textquoteright}s four hypotheses; however, the expected reduction in structural effects from the Silent Generation to the Baby Boom Generation was seen for wealth but not for income, confirming only one of the remaining two hypotheses. This reduction of structural disparities in wealth from the Silent Generation to the Baby Boom Generation follows the expectation that these disparities would be reduced over time, which signals good news for the younger members of the Baby Boom Generation, Generation X, and future generational cohorts. But large gaps still exist between racial/ethnic groups, even after sociodemographic adjustment; future reduction in those structural inequalities can help decrease those gaps, an especially important consideration for low-income racial/ethnic minority groups. The third empirical chapter takes an initial step toward disaggregating by age the effect of naturalization on income growth. Using linear growth curve modeling on data from the Survey of Income and Program Participation{\textquoteright}s 2004 panel, it attempts to replicate past findings across the entire lifespan, but fails to detect an effect of naturalization on income growth; only non-citizens had a significantly higher level of income growth during the study period than U.S.-born citizens. In subsetting the analysis for older and younger working-age groups, an effect of naturalization was not detected for either group, and the positive effect for non-citizens was seen only for the younger age group. The predictor variables on the whole had minimal relationships with slope in the model, with less than 1\% of variance explained in each model. Although a stronger effect of the predictor variables, including an effect of naturalization, may have appeared were more years of data available, it was not detected over the 4-year study period. Two unexpected findings were: 1) individuals in the younger sample who had naturalized before the study had higher intercepts than U.S.-born citizens but no such difference emerged in the older sample; and 2) in a bivariate context, those who naturalized during the study represented a socioeconomic midpoint of sorts--on racial/ethnic composition, education, and income--naturalized prior to the study. In sum, these chapters shed light on the Baby Boom cohort{\textquoteright}s characteristics and dynamics in the period leading up to their retirement age. This dissertation provides insights into the characteristics, demographic history, and socioeconomic patterns of the upcoming cohort of retirees. Implications of these findings have the potential to inform and to modify practice and policy for the next cohort: Generation X. The findings underscore the importance of reducing disparities in education and, to a degree, citizenship as a mechanism for countering the persistent effects of structural inequality on income. These insights have implications for both theory and policy and lay a foundation for a wide range of future research, which is discussed in the final chapter.}, keywords = {Demographics, Income, Methodology, Net Worth and Assets, Women and Minorities}, url = {http://proxy.lib.umich.edu/login?url=http://search.proquest.com/docview/1560683648?accountid=14667http://mgetit.lib.umich.edu/?ctx_ver=Z39.88-2004\&ctx_enc=info:ofi/enc:UTF-8\&rfr_id=info:sid/ProQuest+Dissertations+\%26+Theses+A\%26I\&rft_val_fmt=info:ofi/fmt:}, author = {Zachary Gassoumis} } @mastersthesis {6076, title = {Essays in applied economics}, volume = {3622123}, year = {2014}, note = {Copyright - Copyright ProQuest, UMI Dissertations Publishing 2014 Last updated - 2014-07-22 First page - n/a}, month = {2014}, pages = {244}, school = {University of Pennsylvania}, type = {Ph.D.}, address = {Philadelphia, PA}, abstract = {Essay 1 studies physician agency problems, which arise whenever physicians fail to maximize their patients{\textquoteright} preferences, given available information. These agency problems are well documented, but the magnitude of their welfare consequences for patients---the losses from suboptimal treatment choice induced by agency---are unclear. I infer patient drug preference from their compliance decisions. I begin by showing that initial prescriptions respond to physician financial incentives to control costs and to pharmaceutical detailing, but compliance does not, pointing to agency problems. I then develop and estimate a model of physician-patient interactions where physician write initial prescriptions, but patients choose whether to comply. Fully eliminating agency problems increases compliance by 6.5 percentage points, and raises patient welfare by 22\% of drug spending. Contracts that better align doctor and patient preferences can improve patient welfare, but attain only half the gains from eliminating agency completely. Although physician agency problems reduce patient welfare, eliminating them is thus likely difficult. Essay 2, co-authored with Alexander M. Gelber and Damon Jones, studies frictions in adjusting earnings to changes in the Social Security Annual Earnings Test (AET) using a panel of Social Security Administration microdata on one percent of the U.S. population from 1961 to 2006. Individuals continue to "bunch" at the convex kink the AET creates even when they are no longer subject to the AET, consistent with the existence of earnings adjustment frictions in the U.S. We develop a novel estimation framework and estimate in a baseline case that the earnings elasticity with respect to the implicit net-of-tax share is 0.23, and the fixed cost of adjustment is $152.08. Essay 3 studies the impact of health expenditure risk on annuitization. Theoretical research suggests that such risk can have an ambiguous influence on the annuitization decisions of the elderly. I provide empirical evidence on this linkage, by estimating the impact of supplemental Medicare insurance (Medigap) coverage on the annuity demand of older Americans. Medigap coverage has a strong impact on annuitization: the extensive margin elasticity is 0.39, the overall elasticity of private annuity income with respect to Medigap coverage is 0.56. These results are robust to controls for health, wealth, and preferences, as well as other robustness tests. They suggest that medical expenditure risk has a large impact on underannuitization.}, keywords = {Health Conditions and Status, Healthcare, Income, Net Worth and Assets, Public Policy, Social Security}, author = {Sacks, Daniel W.} } @article {8030, title = {How is economic hardship avoided by those retiring before the Social Security entitlement age?}, journal = {Journal of Pension Economics and Finance}, volume = {13}, year = {2014}, pages = {420-438}, publisher = {13}, abstract = {Governments around the world are reacting to extended lifespans and troubled pension finances by increasing the age of retirement benefit entitlement. This paper studies those who retire before the age of full pension entitlement in the USA using data drawn from the Health and Retirement Study. The major finding is that four out of five people who have zero earnings at pre-entitlement ages are able to find a way to lift their incomes over the poverty line. For men, pension and annuity income are important while for women, spousal income helps most to get them over the line.}, keywords = {Health Conditions and Status, Income, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction, Social Security}, doi = {10.1017/S1474747214000171}, author = {Kevin Milligan} } @article {8073, title = {Long-term exposure to income inequality: implications for physical functioning at older ages}, journal = {European Journal of Ageing}, volume = {11}, year = {2014}, note = {Times Cited: 0}, pages = {19-29}, publisher = {11}, abstract = {The {\textquoteright}inequality hypothesis{\textquoteright} proposes that higher levels of societal income inequality have a direct negative causal effect on health. Support for this hypothesis has been mixed; particularly among older people. However, most previous studies have not accounted for people{\textquoteright}s exposure to inequality over the long-term. We aimed to address this problem by examining the implications of long-term inequality exposure for older people{\textquoteright}s physical health. Data on individual health and covariates were drawn from three large, comparable surveys of older people, covering 16 countries: the English Longitudinal Study of Ageing, the Survey of Health and Retirement in Europe and the U.S. Health and Retirement Study. Historical inequality information was derived from the Standardised World Income Inequality Database. We used multilevel regression methods to model the association between long-term average inequality and three measures of physical functioning: grip strength, lung function and self-reported activity limitation. Exposure to higher average long-term levels of inequality was significantly negatively related to objectively measured grip strength and lung function, but unrelated to self-reported limitations (although increasing inequality over time was positively related to self-reported limitations). The grip strength and lung function associations were partially explained by between-country differences in height, and in the latter case this factor may fully account for the apparent effect of inequality. We discuss implications of these results for the inequality hypothesis.}, keywords = {Health Conditions and Status, Income, Methodology, Other}, doi = {10.1007/s10433-013-0285-5}, author = {de Vries, Robert and Blane, David and Netuveli, Gopalakrishnan} } @article {8004, title = {Predicting SNAP Participation in Older Adults: Do Age Categorizations Matter?}, journal = {Educational Gerontology}, volume = {40}, year = {2014}, pages = {932-946}, publisher = {40}, abstract = {Prior, Supplemental Nutrition Assistance Program (SNAP) research reveals limited age cohort analyses that may not accurately reflect nuanced age differences in SNAP participation. The purpose of this study was to add depth to older age analysis and SNAP participation via four models of age categorizations. This secondary data analysis used a sample of 10,116 older adults from the 2010 Health and Retirement Study. Controlling for demographic, socioeconomic, and physical factors, logistic regression tested four age categorization models: Third-Age and Fourth-Age groupings; young-old, middle-old, and oldest old groupings; generic decade cohorts; and continuous age. Hypotheses for each model predicted older age as negative to SNAP participation. Significant predictors of SNAP participation included female gender, nonwhite non-Hispanic and Hispanic ethnicities, lower household income, inadequate food budget, and difficulty in self-dressing. Odds ratios confirmed age as a negative factor to SNAP participation. Addition of age categorizations into each model yielded nominal, effect size change. Yet, addition of age into the models changed the relationship between control variables and SNAP receipt, namely gender and Hispanic ethnicity. While age categorizations offered marginal effect predicting SNAP participation, difficulty dressing most strongly predicted increased participation across all models. This finding is relevant, as standard SNAP participation models for younger individuals rely heavily on socioeconomic indicators. Results suggest future research modeling SNAP participation in older individuals that emphasizes physical/medical issues.}, keywords = {Demographics, Health Conditions and Status, Income, Public Policy}, doi = {10.1080/03601277.2014.912837}, url = {http://dx.doi.org/10.1080/03601277.2014.912837}, author = {Geiger, Jennifer R. and Wilks, Scott E. and Livermore, Michelle M.} } @article {8044, title = {Recession and Expected Retirement Age: Another Look at the Evidence}, journal = {Gerontologist}, volume = {54}, year = {2014}, note = {Times Cited: 0}, pages = {245-257}, publisher = {54}, abstract = {Purpose: This article expands on earlier analyses that assessed whether the recent recession influenced retirement expectations. Design and Methods: Acknowledging that planning for retirement is a complex process influenced by personal preferences, resources, economic factors, institutional policies, and social norms, we test more comprehensive models than those used in previous studies, using data from the 2006 and 2008 waves (Waves 8 and 9) of the Health and Retirement Study. Results: Our results confirm that economic changes impinge on retirement expectations, but they also show stronger influences of other factors such as debts and the work environment. Implications: As the baby boom cohorts approach retirement age, it will be important to better understand how workers consider macro factors such as the state of the economy and firm-level factors and personal finances when planning for retirement.}, keywords = {Employment and Labor Force, End of life decisions, Income, Pensions, Public Policy, Retirement Planning and Satisfaction}, doi = {10.1093/geront/gnt010}, author = {Maximiliane E Szinovacz and Lauren Martin and Adam Davey} } @article {8060, title = {Reliability of Self-reports of Financial Data in Surveys: Results From the Health and Retirement Study}, journal = {Sociological Methods and Research}, volume = {43}, year = {2014}, note = {Export Date: 29 January 2014 Source: Scopus}, pages = {98-136}, publisher = {43}, abstract = {This article reports an investigation of errors of measurement in self-reports of financial data in the Health and Retirement Study (HRS), one of the major social science data resources available to those who study the demography and economics of aging. Results indicate significantly lower levels of reporting reliability of the composite variables in the HRS relative to those found for summary income approaches used in other surveys. Levels of reliability vary by type of income source-reports of monthly benefit levels from sources such as Social Security or the Veterans Administration achieve near-perfect levels of reliability, whereas somewhat less regular sources of household income that vary across time in their amounts are measured less reliably. One major area of concern resulting from this research, which may be beneficial to users of the HRS surveys, involves the use of imputation in the handling of missing data. We found that imputation of values for top-end open income brackets can produce a substantial number of outliers that affect sample estimates of relationships and levels of reliability. Imputed income values in the HRS should be used with great care. The Author(s) 2013.}, keywords = {Income, Methodology, Other}, url = {http://www.scopus.com/inward/record.url?eid=2-s2.0-84891856402andpartnerID=40andmd5=bb66890d725617e9a00cace3878d10ee}, author = {Duane F. Alwin and Zeiser, K. and Gensimore, D.} } @article {5844, title = {Representativeness of the Low-Income Population in the Health and Retirement Study with Supplementary Analyses for 1991 and 1997}, year = {2014}, institution = {Ann Arbor, MI, Michigan Retirement Research Center (MRRC) Working Paper, WP 2014-316}, abstract = {We study to what extent the Health and Retirement Study (HRS) is representative of all income groups, but with a particular emphasis on low-income groups. To focus on the HRS sample composition and abstract from potential measurement issues associated with measures of income and program participation, we exploit the SSA administrative data matched to the HRS sample and compare their distribution against the distribution of the same variables for the same population in the SSA databases. We find that overall, for cohorts and years that can be most reliably compared, the distributions are very similar and conclude that the HRS is representative for the population it covers. However, for some subgroups in the low-income population (e.g., recipients of Supplemental Security Income, Medicaid beneficiaries), there are some differences and thus we caution against estimating population totals for such small subpopulations. The HRS samples for which restricted matched administrative data are available are often not representative of a broad population of interest, because not all HRS respondents were asked permission to match in any given year. Therefore, the restricted HRS datafiles are generally not suitable for estimating population distributions, although they are still very useful for modeling purposes.}, keywords = {Income, Methodology, Social Security}, author = {Erik Meijer and Lynn A Karoly} } @article {8012, title = {The Social Security Windfall Elimination and Government Pension Offset Provisions for Public Employees in the Health and Retirement Study}, journal = {Social Security Bulletin}, volume = {74}, year = {2014}, note = {Date revised - 2015-04-01 Availability - URL:http://www.ssa.gov/policy/docs/ssb/ Publisher{\textquoteright}s URL}, pages = {55-69}, publisher = {74}, abstract = {This article uses Health and Retirement Study data to investigate the effects of Social Security{\textquoteright}s Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) on Social Security benefits received by households. The provisions reduce benefits for individuals or the dependents of individuals whose work histories include jobs for which they were entitled to a pension and were not subject to Social Security payroll taxes ( noncovered employment). We find that about 3.5 percent of households are subject to either the WEP or the GPO, and that the provisions reduce the present value of their Social Security benefits by roughly one-fifth. Households affected by both provisions experience benefit reductions of about one-third. Under the WEP, the Social Security benefit reduction is capped at one-half of the amount of the pension from noncovered employment, which substantially reduces the WEP penalty and prevents the WEP adjustment from falling disproportionately on households in the lowest earnings category.}, keywords = {Employment and Labor Force, Income, Pensions, Public Policy, Retirement Planning and Satisfaction, Social Security}, author = {Alan L Gustman and Thomas L. Steinmeier and N. Tabatabai} } @inbook {5254, title = {Disability and Subjective Well-being}, booktitle = {Lifecycle Events and Their Consequences: Job Loss, Family Change, and Declines in Health}, year = {2013}, pages = {280-300}, publisher = {Stanford University Press}, organization = {Stanford University Press}, address = {Stanford, CA}, abstract = {The authors examine the relationship between disability, its onset, and subjective well-being in Chapter 15. Individuals with a work-limitating disability self-reported lower levels of life satisfaction. Consistent with previous studies, the authors find a negative relationship between disability status and subjective well-being. Employment status, income, and wealth, mitigates this negative relationship, but disability still emerges as a salient determinant of subjective well-being throughout the analysis.}, keywords = {Employment and Labor Force, Expectations, Health Conditions and Status, Healthcare, Income, Retirement Planning and Satisfaction}, author = {Mary C. Daly and Gardiner, Colin S.}, editor = {Kenneth A. Couch and Mary C. Daly and Julie M Zissimopoulos} } @article {7789, title = {Disability during the last two years of life.}, journal = {JAMA Intern Med}, volume = {173}, year = {2013}, note = {Copyright - Copyright American Medical Association Sep 9, 2013 Last updated - 2013-09-18 SubjectsTermNotLitGenreText - United States--US}, month = {2013 Sep 09}, pages = {1506-13}, publisher = {173}, abstract = {

IMPORTANCE: Whereas many persons at advanced ages live independently and are free of disability, we know little about how likely older people are to be disabled in the basic activities of daily living that are necessary for independent living as they enter the last years of life.

OBJECTIVE: To determine national estimates of disability during the last 2 years of life.

DESIGN: Prospective cohort study.

SETTING: A nationally representative study of older adults in the United States.

PARTICIPANTS: Participants 50 years and older who died while enrolled in the Health and Retirement Study between 1995 and 2010. Each participant was interviewed once at a varying time point in the last 24 months of life. We used these interviews to calculate national estimates of the prevalence of disability across the 2 years prior to death. We modeled the prevalence of disability in the 2 years prior to death for groups defined by age at death and sex.

MAIN OUTCOMES AND MEASURES: Disability was defined as need for help with at least 1 of the following activities of daily living: dressing, bathing, eating, transferring, walking across the room, and using the toilet.

RESULTS: There were 8232 decedents (mean [SD] age at death, 79 [11] years; 52\% women). The prevalence of disability increased from 28\% (95\% CI, 24\%-31\%) 2 years before death to 56\% (95\% CI, 52\%-60\%) in the last month of life. Those who died at the oldest ages were much more likely to have disability 2 years before death (ages 50-69 years, 14\%; 70-79 years, 21\%; 80-89 years, 32\%; 90 years or more, 50\%; P for trend, <.001). Disability was more common in women 2 years before death (32\% [95\% CI, 28\%-36\%]) than men (21\% [95\% CI, 18\%-25\%]; P < .001), even after adjustment for older age at death.

CONCLUSIONS AND RELEVANCE: Those who live to an older age are likely to be disabled, and thus in need of caregiving assistance, many months or years prior to death. Women have a substantially longer period of end-of-life disability than men.

}, keywords = {Activities of Daily Living, Aged, Aged, 80 and over, Disability Evaluation, Disabled Persons, Educational Status, Female, Frail Elderly, Humans, Income, Longitudinal Studies, Male, Marital Status, Middle Aged, Prospective Studies, Sex Distribution, Socioeconomic factors, United States}, issn = {2168-6114}, doi = {10.1001/jamainternmed.2013.8738}, author = {Alexander K Smith and Louise C Walter and Yinghui Miao and W John Boscardin and Kenneth E Covinsky} } @article {7886, title = {Disability Shocks Near Retirement Age and Financial Well-Being}, journal = {Social security bulletin}, volume = {73}, year = {2013}, pages = {23-43}, publisher = {73}, abstract = {Using Health and Retirement Study data, the authors examine three groups of adults aged 51 56 in 1992 with different disability experiences over the following 8 years. Our analysis reveals three major findings. First, people who started and stayed nondisabled experienced stable financial security, with substantial improvement in household wealth despite substantial labor force withdrawal. Second, people who started as nondisabled but suffered a disability shock experienced a substantial increase in poverty rates and a sharp decline in median incomes. Average earnings loss was the greatest for that group, with public and private benefits replacing less than half of the loss, whereas the reduction in private health insurance coverage was more than alleviated by the increase in public health insurance coverage. Third, people who started and stayed disabled were behind at the baseline and have fallen further behind on most measures. An important exception is substantial improvement in health insurance coverage because of public safety nets.}, keywords = {Employment and Labor Force, Health Conditions and Status, Income, Medicare/Medicaid/Health Insurance, Net Worth and Assets, Public Policy, Retirement Planning and Satisfaction}, author = {Irena Dushi and Rupp, Kalman} } @article {7923, title = {The effect of informal care on work and wages}, journal = {Journal of health economics}, volume = {32}, year = {2013}, pages = {240}, publisher = {32}, abstract = {Cross-sectional evidence in the United States finds that informal caregivers have less attachment to the labor force. The causal mechanism is unclear: do children who work less become informal caregivers, or are children who become caregivers working less? Using longitudinal data from the Health and Retirement Study, we identify the relationship between informal care and work in the United States, both on the intensive and extensive margins, and examine wage effects. We control for time-invariant individual heterogeneity; rule out or control for endogeneity; examine effects for men and women separately; and analyze heterogeneous effects by task and intensity. We find modest decreases-2.4 percentage points-in the likelihood of working for male caregivers providing personal care. Female chore caregivers, meanwhile, are more likely to be retired. For female care providers who remain working, we find evidence that they decrease work by 3-10hours per week and face a 3 percent lower wage than non-caregivers. We find little effect of caregiving on working men{\textquoteright}s hours or wages. These estimates suggest that the opportunity costs to informal care providers are important to consider when making policy recommendations about the design and funding of public long-term care programs.}, keywords = {Demographics, Employment and Labor Force, Healthcare, Income, Medicare/Medicaid/Health Insurance}, author = {Courtney Harold Van Houtven and Norma B Coe and Meghan M. Skira} } @inbook {5257, title = {Health and Wealth in Early Retirement}, booktitle = {Lifecycle Events and Their Consequences: Job Loss, Family Change, and Declines in Health}, year = {2013}, pages = {261-279}, publisher = {Stanford University}, organization = {Stanford University}, address = {Stanford, CA}, abstract = {Retirement years are a precarious time for many older Americans. Even if successful in accumulating resources expected to be sufficient to maintain their pre-retirement standard of living, many retirees face unexpected adverse health shocks after retirement. Because of the uncertainty of shocks to physical and cognitive health, there exists the potential for significant deterioration in resource adequacy both at the time of retirement and into the retirement years due to their occurrence. In this study, we select a sample of new retirees constructed from the Health and Retirement Study (HRS) data and follow them during the first decade of their retirement. Using these data, we identify the nature of shocks to physical and cognitive health for which individuals are at risk during their retirement years, and estimate both the absolute and relative risk of these shocks. We then estimate the impact of the occurrence of these shocks on wealth-based measures of retirement adequacy.}, keywords = {Health Conditions and Status, Income, Retirement Planning and Satisfaction}, author = {Geoffrey L Wallace and Haveman, Robert and Karen C. Holden and Barbara Wolfe}, editor = {Kenneth A. Couch and Mary C. Daly and Julie M Zissimopoulos} } @inbook {5253, title = {Marriage and Wealth Changes at Older Ages}, booktitle = {Lifecycle Events and Their Consequences: Job Loss, Family Change, and Declines in Health}, year = {2013}, pages = {158-177}, publisher = {Stanford Economics and Finance}, organization = {Stanford Economics and Finance}, address = {Stanford, CA}, abstract = {This chapter presents an examination of the impact on net worth and savings of changes in family structure at older ages. The analysis demonstrates that married couples have more wealth than unmarried individuals primarily due to the higher lifetime earnings and lower mortality risk of married couples compared to unmarried individuals. Divorce at older ages both divides and consumes wealth and has negative and long-lasting consequences on wealth accumulation while remarriage rebuilds assets.}, keywords = {Adult children, Event History/Life Cycle, Health Conditions and Status, Income, Net Worth and Assets}, doi = {DOI:10.11126/stanford/9780804785853.003.0009}, author = {Julie M Zissimopoulos}, editor = {Kenneth A. Couch and Mary C. Daly and Julie M Zissimopoulos} } @article {7825, title = {Patterns of older Americans{\textquoteright} health care utilization over time.}, journal = {Am J Public Health}, volume = {103}, year = {2013}, month = {2013 Jul}, pages = {1314-24}, publisher = {103}, abstract = {

OBJECTIVES: We analyzed correlates of older Americans{\textquoteright} continuous and transitional health care utilization over 4 years.

METHODS: We analyzed data for civilian, noninstitutionalized US individuals older than 50 years from the 2006 and 2008 waves of the Health and Retirement Study. We estimated multinomial logistic models of persistent and intermittent use of physician, inpatient hospital, home health, and outpatient surgery over the 2004-2008 survey periods.

RESULTS: Individuals with worse or worsening health were more likely to persistently use medical care and transition into care and not transition out of care over time. Financial variables were less often significant and, when significant, were often in an unexpected direction.

CONCLUSIONS: Older individuals{\textquoteright} health and changes in health are more strongly correlated with persistence of and changes in care-seeking behavior over time than are financial status and changes in financial status. The more pronounced sensitivity to health status and changes in health are important considerations in insurance and retirement policy reforms.

}, keywords = {Aged, Aged, 80 and over, Ambulatory Surgical Procedures, Delivery of Health Care, Female, Health Services, Health Status, Health Surveys, Home Care Services, Hospitalization, Humans, Income, Insurance Coverage, Logistic Models, Longitudinal Studies, Male, Middle Aged, Office Visits, Patient Acceptance of Health Care, Time Factors, United States}, issn = {1541-0048}, doi = {10.2105/AJPH.2012.301124}, author = {Richard J. Manski and John F Moeller and Haiyan Chen and Jody Schimmel and Patricia A St Clair and John V Pepper} } @article {7935, title = {Preference for increasing wages: How do people value various streams of income?}, journal = {Judgment and Decision Making}, volume = {8}, year = {2013}, pages = {74}, publisher = {8}, abstract = {Prior studies have found that subjects prefer an improving sequence of income over a constant sequence, even if the constant sequence offers a larger present-discounted value. However, little is known about how these preferences vary with the size of the wage payments. In each of four studies, we find a positive relationship between the preference for increasing payments and the size of the payments. We find no evidence that our measure of the decreasing marginal utility of money is associated with this relationship. Additionally, we find weak evidence in support of a theoretical prediction that the difference between the preference for increasing wage payments and the preference for increasing nonwage payments will be largest for intermediate amounts. We do not find a relationship between the preference for increasing payments and the preference for improving nonmonetary sequences. Finally, the relationship between the preference for increasing payments and the size of the payments does not appear to be sensitive to the precise specification of the increases.}, keywords = {Employment and Labor Force, Income, Methodology}, author = {Duffy, Sean and Smith, John} } @article {7907, title = {Recession depression: Mental health effects of the 2008 stock market crash}, journal = {Journal of Health Economics}, volume = {32}, year = {2013}, note = {Times Cited: 0}, pages = {1090-1104}, publisher = {32}, abstract = {Do sudden, large wealth losses affect mental health? We use exogenous variation in the interview dates of the 2008 Health and Retirement Study to assess the impact of large wealth losses on mental health among older U.S. adults. We compare cross-wave changes in wealth and mental health for respondents interviewed before and after the October 2008 stock market crash. We find that the crash reduced wealth and increased feelings of depression and use of antidepressant drugs, and that these effects were largest among respondents with high levels of stock holdings prior to the crash. These results suggest that sudden wealth losses cause immediate declines,in subjective measures of mental health. However, we find no evidence that wealth losses lead to increases in clinically-validated measures of depressive symptoms or indicators of depression.}, keywords = {Event History/Life Cycle, Health Conditions and Status, Income, Net Worth and Assets}, author = {Melissa McInerney and Jennifer M Mellor and Lauren Hersch Nicholas} } @article {7791, title = {Redistribution under the Social Security benefit formula at the individual and household levels, 1992 and 2004}, journal = {Journal of Pension Economics and Finance}, volume = {12}, year = {2013}, note = {Times Cited: 0}, pages = {1-27}, publisher = {12}, abstract = {Studies using data from the early 1990s suggested that while the progressive Social Security benefit formula succeeded in redistributing benefits from individuals with high earnings to individuals with low earnings, it was much less successful in redistributing benefits from households with high earnings to households with low earnings. Wives often earned much less than their husbands. As a result, much of the redistribution at the individual level was effectively from high earning husbands to their own lower earning wives. In addition, spouse and survivor benefits accrue disproportionately to women from high income households. Both factors mitigate redistribution at the household level. It has been argued that with the increase in the labor force participation and earnings of women, Social Security now should do a better job of redistributing benefits at the household level. To be sure, when we compare outcomes for a cohort with a household member age 51 to 56 in 1992 with those from a cohort born twelve years later, redistribution at the household level has increased over time. Nevertheless, as of 2004 there still is substantially less redistribution of benefits from high to low earning households than from high to low earning individuals.}, keywords = {Adult children, Income, Pensions, Social Security, Women and Minorities}, doi = {10.1017/s1474747212000108}, author = {Alan L Gustman and Thomas L. Steinmeier and N. Tabatabai} } @article {7867, title = {Retiree Health Benefits as Deferred Compensation: Evidence from the Health and Retirement Study}, journal = {Public Finance Review}, volume = {41}, year = {2013}, note = {Export Date: 24 September 2013 Source: Scopus}, pages = {64-91}, publisher = {41}, abstract = {Are early retiree health benefits (RHBs) a form of deferred compensation binding workers to an employer? Most employers who offer RHBs offer them only to workers who have ten or more years of tenure and have reached age fifty-five. Accordingly, workers in firms offering RHBs have an incentive to stay with a firm in the years before they attain eligibility for RHBs, and a greater incentive than otherwise to retire thereafter. The authors test for such a pattern of incentives by examining the age-specific relationship between workers{\textquoteright} eligibility for RHBs and retirement. The findings suggest that workers in RHB-offering firms are less likely to retire at ages fifty and fifty-one than similar RHB-ineligible workers. Also, RHB-eligible workers aged sixty and sixty-one are more likely to retire than similar RHB-ineligible workers. These results are consistent with RHBs acting as part of a delayed payment contract of the kind described by Lazear. The Author(s) 2012.}, keywords = {Income, Medicare/Medicaid/Health Insurance, Pensions, Public Policy, Retirement Planning and Satisfaction}, doi = {10.1177/1091142112449375}, url = {http://www.scopus.com/inward/record.url?eid=2-s2.0-84870787886andpartnerID=40andmd5=c08987ab242cd92a5c017e380d8602dc}, author = {J. Marton and Stephen A. Woodbury} } @article {5961, title = {Risk-Sharing Within Families: Evidence From the Health and Retirement Study}, year = {2013}, institution = {Coral Gables, FL, University of Miami, Department of Economics}, abstract = {We report strong empirical support for the presence of a risk-sharing motive of within-family monetary flows. A standard model of risk-sharing predicts that the share of current family income consumed by a child positively depends on that child{\textquoteright}s lifetime contribution to the present value of the total family income. Therefore, sensitivity of transfer receipts to fluctuations in recipient{\textquoteright}s current income is smaller for children who contribute more. We test this distinguishing prediction of the risk-sharing model by exploiting the observed variation of parental transfers to siblings over 17 years in a longitudinal dataset derived from the Health and Retirement Study.}, keywords = {Adult children, Income, Risk Taking}, author = {Akin, S. Nuray and Leukhina, Oksana} } @article {article, title = {Changing Sources of Income Among the Aged Population}, number = {WP$\#$2012-27}, year = {2012}, institution = {Center for Retirement Research at Boston College}, address = {Newton, MA}, abstract = {This paper focuses on an explanation for the large shift over the past two decades in the composition of the income of the aged (65+), increasing the role of earned income and reducing the importance of income from their own assets. We find that the pattern of change is consistently reported in all of the major household surveys. The increase in the importance of labor income can be attributed to delayed exit from the labor force by workers at older ages. We attribute the increase in work time to a rise in the proportion of more educated workers who choose to continue working, changes within the pension system that previously encouraged early retirement, and a decline in the availability of retiree health insurance. The increase in work time is concentrated among the highest income groups and those with the most education, suggesting that it is largely voluntary. The fall in asset income can be traced to lower interest rates and a reduced propensity for the aged to convert their wealth to annuities. It does not reflect reduced wealth at older ages. A measure of the annuity equivalent of their wealth holdings suggests that there has been no decline for aged units. We also find only a weak relationship between changes in asset income and the decision to remain in the workforce. }, keywords = {Income, Income and wealth, Social Security, Wealth}, url = {https://crr.bc.edu/working-papers/changing-sources-of-income-among-the-aged-population/}, author = {Barry Bosworth and Burke, Kathleen} } @inbook {5245, title = {Comparing Health and Employment in England and the United States}, booktitle = {Work, Health and Well-Being: The Challenges of Managing Health at Work}, year = {2012}, pages = {57-78}, publisher = {Policy Press}, organization = {Policy Press}, address = {Bristol, UK}, abstract = {This chapter explores how health influences employment past age 65 in the United States and England. This is of policy interest, because England followed the United States by extending age-discrimination legislation above 65 in 2011. Drawing conclusions about the health-related capacity of this age group to work is, however, a challenge. Common health measures are often problematic for use with older workers, particularly when they are used to make comparisons between countries. Nevertheless, the most appropriate health measures are identified from the English Longitudinal Study of Ageing and the US Health and Retirement Study. The survey analysis presented shows that, in both countries, health limitations had the strongest negative impact on employment for the poorest over-65s. This suggests that the financial benefits of working are likely to be limited for the over-65s most in need of additional income.}, keywords = {Cross-National, Employment and Labor Force, Health Conditions and Status, Healthcare, Income}, doi = {10.1332/policypress/9781847428080.003.0004}, url = {http://policypress.universitypressscholarship.com/view/10.1332/policypress/9781847428080.001.0001/upso-9781847428080-chapter-4}, author = {Lain, David}, editor = {Vickerstaff, Sarah and Phillipson, Chris and Wilkie, Ross} } @article {7742, title = {The Disability burden of COPD.}, journal = {COPD}, volume = {9}, year = {2012}, month = {2012 Aug}, pages = {513-21}, abstract = {

Affecting an estimated 12.6 million people and causing over 100,000 deaths per year, chronic obstructive pulmonary disease (COPD) exacts a heavy burden on American society. Despite knowledge of the impact of COPD on morbidity, mortality, and health care costs, little is known about the association of the disease with economic outcomes such as employment and the collection of disability. We quantify the impact of COPD on Americans aged 51 and older-in particular, their employment prospects and their likelihood of collecting federal disability benefits-by conducting longitudinal regression analysis using the Health and Retirement Study. Controlling for initial health status and a variety of sociodemographic factors, we find that COPD is associated with a decrease in the likelihood of employment of 8.6 percentage points (OR = 0.58, 95\% CI 0.50-0.67), from 44\% to 35\%. This association rivals that of stroke and is larger than those of heart disease, cancer, hypertension, and diabetes. Furthermore, COPD is associated with a 3.9 percentage point (OR 2.52, 95\% CI 2.00-3.17) increase in the likelihood of collecting Social Security Disability Insurance (SSDI), from 3.2\% to 7.1\%, as well as a 1.7 percentage point (OR 2.87, 95\% CI 2.02-4.08) increase in the likelihood of collecting Supplemental Security Income (SSI), from 1.0\% to 2.7\%. The associations of COPD with SSDI and SSI are the largest of any of the conditions studied. Our results are consistent with the hypothesis that COPD imposes a substantial burden on American society by inhibiting employment and creating disability.

}, keywords = {Aged, Cost of Illness, Disabled Persons, Employment, Female, Humans, Income, Insurance, Disability, Likelihood Functions, Logistic Models, Male, Middle Aged, Pulmonary Disease, Chronic Obstructive, Social Security, United States}, issn = {1541-2563}, doi = {10.3109/15412555.2012.696159}, author = {Thornton Snider, Julia and J. A. Romley and Ken S Wong and Zhang, Jie and Eber, Michael and Dana P Goldman} } @article {7696, title = {Family Decision Making and Resource Protection Adequacy}, journal = {The Journal of Consumer Affairs}, volume = {46}, year = {2012}, pages = {1}, publisher = {46}, abstract = {This study examines the correlation between resource protection and the intrahousehold distribution of bargaining power. Using data from the Health and Retirement Study, the analysis quantifies potential changes in the surviving individual{\textquoteright}s living standard to evaluate the adequacy of resource protection. Individuals who generate a larger share of family income, are more financially knowledgeable, or have the final say in family decisions leverage their bargaining power to secure higher protection of their hypothetical widowhood living standard. Consequently, spouses with more bargaining power are less likely to experience declines of their living standard in the event of their spouse passing away and are more likely to be overprotected.}, keywords = {Consumption and Savings, End of life decisions, Income, Methodology, Other}, url = {www.jstor.org/stable/23860114}, author = {Patryk D. Babiarz and Robb, Cliff A. and Woodyard, A.} } @article {5932, title = {How is Economic Hardship Avoided by Those Retiring Before the Social Security Entitlement Age}, number = {18051}, year = {2012}, institution = {National Bureau of Economic Research}, address = {Cambridge, MA}, abstract = {Governments around the world are reacting to extended lifespans and troubled pension finances by increasing the age of retirement benefit entitlement. One concern that arises is how those who are not working before reaching entitlement age are able to bridge their consumption to the age of entitlement. This paper studies those who retire before the age of full pension entitlement in the United States using data drawn from the Health and Retirement Study. The major finding is that four out of five people who have zero earnings at pre-entitlement ages are able to find a way to lift their incomes over the poverty line. For men, pension and annuity income is important while for women, spousal income helps most to get them over the line. Reaching the early retirement entitlement age at 62 also has a significant impact on poverty avoidance.}, keywords = {Consumption and Savings, Income, Public Policy, Retirement Planning and Satisfaction, Social Security, Women and Minorities}, doi = {10.3386/w18051}, author = {Kevin Milligan} } @article {7754, title = {Income Replacement Ratios in the Health and Retirement Study}, journal = {Social Security Bulletin}, volume = {72}, year = {2012}, pages = {1}, publisher = {72}, abstract = {This article describes the income replacement ratio as a measure of retirement income adequacy and identifies several issues analysts must consider when calculating a replacement ratio. The article presents the income replacement ratios experienced by participants in the original sample cohort of the Health and Retirement Study (HRS), who were born between 1931 and 1941. Replacement ratios are shown by the respondent{\textquoteright}s birth cohort, age when first classified as retired in the HRS, and preretirement income quartile. Median replacement ratios fall as the retirement period grows longer. PUBLICATION ABSTRACT}, keywords = {Income, Retirement Planning and Satisfaction, Social Security}, author = {Patrick, J. Purcell} } @article {5942, title = {Medicaid Insurance in Old Age}, number = {2012-278}, year = {2012}, institution = {Michigan Retirement and Disability Research Center, University of Michigan}, address = {Ann Arbor, MI}, abstract = {Medicaid was primarily designed to protect and insure the poor. However, the poor tend to live much shorter lifespans and thus incur much lower medical expenses before death. In this paper, we assess the insurance and redistributive properties of Medicaid, taking these dimensions of heterogeneity into account for single retirees. The Medicaid recipiency rate for those at the bottom income quintile stays around 60 -70 throughout their retirement. In contrast, Medicaid recipiency by higher-income retirees is much lower but increases by age, especially after age 90. Our preliminary results show that the annuity value of Medicaid payments is a hump-shaped function of permanent income. People in the middle of the income distribution receive more than those at the top or the bottom. Once one takes into account that the rich live longer, Medicaid is even less redistributive: in terms of present discounted value, the richest people receive almost as much the poorest ones, and the middle income people still benefit the most. Accounting for risk makes Medicaid less redistributive further still. Compensating differential calculations show that Medicaid insurance is valued most highly by the most rich, who have the most to lose.}, keywords = {Income, Medicare/Medicaid/Health Insurance, Public Policy}, url = {https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2192557}, author = {Mariacristina De Nardi and Eric French and John Bailey Jones} } @article {5938, title = {Retiree Health Benefits as Deferred Compensation: Evidence from the Health and Retirement Study}, number = {No. 12-182}, year = {2012}, institution = {W.E. Upjohn Institute for Employment Research}, address = {Kalamazoo, MI}, abstract = {Are early retiree health benefits (RHBs) a form of deferred compensation binding workers to an employer? Most employers who offer RHBs offer them only to workers who have ten or more years of tenure and have reached age fifty-five. Accordingly, workers in firms offering RHBs have an incentive to stay with a firm in the years before they attain eligibility for RHBs, and a greater incentive than otherwise to retire thereafter. The authors test for such a pattern of incentives by examining the age-specific relationship between workers eligibility for RHBs and retirement. The findings suggest that workers in RHB-offering firms are less likely to retire at ages fifty and fifty-one than similar RHB-ineligible workers. Also, RHB-eligible workers aged sixty and sixty-one are more likely to retire than similar RHB-ineligible workers. These results are consistent with RHBs acting as part of a delayed payment contract of the kind described by Lazear.}, keywords = {Income, Medicare/Medicaid/Health Insurance, Other, Pensions, Public Policy, Retirement Planning and Satisfaction}, doi = {10.17848/wp12-182}, author = {J. Marton and Stephen A. Woodbury} } @article {5930, title = {Retirement Security: Older Women Remain at Risk - Statement of Barbara D. Bovbjerg}, year = {2012}, institution = {Washington, DC}, abstract = {This testimony examines women s retirement income security based on a GAO report that examined (1) how women s access to and participation in employer-sponsored retirement plans compare to men s and how they have changed over time; (2) how women s retirement income compares to men s and how the composition of their income the proportion of income coming from different sources changed with economic conditions and trends in pension design; (3) how later-in-life events affect women s retirement income security; and (4) what policy options are available to help increase women s retirement income security.}, keywords = {Consumption and Savings, Health Conditions and Status, Income, Public Policy, Retirement Planning and Satisfaction, Women and Minorities}, author = {United States Governmental Office} } @article {5929, title = {Retirement Security: Women Still Face Challenges}, year = {2012}, institution = {Washington, DC, U.S. Government Accountability Office}, abstract = {This report examines (1) how women s access to and participation in employer-sponsored retirement plans compare to men s and how they have changed over time, (2) how women s retirement income compares to men s and how the composition of their income changed with economic conditions and trends in pension design, (3) how events occurring later in life affect women s retirement income security, and (4) what policy options are available to help increase women s retirement income security.}, keywords = {Consumption and Savings, Health Conditions and Status, Income, Public Policy, Retirement Planning and Satisfaction, Women and Minorities}, url = {http://www.gao.gov/products/GAO-12-699}, author = {United States Governmental Office} } @article {7744, title = {Using marginal structural models to estimate the direct effect of adverse childhood social conditions on onset of heart disease, diabetes, and stroke.}, journal = {Epidemiology}, volume = {23}, year = {2012}, note = {Nandi, Arijit Glymour, M Maria Kawachi, Ichiro VanderWeele, Tyler J HD060696/HD/NICHD NIH HHS/United States Research Support, N.I.H., Extramural Research Support, Non-U.S. Gov{\textquoteright}t United States Epidemiology. 2012 Mar;23(2):223-32.}, month = {2012 Mar}, pages = {223-32}, publisher = {23}, abstract = {

BACKGROUND: Early-life socioeconomic status (SES) is associated with adult chronic disease, but it is unclear whether this effect is mediated entirely via adult SES or whether there is a direct effect of adverse early-life SES on adult disease. Major challenges in evaluating these alternatives include imprecise measurement of early-life SES and bias in conventional regression methods to assess mediation. In particular, conventional regression approaches to direct effect estimation are biased when there is time-varying confounding of the association between adult SES and chronic disease by chronic disease risk factors.

METHODS: First-reported heart disease, diabetes, and stroke diagnoses were assessed in a national sample of 9760 Health and Retirement Study participants followed biennially from 1992 through 2006. Early-life and adult SES measures were derived using exploratory and confirmatory factor analysis. Early-life SES was measured by parental education, father{\textquoteright}s occupation, region of birth, and childhood rural residence. Adult SES was measured by respondent{\textquoteright}s education, occupation, labor force status, household income, and household wealth. Using marginal structural models, we estimated the direct effect of early-life SES on chronic disease onset that was not mediated by adult SES. Marginal structural models were estimated with stabilized inverse probability-weighted log-linear models to adjust for risk factors that may have confounded associations between adult SES and chronic disease.

RESULTS: During follow-up, 24\%, 18\%, and 9\% of participants experienced first onset of heart disease, diabetes, and stroke, respectively. Comparing those in the most disadvantaged with the least disadvantaged quartile, early-life SES was associated with coronary heart disease (risk ratio = 1.30 [95\% confidence interval = 1.12-1.51]) and diabetes (1.23 [1.02-1.48]) and marginally associated with stroke via pathways not mediated by adult SES.

CONCLUSIONS: Our results suggest that early-life socioeconomic experiences directly influence adult chronic disease outcomes.

}, keywords = {Age Factors, Age of Onset, Child, Diabetes Mellitus, Educational Status, Female, Heart Diseases, Humans, Income, Linear Models, Male, Middle Aged, Models, Statistical, Risk Factors, Social Class, Social Conditions, Socioeconomic factors, Stroke, United States}, issn = {1531-5487}, doi = {10.1097/EDE.0b013e31824570bd}, author = {Nandi, Arijit and M. Maria Glymour and Ichiro Kawachi and Tyler J VanderWeele} } @article {7774, title = {The Wage Elasticity of Informal Care Supply: Evidence From the Health and Retirement Study}, journal = {Southern Economic Journal}, volume = {79}, year = {2012}, pages = {350}, publisher = {79}, abstract = {This article focuses on the wage elasticity of informal care supply to elderly parents employing an instrumental variable approach to account for the fact that the wage rate is likely to be correlated with omitted variables. Using the 1998 wave of the Health and Retirement Study (HRC 1998), the wage elasticity of informal care supply is estimated to be negative and larger in magnitude than found previously. The lower bound of this elasticity is estimated to be -1.8 for males and -3.6 for females. Additional findings suggest that this wage elasticity differs by the type of care provided to elderly parents and that it is larger in magnitude among individuals with siblings and those with independently living parents. Overall the reductions in the informal care constitute about 18 of the labor supply response for men and about 56 of the labor supply response for women, which are not compensated by monetary transfers. PUBLICATION ABSTRACT}, keywords = {Adult children, Employment and Labor Force, Healthcare, Income}, author = {Nizalova, Olena} } @article {5928, title = {Why Do Life Insurance Policyholders Lapse? The Roles of Income, Health and Bequest Motive Shocks}, year = {2012}, note = {National Bureau of Economic Research, Inc, NBER Working Papers: 17899, 2012 Working Paper}, institution = {National Bureau of Economic Research, Inc, NBER Working Papers: 17899}, abstract = {Previous research has shown that the reasons for lapsation have important implications regarding the effects of the emerging life settlement market on consumer welfare. We present and empirically implement a dynamic discrete choice model of life insurance decisions to assess the importance of various factors in explaining life insurance lapsations. In order to explain some key features in the data, our model incorporates serially correlated unobservable state variables which we deal with using posterior distributions of the unobservables simulated from Sequential Monte Carlo (SMC) method. We estimate the model using the life insurance holding information from the Health and Retirement Study (HRS) data. Counterfactual simulations using the estimates of our model suggest that a large fraction of life insurance lapsations are driven by i.i.d choice specific shocks, particularly when policyholders are relatively young. But as the remaining policyholders get older, the role of such i.i.d. shocks gets smaller, and more of their lapsations are driven either by income, health or bequest motive shocks. Income and health shocks are relatively more important than bequest motive shocks in explaining lapsations when policyholders are young, but as they age, the bequest motive shocks play a more important role. We also suggest the implications of these findings regarding the effects of the emerging life settlement market on consumer welfare.}, keywords = {Employment and Labor Force, Health Conditions and Status, Income, Insurance}, url = {URL:http://www.nber.org/papers/w17899.pdf URL}, author = {Fang, Hanming and Kung, Edward} } @article {7634, title = {Childhood health and labor market inequality over the life course.}, journal = {J Health Soc Behav}, volume = {52}, year = {2011}, note = {Haas, Steven A Glymour, M Maria Berkman, Lisa F AG023399/AG/NIA NIH HHS/United States Research Support, N.I.H., Extramural Research Support, Non-U.S. Gov{\textquoteright}t United States Journal of health and social behavior J Health Soc Behav. 2011;52(3):298-313. doi: 10.1177/0022146511410431.}, month = {2011 Sep}, pages = {298-313}, publisher = {52}, abstract = {

The authors use data from the Health and Retirement Study{\textquoteright}s Earnings Benefit File, which links Health and Retirement Study to Social Security Administration records, to estimate the impact of childhood health on earnings curves between the ages of 25 and 50 years. They also investigate the extent to which diminished educational attainment, earlier onset of chronic health conditions, and labor force participation mediate this relationship. Those who experience poor childhood health have substantially diminished labor market earnings over the work career. For men, earnings differentials grow larger over the early to middle career and then slow down and begin to converge as they near 50 years of age. For women, earnings differentials emerge later in the career and show no evidence of convergence. Part of the child health earnings differential is accounted for by selection into diminished educational attainment, the earlier onset of chronic disease in adulthood, and, particularly for men, labor force participation.

}, keywords = {Child, Employment, Female, Health Status, Humans, Income, Male, Middle Aged, Models, Econometric, Retirement, Social Class, Social Security, Socioeconomic factors, United States}, issn = {2150-6000}, doi = {10.1177/0022146511410431}, author = {Steven A Haas and M. Maria Glymour and Lisa F Berkman} } @article {10887, title = {Determinants of medical expenditures in the last 6 months of life.}, journal = {Annals of Internal Medicine}, volume = {154}, year = {2011}, pages = {235-242}, abstract = {

BACKGROUND: End-of-life medical expenditures exceed costs of care during other years, vary across regions, and are likely to be unsustainable. Identifying determinants of expenditure variation may reveal opportunities for reducing costs.

OBJECTIVE: To identify patient-level determinants of Medicare expenditures at the end of life and to determine the contributions of these factors to expenditure variation while accounting for regional characteristics. It was hypothesized that race or ethnicity, social support, and functional status are independently associated with treatment intensity and controlling for regional characteristics, and that individual characteristics account for a substantial proportion of expenditure variation.

DESIGN: Using data from the Health and Retirement Study, Medicare claims, and The Dartmouth Atlas of Health Care, relationships were modeled between expenditures and patient and regional characteristics.

SETTING: United States, 2000 to 2006.

PARTICIPANTS: 2394 Health and Retirement Study decedents aged 65.5 years or older.

MEASUREMENTS: Medicare expenditures in the last 6 months of life were estimated in a series of 2-level multivariable regression models that included patient, regional, and patient and regional characteristics.

RESULTS: Decline in function (rate ratio [RR], 1.64 [95\% CI, 1.46 to 1.83]); Hispanic ethnicity (RR, 1.50 [CI, 1.22 to 1.85]); black race (RR, 1.43 [CI, 1.25 to 1.64]); and certain chronic diseases, including diabetes (RR, 1.16 [CI, 1.06 to 1.27]), were associated with higher expenditures. Nearby family (RR, 0.90 [CI, 0.82 to 0.98]) and dementia (RR, 0.78 CI, 0.71 to 0.87]) were associated with lower expenditures, and advance care planning had no association. Regional characteristics, including end-of-life practice patterns (RR, 1.09 [CI, 1.06 to 1.14]) and hospital beds per capita (RR, 1.01 [CI, 1.00 to 1.02]), were associated with higher expenditures. Patient characteristics explained 10\% of overall variance and retained statistically significant relationships with expenditures after regional characteristics were controlled for.

LIMITATION: The study limitations include the decedent sample, proxy informants, and a large proportion of unexplained variation.

CONCLUSION: Patient characteristics, such as functional decline, race or ethnicity, chronic disease, and nearby family, are important determinants of expenditures at the end of life, independent of regional characteristics.

PRIMARY FUNDING SOURCE: The Brookdale Foundation.

}, keywords = {Aged, Aged, 80 and over, Chronic disease, Ethnic Groups, Female, Health Expenditures, Humans, Income, Independent Living, Male, Medicare, Regression Analysis, Social Support, Socioeconomic factors, Terminal Care, United States}, issn = {1539-3704}, doi = {10.7326/0003-4819-154-4-201102150-00004}, author = {Amy Kelley and Susan L Ettner and R Sean Morrison and Qingling Du and Neil S. Wenger and Catherine A Sarkisian} } @article {7660, title = {Dynamic Inefficiencies in an Employment-Based Health Insurance System: Theory and Evidence.}, journal = {Am Econ Rev}, volume = {101}, year = {2011}, month = {2011 Dec}, pages = {3047-77}, publisher = {101}, abstract = {

We investigate the effects of the institutional settings of the US health care system on individuals{\textquoteright} life-cycle medical expenditures. Health is a form of general human capital; labor turnover and labor-market frictions prevent an employer-employee pair from capturing the entire surplus from investment in an employee{\textquoteright}s health. Thus, the pair underinvests in health during working years, thereby increasing medical expenditures during retirement. We provide empirical evidence consistent with the comparative statics predictions of our model using the Medical Expenditure Panel Survey (MEPS) and the Health and Retirement Study (HRS). Our estimates suggest significant inefficiencies in health investment in the United States.

}, keywords = {Employment, Health Benefit Plans, Employee, Health Expenditures, Health Status, Humans, Income, Personnel Turnover, Retirement, United States}, issn = {0002-8282}, doi = {10.1257/aer.101.7.3047}, author = {Fang, H. and Alessandro Gavazza} } @article {5907, title = {The Effects of Changes in Women s Labor Market Attachment on Redistribution Under the Social Security Benefit Formula}, number = {WP 2011-248}, year = {2011}, institution = {Michigan Retirement and Disability Research Center, University of Michigan}, address = {Ann Arbor, MI}, abstract = {Studies using data from the early 1990s suggested that while the progressive Social Security benefit formula succeeded in redistributing benefits from individuals with high earnings to individuals with low earnings, it was much less successful in redistributing benefits from households with high earnings to households with low earnings. Wives often earned much less than their husbands. As a result, much of the redistribution at the individual level was effectively from high earning husbands to their own lower earning wives. In addition, spouse and survivor benefits accrue disproportionately to women from high income households. Both factors mitigate redistribution at the household level. This paper compares outcomes for the earlier cohort with those of a cohort born twelve years later. With greater growth in women{\textquoteright}s earnings, the aim of the study is to see whether, after the recent growth in two earner households, and the growth in women{\textquoteright}s labor market activity and earnings, the Social Security system now fosters somewhat more redistribution from high to low earning households. We use data from the Health and Retirement Study to study a population consisting of members of households with at least one person age 51 to 56 in either 1992 or in 2004. We use four different measures of redistribution: the ratio of the present value of benefits to taxes for households arrayed by decile of covered earnings; the fraction of total Social Security benefits redistributed from households with high earnings to those with low earnings; the share of total benefits paid to members of each cohort redistributed from households falling in the highest deciles of earners to those with lower covered earnings; and the rate of return to Social Security taxes for members with different amounts of covered earnings. Considering differences in earnings between cohorts, women enjoyed a more rapid growth of labor force participation, hours of work and covered earnings than men. This increased the redistribution of Social Security benefits among households. Nevertheless, a considerable gap remains between the labor market activities and earnings of women versus men. As a result, the Social Security system remains much less successful in redistributing benefits from households with high covered earnings to those with lower covered earnings than in redistributing benefits from individuals with high covered earnings to those with lower covered earnings.}, keywords = {Employment and Labor Force, Income, Pensions, Social Security, Women and Minorities}, url = {https://deepblue.lib.umich.edu/bitstream/handle/2027.42/86250/wp248.pdf?sequence=1}, author = {Alan L Gustman and Thomas L. Steinmeier and N. Tabatabai} } @article {7662, title = {Net Worth Accumulation by Different Quintiles of Older Adults Approaching Retirement Age and 10 Years Later}, journal = {Journal of Sociology and Social Welfare}, volume = {38}, year = {2011}, pages = {9-30}, publisher = {38}, abstract = {The shift in responsibility for income security from the government to individuals makes the accumulation of net worth a vital issue. We investigated the rate of net worth accumulation for people aged 51 to 61 in 1991 (N=7,544) and 61 to 71 in 2001 (N=5,711) using the RAND Health and Retirement Study. We found that the rate of net worth accumulation by the fifth (top) quintile was extremely high in 1991, and the distribution of net worth became more skewed in favor of the wealthy in 2001. Older adults in the first and second quintiles are unable to face the challenge of the shift in responsibility for income security from the government to individuals. Adapted from the source document.}, keywords = {Demographics, Health Conditions and Status, Income, Net Worth and Assets, Retirement Planning and Satisfaction}, url = {https://scholarworks.wmich.edu/jssw/vol38/iss3/2}, author = {Martha N. Ozawa and Yeo, Yeong H.} } @article {7666, title = {Socioeconomic inequalities in old-age mortality: a comparison of Denmark and the USA.}, journal = {Soc Sci Med}, volume = {72}, year = {2011}, month = {2011 Jun}, pages = {1986-92}, publisher = {72}, abstract = {

Previous studies have reported important variations in the magnitude of health inequalities between countries that belong to different welfare systems. This suggests that there is scope for reducing health inequalities by means of country-level interventions. The present study adds to this literature by exploring whether the magnitude of socioeconomic inequalities in mortality is associated with social inequality levels. Denmark and the USA belong to fundamentally different welfare systems (social democratic and liberal) and our study thereby contributes to the ongoing debate on whether welfare systems are linked to health inequalities. We analyze Denmark and the USA in terms of socioeconomic differences in mortality above age 58. The data sources were Danish register data from 1980 to 2002 (n = 2,029,324), and survey data from the US Health and Retirement Study (HRS) from 1992 to 2006 (n = 9374). Survival analysis was used to study the impact of socioeconomic status on mortality and the magnitude of mortality differences between the two countries was compared. The results showed surprisingly that mortality differentials were larger in Denmark than in the USA even after controlling for a number of covariates: The poorest 10 percent of the Danish elderly population have a mortality rate ratio of 3.32 (men) and 3.70 (women) compared to the richest 25 percent. In the USA the corresponding rate ratios are 1.67 and 1.56. Low income seems to be a more powerful risk factor for mortality than low education. A number of possible explanations for higher mortality differences in Denmark are discussed: unintended positive correlation between generous health services and health inequality, early life influences, mortality selection, and relative deprivation.

}, keywords = {Aged, Aged, 80 and over, Analysis of Variance, Cross-Cultural Comparison, Denmark, Educational Status, Female, Health Expenditures, Humans, Income, Life Expectancy, Male, Middle Aged, Mortality, Political Systems, Social Class, Social Welfare, United States}, issn = {1873-5347}, doi = {10.1016/j.socscimed.2011.04.019}, author = {Rasmus Hoffmann} } @article {7674, title = {Who pays for obesity?}, journal = {J Econ Perspect}, volume = {25}, year = {2011}, month = {2011 Winter}, pages = {139-58}, publisher = {25}, abstract = {

Adult obesity is a growing problem. From 1962 to 2006, obesity prevalence nearly tripled to 35.1 percent of adults. The rising prevalence of obesity is not limited to a particular socioeconomic group and is not unique to the United States. Should this widespread obesity epidemic be a cause for alarm? From a personal health perspective, the answer is an emphatic "yes." But when it comes to justifications of public policy for reducing obesity, the analysis becomes more complex. A common starting point is the assertion that those who are obese impose higher health costs on the rest of the population{\textemdash}a statement which is then taken to justify public policy interventions. But the question of who pays for obesity is an empirical one, and it involves analysis of how obese people fare in labor markets and health insurance markets. We will argue that the existing literature on these topics suggests that obese people on average do bear the costs and benefits of their eating and exercise habits. We begin by estimating the lifetime costs of obesity. We then discuss the extent to which private health insurance pools together obese and thin, whether health insurance causes obesity, and whether being fat might actually cause positive externalities for those who are not obese. If public policy to reduce obesity is not justified on the grounds of external costs imposed on others, then the remaining potential justification would need to be on the basis of helping people to address problems of ignorance or self-control that lead to obesity. In the conclusion, we offer a few thoughts about some complexities of such a justification.

}, keywords = {Adult, Cost of Illness, Financing, Personal, Health Benefit Plans, Employee, Health Care Costs, health policy, Humans, Income, Insurance Coverage, Insurance Pools, Insurance, Health, Life Expectancy, Models, Econometric, Obesity, Prevalence, Private Sector, Public Sector, Risk Adjustment, Social Control Policies, United States}, issn = {0895-3309}, doi = {10.1257/jep.25.1.139}, author = {Bhattacharya, Jay and Sood, Neeraj} } @article {7492, title = {The association of earnings with health in middle age: Do self-reported earnings for the previous year tell the whole story?}, journal = {Social Science and Medicine}, volume = {71}, year = {2010}, note = {Using Smart Source Parsing pp. Aug Elsevier Science, Amsterdam The Netherlands}, pages = {431-439}, publisher = {71}, abstract = {Research on earnings and health frequently relies on self-reported earnings (SRE) for a single year, despite repeated criticism of this measure. We use 31 years (1961-1991) of earnings recorded by the United States Social Security Administration (SSA) to predict the 1992 prevalence of disability, diabetes, stroke, heart disease, cancer, depression and death by 2002 in a subset of Health and Retirement Study participants (n = 5951). We compare odds ratios (ORs) for each health outcome associated with self-reported or administratively recorded earnings. Individuals with no 1991 SSA earnings had worse health in multiple domains than those with positive earnings. However, this association diminished as the time lag between earnings and health increased, so that the absence of earnings before approximately 1975 did not predict health in 1992. Among those with positive earnings, lengthening the lag between SSA earnings and health did not significantly diminish the magnitude of the association with diabetes, heart disease, stroke, or death. Longer lags did reduce but did not eliminate the association between earnings and both disability and depression. Despite theoretical limitations of single year SRE, there were no statistically significant differences between the ORs estimated with single-year SRE and those estimated with a 31-year average of SSA earnings. For example, a one unit increase in logged SRE for 1991 predicted a 19 reduction in the odds of dying by 2002 (OR = 0.81; 95 confidence interval: 0.72,0.90), while a similar increase in average SSA earnings for 1961-1991 had an OR of 0.72 (0.6,0.82). The point estimates for the OR associated with 31 year average SSA earnings were further from the null than the ORs associated with single year SRE for heart disease, depression, and death, and closer to the null for disability, diabetes, and stroke, but none of these differences was statistically significant.}, keywords = {Health Conditions and Status, Healthcare, Income, Social Security}, doi = {10.1016/j.socscimed.2010.03.045}, author = {David Rehkopf and Jencks, Christopher and M. Maria Glymour} } @article {7512, title = {Causes and consequences of early-life health.}, journal = {Demography}, volume = {47 Suppl}, year = {2010}, month = {2010}, pages = {S65-85}, publisher = {47}, abstract = {

We examine the consequences of child health for economic and health outcomes in adulthood, using height as a marker of childhood health. After reviewing previous evidence, we present a conceptual framework that highlights data limitations and methodological problems that complicate the study of this topic. We then present estimates of the associations between height and a range of outcomes--including schooling, employment, earnings, health, and cognitive ability--measured in five data sets from early to late adulthood. These results indicate that, on average, taller individuals attain higher levels of education. Height is also positively associated with better economic, health, and cognitive outcomes. These associations are only partially explained by the higher average educational attainment of taller individuals. We then use data from the National Longitudinal Survey of Youth 1979 Children and Young Adults survey to document the associations between health, cognitive development, and growth in childhood. Even among children with the same mother, taller siblings score better on cognitive tests and progress through school more quickly. Part of the differences found between siblings arises from differences in their birth weights and lengths attributable to mother{\textquoteright}s behaviors while pregnant. Taken together, these results support the hypothesis that childhood health influences health and economic status throughout adulthood.

}, keywords = {Adolescent, Adult, Aged, Body Height, Child, Child Development, Child, Preschool, Educational Status, Employment, Family Characteristics, Female, Health Status, Humans, Income, Infant, Infant, Newborn, Longitudinal Studies, Male, Middle Aged, Pregnancy, Prenatal Exposure Delayed Effects, Regression Analysis, Socioeconomic factors, United Kingdom}, issn = {0070-3370}, doi = {10.1353/dem.2010.0007}, author = {Case, Anne and Paxson, Christina} } @article {7439, title = {Coronary heart disease from a life-course approach: findings from the health and retirement study, 1998-2004.}, journal = {J Aging Health}, volume = {22}, year = {2010}, month = {2010 Mar}, pages = {219-41}, publisher = {22}, abstract = {

OBJECTIVE: Guided by a life-course approach to chronic disease, this study examined the ways in which childhood deprivation (low parental education and father{\textquoteright}s manual occupation) may be associated with coronary heart disease (CHD).

METHOD: Multilevel modeling techniques and a nationally representative sample of Americans above age 50 from the Health and Retirement Study (HRS; N = 18,465) were used to examine childhood and CHD relationships over the course of 6 years (1998-2004).

RESULTS: Having a father with

DISCUSSION: Policies and programs aimed at improving the conditions of poor children and their families may effectively reduce the prevalence of CHD in later life.

}, keywords = {Age Factors, Aged, Aging, Coronary Artery Disease, Educational Status, Female, Health Status Disparities, Health Surveys, Humans, Income, Male, Middle Aged, Multivariate Analysis, Odds Ratio, Poverty, Prevalence, Retirement, Risk Assessment, Risk Factors, Self Report, Social Class, Socioeconomic factors, United States}, issn = {1552-6887}, doi = {10.1177/0898264309355981}, author = {Mary E Bowen} } @article {7536, title = {Dental care coverage and retirement.}, journal = {J Public Health Dent}, volume = {70}, year = {2010}, month = {2010 Winter}, pages = {1-12}, publisher = {70}, abstract = {

OBJECTIVES: To examine the convergence of an aging population and a decreased availability of dental care coverage using data from the Health and Retirement Study (HRS).

METHODS: We calculate national estimates of the number and characteristics of those persons age 51 years and above covered by dental insurance by labor force, retirement status, and source of coverage. We also estimate a multivariate model controlling for potentially confounding variables.

RESULTS: We show that being in the labor force is a strong predictor of having dental coverage. For older retired adults not in the labor force, the only source for dental coverage is either a postretirement health benefit or spousal coverage.

CONCLUSIONS: Dental care, generally not covered in Medicare, is an important factor in the decision to seek dental care. It is important to understand the relationship between retirement and dental coverage in order to identify the best ways of improving oral health and access to care among older Americans.

}, keywords = {Aged, Employment, ethnicity, Female, Humans, Income, Insurance, Dental, Male, Middle Aged, Models, Statistical, Multivariate Analysis, Retirement, United States}, issn = {0022-4006}, doi = {10.1111/j.1752-7325.2009.00137.x}, author = {Richard J. Manski and John F Moeller and Jody Schimmel and Patricia A St Clair and Haiyan Chen and Larry S. Magder and John V Pepper} } @article {7535, title = {Dental care expenditures and retirement.}, journal = {J Public Health Dent}, volume = {70}, year = {2010}, month = {2010 Spring}, pages = {148-55}, publisher = {70}, abstract = {

OBJECTIVES: To examine the relationship of dental care coverage, retirement, and out-of-pocket (OOP) dental expenditures in an aging population, using data from the Health and Retirement Study (HRS).

METHODS: We estimate OOP dental expenditures among individuals who have dental utilization as a function of dental care coverage status, retirement, and individual and household characteristics. We also estimate a multivariate model controlling for potentially confounding variables.

RESULTS: Overall, mean OOP dental expenditures among those with any spending were substantially larger for those without coverage than for those with coverage. However, controlling for coverage shows that there is little difference in spending by retirement status.

CONCLUSIONS: Although having dental coverage is a key determinant of the level of OOP expenditures on dental care; spending is higher among those without coverage than those who have dental insurance. We also found that while retirement has no independent effect on OOP dental expenditures once controlling for coverage, dental coverage rates are much lower among retirees.

}, keywords = {Age Factors, Aged, Dental Care, Educational Status, ethnicity, Female, Financing, Personal, Humans, Income, Insurance Coverage, Insurance, Dental, Male, Marital Status, Middle Aged, Mouth, Edentulous, Retirement, United States}, issn = {0022-4006}, doi = {10.1111/j.1752-7325.2009.00156.x}, author = {Richard J. Manski and John F Moeller and Haiyan Chen and Patricia A St Clair and Jody Schimmel and Larry S. Magder and John V Pepper} } @article {7545, title = {Dental care utilization and retirement.}, journal = {J Public Health Dent}, volume = {70}, year = {2010}, note = {Manski, Richard J Moeller, John Chen, Haiyan St Clair, Patricia A Schimmel, Jody Magder, Larry Pepper, John V R01 AG026090-01A2/AG/NIA NIH HHS/United States R01 AG026090-03/AG/NIA NIH HHS/United States U01AG009740/AG/NIA NIH HHS/United States Research Support, N.I.H., Extramural United States Nihms172468 J Public Health Dent. 2010 Winter;70(1):67-75.}, month = {2010 Winter}, pages = {67-75}, publisher = {70}, abstract = {

OBJECTIVE: The authors examine the relationship of dental care coverage, retirement, and utilization in an aging population using data from the Health and Retirement Study (HRS).

METHODS: The authors estimate dental care use as a function of dental care coverage status, retirement, and individual and household characteristics. They also estimate a multivariate model controlling for potentially confounding variables.

RESULTS: The authors show that that the loss of income and dental coverage associated with retirement may lead to lower use rates but this effect may be offset by other unobserved aspects of retirement including more available free time leading to an overall higher use rate.

CONCLUSIONS: The authors conclude from this study that full retirement accompanied by reduced income and dental insurance coverage produces lower utilization of dental services. However, they also show that retirement acts as an independent variable, whereas income, coverage, and free time (unobserved) act as intervening variables.

}, keywords = {Aged, Confounding Factors, Epidemiologic, Dental Care, Employment, ethnicity, Female, health policy, Humans, Income, Insurance, Dental, Leisure activities, Logistic Models, Male, Middle Aged, Multivariate Analysis, Odds Ratio, Retirement, Socioeconomic factors, United States}, issn = {0022-4006}, doi = {10.1111/j.1752-7325.2009.00145.x}, author = {Richard J. Manski and John F Moeller and Haiyan Chen and Patricia A St Clair and Jody Schimmel and Larry S. Magder and John V Pepper} } @article {7479, title = {Economic Dependence in Marriage and Husbands{\textquoteright} Midlife Health : Testing Three Possible Mechanisms}, journal = {Gender and Society}, volume = {24}, year = {2010}, pages = {378-401}, publisher = {24}, abstract = {Prior research suggests that midlife husbands have worse health when they earn less than their wives; however the mechanism(s) for this relationship have not been evaluated. In this study, the author analyzes 1,319 heterosexual married couples from the Health and Retirement Study to explore three theoretically grounded mechanisms. The author begins by assessing two well-established family relations theories (economic resource and marital dissatisfaction) to explore the mediating effect of marital power and relationship quality. The author then draws from gender relations theory, multiple masculinities literature, and cognitive dissonance research to test the possibility of a male breadwinner mechanism. The results demonstrate that family relations theories are insufficient explanations but provide strong support for the male breadwinner mechanism. Specifically, being the secondary earner is harmful for the health of highest-income men--who historically have the strongest expectation of male breadwinning. These findings suggest that stereotypes about male breadwinning can be dangerous for men{\textquoteright}s health.}, keywords = {Adult children, Demographics, Income, Other, Women and Minorities}, doi = {https://doi.org/10.1177/0891243210371621}, author = {Kristen W Springer} } @mastersthesis {6038, title = {Essays on Selection in Health Survey Data}, volume = {Ph.D.}, year = {2010}, school = {University of Iowa}, type = {Dissertation}, address = {Iowa City, IA}, abstract = {In this paper I consider the effects of sample selection in a study of stroke occurrence among Medicare-eligible Americans using the survey on Assets and HEAlth Dynamics among the Oldest Old (AHEAD). First of all, I apply the propensity score method based on the assumption of data missing at random and find no substantial effects of the sample selectivity, similar to Wolinsky et al. (2009). Then I employ a weaker assumption of incidental truncation and extend the Heckman{\textquoteright}s (1979) sample selection model to the case of a discrete outcome variable (whether a stroke occurred after the baseline). This constitutes the main methodological contribution of the current paper, with potential applications in health, labor and applied economics, where the outcome variable is discrete and selection takes place along multiple dimensions. The sample selection model with binary outcome(s) extends the multivariate probit setup in Chib and Greenberg (1998) to allow some of the responses to be missing. I also use Cholesky factorization of the variance matrix to simplify the Gibbs algorithm in Chib and Greenberg (1998). I do not find strong selection effects driven by the data in my application to the stroke equation. The main substantive contribution of the paper is that there is no evidence of selection in the AHEAD data based on either propensity score or sample selection model. Government shares in total output are characterized by significant variation across countries. In this paper I use a neoclassical growth model to show that in equilibrium government shares decline non-linearly in the price of government services relative to private consumption. I calibrate the model to the US economy and show that it generates government shares which closely match those from the Penn World Table. In addition, I provide empirical evidence showing that relative price of government consumption increases in income and that richer countries tend to have smaller governments if measured at international prices. The systematic relationships between factor productivities, output composition and economic development have not been explored in the literature.}, keywords = {Employment and Labor Force, Health Conditions and Status, Healthcare, Income, Methodology, Other}, url = {https://ir.uiowa.edu/etd/566/}, author = {Maksym Obrizan} } @article {5756, title = {Gain and Loss: Marriage and Wealth Changes Over Time}, number = {WR-724}, year = {2010}, institution = {RAND Corporation }, address = {Santa Monica, CA}, abstract = {Family composition has changed dramatically over the past 25 years. Divorce rates increased and remarriage rates declined. While considerable research established a link between marriage and earnings, far less is empirically understood about the effect of marriage on wealth although wealth is an important measure for older individuals because it represents resources available for consumption in retirement. This research employs eight waves of panel data from the Health and Retirement Study to study the relationship between wealth changes and marital status among individuals over age 50. It advances understanding of the relationship by first, incorporating measures of current and lifetime earnings, mortality risk and other characteristics that vary by marital status into models of wealth change; second, measuring the magnitude of wealth loss and gain associated with divorce, widowing and remarriage and third, estimating wealth change before and after marital status change so the change in wealth change is not the result of individuals entering or leaving the household and other sources of unobserved differences are removed from estimates of the effect of marriage on wealth. The results suggest no differences in wealth change over time among individuals that remain married, divorced, widowed, never married and partnered over 7 years. In the short-run there are substantial wealth changes associated with marital status changes. Divorce at older ages is costly, remarriage is wealth enhancing and people appear to change their savings in response to changes in marital status.}, keywords = {Adult children, Healthcare, Income, Net Worth and Assets}, url = {https://www.rand.org/pubs/working_papers/WR724.html}, author = {Julie M Zissimopoulos} } @article {5810, title = {Individuals{\textquoteright} Uncertainty about Future Social Security Benefits and Portfolio Choice}, year = {2010}, note = {RAND Corporation Publications Department Working Paper}, institution = {Santa Monica, RAND Corporation Publications Department Working Papers}, abstract = {Little is known about the degree to which individuals are uncertain about their future Social Security benefits, how this varies within the U.S. population, and whether this uncertainty influences financial decisions related to retirement planning. To illuminate these issues, the authors present empirical evidence from the Health and Retirement Study Internet Survey and document systematic variation in respondents{\textquoteright} uncertainty about their future Social Security benefits by individual characteristics. They find that respondents with higher levels of uncertainty about future benefits hold a smaller share of their wealth in stocks.}, keywords = {Consumption and Savings, End of life decisions, Expectations, Income, Methodology, Net Worth and Assets}, url = {http://www.rand.org/pubs/working_papers/2010/RAND_WR782.pdf}, author = {Delavande, Adeline and Susann Rohwedder} } @article {5757, title = {Liquidity Constraints, Household Wealth, and Self-Employment: The Case of Older Workers}, number = {WR-725}, year = {2010}, institution = {RAND Corporation }, address = {Santa Monica, CA}, abstract = {Evidence of liquidity constraints affecting entrepreneurship includes increasing rates of business formation with increases in household wealth and no relationship between the likelihood of business formation and wealth at high wealth levels. Using longitudinal data from the Health and Retirement Study on workers over age 50 and employing probit regressions with a non-linear specification of household wealth and liquid wealth, the authors find the relationship between wealth and business formation is consistent with this pattern. The paper also finds that wealth matters more for the formation of businesses requiring high starting capital. Employing the availability of a lump-sum distribution option (LSO) of an employer-provided pension plan as a new proxy for liquidity, the results show that workers with an LSO are more likely than workers with a pension and without an LSO to transition into self-employment. This provides further evidence of the existence and importance of liquidity constraints.}, keywords = {Employment and Labor Force, Income, Net Worth and Assets, Other}, url = {https://www.rand.org/pubs/working_papers/WR725.html}, author = {Julie M Zissimopoulos and Lynn A Karoly and Gu, Qian} } @article {7448, title = {Measuring How Risk Tradeoffs Adjust with Income}, journal = {Journal of Risk and Uncertainty}, volume = {40}, year = {2010}, note = {Journal Article}, pages = {33-55}, publisher = {40}, abstract = {Efforts to reconcile inconsistencies between theory and estimates of the income elasticity of the value of a statistical life (IEVSL) overlook important restrictions implied by a more complete description of the individual choice problem. We develop a more general model of the IEVSL that reconciles some of the observed discrepancies. Our framework describes how exogenous income shocks, such as unexpected medical expenditures, may affect labor supply decisions which in turn influence both the coefficient of relative risk aversion and the IEVSL. The presence of a consumption commitment, such as a home mortgage, also alters this labor supply adjustment. We use data from the Health and Retirement Study to explore the responsiveness of labor force exit decisions to spousal health shocks and the role of a home mortgage as a constraint on this response.}, keywords = {Consumption and Savings, Employment and Labor Force, Income, Other, Retirement Planning and Satisfaction, Risk Taking, Time Use}, doi = {10.1007/s11166-009-9085-x}, url = {URL:http://www.springerlink.com/link.asp?id=100299 Publisher{\textquoteright}sURL}, author = {Mary F. Evans} } @article {7455, title = {Out-of-pocket burden of health care spending and the adequacy of the Medicare Part D low-income subsidy.}, journal = {Med Care}, volume = {48}, year = {2010}, month = {2010 Jun}, pages = {503-9}, publisher = {48}, abstract = {

BACKGROUND: Evaluating the adequacy of Medicare prescription drug program (Part D) and its low-income subsidy (LIS) requires a comprehensive understanding of drug spending in relation to household resources.

OBJECTIVE: : To estimate out-of-pocket health care costs in the year before Part D, in context of total household spending, health status, and LIS eligibility.

RESEARCH DESIGN: Nationally representative cross-sectional study.

SUBJECTS: Two thousand two hundred thirty-one Medicare families in the 2005/2006 Health and Retirement Study.

METHODS: We assessed health care costs as a share of household resources remaining after spending on essential housing, food, personal care, and transportation. Burdensome health care costs were defined as exceeding 40\% of nonessential resources. We used logistic regressions to assess the probability of incurring burdensome health expenditures, controlling for LIS eligibility.

RESULTS: In the year before Part D, more than half of Medicare families [56.0\%; 95\% confidence interval (CI): 55.3-59.9] experienced burdensome health care costs. Families in poor health allocated a median of 68.1\% [interquartile range (IQR): 35.1-82.9] of nonessential resources to health care (compared with 34.0\% median; IQR 11.9-52.2 among families in excellent health, P < 0.011). Most (64\%) out-of-pocket health care spending was allocated to health insurance premiums and medications. As many as 26\% of Medicare families had burdensome health care costs but were not eligible for LIS assistance.

CONCLUSIONS: Before Part D, burdensome health care expenditures were common in Medicare families. Our estimates of Part D and LIS benefits indicate a limited scope of relief.

}, keywords = {Adult, Aged, Confidence Intervals, Cost of Illness, Deductibles and Coinsurance, Drug Prescriptions, Female, Financing, Personal, Health Expenditures, Humans, Income, Male, Medicare Part D, Middle Aged, Odds Ratio, Poverty, Socioeconomic factors, United States}, issn = {1537-1948}, doi = {10.1097/MLR.0b013e3181dbd8d3}, author = {Becky A. Briesacher and Ross-Degnan, Dennis and Anita K Wagner and Hassan Fouayzi and Fang Zhang and Jerry Gurwitz and Soumerai, Stephen B} } @mastersthesis {6387, title = {Is private long-term care insurance affordable for older adults?}, volume = {Doctor of Philosophy}, year = {2010}, school = {Wayne State University}, address = {Detroit, MI}, abstract = {Nationwide there are fewer than 7 million long-term care (LTC) insurance policies in force. Why do so few Americans buy private long-term care (LTC) insurance? Several theories have been offered as possible explanations, including the availability of Medicaid, misperceptions that Medicare or other policies cover LTC, beliefs that one{\textquoteright}s own risk of needing LTC services is small, or desires to simply rely on children and spouses for LTC. This study examines another possible explanation - that private LTC insurance is simply "unaffordable" for most older Americans, which may be why they don{\textquoteright}t buy it. This study begins by investigating the meaning of affordability in the context of private LTC insurance. I propose several definitions for affordability, drawing on concepts recently developed to gauge the affordability of acute-care health insurance and housing. Then using nationally representative data from the ongoing Health and Retirement Study (HRS) and the Rand HRS data the study examines the incidence of "unaffordability" of LTC insurance premiums among Americans over age 50, given each of our alternative definitions for it. I consider definitions for affordability, first, based on simple normative standards, such as whether remaining household income after paying for LTC insurance is above some (arbitrarily-set) threshold, and ratio definition, such as whether the ratio of premiums to income is less than some target amount, and more behavioral definitions of affordability, such as whether other adults with similar economic, demographic, and family circumstances are seen to purchase LTC insurance. In each case, the affordability definitions take into account the steep positive relationship between LTC insurance premiums and age-at-time-of-purchase. This analysis offers researchers and policymakers an operational framework for defining affordability, and for evaluating its relative importance as an explanation for non-purchase.}, keywords = {Healthcare, Income, Insurance, Retirement Planning and Satisfaction}, url = {https://digitalcommons.wayne.edu/oa_dissertations/49/}, author = {Kim, Nayoung} } @article {7487, title = {A Quantile Estimation Approach to Identify Income and Age Variation in the Value of a Statistical Life}, journal = {Journal of Environmental Economics and Management}, volume = {59}, year = {2010}, note = {Using Smart Source Parsing May pp}, pages = {260-70}, publisher = {59}, abstract = {In theory, heterogeneity in individual characteristics translates into variation in the marginal willingness to pay for a mortality risk reduction. Two dimensions of heterogeneity, with respect to income and age, have recently received attention due to their policy relevance. We propose a quantile regression approach to simultaneously explore these two sources of heterogeneity and their interactions within the context of the hedonic wage model, the most common revealed preference approach for obtaining value of statistical life estimates. We illustrate the approach using data from the Health and Retirement Study (HRS). We find that the impact of age on the wage-risk tradeoff varies across the wage distribution. This result indicates important interactions between age and income heterogeneity. Thus, the conventional mean hedonic wage regression, even when the mean effect is allowed to vary with age, masks important heterogeneity.}, keywords = {Health Conditions and Status, Income, Methodology}, doi = {10.1016/j.jeem.2009.11.004}, author = {Mary F. Evans and Schaur, Georg} } @article {7542, title = {Using Matched Survey and Administrative Data to Estimate Eligibility for the Medicare Part D Low-Income Subsidy Program}, journal = {Social Security Bulletin}, volume = {70}, year = {2010}, note = {Journal Article}, pages = {63-82}, publisher = {70}, abstract = {This article uses matched survey and administrative data to estimate, as of 2006, the size of the population eligible for the Low-Income Subsidy (LIS), which was designed to provide extra help with premiums, deductibles, and copayments for Medicare Part D beneficiaries with low income and limited assets. We employ individual-level data from the Survey of Income and Program Participation and the Health and Retirement Study to cover the potentially LIS-eligible noninstitutionalized and institutionalized populations of all ages. The survey data are matched to Social Security administrative data to improve on potentially error-ridden survey measures of income and program participation. Our baseline estimate, based on the matched data, is that about 12 million individuals were potentially eligible for the LIS as of 2006. A sensitivity analysis indicates that the use of administrative data has a relatively small effect on the estimates, but does suggest that measurement error is important to account for.}, keywords = {Demographics, Income, Medicare/Medicaid/Health Insurance, Methodology, Public Policy}, url = {URL:http://www.ssa.gov/policy/docs/ssb/ Publisher{\textquoteright}s URL}, author = {Erik Meijer and Lynn A Karoly and Pierre-Carl Michaud} } @article {7504, title = {Using the Health and Retirement Study to Analyze Housing Decisions, Housing Values, and Housing Prices}, journal = {Cityscape: A Journal of Policy Development and Research}, volume = {12}, year = {2010}, note = {Using Smart Source Parsing pp}, pages = {149-58}, publisher = {12}, abstract = {Few existing surveys provide detailed longitudinal information on households and their homes. This article introduces a data source, the Health and Retirement Study (HRS), which has this detailed information but has received little attention by housing researchers to date. The HRS is a rich longitudinal data set that provides information on house values, house prices, and detailed personal characteristics of those who own and sell their homes. The HRS is a nationally representative longitudinal survey that originally sampled 7,700 households headed by an individual aged 51 to 61 in the first interviews in 1992 and 1993. It now also samples additional cohorts of older Americans. Although the HRS is the data set of choice when analyzing the retirement behavior, savings, and health status of older Americans, given its wealth of demographic, health, and socioeconomic data, it has been rarely used to answer questions regarding the housing market. A seldom used section of the questionnaire provides detailed information about real estate transactions by households, however, enabling researchers to repeatedly observe both self-reported house values and the actual selling prices of properties sold since 1992 (originally bought in the past five decades). The article describes a number of important housing-related measures available in the HRS and illustrates the usefulness of these data by conducting a statistical analysis of the accuracy of self-reported home values. Specifically, we analyze the predictive power of self-reported housing wealth when estimating housing prices using the HRS data. The evidence shows a slight overestimation of housing values by older Americans.}, keywords = {Consumption and Savings, Demographics, Housing, Income, Net Worth and Assets, Retirement Planning and Satisfaction}, author = {Hugo Ben{\'\i}tez-Silva and Sel{\c c}uk Eren and Frank Heiland and Jimenez-Martin, Sergi} } @article {7380, title = {Financial status, employment, and insurance among older cancer survivors.}, journal = {J Gen Intern Med}, volume = {24 Suppl 2}, year = {2009}, month = {2009 Nov}, pages = {S438-45}, publisher = {24}, abstract = {

BACKGROUND: Few data are available about the socioeconomic impact of cancer for long-term cancer survivors.

OBJECTIVES: To investigate socioeconomic outcomes among older cancer survivors compared to non-cancer patients.

DATA SOURCE: 2002 Health and Retirement Study.

STUDY DESIGN: We studied 964 cancer survivors of > 4 years and 14,333 control patients who had never had cancer from a population-based sample of Americans ages >or= 55 years responding to the 2002 Health and Retirement Study.

MEASURES: We compared household income, housing assets, net worth, insurance, employment, and future work expectations.

ANALYSES: Propensity score methods were used to control for baseline differences between cancer survivors and controls.

RESULTS: Female cancer survivors did not differ from non-cancer patients in terms of income, housing assets, net worth, or likelihood of current employment (all P > 0.20); but more were self-employed (25.0\% vs. 17.7\%; P = 0.03), and fewer were confident that if they lost their job they would find an equally good job in the next few months (38.4\% vs. 45.9\%; P = 0.03). Among men, cancer survivors and noncancer patients had similar income and housing assets (both P >or= 0.10) but differed somewhat in net worth (P = 0.04). Male cancer survivors were less likely than other men to be currently employed (25.2\% vs. 29.7\%) and more likely to be retired (66.9\% vs. 62.2\%), although the P value did not reach statistical significance (P = 0.06). Men were also less optimistic about finding an equally good job in the next few months if they lost their current job (33.5\% vs. 46.9\%), although this result was not significant (P = 0.11).

CONCLUSIONS: Despite generally similar socioeconomic outcomes for cancer survivors and noncancer patients ages >or=55 years, a better understanding of employment experience and pessimism regarding work prospects may help to shape policies to benefit cancer survivors.

}, keywords = {Aged, Aged, 80 and over, Cohort Studies, Data collection, Employment, Female, Financing, Personal, Humans, Income, Insurance Coverage, Insurance, Health, Longitudinal Studies, Male, Middle Aged, Neoplasms, Socioeconomic factors, Survivors}, issn = {1525-1497}, doi = {10.1007/s11606-009-1034-5}, author = {Norredam, Marie and Meara, Ellen and Landrum, Mary Beth and Haiden A. Huskamp and Nancy L. Keating} } @article {7325, title = {Functional limitations, socioeconomic status, and all-cause mortality in moderate alcohol drinkers.}, journal = {J Am Geriatr Soc}, volume = {57}, year = {2009}, month = {2009 Jun}, pages = {955-62}, publisher = {57}, abstract = {

OBJECTIVES: To determine whether the survival benefit associated with moderate alcohol use remains after accounting for nontraditional risk factors such as socioeconomic status (SES) and functional limitations.

DESIGN: Prospective cohort.

SETTING: The Health and Retirement Study (HRS), a nationally representative study of U.S. adults aged 55 and older.

PARTICIPANTS: Twelve thousand five hundred nineteen participants were enrolled in the 2002 wave of the HRS.

MEASUREMENTS: Participants were asked about their alcohol use, functional limitations (activities of daily living, instrumental activities of daily living, and mobility), SES (education, income, and wealth), psychosocial factors (depressive symptoms, social support, and the importance of religion), age, sex, race and ethnicity, smoking, obesity, and comorbidities. Death by December 31, 2006, was the outcome measure.

RESULTS: Moderate drinkers (1 drink/d) had a markedly more-favorable risk factor profile, with higher SES and fewer functional limitations. After adjusting for demographic factors, moderate drinking (vs no drinking) was strongly associated with less mortality (odds ratio (OR)=0.50, 95\% confidence interval (CI)=0.40-0.62). When traditional risk factors (smoking, obesity, and comorbidities) were also adjusted for, the protective effect was slightly attenuated (OR=0.57, 95\% CI=0.46-0.72). When all risk factors including functional status and SES were adjusted for, the protective effect was markedly attenuated but still statistically significant (OR=0.72, 95\% CI=0.57-0.91).

CONCLUSION: Moderate drinkers have better risk factor profiles than nondrinkers, including higher SES and fewer functional limitations. Although these factors explain much of the survival advantage associated with moderate alcohol use, moderate drinkers maintain their survival advantage even after adjustment for these factors.

}, keywords = {Activities of Daily Living, Aged, Alcohol Drinking, Comorbidity, Education, Female, Humans, Income, Male, Obesity, Risk Factors, Sex Factors, Smoking, Socioeconomic factors}, issn = {1532-5415}, doi = {10.1111/j.1532-5415.2009.02184.x}, author = {Sei J. Lee and Rebecca L. Sudore and Brie A Williams and Lindquist, Karla and Helen L. Chen and Kenneth E Covinsky} } @article {8556, title = {Hypothetical versus Actual Earnings Profiles: Implications for Social Security Reform}, journal = {Journal of Financial Transformation}, volume = {24}, year = {2009}, pages = {102-04}, keywords = {Income, Older Adults, Social Security}, author = {Olivia S. Mitchell and John W R Phillips} } @article {5749, title = {Measuring How Risk Tradeoffs Adjust With Income}, number = {15372}, year = {2009}, institution = {The National Bureau of Economic Research }, address = {Cambridge, MA}, abstract = {Efforts to reconcile inconsistencies between theory and estimates of the income elasticity of the value of a statistical life (IEVSL) overlook important restrictions implied by a more complete description of the individual choice problem. We develop a more general model of the IEVSL that reconciles some of the observed discrepancies. Our framework describes how exogenous income shocks, such as unexpected medical expenditures, may affect labor supply decisions which in turn influence both the coefficient of relative risk aversion and the IEVSL. The presence of a consumption commitment, such as a home mortgage, also alters this labor supply adjustment. We use data from the Health and Retirement Study to explore the responsiveness of labor force exit decisions to spousal health shocks and the role of a home mortgage as a constraint on this response.}, keywords = {Health Conditions and Status, Income, Medicare/Medicaid/Health Insurance}, doi = {10.3386/w15372}, author = {Mary F. Evans} } @article {7361, title = {Measuring socioeconomic differences in use of health care services by wealth versus by income.}, journal = {Am J Public Health}, volume = {99}, year = {2009}, month = {2009 Oct}, pages = {1849-55}, publisher = {99}, abstract = {

OBJECTIVES: We compared the extent of socioeconomic differences in use of health care services based on wealth (i.e., accumulated assets) as the socioeconomic ranking variable with the extent of differences based on income to explore the sensitivity of the estimates of equity to the choice of the socioeconomic indicator.

METHODS: We used data from the Health and Retirement Study in the United States and the Survey of Health, Ageing, and Retirement in Europe to estimate levels of income- and wealth-related disparity in use of physician and dental services among adults 50 or older in 12 countries.

RESULTS: We found socioeconomic differences in use of physician services after standardizing for need in about half of the countries studied. No consistent pattern in levels of disparity measured by wealth versus those measured by income was found. However, the rich were significantly more likely to use dental services in all countries. Wealth-related differences in dental service use were consistently higher than were income-related differences.

CONCLUSIONS: We found some support for wealth as a more sensitive indicator of socioeconomic status among older adults than was income. Wealth may thus allow more accurate measurements of socioeconomic differences in use of health care services for this population.

}, keywords = {Aged, Aged, 80 and over, Aging, Data collection, Europe, Female, Health Services, Health Services Accessibility, Health Status Disparities, Humans, Income, Male, Middle Aged, Odds Ratio, Pensions, Retirement, Socioeconomic factors, Statistics as Topic, United Kingdom}, issn = {1541-0048}, doi = {10.2105/AJPH.2008.141499}, author = {Allin, Sara and Masseria, Cristina and Elias Mossialos} } @article {7400, title = {Medicare savings programs: analyzing options for expanding eligibility.}, journal = {Inquiry}, volume = {46}, year = {2009}, note = {Journal Article}, month = {2009-2010 Winter}, pages = {391-404}, publisher = {46}, abstract = {

The Medicare Savings Programs (MSPs) are designed to provide financial assistance to Medicare beneficiaries who do not qualify for full Medicaid coverage. This paper considers changes in eligibility that would better align MSP program rules with those related to receiving low-income subsidies for the Medicare Part D drug benefit. These changes would make more people eligible for the MSPs and could encourage greater participation; similar changes were incorporated in recently passed legislation. Our analysis, based on 2006 data from the Health and Retirement Study, shows there is a trade-off between making larger numbers of beneficiaries eligible by eliminating resource requirements and better targeting of individuals with greater health care needs by expanding income standards.

}, keywords = {Aged, Demography, Disabled Persons, Eligibility Determination, Female, Health Status, Humans, Income, Male, Medical Assistance, Medicare, Medicare Part D, Public Policy, United States}, issn = {0046-9580}, doi = {10.5034/inquiryjrnl_46.4.391}, url = {URL:http://www.inquiryjournal.org Publisher{\textquoteright}s URL}, author = {Zuckerman, Stephen and Shang, Baoping and Timothy A Waidmann} } @article {7337, title = {Older Women and Poverty Transition: Consequences of Income Source Changes From Widowhood}, journal = {Journal of Applied Gerontology}, volume = {28}, year = {2009}, pages = {320-341}, publisher = {28}, abstract = {Older single women are disproportionately vulnerable to poverty. Using data from the 2002 and 2004 waves of the Health and Retirement Study of 5,799 women age 65 or older, this study investigated the effect of change in income sources by recent spousal loss on poverty transition. The focus is on (a) the effect of widowhood on income source change and (b) how such change affects poverty transition of recently widowed older women. Findings indicate that widowhood greatly decreases income from every source. Specifically, a 10 increase in social security benefits decreased the probability of poverty transition for recently widowed older women by 67.2 . These findings call for reconsidering social security survivor benefit rules and women{\textquoteright}s education with regard to financial security in retirement.}, keywords = {Income, Net Worth and Assets}, doi = {https://doi.org/10.1177/0733464808326953}, author = {Gillen, Martie and Hyungsoo Kim} } @article {7302, title = {Reconstructing childhood health histories.}, journal = {Demography}, volume = {46}, year = {2009}, month = {2009 May}, pages = {387-403}, publisher = {46}, abstract = {

This article provides evidence about the quality of retrospective childhood health histories given to respondents in the Health and Retirement Survey (HRS) and the Panel Study of Income Dynamics (PSID). Even though information on early life health events is critical, there is legitimate skepticism about the ability of older respondents to remember specific health problems that they had during childhood. The evidence presented in this article suggests that this view is too negative. Respondents appear to remember salient childhood events about themselves, such as the illnesses they had during childhood, quite well. Moreover, these physical and psychological childhood health events are important correlates of adult health during middle age.

}, keywords = {Humans, Income, Mental Health, Retirement, Retrospective Studies}, issn = {1533-7790}, doi = {10.1353/dem.0.0058}, author = {James P Smith} } @article {7334, title = {Retirement and physical activity: analyses by occupation and wealth.}, journal = {Am J Prev Med}, volume = {36}, year = {2009}, month = {2009 May}, pages = {422-8}, publisher = {36}, abstract = {

BACKGROUND: Older adults close to retirement age show the lowest level of physical activity. Changes in lifestyle with retirement may alter physical activity levels. This study investigated whether retirement changes physical activity and how the effect differs by occupation type and wealth level.

METHODS: This longitudinal study used the Health and Retirement Study (1996-2002), U.S. population-based data. Analyses were conducted in 2007 and 2008. Physical activity was measured by a composite indicator of participation in either work-related or leisure-time physical activity. Fixed-effects regression models were used to account for confounders and unobserved heterogeneity. The dependent variable was a composite indicator of participation in regular physical activity either at work or during nonworking hours.

RESULTS: Physical activity decreased with retirement from a physically demanding job but increased with retirement from a sedentary job. Occupation type interacted with wealth level, with the negative impact on physical activity of retirement exacerbated by lack of wealth and the positive effect of retirement on physical activity enhanced by wealth.

CONCLUSIONS: Substantial differences in the effect of retirement on physical activity occurred across subgroups. As the number of people approaching retirement age rapidly increases, findings suggest that a growing segment of the nation{\textquoteright}s population may not sustain an adequate level of physical activity.

}, keywords = {Cohort Studies, Female, Humans, Income, Life Style, Longitudinal Studies, Male, Middle Aged, Motor Activity, Occupations, Retirement, United States}, issn = {1873-2607}, doi = {10.1016/j.amepre.2009.01.026}, author = {Chung, Sukyung and Marisa E Domino and Sally C. Stearns and Barry M Popkin} } @mastersthesis {6069, title = {Three Essays in Health Economics}, year = {2009}, month = {2009}, school = {North Carolina State University}, address = {Raleigh, North Carolina}, abstract = {This essay examines topics in health economics. The first study uses data obtained from the Rand version of the Health and Retirement Study, to examine the relationship between retiree health insurance (RHI) and the decision to leave one{\textquoteright}s career job. This paper a Cox Proportional Hazard Model and estimates the probability that an individual disengages from their career job. Results indicate that access to RHI are significantly increases the probability of disengagement occurring. The second and third essays examine the relationship between Food Stamp Program (FSP) participation and obesity in women and children. There are two main bodies of literature that examine the effect of FSP participation on obesity, the first focuses on adults and the second on children. The literature focusing on adults finds that FSP participation is positively related to obesity in women, while no similar effect is found for children. This creates an interesting economic puzzle. The second chapter of this dissertation focuses on children and considers weight accumulation as dynamic process. To measure obesity, a child{\textquoteright}s BMI is compared to their medically ideal BMI; if FSP increases this deviation then FSP is found to increase childhood obesity. Results suggest that FSP participation does not significantly contribute to childhood obesity. The third essay considers the relationship between FSP participation and obesity in mothers. Three estimations are performed and evidence that mothers are not at an increased risk for obesity is found. I first consider a women{\textquoteright}s weight growth in the same framework employed in chapter 2 and find no significant relationship. Next, I consider how FSP participation affects the probability a mother becomes obese. Finally, I estimate the nutritional value of foods brought into FSP households controlling for the presence of children. Results from these estimations suggest that mothers are not at an increased risk for obesity due to FSP participation. Thus, it is not surprising that children who live in FSP households are not at an increased risk of obesity, and the puzzle is resolved.}, keywords = {Health Conditions and Status, Income, Medicare/Medicaid/Health Insurance, Retirement Planning and Satisfaction}, url = {http://www.lib.ncsu.edu/resolver/1840.16/5832}, author = {Christina A. Robinson} } @article {7347, title = {Trajectories of cognitive function in late life in the United States: demographic and socioeconomic predictors.}, journal = {Am J Epidemiol}, volume = {170}, year = {2009}, month = {2009 Aug 01}, pages = {331-42}, publisher = {170}, abstract = {

This study used mixed-effects modeling of data from a national sample of 6,476 US adults born before 1924, who were tested 5 times between 1993 and 2002 on word recall, serial 7{\textquoteright}s, and other mental status items to determine demographic and socioeconomic predictors of trajectories of cognitive function in older Americans. Mean decline with aging in total cognition score (range, 0-35; standard deviation, 6.00) was 4.1 (0.68 standard deviations) per decade (95\% confidence interval: 3.8, 4.4) and in recall score (range, 0-20; standard deviation, 3.84) was 2.3 (0.60 standard deviations) per decade (95\% confidence interval: 2.1, 2.5). Older cohorts (compared with younger cohorts), women (compared with men), widows/widowers, and those never married (both compared with married individuals) declined faster, and non-Hispanic blacks (compared with non-Hispanic whites) and those in the bottom income quintile (compared with the top quintile) declined slower. Race and income differences in rates of decline were not sufficient to offset larger differences in baseline cognition scores. Educational level was not associated with rate of decline in cognition scores. The authors concluded that ethnic and socioeconomic disparities in cognitive function in older Americans arise primarily from differences in peak cognitive performance achieved earlier in the life course and less from declines in later life.

}, keywords = {Aged, Aged, 80 and over, Aging, Black or African American, Cognition, Confidence Intervals, Education, Female, Geriatric Assessment, Hispanic or Latino, Humans, Income, Male, Marital Status, Mexican Americans, Poverty, Sampling Studies, Socioeconomic factors, Surveys and Questionnaires, United States, White People}, issn = {1476-6256}, doi = {10.1093/aje/kwp154}, author = {Arun S Karlamangla and Miller-Martinez, Dana and Carol S Aneshensel and Teresa Seeman and Richard G Wight and Joshua Chodosh} } @article {5758, title = {Unequal Giving: Monetary Gifts to Children Across Countries and Over Time}, number = {723}, year = {2009}, institution = {RAND Corporation }, address = {Santa Monica, CA}, abstract = {Money parents give their adult children may be important for the financing of a child s education or a first home, relaxing binding credit constraints or responding to a transitory income shock. Financial transfers however, may extend economic disparities across generations if the wealthy transfer considerable resources to their children while middle class and poor households do not. In this paper, we first examine annual gifts of money from parents to adult children in the United States and ten Europe countries using the 2004 waves of the Health and Retirement Study (HRS) and Survey of Health, Ageing and Retirement in Europe (SHARE). Second, utilizing the long panel of the HRS, we study the long-run behavior of parental monetary giving to children across families and within a family. We found that in all countries, some parents gave money to children, many did not, the amount was low, about 500 Euros annually per child, and varied by parental socio-economic status and public social expenditures. In the short term parents in the U.S. gave money to a child to compensate for low earnings or satisfy an immediate need such as schooling. Over sixteen-years, parents gave an average of about 38,000 to all their children, five percent gave over 140,000 and gave persistently. With time, the amount of money children in the same family received became more equal and a child s level of education was one of the few remaining sources of differences in money given to children. Overall, the annual amount of money parents gave adult children in any country was not enough to affect the distribution of resources within or between families in the next generation although the timing of transfers for schooling or housing may have a significant impact on an individual child. Annual parental transfers for college age children in school in the U.S. were substantially higher than average transfers to all children. The effect of parental transfers for higher education on intergenerational mobility in the U.S. will depend in part upon whether this financing is essential in the schooling decision.}, keywords = {Adult children, Cross-National, Demographics, Income, Retirement Planning and Satisfaction, SHARE}, url = {http://www.rand.org/content/dam/rand/pubs/working_papers/2010/RAND_WR723.pdf}, author = {Julie M Zissimopoulos and James P Smith} } @article {7273, title = {Cohort differences in wealth and pension participation of near-retirees.}, journal = {Soc Secur Bull}, volume = {68}, year = {2008}, month = {2008}, pages = {45-66}, publisher = {68}, abstract = {

The approaching retirement of the baby-boom generation has attracted both research and public policy attention. Many social and economic changes occurred during the second half of the twentieth century, changes that are likely to affect the retirement economic security of recent cohorts in many ways. In this article, using data from the Health and Retirement Study (HRS), a longitudinal, nationally representative survey of older Americans, we compare potential retirement economic resources-pension participation and nonpension net worth-of two cohorts of near-retirees. Particularly we look at individuals born from 1933 through 1939, often referred to as depression babies, who were ages 55-61 in 1994 and the more recent cohort consisting of individuals of the same ages (55-61) in 2004, who were born from 1943 through 1949. Our findings indicate that the more recent cohort of near-retirees has a significantly higher pension participation rate over their working life, and therefore greater opportunity to establish pension income through their working life, compared with the earlier cohort (82 percent versus 64 percent). The increase in pension participation was more pronounced among the recent cohort of women, an expected outcome given the increase in labor force participation of women over the past half century. As a result, although differences by sex in pension participation remained significant, the gap has narrowed for the recent cohort of near-retirees. In addition, we find that the gap in participation rate between those in the highest and the lowest wealth quintiles has widened over time (from 22 percent in 1994 to 26 percent in 2004). For both cohorts of near-retirees, the evidence indicates that those without a pension have much lower levels of net total worth than those who report having a pension. The pattern that emerges for both cohorts is that about one-fifth of individuals aged 55-61 hold little or no wealth at all, whereas about two-fifths hold a substantial amount of wealth. In addition, housing equity, which rarely is used to finance consumption in retirement, comprises more than one-half of total nonpension net worth for about 60 percent of all households, leaving--on average less than $45,000 jointly in nonhousing wealth and IRA/Keogh assets--a much smaller amount of wealth that is readily accessible if the need arises. The fact that many near-retirees (about 40 percent) in the lowest-two wealth quintiles have no pension to potentially draw income from, coupled with the very low level of total nonpension wealth raises concern about their income security in retirement; they may be likely to rely heavily on Social Security, rely on welfare programs, or continue work in retirement.

}, keywords = {Female, Humans, Income, Longitudinal Studies, Male, Middle Aged, Pensions, Population Growth, Retirement, United States}, issn = {0037-7910}, author = {Irena Dushi and Howard M Iams} } @inbook {5224, title = {Comparison between SHARE, ELSA, and HRS}, booktitle = {First Results from the Survey of Health, Ageing and Retirement in Europe (2004-2007): Starting the longitudinal dimension}, year = {2008}, note = {ProCite field 6 : Chapter 5 in ProCite field 8 : eds}, pages = {23-63}, publisher = {Mannheim Research Institute for the Economics of Aging (MEA)}, organization = {Mannheim Research Institute for the Economics of Aging (MEA)}, address = {Mannhiem, Germany}, keywords = {ELSA, Employment and Labor Force, Health Conditions and Status, Income, Methodology, SHARE}, author = {Fernandes, M. and Erik Meijer and Gema Zamarro} } @article {7215, title = {Credit Constraints and Human Capital Investment in College Education}, journal = {Journal of Family and Economic Issues}, volume = {29}, year = {2008}, pages = {41-54}, publisher = {29}, abstract = {Using data from the Health and Retirement Study 2001 Human Capital Investment Survey, this article examines the impact of credit market constraints on investment in college education. The effect of family income on college attendance may not be as big as perceived in some previous studies. The interest rates faced by children from middle families are the lowest in the credit market. The research suggests that various government programs aiming to help children from poor families may be effective, but only at the extensive margin--by improving their access to college education. For those who get into college, underinvestment by students from poor families remains a significant problem.}, keywords = {Demographics, Income, Net Worth and Assets}, author = {Cao, Honggao} } @article {7221, title = {Exploring the determinants of racial and ethnic disparities in total knee arthroplasty: health insurance, income, and assets.}, journal = {Med Care}, volume = {46}, year = {2008}, month = {2008 May}, pages = {481-8}, publisher = {46}, abstract = {

OBJECTIVE: To estimate national total knee arthroplasty (TKA) rates by economic factors, and the extent to which differences in insurance coverage, income, and assets contribute to racial and ethnic disparities in TKA use.

DATA SOURCE: US longitudinal Health and Retirement Study survey data for the elderly and near-elderly (biennial rounds 1994-2004) from the Institute of Social Research, University of Michigan.

STUDY DESIGN: The outcome is dichotomous, whether the respondent received first TKA in the previous 2 years. Longitudinal, random-effects logistic regression models are used to assess associations with lagged economic indicators.

SAMPLE: Sample was 55,469 person-year observations from 18,439 persons; 663, with first TKA.

RESULTS: Racial/ethnic disparities in TKA were more prominent among men than women. For example, relative to white women, odds ratios (ORs) were 0.94, 0.46, and 0.79, for white, black, and Hispanic men, respectively (P < 0.05 for black men). After adjusting for economic factors, racial/ethnic differences in TKA rates for women essentially disappeared, while the deficit for black men remained large. Among Medicare-enrolled elderly, those with supplemental insurance may be more likely to have first TKA compared with those without it, whether the supplemental coverage was private [OR: 1.27; 95\% confidence interval (CI): 0.82-1.96] or Medicaid (OR: 1.18; 95\% CI: 0.93-1.49). Among the near-elderly (age 47-64), compared with the privately insured, the uninsured were less likely (OR: 0.61; 95\% CI: 0.40-0.92) and those with Medicaid more likely (OR: 1.53; 95\% CI: 1.03-2.26) to have first TKA.

CONCLUSIONS: Limited insurance coverage and financial constraints explain some of the racial/ethnic disparities in TKA rates.

}, keywords = {Aged, Aged, 80 and over, Arthroplasty, Replacement, Knee, Comorbidity, ethnicity, Female, Healthcare Disparities, Humans, Income, Insurance, Health, Logistic Models, Longitudinal Studies, Male, Middle Aged, Sex Distribution, Socioeconomic factors, United States}, issn = {0025-7079}, doi = {10.1097/MLR.0b013e3181621e9c}, author = {Amresh D Hanchate and Zhang, Yuqing and David T Felson and Arlene S Ash} } @article {7244, title = {Health and wealth of elderly couples: causality tests using dynamic panel data models.}, journal = {J Health Econ}, volume = {27}, year = {2008}, month = {2008 Sep}, pages = {1312-25}, publisher = {27}, abstract = {

A positive relationship between socio-economic status (SES) and health, the "health-wealth gradient", is repeatedly found in many industrialized countries. This study analyzes competing explanations for this gradient: causal effects from health to wealth (health causation) and causal effects from wealth to health (wealth or social causation). Using six biennial waves of couples aged 51-61 in 1992 from the US Health and Retirement Study, we test for causality in panel data models incorporating unobserved heterogeneity and a lag structure supported by specification tests. In contrast to tests relying on models with only first order lags or without unobserved heterogeneity, these tests provide no evidence of causal wealth health effects. On the other hand, we find strong evidence of causal effects from both spouses{\textquoteright} health on household wealth. We also find an effect of the husband{\textquoteright}s health on the wife{\textquoteright}s mental health, but no other effects from one spouse{\textquoteright}s health to health of the other spouse.

}, keywords = {Aged, Causality, Family Characteristics, Female, Health Status Indicators, Humans, Income, Longitudinal Studies, Male, Middle Aged, Models, Econometric, Retirement, Social Class, Spouses, United States}, issn = {0167-6296}, doi = {10.1016/j.jhealeco.2008.04.002}, author = {Pierre-Carl Michaud and Arthur H.O. vanSoest} } @article {7255, title = {Neighborhoods and obesity in later life.}, journal = {Am J Public Health}, volume = {98}, year = {2008}, month = {2008 Nov}, pages = {2065-71}, publisher = {98}, abstract = {

OBJECTIVES: We examined the influence of neighborhood environment on the weight status of adults 55 years and older.

METHODS: We conducted a 2-level logistic regression analysis of data from the 2002 wave of the Health and Retirement Study. We included 8 neighborhood scales: economic advantage, economic disadvantage, air pollution, crime and segregation, street connectivity, density, immigrant concentration, and residential stability.

RESULTS: When we controlled for individual- and family-level confounders, living in a neighborhood with a high level of economic advantage was associated with a lower likelihood of being obese for both men (odds ratio [OR] = 0.86; 95\% confidence interval [CI] = 0.80, 0.94) and women (OR = 0.83; 95\% CI = 0.77, 0.89). Men living in areas with a high concentration of immigrants and women living in areas of high residential stability were more likely to be obese. Women living in areas of high street connectivity were less likely to be overweight or obese.

CONCLUSIONS: The mechanisms by which neighborhood environment and weight status are linked in later life differ by gender, with economic and social environment aspects being important for men and built environment aspects being salient for women.

}, keywords = {Aged, Air Pollution, Crime, Emigrants and Immigrants, Environment Design, Female, Health Status Indicators, Humans, Income, Logistic Models, Male, Middle Aged, Obesity, Odds Ratio, Overweight, Population Density, Residence Characteristics, Retirement, Social Class, Social Conditions, Social Environment, Socioeconomic factors, United States}, issn = {1541-0048}, doi = {10.2105/AJPH.2007.127712}, author = {Irina B Grafova and Vicki A Freedman and Kumar, Rizie and Jeannette Rogowski} } @article {7269, title = {Stroke disparities in older Americans: is wealth a more powerful indicator of risk than income and education?}, journal = {Stroke}, volume = {39}, year = {2008}, month = {2008 May}, pages = {1533-40}, publisher = {39}, abstract = {

BACKGROUND AND PURPOSE: This study examines the independent effect of wealth, income, and education on stroke and how these disparities evolve throughout middle and old age in a representative cohort of older Americans.

METHODS: Stroke-free participants in the Health and Retirement Study (n=19,565) were followed for an average of 8.5 years. Total wealth, income, and education assessed at baseline were used in Cox proportional hazards models to predict time to stroke. Separate models were estimated for 3 age-strata (50 to 64, 65 to 74, and >or=75), and incorporating risk factor measures (smoking, physical activity, body mass index, hypertension, diabetes, and heart disease).

RESULTS: 1542 subjects developed incident stroke. Higher education predicted reduced stroke risk at ages 50 to 64, but not after adjustment for wealth and income. Wealth and income were independent risk factors for stroke at ages 50 to 64. Adjusted hazard ratios comparing the lowest decile with the 75th-90th percentiles were 2.3 (95\% CI 1.6, 3.4) for wealth and 1.8 (95\% CI 1.3, 2.6) for income. Risk factor adjustment attenuated these effects by 30\% to 50\%, but coefficients for both wealth (HR=1.7, 95\% CI 1.2, 2.5) and income (HR=1.6, 95\% CI 1.2, 2.3) remained significant. Wealth, income, and education did not consistently predict stroke beyond age 65.

CONCLUSIONS: Wealth and income are independent predictors of stroke at ages 50 to 64 but do not predict stroke among the elderly. This age patterning might reflect buffering of the negative effect of low socioeconomic status by improved access to social and health care programs at old ages, but may also be an artifact of selective survival.

}, keywords = {Age Distribution, Age Factors, Aged, Cohort Studies, Educational Status, Female, Humans, Incidence, Income, Life Style, Longitudinal Studies, Male, Middle Aged, Proportional Hazards Models, Risk Factors, Socioeconomic factors, Stroke, United States}, issn = {1524-4628}, doi = {10.1161/STROKEAHA.107.490383}, author = {Mauricio Avendano and M. Maria Glymour} } @article {7156, title = {Baseline health, socioeconomic status, and 10-year mortality among older middle-aged Americans: findings from the Health and Retirement Study, 1992 2002.}, journal = {J Gerontol B Psychol Sci Soc Sci}, volume = {62}, year = {2007}, month = {2007 Jul}, pages = {S209-17}, publisher = {62}, abstract = {

OBJECTIVE: This study analyzed whether socioeconomic status in older middle age continues to be associated with 10-year survival after data are controlled for baseline health status.

METHODS: We confirmed deaths through 2002 for 9,759 participants in the Health and Retirement Study, aged 51 to 61 in 1992. We used discrete time survival models to examine hazard ratios over 10 years of follow-up. We examined associations of demographic characteristics and socioeconomic status measures before and after adjustment by health status and behavioral risk factors.

RESULT: The 10-year mortality rate was 10.9\%, ranging from 4.7\% for respondents reporting excellent health to 35.8\% for those reporting poor health at baseline. Lower levels of education, income, and wealth were strongly associated with higher mortality risk after we controlled for just demographic characteristics. After further adjustment for health status and behavioral risk factors, only household income remained significant.

DISCUSSION: Baseline health by age 50 is an important pathway in the association between midlife socioeconomic status and mortality risk to age 70. The continuing effect of low household income on mortality risk was concentrated among respondents reporting excellent to good health at baseline. Socioeconomic disparities in middle-age health continue to limit disability-free life expectancy at older ages.

}, keywords = {Adult, Aged, Aged, 80 and over, Economics, Education, Follow-Up Studies, Health Status, Humans, Income, Middle Aged, Mortality, Motor Activity, Pilot Projects, Proportional Hazards Models, Retirement, Risk Factors, Risk-Taking, Smoking, Social Class, Thinness, United States}, issn = {1079-5014}, doi = {10.1093/geronb/62.4.s209}, author = {Joseph Feinglass and Lin, Suru and Jason A. Thompson and Joseph J Sudano and Dorothy D Dunlop and Song, Jing and David W. Baker} } @article {7162, title = {Black Women: Truly disadvantaged in the transition from employment to retirement income}, journal = {Social Science Research}, volume = {36}, year = {2007}, pages = {1184}, publisher = {36}, abstract = {We combine labor market and class theory to explain how racial and gender income inequality endures in the transition from employment to retirement. Using data from Health and Retirement Study primary respondents who were not retired in 1992 (wave 1) but were retired in 2000 (wave 5), OLS regression and Heckman{\textquoteright}s two step analysis indicate that: (1) black and white women earn less from employment, even after controlling for employment and marital status, educational credentials, and work experience; (2) black and white women are less likely to retire, even after controlling for employment, age, insurance, assets, and spousal employment/retirement status; and (3) after controlling for these gender differences in employment earnings and in retirement decisions, white women actually receive more total (Social Security, pension, and asset) income in retirement than comparable white men. Black men continue to exhibit no significant (net effect) differences (compared to white men), while black women continue to earn the least.}, keywords = {Demographics, Employment and Labor Force, Income}, doi = {https://doi.org/10.1016/j.ssresearch.2006.07.002}, author = {Hogan, Richard and Perrucci, Carolyn C.} } @article {7181, title = {The Compensating Differential Principle in the Public and Private Sector: A multivariate statistical analysis approach}, journal = {Economia}, volume = {32}, year = {2007}, pages = {95-112}, publisher = {32}, abstract = {The theory of compensating wage differentials suggests that firms offering jobs with disagreeable attributes such as probability of injury, inflexible work schedules, high risk of unemployment, or offering jobs involving physical effort, repetitive and monotonous activities, or requiring many hours of training and education should pay higher wages to persuade workers to work under such conditions. Using multivariate statistical analysis applied to the information provided by the Health and Retirement Study (1992-2000), this paper aims to compare the working conditions offered in the private sector with those enjoyed in the public sector, as a way to determine whether the compensating differential principle applies. Results indicate that public sector workers are offered both higher wages and better working conditions, which contradicts the equalizing principle.}, keywords = {Employment and Labor Force, Income}, url = {https://ideas.repec.org/a/ula/econom/v32y2007i24p95-112.html}, author = {Ramoni Perazzi, Josefa} } @article {5683, title = {Do Households Have Enough Retirement Wealth?}, year = {2007}, institution = {Social Science Research Network}, abstract = {Dramatic structural changes in the U.S. pension system, along with the impending wave of retiring baby boomers, have given rise to a broad policy discussion of the adequacy of household retirement wealth. We construct a uniquely comprehensive measure of wealth for households aged 51 and older in 2004 that includes expected wealth from Social Security, defined benefit pensions, life insurance, annuities, welfare payments, and future labor earnings. Abstracting from the uncertainty surrounding asset returns, length of life and medical expenses, we assess the adequacy of wealth using two expected values: an annuitized value of comprehensive wealth and the ratio of comprehensive wealth to the actuarial present value of future poverty lines. We find that most households in these older cohorts can expect to have sufficient total resources to finance adequate consumption throughout retirement, taking as given expected lifetimes and current Social Security benefits. We find a median annuity value of wealth equal to 32,000 per person per year in expected value and a median ratio of comprehensive wealth to poverty-line wealth of 3.56. About 12 percent of households, however, do not have sufficient wealth to finance consumption equal to the poverty line over their expected lifetimes, even after including the value of Social Security and welfare benefits, and an additional 9 percent can expect to be relatively close to the poverty line.}, keywords = {Income, Net Worth and Assets}, url = {http://ssrn.com/abstract=968412}, author = {Love, David A. and Paul A Smith and McNair, Lucy C.} } @article {7135, title = {Do Truly Comparable Public and Private Sector Workers Show Any Compensation Differential?}, journal = {Journal of Labor Research}, volume = {28}, year = {2007}, pages = {117}, publisher = {28}, abstract = {Using data from the Health and Retirement Study, we apply propensity score matching methods to examine evidence on the rent paid to public sector workers in the United States. Traditionally, wage differentials are computed assuming that workers from both public and private sectors are comparable, without actually controlling for the comparability of the units. Using this method, we are able to control for selection bias and, at the same time, select a subsample of comparable workers in terms of their conditional probability of choosing to work in the public sector on which to estimate separate wage equations.}, keywords = {Employment and Labor Force, Income}, url = {https://www.researchgate.net/publication/225573004_Do_Truly_Comparable_Public_and_Private_Sector_Workers_Show_Any_Compensation_Differential}, author = {Ramoni-Perazzi, Josefa and Bellante, Don} } @article {7128, title = {Does money buy better health? Unpacking the income to health association after midlife.}, journal = {Health (London)}, volume = {11}, year = {2007}, month = {2007 Apr}, pages = {199-226}, publisher = {11}, abstract = {

This article estimates the effect of household financial resources on health after midlife using models that minimize health-related selectivity and unobserved heterogeneity bias. I focus on the self-rated health and mobility limitations of adults transitioning into retirement over six panels of the Health and Retirement Study (1992-2002; age 51-61 at wave one; N = 7602). Standard regression models that adjust for health-related selection with prospective and retrospective controls suggest a significant influence of long-term income on health, but an insignificant influence of short-term income. Further adjustment for unobserved fixed effects also suggests that short-term income is insignificant. Sizable recent and long-term health feedbacks to income for a portion of the HRS respondents underscore the need to control for the confounding influence of health over the lifecourse. Together these results suggest that adults after midlife are heterogeneous with respect to the causal and selective processes generating the observed association between income and health.

}, keywords = {Aged, Attitude to Health, Employment, Health Status Indicators, Humans, Income, Middle Aged, Mobility Limitation, Models, Econometric, Retirement, Self Concept, Sociology, Medical, United States}, issn = {1363-4593}, doi = {10.1177/1363459307074694}, author = {Berry, Brent M.} } @article {5679, title = {Enhancing the Quality of Data on the Measurement of Income and Wealth}, number = {WP 2007-151}, year = {2007}, institution = {Michigan Retirement and Disability Research Center, University of Michigan}, address = {Ann Arbor, MI}, abstract = {Over the last decade or so, a substantial effort has gone into the design of a series of methodological investigations aimed at enhancing the quality of survey data on income and wealth. These investigations have largely been conducted at the Survey Research Center at the University of Michigan, and have mainly involved two longitudinal surveys: the Health and Retirement Study (HRS), with a first wave beginning in 1992 and continued thereafter every other year through 2004; and the Assets and Health Dynamics Among the Oldest Old (AHEAD) Study, begun in 1993 and continued in 1995 and 1998, then in every other year through 2004. Surveys for the year 2006 are currently in the field. This paper provides an overview of the main studies and summarizes what has been learned so far. The studies include; a paper by Juster and Smith (Improving the Quality of Economic Data: Lessons from the HRS and AHEAD, JASA, 1997); a paper by Juster, Cao, Perry and Couper (The Effect of Unfolding Brackets on the Quality of Wealth Data in HRS, MRRC Working Paper, WP 2006-113, January 2006); a paper by Hurd, Juster and Smith (Enhancing the Quality of Data on Income: Recent Innovations from the HRS, Journal of Human Resources, Summer 2003); a paper by Juster, Lupton and Cao (Ensuring Time-Series Consistency in Estimates of Income and Wealth, MRRC Working Paper, WP 2002-030, July 2002); a paper by Cao and Juster (Correcting Second-Home Equity in HRS/AHEAD: MRRC Working Paper WP 2004-081, June 2004); and a paper by Rohwedder, Haider and Hurd (RAND Working Paper, 2004).}, keywords = {Income, Methodology, Net Worth and Assets}, url = {https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1095815}, author = {Juster, F. Thomas and Cao, Honggao and Mick P. Couper and Daniel H. Hill and Michael D Hurd and Joseph P. Lupton and Michael M. Perry and James P Smith} } @article {8741, title = {Evidence on early-life income and late-life health from America{\textquoteright}s Dust Bowl era.}, journal = {Proceedings of the National Academy of Sciences }, volume = {104}, year = {2007}, month = {2007 Aug 14}, pages = {13244-9}, abstract = {

In recent decades, elderly Americans have enjoyed enormous gains in longevity and reductions in disability. The causes of this progress remain unclear, however. This paper investigates the role of fetal programming, exploring how economic progress early in the 20th century might be related to declining disability today. Specifically, we match sudden unexpected economic changes experienced in utero in America{\textquoteright}s Dust Bowl during the Great Depression to unusually detailed individual-level information about old-age disability and chronic disease. We are unable to detect any meaningful relationship between early life factors and outcomes in later life. We conclude that, if such a relationship exists in the United States, it is most likely not a quantitatively important explanation for declining disability today.

}, keywords = {Aged, Data collection, Female, Health Status, History, 20th Century, Humans, Income, Male, Middle Aged, Retirement, Socioeconomic factors, United States}, issn = {0027-8424}, doi = {10.1073/pnas.0700035104}, author = {David M Cutler and Grant Miller and Douglas M Norton} } @inbook {5215, title = {Measuring Pension Wealth}, booktitle = {Redefining Retirement: How Will Boomers Fare?}, year = {2007}, note = {ProCite field 6 : In ProCite field 8 : eds}, publisher = {Oxford University Press}, organization = {Oxford University Press}, address = {New York, NY}, abstract = {Pension wealth plays a critical role in older individuals{\textquoteright} retirement behavior and financial security. Accordingly, the magnitude and distribution of pension wealth is important in the ongoing debate about whether Baby Boomers have adequate retirement savings. This chapter summarizes the results of a long-term effort to develop an improved calculator to measure defined contribution pension wealth of older Americans, implemented using the Health and Retirement Study. Results show that pension wealth resulting from voluntary saving (and accrued earnings thereon) comprises half of DC pension wealth calculated for HRS respondents with matched summary plan descriptions. These are lower mean estimates of DC pension wealth than previously found, mainly resulting from changes for the wealthiest tail of the pension-wealth distribution. The findings imply that researchers must think more carefully about the economic assumptions underlying pension measures.}, keywords = {Income, Net Worth and Assets, Pensions}, doi = {DOI:10.1093/acprof:oso/9780199230778.003.0010}, author = {Christopher R. Cunningham and Gary V. Engelhardt and Kumar, Anil} } @book {5277, title = {Redefining Retirement: How Will Boomers Fare?}, year = {2007}, note = {ProCite field 8 : eds}, publisher = {Oxford University Press}, organization = {Oxford University Press}, address = {New York, NY}, keywords = {Consumption and Savings, Health Conditions and Status, Income, Medicare/Medicaid/Health Insurance, Net Worth and Assets, Pensions}, url = {https://pensionresearchcouncil.wharton.upenn.edu/publications/books/redefining-retirement-how-will-boomers-fare/}, author = {Brigitte C. Madrian and Olivia S. Mitchell and Beth J Soldo} } @article {7171, title = {Replacing Income in Retirement for the Newly Retired: A Distributional Analysis of Gross and Net Replacement Rates}, journal = {Journal of Income Distribution}, volume = {16}, year = {2007}, pages = {83-105}, publisher = {16}, abstract = {Income replacement after retirement is an increasingly important economic policy area of social concern. This study examines three different measures of replacement income, including the effect of taxes on the estimated replacement rates of new retirees in the Health and Retirement Study. An analysis of replacement rates on average and in different parts of the distribution shows that married, older, and voluntary retirees have the highest replacement rates and that income from pensions and Social Security still form the majority of retirement income replacement.}, keywords = {Income, Net Worth and Assets, Public Policy}, url = {https://econpapers.repec.org/article/jidjournl/y_3a2007_3av_3a16_3ai_3a2_3ap_3a83-105.htm}, author = {Bender, Keith A.} } @inbook {5208, title = {Saving Between Cohorts: The Role of Planning}, booktitle = {Redefining Retirement: How Will Boomers Fare?}, year = {2007}, note = {ProCite field 6 : In ProCite field 8 : eds}, publisher = {Oxford University Press}, organization = {Oxford University Press}, address = {New York, NY}, abstract = {We compare the saving behavior of two cohorts: the Early Baby Boomers (EBB, age 51- 56 in 2004) and the HRS cohort (age 51-56 in 1992). We find that EBB have accumulated more wealth than the previous cohort but they benefited from a large increase in house prices, which lifted the wealth of many home-owners. In fact, there are many families among EBB, particularly those headed by respondents with low education, low income, and minorities, which have less wealth than the previous cohort. Lack of wealth can be traced to lack of retirement planning. Notwithstanding the many initiatives aimed at fostering planning in the 1990s, a large portion of EBB still do not plan for retirement even though most respondents are close to it. The effect of planning is remarkably similar between the two cohorts; those who do not plan accumulate much lower amounts of wealth from 20 to 45 percent depending on the location in the wealth distribution- than those who do plan. Thus, for both the EBB and the HRS cohort, lack of planning is tantamount to lack of saving irrespective of the many changes in the economy between 1992 and 2004.}, keywords = {adequacy, Baby Boomer, Education, Housing, Income, minorities, Retirement Planning, Saving}, url = {https://oxford.universitypressscholarship.com/view/10.1093/acprof:oso/9780199230778.001.0001/acprof-9780199230778-chapter-13}, author = {Annamaria Lusardi and Beeler, Jason}, editor = {Brigitte C. Madrian and Olivia S. Mitchell and Beth J Soldo} } @inbook {5210, title = {The Sufficiency of Retirement Savings: Comparing Cohorts at the Time of Retirement}, booktitle = {Redefining Retirement: How Will Boomers Fare?}, year = {2007}, note = {ProCite field 6 : In ProCite field 8 : eds}, publisher = {Oxford University Press}, organization = {Oxford University Press}, address = {New York, NY}, abstract = {Assessing savings sufficiency requires detailed information on both potential retirement benefits and the characteristics of a national sample of older citizens. This chapter uses the Health and Retirement Survey and the New Beneficiary Survey linked to administrative records to assess and compare the saving adequacy of two different cohorts. Specifically we compare the two groups in terms of their annuitized net wealth (ANW) and ANW relative to the poverty line, as well as the near-poverty line. We find that the mean wealth levels of both new retiree cohorts rose over time (by about two-thirds for wealth and by half for ANW), but the chance of meeting social adequacy targets has also risen. This shortfall we believe is concentrated increasingly among nonmarried persons, and those with low human capital and labor force attachment. In other words, vulnerability during the working life appears to persist into retirement. }, keywords = {Consumption and Savings, Income, Other}, url = {https://repository.upenn.edu/cgi/viewcontent.cgi?article=1363\&context=prc_papers}, author = {Haveman, Robert and Karen C. Holden and Barbara Wolfe and Romanov, Andrei} } @article {5671, title = {Alternative Measures of Replacement Rates}, number = {UM06-03}, year = {2006}, institution = {Michigan Retirement Research Center, University of Michigan}, address = {Ann Arbor, MI}, abstract = {This study finds that on average those just past the usual retirement age are adequately prepared for retirement in that they will be able to follow a path of consumption that begins at their current level of consumption and then follows an age-pattern similar to that of current retirees. That pattern is similar to what would be found from a theoretically derived and estimated life-cycle model. Thus we do not find inadequate preparation for retirement on average or even at the median. This is not true, however, for all groups in the population. In particular, singles lacking a high school education are likely to be forced to reduce consumption: some 62 would have died with negative wealth had they followed the consumption path given by our data. Future research will show the extent to which this percentage is over-estimated because we did not account for differential mortality.}, keywords = {Consumption and Savings, Income}, url = {https://mrdrc.isr.umich.edu/projects/alternative-measures-of-replacement-rates/}, author = {Michael D Hurd and Susann Rohwedder} } @article {5645, title = {Consumption and Economic Well-Being at Older Ages: Income- and Consumption-Based Poverty Measures in the HRS}, number = {WR-410}, year = {2006}, institution = {RAND Corporation}, address = {Santa Monica, CA}, abstract = {According to economic theory, well-being or utility depends on consumption. However, at the household level, total consumption is rarely well measured because its collection requires a great deal of survey time. As a result income has been widely used to assess well-being and poverty rates. Yet, because households can use wealth to consume more than income, so an income-based measure of well-being could yield misleading results for many households. We use data from the Health and Retirement Study to find income-based poverty rates which we compare with poverty rates as measured in the Current Population Survey. We use HRS consumption data to calculate a consumption-based poverty rate and study the relationship between income-based and consumption-based poverty measures. We find that a poverty rate based on consumption is lower than an income-based poverty rate. Particularly noteworthy is the much lower rate among the oldest single persons such as widows. The explanation for the difference is the ability to consume out of wealth.}, keywords = {Consumption and Savings, Health Conditions and Status, Income, Methodology}, doi = {https://doi.org/10.7249/WR410}, author = {Michael D Hurd and Susann Rohwedder} } @article {7102, title = {Does Caregiving Increase Poverty among Women in Later Life? Evidence from the Health and Retirement Survey}, journal = {Journal of Health and Social Behavior}, volume = {47}, year = {2006}, pages = {258-74}, publisher = {47}, abstract = {Given the rapid aging of the U.S. population and reductions in federal funding, elder care has become a major issue for many families. This paper focuses on a long-term consequence of elder care by asking how caring for elderly parents affects women{\textquoteright}s subsequent risks of living in poverty. Using longitudinal data from the Health and Retirement Study, we examine whether and how caregiving for parents in 1991 increases women{\textquoteright}s risks of living in households with incomes less than the poverty threshold, receiving public assistance, and receiving Medicaid in 1999. Our findings illustrate that caregiving in earlier life raises women{\textquoteright}s poverty risks in later life by intensifying the negative effects of stopping work and declining health on women{\textquoteright}s economic well-being.}, keywords = {Healthcare, Income, Women and Minorities}, author = {Chizuko Wakabayashi and Donato, Katharine M.} } @article {7092, title = {Increased wealth and income as correlates of self-assessed retirement.}, journal = {J Gerontol Soc Work}, volume = {47}, year = {2006}, month = {2006}, pages = {175-201}, publisher = {47}, abstract = {

This study examined whether retirement implies complete withdrawal from the labor force and the role that increased wealth and income play in regard to the nature of retirement. Data came from the Health \& Retirement Study, Waves 1-5. Findings indicated that most study sample pre-retirees remained in the labor force as they moved into what are considered the normal retirement years. As they moved on average from 50+ years of age to 60+ years of age, increasing percentages of study sample pre-retirees reported themselves as completely retired. Those who viewed themselves as completely retired were far less likely to work than those who did not view themselves as completely retired. Of particular importance was the finding that increased income in 2000 decreased the likelihood of self-reported complete retirement. Equally important was the finding that increased assets had no effect on retirement status with the exception of survey year 1998 when increased assets decreased the likelihood of viewing oneself as completely retired. Findings suggested that pro-work retirement policies aimed at increasing labor force participation among pre-retirees and increasing the normal retirement age can be effective. Five pro-work policies were discussed.

}, keywords = {Aged, Data collection, Employment, Female, Financing, Personal, Humans, Income, Interviews as Topic, Male, Middle Aged, Motivation, Organizational Policy, Pensions, Retirement, Self-Assessment, Social Security, Socioeconomic factors, United States}, issn = {0163-4372}, doi = {10.1300/J083v47n01_11}, author = {Caputo, Richard K.} } @article {7447, title = {Postretirement earnings relative to preretirement earnings: gender and racial differences.}, journal = {J Gerontol Soc Work}, volume = {47}, year = {2006}, note = {Using Smart Source Parsing pp. May Sage Publications, Thousand Oaks CA}, month = {2006}, pages = {63-82}, publisher = {32}, abstract = {

As the social security program comes under increasing financial pressure in the coming decades, the federal government will encourage elderly people to continue to work. Data from the Social Security Administration indicate that earnings are already a sizable component of retirement income. But there is public concern about how women and minorities will fare economically in this changing policy environment. To what extent can women and minorities keep earning money after they reach retirement age? This article presents the results of a study that investigated the postretirement earnings, relative to the preretirement earnings, of women and minorities, and compared the results with those for men and whites. The major finding, based on regression analyses, was that women{\textquoteright}s postretirement earnings, relative to their preretirement earnings, were greater than those of men. Furthermore, the regression results indicate that nonwhites{\textquoteright} postretirement earnings could not be predicted by their preretirement earnings or by any of the independent variables used in the study, including age, gender, education, marital status, number of children, occupation, and preretirement earnings.

}, keywords = {Age Factors, Aged, Aged, 80 and over, Data collection, Employment, Female, Humans, Income, Male, Men, Minority Groups, Pensions, Retirement, Salaries and Fringe Benefits, Sex Factors, Social Security, Time Factors, United States, White People, women}, issn = {0163-4372}, doi = {10.1300/J083v47n03_05}, author = {Martha N. Ozawa and Hong, Baeg-Eui} } @article {7097, title = {Retirement patterns from career employment.}, journal = {Gerontologist}, volume = {46}, year = {2006}, month = {2006 Aug}, pages = {514-23}, publisher = {46}, abstract = {

PURPOSE: This article investigates how older Americans leave their career jobs and estimates the extent of intermediate labor force activity (bridge jobs) between full-time work on a career job and complete labor-force withdrawal.

DESIGN AND METHODS: Using data from the Health and Retirement Study, we explored the work histories and retirement patterns of a cohort of retirees aged 51 to 61 in 1992 during a 10-year period in both cross-sectional and longitudinal contexts. We examined determinants of retirement patterns in a multinomial logistic regression model.

RESULTS: We found that a majority of older Americans with career jobs retire gradually, in stages, rather than all at once. We also found that the utilization of bridge jobs was more common among younger respondents, respondents without defined-benefit pension plans, and respondents at both the lower and upper ends of the wage distribution.

IMPLICATIONS: Older Americans are now working longer than pre-1980s trends would have predicted. Given concerns about the traditional sources of retirement income (Social Security, employer pensions, and prior savings), older Americans may have to rely more on earnings. This article suggests that many are already doing so by moving to bridge jobs after leaving their career employment.

}, keywords = {Aged, Aged, 80 and over, Aging, Career Choice, Employment, Female, Health Status, Humans, Income, Male, Middle Aged, Pensions, Retirement, Social Security, United States}, issn = {0016-9013}, doi = {10.1093/geront/46.4.514}, author = {Kevin E. Cahill and Michael D. Giandrea and Joseph F. Quinn} } @article {7086, title = {Time and Financial Transfers Within and Beyond the Family}, journal = {Journal of Family and Economic Issues}, volume = {27}, year = {2006}, pages = {375-}, publisher = {27}, abstract = {Research on time and financial transfers is often conducted along two distinct lines--transfers within the family and transfers beyond the family--without considering the fact that these transfers are actually interrelated. Using longitudinal data from the Health and Retirement Study (HRS), this article investigates the links between the two groups of transfers. Transfers within and beyond the family were found to be complements. Income and wealth are strong predictors of financial transfers. Black and Hispanic families lag systematically in the generosity to help the people both within and beyond their families.}, keywords = {Adult children, Income}, doi = {https://doi.org/10.1007/s10834-006-9013-z}, author = {Cao, Honggao} } @article {5635, title = {Enhancing the Quality of Data on Income and Wealth}, year = {2005}, institution = {The University of Michigan, Michigan Retirement Research Center}, abstract = {Over the last decade or so, a substantial effort has gone into the design of a series of methodological investigations aimed at enhancing the quality of survey data on income and wealth. These investigations have largely been conducted at the Survey Research Center at the University of Michigan, and have mainly involved two longitudinal surveys: the Health and Retirement Study (HRS), with a first wave beginning in 1992 and continued thereafter every other year through 2004; and the Assets and Health Dynamics Among the Oldest Old (AHEAD) Study, begun in 1993 and continued in 1995 and 1998, then in every other year through 2004. This provides and overview of the main studies and summarizes what has been learned about correcting longitudinal inconsistencies that arise.}, keywords = {Income, Methodology, Net Worth and Assets}, url = {http://www.mrrc.isr.umich.edu/publications/papers/}, author = {Cao, Honggao and Daniel H. Hill and Juster, F. Thomas and Michael M. Perry} } @mastersthesis {6317, title = {Essays in the Economics of Aging}, year = {2005}, month = {2005}, school = {University of Illinois at Urbana-Champaign}, address = {United States -- Illinois}, abstract = {The three chapters of my dissertation consider various aspects of the economics of aging. Understanding the issues facing older people is important as the number of Americans over the age of 50 is growing and will continue to grow in the next decade. A particularly important issue among older workers is the rising divorce rates. Chapter One examines divorcee{\textquoteright}s retirement behavior and Chapter Two studies the effect of divorce on social service participation. Health insurance is also a major concern of older workers and Chapter Three examines the effect of Employer Provided Health Insurance (EPHI) on worker mobility. Divorce is particular concern, as the divorce rate increased 80\% between 1980 and 2000 among people over the age of 50. This study uses a difference-in-difference strategy to determine the effect of divorce on retirement age in a sample of workers from the Health and Retirement Study(HRS). The results in Chapter One indicate male divorcees retire earlier and female divorcees delay retirement. For both men and women, remarriage eliminates divorce{\textquoteright}s effect. Additional results demonstrate that divorce{\textquoteright}s effect operates through both changes in household wealth and changes in preferences for leisure and retirement. Because divorce causes a decrease in household wealth, the increase in older divorcees may cause an increase in the number of older people relying on social services. Chapter Two uses data from the HRS to determine the effect of divorce on both eligibility and participation in Supplemental Security Income(SSI) and Medicaid. The results indicate that divorce greatly increases eligibility and participation in both programs. The final issue addressed in the paper is the reduction in job mobility caused by a person receiving health insurance through an employer. Previous studies have tried to determine whether EPHI reduces job mobility. However, these studies provide conflicting evidence on the significance and magnitude of job-lock. Chapter Three uses data from the HRS to show the degree to which omitted variable bias and misidentified workers effect job-lock measures and explain previous studies{\textquoteright} differing results. With a full set of controls and controls for endogeneity, I find a mobility reduction of 20\%.}, keywords = {Adult children, Income, Medicare/Medicaid/Health Insurance, Methodology}, url = {http://proquest.umi.com.proxy.lib.umich.edu/pqdweb?did=1059993921\&Fmt=7\&clientId=17822\&RQT=309\&VName=PQD}, author = {Gottschalk, Lynn Marie} } @article {7004, title = {Female Labor Force Intermittency and Current Earnings: A Switching Regression Model with Unknown Sample Selection}, journal = {Applied Economics}, volume = {37}, year = {2005}, pages = {545-560}, publisher = {37}, abstract = {Using the Health and Retirement Survey, this paper finds a 16 percent selectivity-corrected wage penalty among women who engage in intermittent labor market activity. This penalty is experienced at a low level of intermittent activity but appears not to play an important role in a woman{\textquoteright}s decision to undertake such activity. In addition, employer preferences appear to play a larger role than human capital atrophy in the determination of the wage penalty.}, keywords = {Employment and Labor Force, Income, Women and Minorities}, doi = {https://doi.org/10.1080/0003684042000307003}, author = {Hotchkiss, Julie L. and Pitts, M. Melinda} } @article {5629, title = {How Much Pre-Retirement Income Does Social Security Replace?}, number = {IB$\#$36}, year = {2005}, institution = {Center for Retirement Research at Boston College}, address = {Boston}, abstract = {Do today{\textquoteright}s retirees have sufficient income to meet their needs? One common way to address this question is to determine a household{\textquoteright}s replacement rate. The replacement rate gauges the extent to which retirement income allows workers to maintain their pre-retirement standard of living. In the U.S. retirement income system, Social Security is the single most important source for most people. It provides a basic level of replacement, upon which individuals can build through additional saving. This brief addresses the question of how much pre-retirement income Social Security replaces for current recipients. Subsequent briefs will provide a more comprehensive evaluation of replacement rates by including income from employer-sponsored pensions, other savings, and housing equity, as well as Social Security. The first section of this brief explains the concept of a replacement rate and discusses how much people need for a comfortable retirement. The second section describes how Social Security replacement rates are constructed for this analysis and then reports results for individuals and households. The final section summarizes the key findings.}, keywords = {Income, Social Security}, url = {https://crr.bc.edu/briefs/how-much-pre-retirement-income-does-social-security-replace/}, author = {Alicia H. Munnell and Soto, Mauricio} } @article {7011, title = {The impact of childhood and adult SES on physical, mental, and cognitive well-being in later life.}, journal = {J Gerontol B Psychol Sci Soc Sci}, volume = {60}, year = {2005}, month = {2005 Mar}, pages = {S93-S101}, publisher = {60B}, abstract = {

OBJECTIVES: To examine the relationships between socioeconomic status (SES) and health across the life course and their variations by gender and race/ethnicity.

METHODS: The sample included 19,949 respondents aged 50 or over from the 1998 Health and Retirement Study.

RESULTS: Lower childhood SES was associated with worse health outcomes in later life. Part of the effect of childhood SES on adult health occurred through childhood health. The impact of childhood SES on education and income in adulthood explained an even larger share of this effect. We also found a stronger effect of adult SES for those with lower childhood SES than for those with more advantaged childhoods. Moreover, childhood SES had a similar impact on health in later life for women and men and for Whites and non-Whites. However, college education seemed more important for women{\textquoteright}s later health, whereas income seemed more important for men{\textquoteright}s health. Education appeared to have a weaker effect on adult health for Blacks and Hispanics than for Whites.

DISCUSSION: Both childhood and adult SES are important for health. The negative impact of low childhood SES can be partially ameliorated if people from a low SES position during childhood mobilize to higher status in adulthood.

}, keywords = {Aged, Aging, Black People, Child, Cognition, Cohort Studies, Data collection, Education, ethnicity, Female, Health Status, Hispanic or Latino, Humans, Income, Male, Mental Health, Middle Aged, Quality of Life, Retirement, Sex Factors, Social Class, White People}, issn = {1079-5014}, doi = {10.1093/geronb/60.2.s93}, author = {Ye Luo and Linda J. Waite} } @mastersthesis {6385, title = {Impact of Food Insecurity and Food Assistance Programs on Nutrition and Health Outcomes in Elders}, year = {2005}, month = {2005}, school = {Cornell University}, abstract = {This research examined the relationship between need and help-seeking behavior over time in elders, looking at the pattern of food insecurity and program participation, which are a part of need and help-seeking behavior. Then, it assessed how a help-seeking behavior (i.e., participation in food assistance programs) among elders in need (i.e., food insecure elders) affected multiple outcomes such as obesity, depression, and health service utilization. For addressing these research questions, secondary data analysis was done using two longitudinal data sets: Health and Retirement Study (HRS 1996, 2002) and the Asset and Health Dynamics Among the Oldest Old (AHEAD 1995, 2002). The finding on patterns of food insecurity and participation in food assistance programs over time showed that need and help-seeking behavior were changeable but the variation over time was small. The relationship between them was monotonic and increasing. Food insecurity was a useful indicator of need for participation in food assistance programs and previous experience of participation was an important indicator of help-seeking behavior. While food insecurity was a part of need for participation in food assistance programs, for health service utilization it appeared to be a barrier that makes food insecure elders be less likely to use health services. While food insecurity increased overweight and depression, participation in food assistance programs had beneficial impacts on poor health outcomes resulting from food insecurity. Food insecure elders who participated in food assistance programs were less overweight, depressed, and admitted to hospital and nursing home than those who did not participate in the programs. Findings of positive impacts on reducing or preventing obesity, depression, and admission to hospital and nursing home implies other benefits of food assistance programs such as decreased health-care expenditures and increased independence of elders, supporting further development of these programs for elders.}, keywords = {Demographics, Health Conditions and Status, Healthcare, Income}, author = {Kim, Kirang} } @mastersthesis {6366, title = {The Impact of Marital Status on the Economic Well-Being of Women in Later Life}, volume = {Doctor of Philosophy}, year = {2005}, month = {2005}, school = {State University of New York - Buffalo}, address = {Buffalo, NY}, abstract = {Although there have been significant improvements in the economic status of the elderly in the United States because of the Social Security retirement program and the Supplemental Security Income (SSI) program, poverty among older women remains high. The economic vulnerability of women in older age has been directly linked to their greater likelihood of being unmarried, with marriage viewed as generally protecting the elderly from poverty. The economic status of older women also has been linked to their employment histories, in that women tend to have discontinuous work histories and often work at jobs that pay lower salaries than men. Moreover, their employment is often tied to marriage and childrearing. These factors mean many women will receive lower income in older age. Hence, a lifetime of weak attachment to the labor force leaves many women ill-prepared for economic security without a spouse. Other characteristics of women may further impact their income security in older age. Minority women, for example, are at an even greater disadvantage than white women; and women with high educational attainment may have strong work histories resulting in more favorable outcomes for income in later life. Within the context of a combination of viewpoints that include the life course, political economy, and feminist perspectives, this dissertation examines the relationship of gender, race, employment histories, number of children, and marital status on the economic security of women in later life. Economic security is measured by total household income and total wealth, or accumulated assets minus debt. A sample of women age 50 and over who are married, divorced, widowed, or have never been married are included in the study. Data are from the Rand Data File of the Health and Retirement Study. The Rand HRS Data File is a longitudinal data set based on the Health and Retirement Study (HRS) data. The HRS is a national panel study sponsored by the National Institute of Aging and conducted by the University of Michigan. From the data analysis, it was found that married women, overall, have greater income and wealth and, therefore, the largest number of sources of income compared to women in the other marital status groups. This was due largely to their access to their spouse{\textquoteright}s income and assets. The widowed women were shown to have the least amount of wage and salary income, but received the most from Social Security retirement. The widows in the study, however, had the least amount of total household income. Those women who had never been married had the strongest employment histories among the women in the four marital status groups, but they had less income and wealth than the married women in the sample. The race and ethnicity of the women were shown to have negative consequences for their economic security, with nonwhite women having fewer sources of income than their white counterparts. Education had a significant positive effect on the incomes and wealth of the women across all the marital status groups, while number of children had no effect on either the income or assets of women in this analysis.}, keywords = {Adult children, Demographics, Income, Net Worth and Assets, Women and Minorities}, url = {https://search.proquest.com/openview/8c849816074ff7095b8942c9c7b78a28/1?cbl=18750\&diss=y\&pq-origsite=gscholar}, author = {Joyce, Joyce Ann} } @article {6994, title = {Lifetime earnings, social security benefits, and the adequacy of retirement wealth accumulation.}, journal = {Soc Secur Bull}, volume = {66}, year = {2005}, note = {Revision of CRR Working Paper 2004-10}, month = {2005}, pages = {38-57}, publisher = {66}, keywords = {Adult, Humans, Income, Middle Aged, Models, Econometric, Pensions, Retirement, Social Security, United States}, issn = {0037-7910}, url = {https://www.ssa.gov/policy/docs/ssb/v66n1/v66n1p38.html}, author = {Engen, Eric M. and William G. Gale and Cori E. Uccello} } @mastersthesis {6149, title = {A Slippery Slope: Essays on Income, Wealth, and the Health Gradient}, year = {2005}, month = {2005}, school = {The University of Wisconsin - Madison}, abstract = {The relationship between health and socioeconomic status (SES), often called the health gradient, is a complex and perplexing research puzzle. Individuals with higher incomes tend to be healthier (although at a declining rate with higher income), yet it is unclear why this is so. Here, I argue that wealth and savings, largely neglected in past empirical work, provide important insights into the health-SES relationship. An empirical model in which income and wealth are transformed using the inverse hyperbolic sine is shown to capture important variations in health throughout the income and wealth distributions for U.S. working-age adults. The three-dimensional gradient in income, wealth, and health illustrates two patterns that are investigated in the following chapters: the predominance of poor health among those with little savings, and variations in health disparities by wealth over the life cycle. Panel data from the Health and Retirement Study are used to investigate a likely mode through which wealth may have a causal effect on health among the poor: through financial constraints that limit access to health care at the time of illness. I capitalize on recent research suggesting that income and wealth do not cause the onset of certain acute illnesses, conditional on past health. Viewing unexpected costs associated with such illnesses as financial shocks, I find that approximately one quarter of the population that experiences a stroke, cancer, heart problem, or high blood pressure has insufficient liquid assets to cover typical costs of unexpected medical care. Furthermore, this study suggests that a causal relationship between lack of savings and health recovery is plausible, possibly contributing to the steep slope of the gradient about zero. In the final chapter, I test a number of hypotheses that could account for the observed life cycle pattern of declining socioeconomic disparities in health in old age. I find that poor measurement of financial resources and possible cohort, Medicare, or retirement effects, but not attrition, are likely contributors to this phenomenon. Taking into account life-cycle patterns of income receipt and wealth decumulation, I find a large health gradient in wealth among the oldest old.}, keywords = {Health Conditions and Status, Income, Net Worth and Assets}, author = {Wenzlow, Audra T.} } @article {5628, title = {Understanding Expenditure Patterns in Retirement}, year = {2005}, institution = {Center for Retirement Research at Boston College}, address = {Boston}, abstract = {Understanding the consumption needs of retirees is critical to assessing the adequacy of retirement income and the possible impact of Social Security reform on the well-being of older Americans. This study uses data from the Health and Retirement Study, including a recent supplemental expenditure survey, to analyze spending patterns and consumption needs for adults ages 65 and older. Results indicate that typical older married adults spend 84 percent of after-tax household income, and nonmarried adults spend 92 percent of after-tax income. Even at older ages individuals devote a larger share of their expenditures and income to housing than any other category of goods and services, including health care. Fully 8 percent of married adults report after-tax incomes that fall short of our estimated basic-needs threshold, consisting of housing, health care, food, and clothing. By comparison, only 3 percent of married adults have incomes below the official poverty level.}, keywords = {Consumption and Savings, Income}, url = {https://www.urban.org/research/publication/understanding-expenditure-patterns-retirement}, author = {Barbara A Butrica and Joshua H. Goldwyn and Richard W. Johnson} } @article {7056, title = {Widow(er) Poverty and Out-of-Pocket Medical Expenditures Near the End of Life}, journal = {Journals of Gerontology, Series B: Psychological and Social Sciences}, volume = {60B}, year = {2005}, pages = {S160-S168}, publisher = {60B}, abstract = {Objectives. Elderly widows are three times as likely to live in poverty as older married people. This study investigates the gap in poverty, income, and wealth between these groups. Focus is placed on the role played by out-of-pocket medical expenditures spent on dying spouses. Methods. A national panel survey of people age 70 and older in 1993 was used. Income, poverty, wealth, and out-of-pocket expenditures were examined before and after widowhood, with comparisons made with couples not experiencing a death. Results. Forty-four percent of the difference in economic status between widow(er)s and married elderly persons was due to disparities in economic status that existed prior to widowhood. The remaining 56 was due to factors more directly related to the death of a spouse, including the loss of income and expenses associated with dying. On average, out-of-pocket medical expenditures in the final 2 years of life were equal to 30 of the couple{\textquoteright}s annual income. For couples in the bottom quarter of the income distribution, these expenditures were 70 of their income. Discussion. As policy makers continue to debate expansions and reforms of Medicare, the potential effects of these reforms on economic well-being, particularly among widows, should be considered. Despite the overwhelming success and popularity of programs such as Social Security and Medicare, some subgroups of the elderly population continue to face substantial risks of living in poverty. Whereas the poverty rate for elderly individuals is now hovering at 10 , the poverty rate for elderly widows is nearly twice as high. When examining poverty rates for women in particular, one finds that approximately 5 of married elderly persons are poor compared with 17 of widows (Figure 1). Although policy makers have repeatedly expressed concern about these high rates and enacted legislation attempting to improve the well-being of surviving spouses, the figure demonstrates that this gap has stubbornly remained (see endnote 1). Obviously, the more that is known about the causes and characteristics of poverty among widows, the better targeted public policy can be.}, keywords = {Income, Net Worth and Assets}, url = {http://psychsoc.gerontologyjournals.org/contents-by-date.0.shtml}, author = {Kathleen McGarry and Robert F. Schoeni} } @article {6966, title = {Estate and Gift Tax Incentives and Inter Vivos Giving}, journal = {National Tax Journal}, volume = {57}, year = {2004}, pages = {429-444}, publisher = {57}, abstract = {The estate tax has received a great deal of attention from policy makers and the public in recent years. Yet we know little about its effect on the transfer of wealth. In this paper we explore the effect of the tax on inter vivos giving. In particular, we look at the degree to which wealthy individuals exploit the potential for tax-free transfers as a means of spending-down their estates, and examine the responsiveness of inter vivos transfers over time to changes in the tax law. To address these questions we employ two data sets, each with important strengths and weaknesses. Using panel data from the Health and Retirement Study (HRS) we find that many of the wealthy fail to take advantage of the gift tax annual exemption to make tax-free transfers in any given year. Even those who do make a transfer in one year, often do not repeat the transfer annually and transfer far less than the tax law would allow. We then use data from linked gift and estate tax returns to examine giving over a much longer period. We find in the aggregate that there are sizable shifts in the timing of giving in response to tax changes, but again, the wealthy appear to transfer very little during their lifetimes. Overall, we conclude that while taxes are an important consideration in transfer behavior of the rich, their behavior is not universally consistent with a tax minimization strategy.}, keywords = {Adult children, Consumption and Savings, Event History/Life Cycle, Income}, doi = {https://doi.org/10.1016/S0047-2727(00)00102-X}, author = {Joulfaian, David and Kathleen McGarry} } @article {6970, title = {Race, gender, and the retirement decisions of people ages 60 to 80: prospects for age integration in employment.}, journal = {Int J Aging Hum Dev}, volume = {59}, year = {2004}, month = {2004}, pages = {255-86}, publisher = {59}, abstract = {

UNLABELLED: Demographic projections have prompted concerns about the potential economic burden of an aging population. This article, drawing on the 1998 Health and Retirement Study, explores ways in which race, gender, and age moderate the effects of various factors on labor force participation among people ages 60 to 80. Key findings center on health, education, and non-wage income. First, the effect of low non-wage income is weaker at older ages due to higher levels of functional disability. Second, the effect of low education is stronger for women, who perceive their chances of finding employment as low. Third, the effect of health is weaker for blacks, as they are less likely to find steady employment regardless of health.

POLICY IMPLICATIONS: Employer flexibility in number of hours worked might make sense for workers close to retirement age, while job search and training programs might be preferable for workers past the typical retirement age.

}, keywords = {Age Distribution, Aged, Aged, 80 and over, Black People, Educational Status, Employment, Female, Health Status, Humans, Income, Logistic Models, Male, Middle Aged, Retirement, Sex Distribution, White People}, issn = {0091-4150}, doi = {10.2190/GE24-03MX-U34P-AMNH}, author = {Tay K. McNamara and Williamson, John B.} } @article {6923, title = {When Will the Gender Gap in Retirement Income Narrow?}, journal = {Southern Economic Journal}, volume = {71}, year = {2004}, pages = {182-200}, publisher = {71}, abstract = {Among recent retirees, women receive substantially less retirement income from Social Security and private pensions than men. Increases in women{\textquoteright}s labor market attachment and earnings relative to men over the past 50 years provide some optimism for an improvement in female retirement income, particularly for married women. This study shows that women{\textquoteright}s income from Social Security and private pensions has improved only slightly relative to men over the past 25 years. Using data on people approaching retirement age over the next 20 years, prospects for future improvement are investigated. One of the main conclusions is that pension income among women (particularly married women) will rise sharply relative to men{\textquoteright}s over the next few decades, but a substantial gap could remain even if women close the gap in experience and salaries.}, keywords = {Demographics, Income}, doi = {10.2307/4135320}, author = {Even, William and David A. Macpherson} } @article {6877, title = {County-level income inequality and depression among older Americans.}, journal = {Health Serv Res}, volume = {38}, year = {2003}, month = {2003 Dec}, pages = {1863-83}, publisher = {38}, abstract = {

OBJECTIVES: To examine (1) whether county-level income inequality is associated with depression among Americans aged 70 and older, taking into consideration county-level mean household income and individual-level socioeconomic status (SES), demographic characteristics, and physical health, and (2) whether income inequality effects are stronger among people with lower SES and physical health.

DATA SOURCES: The individual-level data from the first wave of the Assets and Health Dynamics among the Oldest Old survey (1993-1994) were linked with the county-level income inequality and mean household income data from the 1990 Census.

STUDY DESIGN: Multilevel analysis was conducted to examine the association between income inequality (the Gini coefficient) and depression.

PRINCIPAL FINDINGS: Income inequality was significantly associated with depression among older Americans. Those living in counties with higher income inequality were more depressed, independent of their demographic characteristics, SES, and physical health. The association was stronger among those with more illnesses.

CONCLUSIONS: While previous empirical research on income inequality and physical health is equivocal, evidence for income inequality effects on mental health seems to be strong.

}, keywords = {Age Factors, Aged, Aged, 80 and over, depression, Female, Health Status Indicators, Humans, Income, Male, Socioeconomic factors, United States}, issn = {0017-9124}, doi = {10.1111/j.1475-6773.2003.00206.x}, author = {Muramatsu, Naoko} } @article {6847, title = {Enhancing the Quality of Data on Income: Recent Innovations from the HRS}, journal = {Journal of Human Resources}, volume = {38}, year = {2003}, pages = {758-772}, publisher = {38}, abstract = {This paper evaluates two survey innovations introduced in the HRS that aimed to improve income measurement. The innovations are (1) the integration of questions for income and wealth and (2) matching the periodicity over which income questions are asked to the typical way such income is received. Both innovations had significant impacts in improving the quality of income reports. For example, the integration of income questions into the asset module produced in HRS an across-wave 63 percent increase in the amount of income derived from financial assets, real estate investments and farm and business equity. Similarly, asking respondents to answer using a time interval consistent with how income is received substantially improved the quality of reports on social security income. Fortunately, we also suggest ways that these innovations can be introduced into other major social science surveys.}, keywords = {Income, Methodology}, author = {Michael D Hurd and Juster, F. Thomas and James P Smith} } @article {6894, title = {Household Income, Asset Allocation, and the Retirement Decision}, journal = {Financial Services Review}, volume = {12}, year = {2003}, pages = {219-238}, publisher = {12}, keywords = {Income, Net Worth and Assets, Retirement Planning and Satisfaction}, author = {Karen E. Lahey and Kim, Doseong and Newman, Melinada L.} } @article {5567, title = {Lifetime Earnings Variability and Retirement Wealth}, number = {2003-051}, year = {2003}, institution = {Michigan Retirement Research Center at the University of Michigan, }, address = {Ann Arbor, MI}, abstract = {This paper explores how earnings variability is related to retirement wealth. Past research has demonstrated that the average American household on the verge of retirement would need to save substantially more, in order to preserve consumption flows in old age. While several socioeconomic factors have been examined that might explain such problems, prior studies have not assessed the role of earnings variability over the lifetime as a potential explanation for poor retirement prospects. Thus two workers having identical levels of average lifetime earnings might have had very different patterns of earnings variability over their lifetimes. Such differences could translate into quite different retirement wealth outcomes. This paper evaluates the effect of earnings variability on retirement wealth using information supplied by respondents to the Health and Retirement Study (HRS). This is a rich and nationally representative dataset on Americans on the verge of retirement, with responses linked to administrative records from the Social Security Administration. Our research illuminates the key links between lifetime earnings variability and retirement wealth.}, keywords = {Income, Net Worth and Assets}, doi = {https://dx.doi.org/10.2139/ssrn.1091441}, author = {Olivia S. Mitchell and John W R Phillips and Au, Andrew and McCarthy, David} } @article {6883, title = {Medication costs, adherence, and health outcomes among Medicare beneficiaries.}, journal = {Health Aff (Millwood)}, volume = {22}, year = {2003}, month = {2003 Jul-Aug}, pages = {220-9}, publisher = {22}, abstract = {

In a two-year period more than two million elderly Medicare beneficiaries did not adhere to drug treatment regimens because of cost. This poor adherence tended to be more common among beneficiaries with no or partial medication coverage and was associated with poorer health and higher rates of hospitalization. The risk for cost-related poor adherence was especially pronounced among lower-income beneficiaries with high out-of-pocket drug spending. We argue that this pattern of cost-related poor medication adherence should inform the design of Medicare prescription drug benefit legislation.

}, keywords = {Aged, Aged, 80 and over, Chronic disease, Continuity of Patient Care, Family Characteristics, Female, Financing, Personal, Health Services Research, Humans, Income, Insurance, Pharmaceutical Services, Longitudinal Studies, Male, Medicare, Patient Compliance, Prevalence, Probability, Self Administration, Treatment Outcome, United States}, issn = {0278-2715}, doi = {10.1377/hlthaff.22.4.220}, author = {Ramin Mojtabai and Mark Olfson} } @article {6900, title = {Review of: Assets for the poor: The benefits of spreading asset ownership}, journal = {Journal of Economic Literature}, volume = {41}, year = {2003}, note = {ProCite field 3 : MI State University}, pages = {908-10}, publisher = {41}, keywords = {Income, Net Worth and Assets, Public Policy}, author = {Menchik, Paul L.} } @inbook {5132, title = {What People Don{\textquoteright}t Know About Their Pensions and Social Security: An Analysis Using Linked Data from the Health and Retirement Study}, booktitle = {Public Policies and Private Pensions}, year = {2003}, note = {RDA 1996-005ProCite field[8]: eds.}, pages = {57-125}, publisher = {Brookings Institution}, organization = {Brookings Institution}, address = {Washington, DC}, abstract = {Pension plan descriptions from respondents to the 1992 Health and Retirement Study are compared with descriptions obtained from their employers. Earnings histories reported by respondents are compared with earnings histories from the Social Security Administration. The probability of linking employer pension data, which is two thirds for current jobs, and of obtaining permission to link an earnings history, which is over 70 percent, are not well explained by respondent characteristics. Half of respondents with linked pension data correctly identify plan type, and fewer than half identify, within one year, dates of eligibility for early and normal retirement benefits. Benefit reduction rates are essentially not reported. Respondents do better in reporting pension values, but the unexplained variation is still considerable. In contrast, respondent reported values together with other observables, account for 80 percent of the variation in pension values and 75 percent of the variation in covered earnings measured from linked records. Thus prospects are good for imputing plan values, but not for imputing the location or size of early retirement incentives. Our findings raise questions about how well respondents understand complex pension and Social Security rules.}, keywords = {Consumption and Savings, Employment and Labor Force, Income, Pensions, Retirement Planning and Satisfaction, Social Security}, url = {https://www.nber.org/papers/w7368}, author = {Alan L Gustman and Thomas L. Steinmeier}, editor = {William G. Gale and John B. Shoven and Mark J. Warshawsky} } @article {12175, title = {Economic measures in the Health and Retirement Study}, year = {2002}, publisher = {National Institute on Aging}, address = {Bethesda, MD}, keywords = {Assets, consumption, Employment, Income, pay, Pension}, author = {James Banks} } @article {5484, title = {Ensuring Time-Series Consistency in Estimates of Income from Wealth}, year = {2002}, institution = {Ann Arbor, MI, The University of Michigan, Michigan Retirement Research Center}, keywords = {Income, Methodology, Net Worth and Assets}, author = {Juster, F. Thomas and Joseph P. Lupton and Cao, Honggao} } @article {5498, title = {How Important Are Private Pensions?}, number = {IB$\#$8}, year = {2002}, institution = {Center for Retirement Research at Boston College}, address = {Boston}, abstract = {Employer-provided pensions play an important role in assuring a comfortable retirement. In 1992, they accounted for about 20 percent of the total wealth of middle-income households aged 51-61, second only to Social Security. However, many workers still lack pension coverage. After increasing sharply in the post-World War II period, the percentage of the private sector workforce covered by an employer-sponsored pension plan at any given point in time has remained around 50 percent since the 1970s. This constancy obscures two major changes, however. First, pension coverage has increased for women and declined for men, primarily reflecting the increased earnings and labor force participation of women and a decline for men in union membership and employment in large manufacturing firms. Second, a major shift has occurred in the types of plans from defined benefit to defined contribution. Defined benefit plans generally provide retired workers with a set amount based on their salary history, while benefits under defined contribution plans depend on the accumulated amount in a worker{\textquoteright}s account. The shift to defined contribution plans reflects employment trends as well as conversion of plans{\textellipsis}}, keywords = {Employment and Labor Force, Income, Net Worth and Assets, Pensions}, url = {https://crr.bc.edu/briefs/how-important-are-private-pensions/}, author = {Alicia H. Munnell and Sund{\'e}n, Annika and Lidstone, Elizabeth} } @inbook {5134, title = {Worklife Determinants of Retirement Income Differentials Between Men and Women}, booktitle = {Innovations in Financing Retirement}, year = {2002}, note = {RDA ProCite field 6 : In ProCite field 8 : eds.}, pages = {50-76}, publisher = {University of Pennsylvania Press}, organization = {University of Pennsylvania Press}, address = {Philadelphia, PA}, abstract = {Women enter retirement having spent fewer years in market, earned less over their lifetimes, and work in different jobs than men of the same age. This study examines whether these differences in work life experiences help explain why many women end with lower level of retirement income in old age. We use Health and Retirement Study (HRS), which provide information on labor market histories along with the ability to predict retirement income from employer pensions, social security benefits, and investment returns. We document differences in anticipated retirement income by sex that exist largely between non-married men and women. Multivariate models show that 85 percent of this retirement income gap can be attributed to differences in lifetime labor market earnings, years worked, and occupational segregation by sex. Our results suggest that as women{\textquoteright}s work life experiences become more congruent with men{\textquoteright}s over time, the gap in retirement income between men and women may shrink.}, keywords = {Income, Methodology, Retirement Planning and Satisfaction, Women and Minorities}, url = {http://www.nber.org/papers/w7243}, author = {Phillip B. Levine and Olivia S. Mitchell and John W R Phillips}, editor = {Z. Bodie and Hammond, B. and Olivia S. Mitchell} } @inbook {5136, title = {Access to wealth among older workers in the 1990s and how it is distributed: Data from the Health and Retirement Study}, booktitle = {Assets for the Poor: The Benefits of Spreading Asset Ownership}, year = {2001}, note = {RDA ProCite field 8 : eds.}, pages = {74-131}, publisher = {Russell Sage Press}, organization = {Russell Sage Press}, address = {New York}, abstract = {Older American laborers{\textquoteright} access to financial assets is investigated. Data from the Health and Retirement Study are analyzed to determine whether older workers had access to wealth and how financial assets were distributed among older working Americans. Three categories of wealth for older working Americans are identified: home equity, social security compensation, and employer pensions. Several findings regarding (1) the connection between wealth distribution, poverty, and income; (2) the occupational and racial characteristics of wealth deciles; (3) discrepancies in the asset holdings across wealth deciles; (4) changes in the wealth accumulation of older working Americans between 1992 and 1996; and (5) changes in income mobility over the same period. Several methodological recommendations for future research on wealth distribution are offered, eg, taking the size of one{\textquoteright}s household into consideration since the head of household may not have access to all of the household{\textquoteright}s wealth. 17 Tables, 1 Figure, 1 Appendix. J. W. Parker}, keywords = {Demographics, Income, Net Worth and Assets, Retirement Planning and Satisfaction}, author = {R.V. Burkhauser and Robert R. Weathers II}, editor = {Shapiro, Thomas M. and Wolfe, Edward N.} } @article {5444, title = {All the Ties that Bind: Race, Ethnicity, and Why Families Support Adult Children}, year = {2001}, institution = {University of Michigan, Population Studies Center}, abstract = {Race and ethnic identity is associated with distinct cultural practices, family characteristics, and established patterns of support that collectively influence how families support their young adult children. However, conventional explanations for why parents give financial assistance to some children but not to others are narrowly drawn from the relationship between child{\textquoteright}s income and transfers. In this paper, we more fully consider how varied aspects of parent-child relationships and other factors shape motives for supporting non-resident adult children financially. A systematic and detailed analysis of data from two waves of the Health and Retirement Study shows that while families do help financially needy children more, other aspects of relationships that bind parents to children, such as proximity, the presence of grandchildren, biological relatedness, and gender are often more important than financial need. Substantial race and ethnic differences in these ties that bind suggest a need to conceptualize family motives as both attuned to distinct preferences as well as closely adapted to family characteristics and established behaviors.}, keywords = {Adult children, Demographics, Income}, url = {http://psc.isr.umich.edu/pubs/papers/rr01-487.pdf}, author = {Berry, Brent M.} } @article {6743, title = {Betwixt and Between: Targeting coverage reforms to those approaching Medicare}, journal = {Health Affairs}, volume = {20}, year = {2001}, pages = {219-30}, publisher = {20}, abstract = {Recent Medicare buy-in proposals agree on setting eligibility at age sixty-two but disagree on linking eligibility to loss of employer insurance or ability to pay. We examine arguments for targeting incremental coverage for older Americans in these ways. While access to retiree health insurance is declining, we question whether targeting loss of employer insurance can address many older Americans{\textquoteright} insurance problems. Furthermore, focusing on persons ages sixty-two to sixty-four misses a large group of persons in poor health with limited resources. Efforts to improve coverage for older Americans should consider trade-offs between defining eligibility by age versus ability to pay.}, keywords = {Demographics, Health Conditions and Status, Healthcare, Income, Insurance, Medicare/Medicaid/Health Insurance, Methodology, Net Worth and Assets}, doi = {10.1377/hlthaff.20.1.219}, author = {Dennis G. Shea and Pamela F. Short and M. Paige Powell} } @article {5447, title = {Can Americans Maintain Pre-Retirement Consumption Standards in Retirement?}, year = {2001}, institution = {University of Wisconsin-Madison}, keywords = {Consumption and Savings, Income, Retirement Planning and Satisfaction}, author = {John Karl Scholz} } @article {6757, title = {How Effective is Redistribution Under the Social Security Benefit Formula?}, journal = {Journal of Public Economics}, volume = {82}, year = {2001}, note = {RDA 1996-005}, pages = {1-28}, publisher = {82}, abstract = {In this study, data from the Health and Retirement Study linked to the Social Security Administration is used in order to analyze wealth redistribution by way of Social Security. This redistribution seems to go from the upper earners to the lower earners. More specifically, the wealth is being redistributed from men to women and, when looking at the household context, from primary earners to secondary earners. The study also illustrates wealth redistribution when specific factors are taken into account and show how much of an effect different variables have on the redistribution of wealth. From their analysis the authors conclude that privatizing the Social Security system would have no effect on redistribution of wealth.}, keywords = {Consumption and Savings, Income, Retirement Planning and Satisfaction, Social Security}, author = {Alan L Gustman and Thomas L. Steinmeier} } @article {5428, title = {Impact of Displacement on Older Workers}, year = {2001}, institution = {Santa Monica, CA, RAND Corp}, abstract = {We examine the impact of job displacement on older workers. Whereas previous studies focus on the earnings losses associated with displacement, we examine compensation losses more generally. Using the Health and Retirement Study, we measure the impact of a job loss on earnings, pension wealth, and health insurance. When pension and health insurance losses are incorporated to measure the overall impact of a displacement, the estimated total compensation loss increases by nearly 100 percent relative to the standard analysis that only examines earnings losses.}, keywords = {Employment and Labor Force, Health Conditions and Status, Income, Insurance, Other, Retirement Planning and Satisfaction}, author = {Steven Haider} } @article {5479, title = {Impute: A SAS Application System for Missing Value Imputations-With Special Reference to HRS Income/Assets}, year = {2001}, institution = {Institute for Social Research, University of Michigan}, address = {Ann Arbor, Michigan}, abstract = {Survey questions that ask respondents to report amounts are often subject to high rates of missing data (Heeringa, Hill, and Howell, 1995; Hill, 1999; Juster and Smith, 1998). To avoid losing altogether valuable information from those who are unable or unwilling to provide answers to amount questions, more and more researchers rely on special questionnaire designs to collect bracket information, trying to infer exact amounts from the brackets collected. The work involving an inference of exact amount from bracket information may be called missing value imputation with brackets . When the bracket information is not available, it is reduced to a general type of imputation, called here missing value imputation without brackets . In this document, we describe a SAS application system, IMPUTE, designed for missing value imputation without brackets in general, and for inferring exact amount from bracket information in particular. To navigate our tour, and as a motivation for this project, we shall pay special attention to the Health and Retirement Study (HRS) income and assets imputations. Among many other advantages, the HRS income and asset data sets provide a good example for illustrating the uses of, and the limits to, the system.}, keywords = {Income, Methodology, Net Worth and Assets}, author = {Cao, Honggao} } @article {6777, title = {Longitudinal Changes in Net Worth by Household Income and Demographic Characteristics for the first three waves of HRS Data}, journal = {Financial Services Review}, volume = {10}, year = {2001}, pages = {55-73}, publisher = {10}, abstract = {The purpose of this study is to provide an initial examination of the first three waves of HRS in terms of non-housing net worth by gender, education, race, religion, income, and age. The longitudinal data that is available for a sample of those who are nearing retirement or in retirmenet allows a picture of their financial condition to be drawn. Statistical analysis indicates that there is a difference in non-housing net worth by demographic characteristics and material status for each wave of data.}, keywords = {Adult children, Income, Methodology, Net Worth and Assets}, doi = {10.1016/S1057-0810(02)00100-2}, author = {Karen E. Lahey and Kim, Doseong} } @article {6740, title = {New methods and data sources for measuring economic consequences of workplace injuries.}, journal = {Am J Ind Med}, volume = {40}, year = {2001}, month = {2001 Oct}, pages = {452-63}, publisher = {40}, abstract = {

BACKGROUND: Evaluation of programs and policies to reduce the incidence of workplace injuries require that the consequences of injury are estimated correctly. Because workplace injuries are complex events, the availability of data that reflects this complexity is the largest obstacle to this estimation.

METHODS: We review the literature on the consequences of workplace injuries for both workers and employers, focusing on data sources, particularly linked administrative data from different public agencies. We also review other approaches to obtaining data to examine workplace injuries, including public-use longitudinal survey data, primary data collection, and linked employee-employer databases. We make suggestions for future research.

RESULTS: Recent advances in the literature on the economic consequences of workplace injuries for workers have been driven to a great extent by the availability of new data sources. Much remains unexplored. We find longitudinal survey databases including the National Longitudinal Survey of Youth, and the Health and Retirement Survey, to be very promising though largely untapped sources of data on workplace injuries. We also find that linked employee-employer databases are well suited for the study of consequences for employers.

CONCLUSIONS: We expect that new data sources should lead to rapid advances in our understanding of the economic consequences of workplace injuries for both workers and employers.

}, keywords = {Accidents, Occupational, Cost of Illness, Data collection, Database Management Systems, Employer Health Costs, Evaluation Studies as Topic, Forecasting, Humans, Income, Insurance Claim Reporting, Registries, Research Design, Workplace}, issn = {0271-3586}, doi = {10.1002/ajim.1115}, author = {Reville, Robert T. and Bhattacharya, Jay and Sager Weinstein, L.R.} } @article {5429, title = {Resource Transfers to the Elderly: Do Adult Children Substitute Financial Transfers for Time Transfers}, number = {DRU-2542}, year = {2001}, institution = {RAND Corp}, address = {Santa Monica, CA}, abstract = {Using the Health and Retirement Study, this research investigates whether an adult child substitutes financial transfers to an elderly parent for time transfers as the cost of his or her time increases. I develop and estimate a model of the effect of a child{\textquoteright}s wage rate on time and money transferred to an elderly parent. I calculate a wage elasticity and study how this varies with the existence of substitutes such as siblings and a spouse, and how this varies by sex of the child. The results show that an adult child will substitute money for time. Furthermore, I find that for a male child, a spouse is a substitute helper for elderly parents and that for a female child a spouse is a complementary helper while siblings serve as substitutes.}, keywords = {Adult children, Consumption and Savings, Demographics, Income, Other, Time Use}, url = {https://www.rand.org/pubs/drafts/DRU2542.html}, author = {Julie M Zissimopoulos} } @mastersthesis {6005, title = {Two Essays Related to Labor Market Behavior: Demand for publicly provided job training programs in Illinois and Poor health, asset accumulation, and early retirement behavior}, year = {2001}, month = {2001}, school = {Northern Illinois University}, abstract = {Essay 1. This essay examines the determinants of the demand for public job training programs in Illinois. My first objective is to determine which personal characteristics influence support for an increase in spending on publicly provided job training programs for the unemployed across various income groups in Illinois. In particular, I empirically test for a u- shaped relationship between income and the demand for publicly-provided job training. My second objective is to examine the role of local economic conditions in determining the demand for job training programs. I use data from the 1995 Illinois policy survey supplemented with county- and regional-level data (including the unemployment rate, manufacturing employment, population density, and poverty rate). I do not find a u-shaped relationship between income and the demand for job training. However, I find that regional economic conditions, particularly the unemployment rate, the poverty rate, and population density, significantly influence the demand for job training programs in Illinois. In contrast, I find county-level economic conditions are not very influential. Essay 2. The purpose of this essay is to examine the impact of chronic health conditions on asset accumulation and retirement. Compared to a healthy worker, a person with a chronic health condition throughout his or her working life may have had reduced labor force participation and may have built a smaller portfolio of assets. Because this individual will have lower asset income than a healthy person, he or she will be less likely to retire, other things equal. Thus, chronic poor health may lead to opposing effects on the labor supply of the elderly. In my empirical analysis, I use data on adults aged 51-61 from the Health and Retirement Study (HRS) to study asset accumulation and retirement behavior of the chronically ill. I find that for 90\% of individuals with chronic health problems, asset accumulation is sufficiently reduced to delay retirement. The needs of this group have not been addressed by researchers or policy makers discussing critical issues surrounding poor health and retirement.}, keywords = {Education, Employment and Labor Force, Health Conditions and Status, Income, Net Worth and Assets, Other, Retirement Planning and Satisfaction}, author = {Miah, Mohammad Solaiman} } @article {5483, title = {What Benefits Do Young Retirees and Older Workers Receive?}, year = {2001}, institution = {Washington, DC, National Academy on an Aging Society}, abstract = {Examined the receipt of public and private benefits by young retirees and older workers. Data were obtained from the 1993 panel of the Survey of Income and Program Participation (that surveyed adults aged 18-84), 1992 wave of the Health and Retirement Study (that surveyed adults aged 51-61), and 1993-1994 wave of the study of Assets and Health Dynamics Among the Older Old (that surveyed adults aged 70 and older). It was found that workers of all ages were less likely to participate in means-tested public benefit programs compared with people who were not working. About one-tenth of young retires aged 51-59 received Supplemental Security Income benefits, compared with just 1 of workers in the same age group. The value of pensions was higher for workers, especially men, and those who wanted to retire early were more likely to have retirement plans than those forced to retire early. Participation in the Medicaid and Food Stamp programs was also higher for young retirees compared with workers the same age. Only half of those forced to retire at an early age had private health insurance, compared with 84 who wanted to retire at an early age. Older workers were more likely than nonworkers to receive and give financial support.}, keywords = {Employment and Labor Force, Income, Pensions}, author = {Summer, Laura and Shirey, Lee} } @article {5423, title = {Differential Mortality and the Value of Individual Account Retirement Annuities}, year = {2000}, note = {RDA; National Institute of Aging and the National Bureau of Economic Research}, institution = {National Bureau of Economic Research, NBER Working Paper 7560}, abstract = {This paper examines the extent of redistribution that would occur under various annuity and bequest options as part of an individual accounts retirement program. I first estimate mortality differentials by gender, race, ethnicity and level of education using the National Longitudinal Mortality Study and document substantial differences. I then use these estimates to examine the expected transfers that would take place between socioeconomic groups under different assumptions about the structure of an annuity program. Using an expected present discounted value or money s worth calculation as the basis for comparison, I find that the size of transfers in an individual accounts program is highly sensitive to the benefit structure. For example, mandating a single-life, real annuity can result in expected transfers of as high as 20 of the account balance, often from economically disadvantaged groups toward groups that are better off. These transfers can be substantially reduced through the use of joint life annuities, survivor provisions and bequest options. For example, the largest expected negative transfer under a joint and full survivor annuity with a fully valued 20-year guarantee option is only 2 of the account balance. However, efforts to reduce the extent of redistribution generally do so at the cost of significantly lower annuity benefits paid to the individuals who contribute to the system.}, keywords = {Income, Net Worth and Assets}, url = {http://www.nber.org/papers/}, author = {Brown, Jeffrey R.} } @article {6696, title = {Employer Provided Pension Data in the NLS Mature Women{\textquoteright}s Survey and in the Health and Retirement Study}, journal = {Research in Labor Economics}, volume = {19}, year = {2000}, note = {RDA 1996-005}, pages = {215-252}, publisher = {19}, keywords = {Consumption and Savings, Employment and Labor Force, Income, Methodology, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction}, author = {Alan L Gustman and Thomas L. Steinmeier} } @article {5405, title = {Employment Income Inequality among Older U.S. Workers: Gender, Race, and Class Comparisons}, year = {2000}, abstract = {As the elderly segment of the US population continues to grow in size and voice, the economic status of older workers and retirees, particularly women and racial minorities, is of growing social and political interest and concern. While sociologists have analyzed occupational and industrial segmentation and racial and gender inequality in retirement, most studies have narrowly focused on either race or gender and on either pension or Social Security earnings. This research examines effects of gender, race, class, occupation, work, and marital status characteristics on older workers{\textquoteright} preretirement income. This research is based on the preretired respondents who are currently working for pay (N = 4,959) in the 1992 Health and Retirement Study, a nationally representative survey of individuals ages 51-61 and their spouses. Ordinary least squares regressions were used to estimate the effects of ascribed characteristics (race and gender) as well as work and family history on employment income prior to retirement. Race and gender were found to interact to produce preretirement employment income advantages/disadvantages. Similarly, occupation, class, and the interaction of these variables created considerable differences in income, especially along race and gender lines. The findings suggest status inequality is produced and sustained throughout the life course.}, keywords = {Demographics, Employment and Labor Force, Income, Other}, author = {Behringer, Autumn and Janet M Wilmoth and Hogan, Richard and Perrucci, Carolyn C.} } @article {8429, title = {Fatter women end up with thinner wallets}, journal = {USA Today}, year = {2000}, month = {November 20, 2000}, pages = {9D}, publisher = {USA Today}, chapter = {Life}, keywords = {Health Conditions and Status, Income, Women and Minorities}, author = {Elias, Marilyn} } @article {5402, title = {How Effective is Redistribution Under the Social Security Benefit Formula?}, number = {7597}, year = {2000}, institution = {National Bureau of Economic Research}, address = {Cambridge, MA}, abstract = {This paper uses earnings histories obtained from the Social Security Administration and linked to the survey responses for participants in the Health and Retirement Study to investigate redistribution under the current social security benefit formula. When individuals are arrayed by indexed lifetime earnings, benefits are significantly redistributed from those with high lifetime earnings to those with low lifetime earnings. However, much of this apparent redistribution is from men to women, and when examined at the level of the family, from primary to secondary earners. When families are arrayed according the total lifetime earnings, and spouse and survivor benefits are taken into account, the extent of redistribution from families with high lifetime earnings to families with low lifetime earnings is roughly halved. When families are arrayed by their earnings potential, i.e., earnings during years when both spouses are engaged in substantial work, there is very little redistribution from families with high to low earnings capacity. Accordingly, at least for families on the verge of retirement day, introducing a system that ignored issues of redistribution would have no major effect on the distribution of social security benefits net of taxes among families with different earnings capacities.}, keywords = {Consumption and Savings, Income, Retirement Planning and Satisfaction, Social Security}, url = {https://www.nber.org/papers/w7597$\#$:~:text=When\%20families\%20are\%20arrayed\%20according,lifetime\%20earnings\%20is\%20roughly\%20halved.}, author = {Alan L Gustman and Thomas L. Steinmeier} } @article {6716, title = {HRS data set: Respondent Earnings and Social Security Benefits Files.}, journal = {Soc Secur Bull}, volume = {63}, year = {2000}, month = {2000}, pages = {72-3}, publisher = {63}, keywords = {Humans, Income, Social Security, United States}, issn = {0037-7910}, author = {Unattributed} } @mastersthesis {6298, title = {Racial and Ethnic Inequality in Housing Wealth: A Multi-Level Approach}, year = {2000}, month = {2000}, school = {The University of Chicago}, abstract = {That blacks and Hispanics continue to trail whites in wealth, despite significant advances in socioeconomic attainment and decades of anti -discrimination legislation, represents a serious challenge to equal opportunity and a large source of inequality in well-being. Housing wealth is arguably the most important form of assets, comprising the largest share of wealth for most families and providing an important source of wealth generation via appreciation. Understanding why minorities average lower homeownership and housing equity than whites with comparable levels of human capital and financial resources is thus a critical issue for stratification research. My dissertation departs from previous analyses of housing inequality in several ways. First I take a multi-level approach, combining household data from the Health and Retirement Study with neighborhood and metropolitan data from the US Census. Second, I examine housing inequality in a multi-ethnic framework, considering Hispanics in addition to blacks and whites. And finally, I concentrate on the pre-retirement population, which has direct implications for quality of life among the elderly and for wealth transmission across generations. Results demonstrate the negative impact of an important by-product of discrimination, residential segregation, on minority housing. I show that tastes and preferences do not contribute to inequality in housing assets, strongly suggesting the importance of discrimination in undermining minority housing. Subsequently, I show that segregation negatively affects minority housing consumption, depressing both homeownership and housing quality. And finally, I document the negative effect of segregation on the investment aspect of housing. I show that homes in neighborhoods with large or growing minority populations experience lower appreciation than comparable homes in stable and white neighborhoods. Moreover, minority concentration continues to undermine appreciation even after socioeconomic differences across neighborhoods are accounted for. Thus discrimination creates a vicious circle in which minorities are confined to segregated communities with high rates of poverty and poor housing conditions. This engenders supply restrictions detrimental to homeownership and undermines housing appreciation. The resulting inequality in housing wealth detracts from minority well-being and hinders other forms of wealth accumulation. That Hispanic housing is also adversely affected by segregation raises serious concerns for the prospects of Hispanic assimilation.}, keywords = {Demographics, Housing, Income, Net Worth and Assets, Women and Minorities}, url = {Available from UMI, Ann Arbor, MI. Order No. DA9951782.}, author = {Chenoa Flippen} } @article {5414, title = {Retirement Responses to early Social Security Benefit Reductions}, year = {2000}, institution = {National Bureau of Economic Research}, abstract = {Respondents who retire early are similar initially, in terms of their health, education, and wealth, to those who subsequently elect the normal retirement path. Both groups are healthier and better educated than those who take disability retirement. Analysis of the life-cycle budget constraint shows that cutting early Social Security benefits would have an uneven effect on beneficiaries. Respondents who are black, have lower levels of education, and are in poor health would suffer relatively large losses. This study finds that a cut in early Social Security benefits would result in more workers delaying benefit acceptance as opposed to taking disability benefits.}, keywords = {Disabilities, Employment and Labor Force, Event History/Life Cycle, Health Conditions and Status, Income, Insurance}, url = {http://www.nber.org/papers/w7963}, author = {Olivia S. Mitchell and John W R Phillips} } @article {5401, title = {Testing Parental Altruism: Implications of a Dynamic Model}, year = {2000}, note = {ProCite field 8 : UCLA and NBER}, institution = {NBER}, abstract = {Each year parents transfer a great deal of money to their adult children. While intuition might suggest that these transfers are altruistic and made out of concern for the well-being of the children, the fundamental prediction of the altruistic model has been decisively rejected in empirical tests. This paper shows that, in fact, the prediction that an increase of one dollar in the income of the recipient, accompanied by a decrease of one dollar in the income of the donor, leads to a one dollar reduction in transfers will not hold, if parents use observations on the current incomes of children to update their expectations about future incomes. This result implies that many past studies have relied on too restrictive a test, and furthermore, that our ability to distinguish empirically between altruistic and exchange behavior is severely limited. The paper also analyzes the variation in transfer behavior over time and finds substantial change across periods in recipiency status as well as strong correlation between inter vivos transfers and the transitory income of the recipient. This evidence suggests that dynamic models can provide insights into transfer behavior that are impossible to obtain in a static context.}, keywords = {Adult children, Income}, url = {http://papers.nber.org/papers/W7593}, author = {Kathleen McGarry} } @article {6632, title = {The Adequacy of Household Saving}, journal = {Brookings Papers on Economic Activity}, volume = {2}, year = {1999}, note = {RDA 1998-006}, pages = {65-165}, publisher = {2}, abstract = {This paper shows that, in a life-cycle simulation model in which people save for retirement and due to uncertain future earnings and lifespan, there will be a distribution of optimal wealth-earnings ratios, even among observationally equivalent households. Therefore even low levels of wealth can be consistent with optimization. Using HRS and SCF data, we find that more than half of married households where the husband works full-time have wealth -earnings ratios exceeding the optimal median simulated ratio for households with the same characteristics. The model understates accumulation among households with high wealth-earnings ratios. Both results suggest accumulation is adequate for most such households. However, there is evidence of undersaving at the 5th and the 25th percentiles. We also reconcile most previous studies that have been interpreted as showing inadequate household saving with our results.}, keywords = {Adult children, Consumption and Savings, Event History/Life Cycle, Income, Net Worth and Assets, Retirement Planning and Satisfaction}, url = {https://www.brookings.edu/wp-content/uploads/1999/06/1999b_bpea_engen.pdf}, author = {Engen, Eric M. and William G. Gale and Cori E. Uccello} } @article {7308, title = {Characteristics of individuals with integrated pensions.}, journal = {Soc Secur Bull}, volume = {62}, year = {1999}, month = {1999}, pages = {28-40}, publisher = {49}, abstract = {

Employer pensions that integrate benefits with Social Security have been the focus of relatively little research. Since changes in Social Security benefit levels and other program characteristics can affect the benefit levels and other features of integrated pension plans, it is important to know who is covered by these plans. This article examines the characteristics of workers covered by integrated pension plans, compared to those with nonintegrated plans and those with no pension coverage. Integrated pension plans are those that explicitly adjust their benefit structure to help compensate for the employer{\textquoteright}s contributions to the Social Security program. There are two basic integration methods used by defined benefit (DB) plans. The offset method causes a reduction in employer pension benefits by up to half of the Social Security retirement benefit; the excess rate method is characterized by an accrual rate that is lower for earnings below the Social Security taxable maximum than above it. Defined contribution (DC) pension plans can be integrated along the lines of the excess rate method. To date, research on integrated pensions has focused on plan characteristics, as reported to the Bureau of Labor Statistics (BLS) through its Employee Benefits Survey (EBS). This research has examined the prevalence of integration among full-time, private sector workers by industry, firm size, and broad occupational categories. However, because the EBS provides virtually no data on worker characteristics, analyses of the effects of pension integration on retirement benefits have used hypothetical workers, varying according to assumed levels of earnings and job tenure. This kind of analysis is not particularly helpful in examining the potential effects of changes in the Social Security program on workers{\textquoteright} pension benefits. However, data on pension integration at the individual level are available, most recently from the Health and Retirement Study (HRS), a nationally representative survey of individuals aged 51-61 in 1992. This dataset provides the basis for the analysis presented here. The following are some of the major findings from this analysis. The incidence of pension integration in the HRS sample is 32 percent of all workers with a pension (14 percent of all workers). The HRS can also identify integrated DC plans, a statistic that is not available from BLS data. The rate of integration for workers with only DC plans is 8 percent. After controlling for other variables, several socio-demographic characteristics are significantly related to the incidence of integration. The probability of having an integrated pension is 4.6 percentage points less for men compared to women. Non-Hispanic blacks are 6.4 percentage points less likely than non-Hispanic whites to have integrated pensions. Union members are 14 percentage points less likely to have integrated pensions, while workers with less than a graduate level education are at least 15 percentage points more likely to have a pension that is integrated. Some earnings and pension characteristics are also significantly correlated with pension integration. Earnings are positively related, with the probability of having an integrated pension increasing by 2 percentage points for an increase of $1,000 in annual pay. An even larger effect comes from earning at or above the Social Security taxable maximum. Workers at or above this income level are 10 percentage points more likely to have an integrated plan, but for those with more than one plan the probability of pension integration goes up by 13 percentage points.

}, keywords = {Bias, Data collection, Educational Status, ethnicity, Female, Humans, Income, Labor Unions, Male, Middle Aged, Occupations, Pensions, Regression Analysis, Reproducibility of Results, Retirement, Sex Factors, Social Security, Socioeconomic factors, United States}, issn = {0037-7910}, author = {Bender, K A} } @article {6635, title = {Effect of Pensions on Saving: Analysis with Data from the Health and Retirement Study: A Comment}, journal = {Carnegie Rochester Conference Series on Public Policy}, volume = {50}, year = {1999}, pages = {325-35}, publisher = {50}, keywords = {Consumption and Savings, Employment and Labor Force, Income, Pensions, Retirement Planning and Satisfaction, Social Security}, doi = {10.1016/S0167-2231(99)00031-7}, author = {Rust, John} } @article {5381, title = {Employer Provided Pension Data in the NLS Mature Women{\textquoteright}s Survey and in the Health and Retirement Study}, year = {1999}, institution = {National Bureau of Economics Research}, abstract = {We compute pension wealth from employer provided pension plan descriptions matched to respondent surveys to the National Longitudinal Survey of Mature Women (NLS-MW) and the Health and Retirement Study (HRS). These calculations provide detailed information on the level and distribution of pension wealth and a variety of incentives from pensions. Differences between the pensions of men and women are largely explained by differences in earnings. However, there also are differences in the shapes of the pension accrual profiles of defined benefit plans that are likely to reflect tenure of women. Pension coverage is lower in the NLS-MW than in the HRS. As a result, wealth is lower in the NLS-MW than in the HRS. But the difference in coverage is not due to the effects of pension matching. Pension values for covered respondents are similar between the NLS-MW and HRS surveys. Systematic differences between the surveys in the rate at which pensions were matched do not have a major effect on findings as to the levels and distributions of pension wealth between the surveys.}, keywords = {Consumption and Savings, Employment and Labor Force, Income, Methodology, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction}, author = {Alan L Gustman and Thomas L. Steinmeier} } @inbook {5153, title = {The Size Distribution of Wealth in the United States: A Comparison Among Recent Household Surveys}, booktitle = {Wealth, Work and Health: Innovations in Measurement in the Social Sciences}, year = {1999}, note = {ProCite field 8 : eds.}, pages = {209-32}, publisher = {University of Michigan Press}, organization = {University of Michigan Press}, address = {Ann Arbor, MI}, keywords = {Income, Methodology}, url = {https://books.google.com/books?id=lKvp4D1HuH8C\&pg=PA209\&lpg=PA209\&dq=The+Size+Distribution+of+Wealth+in+the+United+States:+A+Comparison+Among+Recent+Household+Surveys\&source=bl\&ots=hFIAdSeWob\&sig=ACfU3U2nIQ6QSOJ4wEBUDcbZOo-x7n8b7g\&hl=en\&sa=X\&ved=2ahUKEwjQ}, author = {Wolff, Edward}, editor = {James P Smith and Robert J. Willis} } @book {5265, title = {Wealth, Work, and Health: Innovations in Measurement in the Social Sciences: Essays in honor of F. Thomas Juster}, year = {1999}, note = {ProCite field 8 : eds.}, publisher = {University of Michigan Press}, organization = {University of Michigan Press}, address = {Ann Arbor, MI}, abstract = {Twelve papers, presented at a December 1996 conference at the Institute for Social Research (ISR), celebrating the career of F. Thomas Juster and his retirement from the University of Michigan and the ISR, focus on survey measurement and analysis of survey data in the social sciences. Papers discuss the several cultures of research on subjective expectations; measuring investment in young children with time diaries; the unfolding bracket method in the measurement of expenditures and wealth; lifetime earnings, saving choices, and wealth at retirement; inheritances and bequests; pension and social security wealth in the Health and Retirement Study; the size distribution of wealth in the United States as measured by recent household surveys; a cross -national comparison of health, work, and economic well-being of older workers aged fifty-one to sixty-one using the U.S. and Dutch data sets; labor market transitions and whether subjective probabilities of working have predictive power for actual retirement; the impact of education and heart attack on smoking cessation among middle-aged adults; the association of influenza vaccine receipt with health and economic expectations among elders; and co -residence between married adult children and their elderly unmarried mothers. Contributors include economists. Smith is at the RAND Corporation. Willis is at the University of Michigan and the Institute for Social Research. No index.}, keywords = {Consumption and Savings, Health Conditions and Status, Income, Methodology, Retirement Planning and Satisfaction}, url = {https://www.semanticscholar.org/paper/Wealth\%2C-work\%2C-and-health-\%3A-innovations-in-in-the-\%3A-Juster-Smith/38354f435b24934cee24184e55e2a75214e2462b}, author = {James P Smith and Robert J. Willis} } @article {6602, title = {The Cause of Wealth Dispersion at Retirement: Choice or Chance?}, journal = {American Economic Review}, volume = {88}, year = {1998}, note = {RDA 1999-002 ProCite field 3 : Dartmouth College; NBER}, pages = {185-91}, publisher = {88}, keywords = {Income, Net Worth and Assets, Retirement Planning and Satisfaction}, url = {https://www.jstor.org/stable/116916?seq=1}, author = {Steven F Venti and David A Wise} } @article {5379, title = {Effects of Pensions on Savings: Analysis with Data from the Health and Retirement Study}, number = {6681}, year = {1998}, note = {RDA 1996-005 ProCite field 8 : Dartmouth College and NBER; TX Tech U}, institution = {NBER}, address = {Cambridge}, abstract = {This paper examines the composition and distribution of total wealth for a cohort of 51- to 61-year olds from the Health and Retirement Study (HRS), and the role of pensions in forming retirement wealth. Pension coverage is widespread, covering two-thirds of households and accounting for one-quarter of accumulated wealth. Social security benefits account for another quarter of total wealth. As calculated from earnings records, the present discounted value of social security benefits is less than the present value of taxes paid. Earlier than many expected, social security is already a poor investment on average for this cohort on the verge of retirement. When pensions and social security are included, wealth accumulated by the HRS population to date is substantial. At their expected retirement date, using only the wealth accumulated by their mid-fifties, the HRS household with median replacement rate could finance a fixed, nominal two-thirds joint and survivor annuity replacing 79 percent of last earnings, and a real annuity replacing 52 percent of last earnings. Replacement rates for median earners are higher. Additional savings made over the seven years remaining until retirement will raise those replacement rates by about a fifth. When measured against a standard of adequacy based on average yearly earnings over the worklife, with adjustments made for the absence of preretirement savings, children, taxes, work-related expenses and other factors, these replacement rates appear adequate. Lifetime earnings are measured for each individual in the HRS from social security earnings records augmented by self-reported earnings histories. When pensions and social security are counted in total wealth, the ratio of wealth to lifetime earnings declines from very high levels in the bottom ten percent of the earnings distribution, remains at roughly 40 percent from the 25th through 95th percentile of the lifetime earnings distribution, and then falls to 32 percent for those in the top five percent of the earnings distribution. This result is consistent with the predictions of a simple, stripped-down life-cycle model. Also consistent is a finding that the ratio of wealth to lifetime earnings is no higher for those with pensions than for those without pensions. However, heterogeneity is quite important. Real estate and business wealth are a larger share of total wealth for those without pensions, reflecting the importance of self-employment in wealth accumulation. Multivariate regressions relating total wealth to pension coverage and pension value, which standardize for sources of heterogeneity, suggest that pensions cause very limited displacement of other wealth, if any. Pensions add to total wealth by at least half the value of the pension, and in most estimates by a good deal more. These findings are not consistent with a simple life-cycle explanation for savings. They also raise questions about whether pensions are fundamentally a tax avoidance device, allowing substitution of pension for nonpension savings.}, keywords = {Adult children, Consumption and Savings, Employment and Labor Force, Income, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction, Social Security}, url = {https://www.nber.org/papers/w6681.pdf}, author = {Alan L Gustman and Thomas L. Steinmeier} } @inbook {5121, title = {Household Wealth of the Elderly under Alternative Imputation Procedures}, booktitle = {Inquiries in the economics of aging}, year = {1998}, note = {ProCite field[3]: U CA, Berkeley and NBER; SUNY, Stony Brook, RAND, and NBER; U CA, Berkeley}, pages = {229 -54}, publisher = {University of Chicago Press}, organization = {University of Chicago Press}, address = {Chicago and London}, abstract = {Although many reach retirement with few resources except housing equity and a claim to social security and Medicare, financial wealth, nonetheless, makes an important contribution to the economic status of many of the elderly. Most of our up-to-date information about the wealth of the elderly is based on the Survey of Income and Program Participation (SIPP), which sometimes adds an asset module to its core survey. As in many surveys of assets, the rate of missing data on individual asset items is high, about 30 to 40 percent among those with the asset. This raises the issue of the reliability of SIPP wealth measures because respondents who refuse or are unable to give a value to an asset item may not be representative of the population. Indeed, in the Health and Retirement Survey (HRS) it is clear that asset data are not missing at random. Through the use of bracketing methods, which we will discuss below, the HRS was able to reduce the rate of missing asset data substantially, and the data that were added in this way increased mean wealth in the HRS by about 40 percent (Smith 1995). Furthermore, because the additional data increased the mean so much, they undoubtedly increased measures of wealth inequality. }, keywords = {Consumption and Savings, Demographics, Income, Net Worth and Assets, Retirement Planning and Satisfaction}, url = {https://www.nber.org/chapters/c7088}, author = {Hoynes, Hilary and Michael D Hurd and Chand, Harish}, editor = {David A Wise} } @article {5369, title = {The Impact of Pay Inequality, Occupational Segregation, and Lifetime Work Experience on Retirement Income of Women and Minorities}, year = {1998}, note = {RDA}, abstract = {In this study the researchers review data on earnings and search for differences between men and women, as well as, differences between whites and minorities. Specifically, the researchers examine Social Security, employer-provided pensions, and financial assets, like homes. Observations and analysis of the data show that occupational segregation along with pay differences explain the vast majority of the retirement income differences. Most of the pay difference between men and women is in the form of pension size. Many interesting findings are given with possible explanations and ways of fixing the discrepancies. Cross-tabulations are done to show differences between the married and non-married, as well.}, keywords = {Demographics, Housing, Income, Net Worth and Assets, Pensions, Social Security, Women and Minorities}, author = {Olivia S. Mitchell and Phillip B. Levine and John W R Phillips} } @article {5375, title = {The Impact of Rising 401(k) Pension Coverage on Future Retirement Income}, year = {1998}, institution = {Washington, DC, Department of Labor, Pension and Welfare Benefits Administration}, keywords = {Income, Pensions}, author = {Even, William and David A. Macpherson} } @inbook {5162, title = {Implications of Rising Personal Retirement Saving}, booktitle = {Frontiers in the Economics of Aging}, year = {1998}, note = {RDA 1999-002 ProCite field 8 : ed.}, pages = {125-167}, publisher = {University of Chicago Press}, organization = {University of Chicago Press}, address = {Chicago, IL}, abstract = {This paper simulates the 401(k) assets of future generations of retirees and compares these assets with the social security and other assets of the households who are approaching retirement now. The accumulation of 401(k) assets at retirement for the cohort that was 25 years old in 1984 and the cohort that was 15 years old in 1984 was projected. Findings based on these projections suggest that 401(k) assets will definitely be a significant component of the retirement wealth of future retirees and could be the dominant component for a large fraction of them.}, keywords = {Employment and Labor Force, Income, Pensions}, author = {James M. Poterba and Steven F Venti and David A Wise}, editor = {David A Wise} } @article {6606, title = {Late Life Job Displacement}, journal = {The Gerontologist}, volume = {38}, year = {1998}, pages = {7-17}, publisher = {38}, abstract = {Data from the 1992 wave of the Health and Retirement Study are used to examine the incidence of job displacement among workers ages 51 through 60. The average displaced worker experiences a loss in earnings of 39 . Households which contain a displaced worker have incomes 24 lower than the household of an average worker. Little of these lost earnings are replaced through pension income. The rate of health insurance coverage is 16 lower among displaced workers. As with other labor market outcomes, non-Whites on average are the most economically vulnerable following displacement.}, keywords = {Demographics, Employment and Labor Force, Health Conditions and Status, Income, Medicare/Medicaid/Health Insurance, Methodology, Other, Pensions}, doi = {10.1093/geront/38.1.7}, author = {Kenneth A. Couch} } @article {6607, title = {Older Parents{\textquoteright} Expectations of Moving Closer to Their Children.}, journal = {The Journals of Gerontology: Social Sciences}, volume = {53B}, year = {1998}, pages = {S153-63}, publisher = {53B}, abstract = {Research shows that older parents engage in return migration in older to live closer to children from whom they receive care. However, less is known about how characteristics of adult children influence this process. Data for this analysis are from 5,382 older parents participating in the 1993/4 AHEAD national survey of adults aged 70 years old and older. Findings demonstrate that elderly parents who expect to move closer to adult children tend to be older, female, and have at least one child who is better-off financially than they are. Living alone magnifies the effect of poor self-rated health on expecting to move closer to a child. Random effects modeling of children{\textquoteright}s characteristics reveals that parents are more likely to expect to move closer to a daughter than to a son. Greater parental functional impairment was found to further depress the selection of sons. Overall, the findings suggest that older parents expect to move closer to adult children out of need and tend to select a target child with greater potential to provide support.}, keywords = {Adult children, Demographics, Health Conditions and Status, Housing, Income, Methodology}, url = {https://watermark.silverchair.com/53B-3-S153.pdf?token=AQECAHi208BE49Ooan9kkhW_Ercy7Dm3ZL_9Cf3qfKAc485ysgAAApgwggKUBgkqhkiG9w0BBwagggKFMIICgQIBADCCAnoGCSqGSIb3DQEHATAeBglghkgBZQMEAS4wEQQMNAXM1J8iGScq2A0NAgEQgIICSwK0q6lyxlxs-JeLbHUAd0eX7Sbh-33pv0SkUBYneGeD}, author = {Merril Silverstein and Angelelli, J.J.} } @mastersthesis {6112, title = {Two Essays on the Labor Market}, year = {1998}, month = {1998}, school = {University of Michigan}, abstract = {This dissertation contains essays which examine two aspects of the labor market that have undergone rapid changes in recent years. With dramatic increases in the fraction of workers having defined contribution pensions as their primary source of pension coverage, it is important to understand the role of these types of pensions on worker incentives and compensation. At the same time, the composition of displaced workers has seen many changes. In understanding how families cope with a job loss, one must examine the long-run impact of displacement. One chapter examines incentive differentials between defined benefit (DB) and defined contribution (DC) pensions and their impact on workers{\textquoteright} compensation. Agency theories of DB pensions posit that deferred compensation can be used as a shirking reduction device. By withholding a portion of the worker{\textquoteright}s compensation, the firm will increase worker productivity, which in turn results in higher career compensation for pension covered workers. While DB pensions implicitly require workers to forgo current compensation, DC pensions do not impose these constraints on workers due to the portability of these plans. Since characteristics of workers with pensions are similar across different types of pension plans, DC covered workers offer a better comparison group than workers without pensions for testing these theories. Using both self-reported and administrative data from the Health and Retirement Study, this essay is unable to find support for the implication that workers with defined benefit pensions receive more career compensation. The other chapter examines the effect of a husband{\textquoteright}s job loss on the labor supply of his wife, an effect known as the {\textquoteright}added worker{\textquoteright} effect. Unlike past studies which only focus on the effect of the husband{\textquoteright}s current unemployment status, this essay analyzes the wife{\textquoteright}s labor supply response in the periods before and after the husband{\textquoteright}s displacement in order to examine the long run adjustments to an earnings shock. Theoretical predictions for the timing and magnitude of the added worker effect are derived from a family life-cycle labor supply model and alternative predictions are obtained by including liquidity constraints and uncertainty in the analysis. Using the Panel Study of Income Dynamics, small pre-displacement effects are found along with larger effects which persist for many years after the initial displacement. The time path of the wives{\textquoteright} responses differs by the type of displacement, possibly due to differences in the information wives acquire prior to the displacement.}, keywords = {Employment and Labor Force, Income, Pensions, Women and Minorities}, author = {Melvin Stephens Jr.} } @article {5352, title = {Why There Are Differences in Retirement Income by Race in America}, year = {1998}, institution = {Watson Wyatt Worldwide}, keywords = {Income, Retirement Planning and Satisfaction}, author = {Hill, Tomeka} } @article {6576, title = {Asset and Health Dynamics Among the Oldest Old (AHEAD): initial results from the longitudinal study. Introduction.}, journal = {J Gerontol B Psychol Sci Soc Sci}, volume = {52 Spec No}, year = {1997}, month = {1997 May}, pages = {v-viii}, publisher = {52B}, keywords = {Aged, Aged, 80 and over, Data collection, Health Status, Humans, Income, Longitudinal Studies, Research Design}, issn = {1079-5014}, url = {https://www.ncbi.nlm.nih.gov/pubmed/9215353}, author = {Myers, George C. and Juster, F. Thomas and Richard M. Suzman} } @article {6573, title = {Asset and Health Dynamics Among the Oldest Old: An overview of the AHEAD Study}, journal = {The Journals of Gerontology, Series B: Psychological Sciences and Social Sciences}, volume = {52B}, year = {1997}, pages = {1-20}, publisher = {52B}, abstract = {This article contains background information on the study of Asset and Health Dynamics Among the Oldest Old (AHEAD), a prospective panel survey of persons born in 1923 or earlier who were residing in the community at the time of the 1993 baseline. Interviews were sought with both spouses in married households, and an overall total of 8,222 were completed. We review the interdisciplinary scientific issues that motivated the study, describe the fundamental design decisions that structured AHEAD, and summarize the content in the core and experimental modules. The study provides unusually detailed data on cognition, family structure and transfers, and assets. Data are presented on sample selections, response rates, and oversamples of minority groups. Basic descriptive data on the demographic, health, and socioeconomic attributes of respondents also are presented. Plans for future waves of AHEAD are described, including a next-of-kin interview for decreased respondents.}, keywords = {Adult children, Demographics, Health Conditions and Status, Healthcare, Income, Methodology, Net Worth and Assets}, author = {Beth J Soldo and Michael D Hurd and Willard L Rodgers and Robert B Wallace} } @article {5344, title = {The Changing Economic Circumstances of the Elderly: Income, Wealth and Social Security}, year = {1997}, institution = {Syracuse University}, abstract = {This Policy Brief looks at how the economic status of the elderly is changing and discusses their prospects for the future. While the economic status of the elderly has dramatically improved over the decades and there is evidence of modest wealth holdings by the typical older household, there still exists the reality of economic disparities. Many older Americans remain economically vulnerable and there are large inequalities in wealth. Wide disparities exist across racial and ethnic groups and across age groups, with the oldest households always faring worst, largely due to deaths of spouses. Evidence suggests that while income explains a significant part of the existing wealth disparities, it is not the sole factor. The other contributing factors are the significantly lower savings rates for low- and middle-income households, socioeconomic status and health, bequests motives, and Social Security. The brief ends with a discussion about the power of Social Security as a highly successful redistributive system and the reasons behind its need for reform.}, keywords = {Health Conditions and Status, Income, Net Worth and Assets, Social Security}, url = {https://ideas.repec.org/p/max/cprpbr/008.html}, author = {James P Smith} } @article {6566, title = {Demographic and economic correlates of health in old age.}, journal = {Demography}, volume = {34}, year = {1997}, note = {ProCite field 3 : RAND; UCLA and RAND}, month = {1997 Feb}, pages = {159-70}, publisher = {34}, abstract = {

In this paper we examine disparities in the ability to function among older Americans. We place special emphasis on two goals: (1) understanding the quantitatively large socioeconomic status-health gradient, and (2) the persistence in health outcomes over long periods. We find that there exist strong contemporaneous and long-run feedbacks from health to economic status. In light of these feedbacks, it is important to distinguish among alternative sources of income and the recipient of income in the household. This research also demonstrates that health outcomes at old age are influenced by health attributes of past, concurrent, and future generations of relatives. Finally, we find that the demographic and economic differences that exist among them explain functional health disparities by race and ethnicity, but not by gender.

}, keywords = {Activities of Daily Living, Aged, Cohort Studies, Demography, Disabled Persons, ethnicity, Female, Health Status, Humans, Income, Male, Models, Econometric, Racial Groups, Socioeconomic factors, United States}, issn = {0070-3370}, url = {https://www.ncbi.nlm.nih.gov/pubmed/9074837}, author = {James P Smith and Raynard Kington} } @article {6581, title = {The earnings, income, and assets of persons aged 51-61 with and without musculoskeletal conditions.}, journal = {J Rheumatol}, volume = {24}, year = {1997}, month = {1997 Oct}, pages = {2024-30}, publisher = {24}, abstract = {

OBJECTIVE: To describe the personal and family earnings, income, and assets of persons with musculoskeletal conditions.

METHODS: This study uses the Health and Retirement Survey, a national, community based probability sample of persons 51-61 years of age and their spouses in 1992 to estimate earnings, income, and assets (by kind) in the years immediately prior to the normal age of retirement.

RESULTS: Fifty-nine percent of persons 51-61 years of age (13.76 million) report one or more musculoskeletal condition; of these 38\% (8.74 million) also report at least one comorbid condition and 21\% (5.02 million) report no such comorbidity. Persons with musculoskeletal conditions and comorbidity report 18\% lower family earnings, 15\% lower family income, and 35\% fewer assets than the average among all persons these ages. Persons with musculoskeletal conditions and no comorbidity have earnings, incomes, and assets closer to the average among their peers.

CONCLUSION: Persons with musculoskeletal conditions and comorbidity have lower earnings and incomes now and fewer assets with which to face the future than the remainder of their peers.

}, keywords = {Comorbidity, Data collection, Disabled Persons, Economics, Female, Health Services Research, Humans, Income, Male, Middle Aged, Musculoskeletal Diseases, Retirement}, issn = {0315-162X}, url = {https://www.ncbi.nlm.nih.gov/pubmed/9330948}, author = {Yelin, Edward} } @article {5332, title = {Pension and Social Security Wealth in the Health and Retirement Study}, year = {1997}, note = {ProCite field 8 : Dartmouth College and NBER}, institution = {National Bureau of Economic Research}, abstract = {Together, pensions, social security and health insurance account for half of the wealth held by all households in the Health and Retirement Study (HRS), for 60 percent of total wealth of HRS households who are in the 45th to 55th wealth percentiles, and even for 48 percent of wealth for those in the 90th to 95th wealth percentiles. The HRS surveys households aged 51 to 61 in 1992, and obtains pension plan descriptions from respondents{\textquoteright} employers. Pension accrual profiles, income and wealth distributions by type, wealth-income ratios and accrued wealth by pension status are also explored.}, keywords = {Consumption and Savings, Income, Medicare/Medicaid/Health Insurance, Methodology, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction, Social Security}, doi = {10.3386/w5912}, url = {https://www.nber.org/papers/w5912}, author = {Alan L Gustman and Olivia S. Mitchell and Andrew A. Samwick and Thomas L. Steinmeier} } @article {6579, title = {Selection of Children to Provide Care: The effect of earlier parental transfers}, journal = {The Journals of Gerontology, Series B: Psychological Sciences and Social Sciences}, volume = {52B}, year = {1997}, publisher = {52B}, abstract = {We use the first wave of data from the Asset and Health Dynamics Among the Oldest Old (AHEAD) study to examine the effects of past parent-to-child financial transfers on selection of a child to provide assistance with basic personal care for unmarried parents. We estimate a fixed-effects conditional logit model and find a positive and significant association between past financial transfers and a child{\textquoteright}s current helping behavior. The coefficient of past financial transfers is in the direction hypothesized, and its magnitude is 80 as large as that of gender, a well-documented powerful predictor of parental caregiving. There appears to be substantial evidence that earlier parent-to-child financial gifts play a role in determining which child in the family will provide assistance.}, keywords = {Adult children, Demographics, Health Conditions and Status, Healthcare, Income, Methodology, Other}, author = {John C Henretta and Martha S. Hill and Li, Wei and Beth J Soldo and Douglas A. Wolf} } @article {6578, title = {Socioeconomic Status and Racial and Ethnic Differences in Functional Status Associated with Chronic Diseases}, journal = {American Journal of Public Health}, volume = {87}, year = {1997}, pages = {805-10}, publisher = {87}, abstract = {OBJECTIVES: This study examined the relationships between wealth and income and selected racial and ethnic differences in health. METHODS: Cross-sectional data on a national sample of 9744 men and women aged 51 through 61 from the 1992 Health and Retirement Survey were analyzed to examine the association between socioeconomic status and racial and ethnic differences in functional status among those with hypertension, diabetes, a heart condition, and arthritis. RESULTS: Compared with Whites, African Americans report higher rates of hypertension, diabetes, and arthritis, while Hispanics report higher rates of hypertension and diabetes and a lower rate of heart conditions. Accounting for differences in education, income, and wealth had little effect on these prevalence differences. In general, among those with chronic diseases, African Americans and Hispanics reported worse function than Whites. This disadvantage was eliminated in every case by controlling for socioeconomic status. CONCLUSIONS: While socioeconomic status, including wealth, accounts for much of the difference in functional status associated with these chronic diseases. It plays a relatively small role in explaining differences in the prevalence of chronic disease, possibly reflecting different causal pathways.}, keywords = {Demographics, Health Conditions and Status, Income, Methodology, Other, Retirement Planning and Satisfaction, Women and Minorities}, author = {Raynard Kington and James P Smith} } @article {6585, title = {Wealth Inequality Among Older Americans}, journal = {The Journals of Gerontology, Series B: Psychological Sciences and Social Sciences}, volume = {52B}, year = {1997}, pages = {74-81}, publisher = {52B}, abstract = {This article uses the AHEAD study to examine the distribution of wealth among American households with a member at least 70 years old. As in other age groups, wealth is unevenly distributed among Americans aged 70 years and older. The households in the top 10th percentile of wealth distribution have 2,500 times as much wealth as those in the lowest 10th percentile. This wealth inequality is reflected in large racial and ethnic wealth deficits. Such wealth disparities, largely due to income, are the primary reason why older minority households have accumulated so little wealth compared to older White households. The findings confirm that current health status remains a powerful correlate of household wealth and that bequests motives for the elderly are congruent with the extreme wealth disparities.}, keywords = {Health Conditions and Status, Income, Net Worth and Assets}, author = {James P Smith} } @article {5327, title = {401(k) Pension plans: Many take advantage of opportunity to ensure adequate retirement income}, year = {1996}, institution = {United States General Accounting Office}, abstract = {This paper provides an in-depth look into 401(k) pension plans. Almost half of all workers and nearly two-thirds of workers nearing retirement age are covered by a pension plan. One in four workers who have pension coverage participates in a 401(k) pension plan. Male, white, highly educated, and higher-income workers are more likely to have pension coverage than are other workers. On average, workers covered by a 401(k) plan contribute 7 of their salary to their account; 80 also receive a matching contribution from their employer, averaging about 5 of their salary. Workers with higher income, college education, defined benefit plan coverage, or a spouse with pension coverage tend to contribute a higher proportion of their of their salary to their 401(k) pension account. About 25 of 401(k) participants invest their 401(k) funds in conservative investments, such as bonds; another 25 invest primarily in stocks; and the rest split their investments between stocks and bonds. Women are more likely to invest in bonds while highly educated workers and higher-income workers are more likely to invest in stocks.}, keywords = {Employment and Labor Force, Income, Net Worth and Assets, Pensions}, url = {http://www.gao.gov}, author = {Hungerford, Thomas L.} } @article {5317, title = {Construction of the Earnings and Benefits File (EBF) for Use With the Health and Retirement Survey}, year = {1996}, note = {ProCite field 8 : U PA and NBER; Social Security Administration; TX Tech U}, institution = {National Bureau of Economic Research}, abstract = {Analysts using the Health and Retirement Survey (HRS) often require information on earnings, labor market attachment, and social security benefits in order to better understand the factors affecting retirement and well-being at older ages. To this end, several derived variables were constructed and documented in the Earnings and Benefits File (EBF) described here. The EBF provides a set of summary earnings, employment, and social security wealth measures for a subset of HRS respondents in Wave 1 of the survey, for whom administration records are available. The EBF, a restricted data file, is available from the University of Michigan{\textquoteright}s Institute for Social Research for matching only with versions of the HRS containing geographic detail no finer than the Census Division level. Interested users should contact hrsquest umich.edu by email for further information on access to the data.}, keywords = {Employment and Labor Force, Income, Methodology, Social Security}, doi = {10.3386/w5707}, author = {Olivia S. Mitchell and Olson, Jan and Thomas L. Steinmeier} } @article {6549, title = {The health-wealth connection: racial differences.}, journal = {Gerontologist}, volume = {36}, year = {1996}, month = {1996 Jun}, pages = {342-9}, publisher = {36}, abstract = {

This article examines the theoretical connection between health capital and financial capital in an economic life-cycle model, exploring possible explanations for racial differences in capital accumulation behavior. Using data from the Health and Retirement Survey, detailed descriptive analysis and a comparison of regression models for health and financial capital are presented. The results, although preliminary and based on cross-section data, suggest possible racial differences in the connection between health and wealth and deserve further study.

}, keywords = {Black or African American, Cross-Sectional Studies, Female, Health Status, Humans, Income, Male, Middle Aged, Models, Theoretical, Regression Analysis, United States, White People}, issn = {0016-9013}, doi = {10.1093/geront/36.3.342}, author = {Dennis G. Shea and Toni Miles and Mark D Hayward} } @article {5331, title = {Measurement and the Redistribution of Resources Within the Family}, year = {1996}, institution = {RAND, Reprint Series 96-11}, abstract = {Recent work by a number of economists has opened a debate about the role played by intergenerational transfers. Using the new Health and Retirement Study (HRS), we are better able to address the issues involved. Contrary to the current literature on bequests, we do not find that parents give transfers, respondents give greater financial assistance to their less well off children than to their children with higher incomes.}, keywords = {Adult children, Income}, url = {http://ideas.repec.org/p/fth/randrs/96-11.html}, author = {Kathleen McGarry and Robert F. Schoeni} } @article {6541, title = {Physical activity and smoking: gender comparisons among older African American adults.}, journal = {J Health Care Poor Underserved}, volume = {7}, year = {1996}, month = {1996 Aug}, pages = {232-51}, publisher = {7}, abstract = {

Little effort has been expended on the examination of systematic health risk behaviors among adult African Americans by gender. Using data from the national Health and Retirement Study (HRS), this article compares differences between male and female physical activity and smoking behaviors of African Americans aged 50 to 61. The analysis highlights a clear pattern of socioeconomic differences with current male smokers, who are more likely to be unmarried and in the lower income and educational levels. Among women, the relationship between smoking patterns, income, and education is less definitive and consistent. Our findings, confirmed by earlier studies, indicate that the largest percentage of the study population, both male and female, are not engaged in any form of regular physical exercise. Thus human service providers must be more attentive to gender and sociodemographic differences in smoking habits and patterns of physical activities to tailor policies and programs accordingly.

}, keywords = {Age Factors, Black or African American, Education, Exercise, Female, Humans, Income, Male, Marital Status, Middle Aged, Risk Factors, Sampling Studies, Sex Factors, Smoking, Smoking cessation}, issn = {1049-2089}, doi = {10.1353/hpu.2010.0617}, author = {Lockery, Shirley A. and Stanford, E. Percil} } @article {6544, title = {Who takes early Social Security benefits? The economic and health characteristics of early beneficiaries.}, journal = {Gerontologist}, volume = {36}, year = {1996}, note = {RDA}, month = {1996 Dec}, pages = {789-99}, publisher = {36}, abstract = {

Using the 1992 and 1994 Waves of the Health and Retirement Survey, we compare individuals who first take Social Security benefits at age 62 with those who don{\textquoteright}t and find that the income and net assets of these two groups are similar in the years just prior to eligibility. However, there is great diversity within the groups, so that poor health appears to be more closely related to lower economic well-being than is early Social Security acceptance status. Our results suggest that raising the Social Security retirement age is not likely to dramatically lower the economic well-being of the typical person aged 62 since only 3\% of men aged 62 are receiving Social Security retirement benefits, are in poor health, and have Social Security retirement benefits as their only source of pension income.

}, keywords = {Aged, Eligibility Determination, Female, Health Status, Health Surveys, Humans, Income, Male, Middle Aged, Pensions, Retirement, Social Security, United States}, issn = {0016-9013}, doi = {10.1093/geront/36.6.789}, author = {R.V. Burkhauser and Kenneth A. Couch and John W R Phillips} } @article {5316, title = {Lump-Sum Distributions from Retirement Saving Plans: Receipt and Utility}, year = {1995}, institution = {NBER}, abstract = {One of the central issues in evaluating the ongoing shift from defined benefit (DB) to defined contribution (DC) pension plans is the degree to which assets in DC plans will be withdrawn before plan participants reach retirement age. The annual flow of withdrawals from such plans, which are known as lump sum distributions and which are frequently but not always associated with employment changes, has exceeded 100 billion in recent years. This flow is substantially greater than the flow of new contributions to IRAs and other targeted retirement saving programs. This paper draws on data from the 1993 Current Population Survey and the Health and Retirement Survey to summarize the incidence and disposition of lump sum distributions. We find that while less than half of all lump sum distributions are rolled over into IRAs or other retirement saving plans, large distributions are substantially more likely to be saved than smaller ones are. Consequently, more than half of the dollars paid out as lump sum distributions are reinvested. We also explore the correlation between various individual characteristics and the probability of rolling over a lump sum distribution. This is a first step toward developing a model that can be used to evaluate the long- term effects of lump sum distributions, or policies that might affect them, on the financial status of elderly households.}, keywords = {Income, Net Worth and Assets}, url = {https://www.researchgate.net/publication/5193273_Lump-Sum_Distributions_from_Retirement_Saving_Plans_Receipt_and_Utilization}, author = {James M. Poterba and Steven F Venti and David A Wise} } @article {6531, title = {Racial and Ethnic Differences in Wealth in the Health and Retirement Study}, journal = {Journal of Human Resources}, volume = {30}, year = {1995}, note = {ProCite field 3 : RAND Corp}, pages = {S158-83}, publisher = {30}, abstract = {This paper examines wealth data in the Health and Retirement Study (HRS). In comparison with asset data in other major surveys, the quality of HRS asset data is high. Missing asset data does remain a problem, however, to which future HRS analysts must remain sensitive. Evidence is presented showing that it is no accident that asset data are missing, and solutions for imputing missing data are developed. Finally, racial and ethnic wealth disparities are large. These minority wealth disparities are due in part to differential inheritances and desired bequests as inequities perpetuate themselves across generations; the disparities are also due to lower minority incomes, poorer health, and an excessively narrow definition of wealth that excludes Social Security and employer pensions.}, keywords = {Demographics, Income, Methodology, Net Worth and Assets, Women and Minorities}, author = {James P Smith} } @article {5304, title = {How Does Pension Coverage Affect Household Saving. Final Report}, year = {1994}, institution = {Washington, DC, Urban Institute}, abstract = {This paper analyzes the extent to which substitution between pension coverage and household-level saving occurs at the micro level. Data from the beta release of the Health and Retirement Study (HRS) which covered people age 51 to 61 in 1992 is used. The results are mixed. Although there appears to be some substitution between household saving and pension coverage in the top half of the income distribution, the level differences in accumulated wealth seem to fall short of complete offset. Evidence that household wealth accumulation does not vary significantly by type of pension coverage is also found. The paper explores various explanations for why the pension offset is missing or incomplete.}, keywords = {Adult children, Consumption and Savings, Employment and Labor Force, Income, Methodology, Pensions, Retirement Planning and Satisfaction}, author = {Sabelhaus, J.} }