Sheraton Uptown, Albuquerque, NM, USA
Saturday, April 22 • 1:30pm - 3:00pm
B2D-Age at First Job and Retirement Wealth in Later Years

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Starting early to save for retirement may require individuals to have a paid or career job as soon as possible. In the United States age at first job, however, has increased over time due to economic conditions and more education opportunities. This study examines how age at entering the labor market is related to retirement saving amounts in later years. Two research questions are examined: Does age at first job affect retirement wealth in later years? If so, to what extent?  Data from the 2012 Health and Retirement Study (HRS) is used in this study. The results show that as age at first job increases, accumulated retirement wealth decreases after controlling for demographics, number of working years, and occupation type. To be specific, delaying work start by one year resulted in a $15,345 per year decrease in retirement savings. Our findings indicate that starting to work at a younger age can be channeled into starting to save for retirement at a younger age, leading to better retirement saving outcomes in later years. Implications for policy to improve individual retirement saving amounts are discussed.

Speakers & Presenters

Martie Gillen

Associate Professor, University of Florida

Hyungsoo Kim

Associate Professor, University of Kentucky

Serah Shin

University of Kentucky

Qun Zhang

Doctoral Candidate, University of Kentucky

Saturday April 22, 2017 1:30pm - 3:00pm

Attendees (4)