Kelly Haverstick's research while affiliated with Boston College and other places
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Publications (28)
While 401(k) plans now dominate the private sector, defined benefit plans remain the norm among state and local governments. Why have public sector employers not shifted from defined benefit plans to 401(k)s like their private sector counterparts?
This brief examines the unique factors affecting the two sectors that may explain their very differen...
Social Security Disability Insurance (SSDI) applicatons and benefit receipts vary greatly by state, which has led to concerns about potential inconsistencies in the way that states apply disability standards. An earlier brief concluded that more than 70 percent of the variation across states in SSDI application rates is explained by state health, d...
Social Security Disability Insurance (SSDI) applications and benefit receipts vary greatly by state, which has led to concerns about potential inconsistencies in the way that states apply disability standards. This possibility has prompted numerous Congressional hearings and reports, and led the Social Security Advisory Board to express concern ab...
Social Security Disability Insurance (SSDI) applications and receipts vary greatly by state. This paper investigates the extent to which this geographic variation in SSDI applications reflects differences in health, demographics, and employment characteristics, state policies, and politics. We find that demographic, health, and employment character...
Many workers nearing retirement experienced a dramatic decrease in their retirement assets when the stock market crashed in 2008. In order to maintain their expected standard of living in retirement, workers needed to work longer, save more, or do both. To measure the response of older workers to this downturn, the Center for Retirement Research at...
The stock market crash eliminated more than $2 trillion in wealth held in defined contribution retirement accounts, about one-third of the pre-crash total. Unless offset by a later retirement age and/or increased retirement saving, this wealth shock will significantly reduce the retirement incomes of workers now approaching retirement – cohorts who...
The increase in the full retirement age in the Social Security program provides exogenous variation in the generosity in the Disability Insurance program, based only on birth year. We exploit this variation to estimate how responsive SSDI applications are to the financial incentive to apply. We find that a one percentage point decrease in the retir...
In July and August 2009, the Center for Retirement Research at Boston College (CRR) conducted a survey to gauge three things: 1) how people were responding to the loss of their retirement assets due to the financial crisis; 2) who was responding by increasing their expected working life; and 3) how people were responding to realistic information ab...
Over the last 25 years, the United States has seen a dramatic shift in the private sector away from defined benefit plans and towards defined contribution plans. While commentators constantly cite an increase in labor mobility as a major reason for the shift in the private sector from defined benefit to defined contribution plans, researchers to da...
The stock market crash of 2008 significantly dimmed the retirement prospects of workers approaching retirement. These workers are heavily dependent on 401(k) plans, as opposed to traditional defined benefit pensions, as a source of retirement income. During the economic downturn, these plans lost about one-third of their value. Even before the cras...
Many workers nearing retirement experienced a dramatic decrease in their retirement assets due to the stock market downturn. In order to maintain their expected standard of living in retirement, workers will need to work longer, save more, or do both. To measure the response of older workers to this downturn, the Center for Retirement Research at...
The lore on whether older Americans move is mixed. While the familiar stereotype is that retirees flock to Florida or Arizona, prior studies have found that their home equity rises modestly over time, suggesting that they tend to stay put. This paper examines moving trends, determinants, and consequences using the original cohort of the Health and...
The lore on whether older Americans move is mixed. On the one hand, the stereotype of retirement is that people flock to a warm climate such as Florida or Arizona. On the other hand, researchers have found that the home equity of older Americans changes very little over time, suggesting that they tend to stay put. To date, researchers have seldom d...
This study explores the factors that affect an individual's happiness while transitioning into retirement. Recent studies find that workers often view the idea of gradual retirement as a more attractive alternative than a "cold turkey" or abrupt retirement. However, there is very little evidence as to whether phasing or cold turkey makes for a happ...
Moving is an important decision for any homeowner, requiring one to weigh the familiar comforts of a home and neighborhood against the uncertain potential of a new location. A move decision may be even more challenging for an older person. On the one hand, older people often have a decades-long attachment to their current residence. On the other ha...
In the early 1980s, Congress responded to the Social Security program’s long-term financing shortfall, in part, by raising the Full Retirement Age (FRA) from 65 to 67. When fully phased in, for those who turn 62 in 2022, workers will have to wait an additional two years to get the same monthly benefit. If they do not postpone claiming, the increase...
While Social Security’s Normal Retirement Age (NRA) is increasing to 67, the Earliest Eligibility Age (EEA) remains at 62. Similar plans to increase the EEA raise concerns that they would create excessive hardship on workers who are worn-out or in bad health. One simple rule to increase the EEA is to tie an increase to the number of quarters of cov...
While Social Security’s Normal Retirement Age (NRA) is increasing to 67, the Earliest Eligibility Age (EEA) remains at 62. Similar plans to increase the EEA raise concerns that they would create excessive hardship on workers that are worn-out or in bad health. One simple rule to increase the EEA is to tie an increase to the number of quarters of co...
Workers often say they want to retire gradually. As retirement is a sharp break with life as they know it, it's not surprising that many prefer to negotiate the transition a step at a time. Many policymakers also view gradual retirement favorably. They see it as a way to extend careers, shorten retirements, and thereby improve retirement income sec...
This study explores the factors that affect an individual’s happiness while transitioning into retirement. Recent studies highlight gradual retirement as an attractive option to older workers as they approach full retirement. However, it is not clear whether phasing or cold turkey makes for a happier retirement. Using longitudinal data from the Hea...
Commentators constantly cite an increase in labor mobility as a major reason for the shift in the private sector from defined benefit to defined contribution plans. But while most casual observers accept such a phenomenon, economists have been hard pressed to find any significant change over time. Only in recent years have the data indicated that m...
Commentators constantly cite an increase in labor mobility as a major reason for the shift in the private sector from defined benefit to defined contribution plans. But while most casual observers accept such a phenomenon, economists have been hard pressed to find any significant change over time. Only in recent years have the data indicated that m...
Are big city pensions and other locally administered pension plans in trouble? While state-administered plans are about as well funded as private sector plans, stories circulate about the perils facing Philadelphia, Omaha, Atlanta, and other cities. To answer the question about locally administered pensions, we collected data on 84 plans from 38 st...
Employers have long had a significant impact on workers’ retirement prospects. Aside from Social Security, employer retirement income plans are the most important source of income for the great majority of retirees. How long workers can stay employed also largely depends on employer hiring and retention and retirement decisions. Both of these funct...
Citations
... Hence, actual funding ratios (pension assets to liabilities) are less than 100 percent, implying that continue maturity of the pension fund will not result in higher levels . In the United States, pre-financial crisis funding ratios were over 80 percent, many state and local pension funds are now seriously underfunded (Munnell, Haverstick, Sass, & Aubry, 2008). ...
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... The Census of Governments identifies about 2,670 retirement systems sponsored by a state or local government. Munnell et al. (2008c) report that state-(as opposed to locally) administered retirement systems, which cover general state employees and teachers, account for only 8% of all plans but 88% (82%) of active participants (assets). 11 Benefits under DB plans are usually determined by multiplying final average salary by years of service and a multiplier, which is around 2% in the public sector (Brainard 2007;US Department of Labor 2007). ...
... e investment pa erns of public pension assets have also raised concerns (Lucas and Zeldes, 2009;Pennacchi and Rastad, 2011). In addition, economists have examined the impact of public pensions on labor markets and practices (Munnell et al., 2007;Schieber, 2011;Goldhaber et al., 2017) along with the political and economic aspects of public pension liabilities (Schneider and Damnanpour, 2002;Glaeser and Ponze o, 2014;Kelley, 2014). Scholars have also studied the impact of fi scal institutions such as budget stabilization funds and fi scal conditions on public pensions (Clair, 2012;Chen, 2018). ...
... The recession that began at the end of 2007 created considerable interest in the effects of increased stock market fluctuations and heightened unemployment rates on the retirement plans of older workers (Bosworth & Burtless, 2010;Coe & Haverstick, 2010;Goda, Shoven, & Slavov, 2010Sass, Monk, & Haverstick, 2010). Our research, using data from the 2006 and 2008 waves of the Health and Retirement Study (HRS), extends previous studies in several ways. ...
... Other common life events underpinning downsizing are divorce, marriage, divorce, and deaths ( Helderman, 2007 ). Calvo et al. (2009) found that there were very strong qualitative differences in residential mobility of older households that had experienced such shocks and those that had not. 12 Consistently, Clark and Duerloo (2006) and Painter and Lee (2009) document that older households tend to reduce their housing consumption following a sudden deterioration in a household member's health. ...
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... It's important to note that this study was carried out six months postretirement whereby many of the positive feelings experienced may be a reflection of a honeymoon phase (Szinovacz & Davey, 2004). Some assumptions have been made that people require little time to adapt to their new lifestyle (Calvo et al., 2009) which indicates a possible effect of a honeymoon period. Other research investigating experiences of people having been retired longer than a year has shown that following an initial honeymoon period they experienced feelings of discomfort and the need to find a new purpose (Price & Nesteruk, 2015). ...
Reference: SouthwickMHlthScThesis
... Dado que el pilar solidario ayuda al 60% de menores recursos, pero no resuelve sus problemas ni beneficia al 40% de mayores recursos, se propone utilizar defaults con contribuciones voluntarias adicionales para grupos específicos de mayores ingresos. También se propone facilitar el uso de hipotecas inversas para generar recursos adicionales para financiar las jubilaciones de personas que son dueñas de su vivienda (Calvo, et al., 2009). Por último, se propone fomentar evaluaciones de las políticas implementadas en el contexto chileno mediante la producción de datos panel, comparables internacionalmente, que integren mediciones sobre ingresos, salud y otras dimensiones relevantes sobre el bienestar multidimensional de las personas mayores. ...
... Macroeconomic downturns, such as the Great Recession of 2008, can influence retirement timing in different ways. Several studies have documented postponement of retirement in periods of economic downturn (e.g., Goda, Shoven, & Slavov, 2011;Munnell, Muldoon, & Sass, 2009;Sass, Monk, & Haverstick, 2010), possibly associated with housing or stock market wealth losses. Economic downturns may increase unemployment, however, and reduce opportunities for future employment, which may induce retirement among older workers (Bosworth & Burtless, 2010;Coile & Levine, 2006Munnell et al., 2009;von Wachter, 2007). ...
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... To put the magnitude of these rates into perspective it is useful to compare them to those of older Americans moving within the United States. Haverstick and Zhivan (2009) estimate the average two-year domestic migration rate for U.S. adults ages 51 to 61 in 1992 to ages 63 to 73 in 2004 to be approximately 10%. The rates of return and reentry of Mexican males are as high as a third of this 10% rate, which is notable given that international moves can be more difficult to orchestrate than domestic moves. ...
