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Women Working LongerIncreased Employment at Older Ages$
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Claudia Goldin and Lawrence F. Katz

Print publication date: 2018

Print ISBN-13: 9780226532509

Published to Chicago Scholarship Online: September 2018

DOI: 10.7208/chicago/9780226532646.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 11 July 2020

Older Women’s Labor Market Attachment, Retirement Planning, and Household Debt

Older Women’s Labor Market Attachment, Retirement Planning, and Household Debt

Chapter:
(p.185) 6 Older Women’s Labor Market Attachment, Retirement Planning, and Household Debt
Source:
Women Working Longer
Author(s):

Annamaria Lusardi

Olivia S. Mitchell

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226532646.003.0007

Using data from both the Health and Retirement Study (HRS) and the National Financial Capability Study (NFCS), we show that older women’s current and intended future labor force attachment patterns changed over time. Specifically, compared with our 1992 HRS baseline, more recent cohorts of women in their fifties and sixties are more likely to plan to work longer. When we explore the reasons for delayed retirement among older women, factors include their gaining more education, having more marital disruption, and having had fewer children than prior cohorts. But household finances also play a key role, in that older women today have more debt than previously and are more financially fragile than in the past. The NFCS data show that factors associated with retirement planning include having more education and greater financial literacy. Those who report excessive amounts of debt and are financially fragile are the least financial literate, had more dependent children, and experienced income shocks. Thus shocks do play a role in older women’s debt status. But it is not enough to have resources: people also need the capacity to manage those resources, if they are to stay out of debt as they head into retirement.

Keywords:   debt, financial fragility, retirement, work longer, debt management

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