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Ill-health and retirement in Britain: a panel data-based analysis

Disney, R.; Emmerson, C.; Wakefield, M.; (2003) Ill-health and retirement in Britain: a panel data-based analysis. (IFS Working Papers W03/02). Institute for Fiscal Studies: London, UK. Green open access

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Abstract

We examine the role of ill-health in retirement decisions in Britain, using the first eight waves of the British Household Panel Survey (1991-98). As self-reported health status is likely to be endogenous to the retirement decision, we instrument self-reported health by a constructed ‘health stock’ measure using a set of health indicator variables and personal characteristics, as suggested by Bound et al (1999). Using both linear and non-linear fixed effects estimators, we show that adverse individual health shocks are an important predictor of individual retirement behaviour. We compare the impact of our constructed health measure on economic activity with that arising from the use of other health variables in the data set. We also examine the impact of the 1995 reform of disability benefits on the retirement decision.

Type: Working / discussion paper
Title: Ill-health and retirement in Britain: a panel data-based analysis
Open access status: An open access version is available from UCL Discovery
Publisher version: http://dx.doi.org/10.1920/wp.ifs.2003.0302
Language: English
Keywords: JEL classification: H55, I12, J26. Ill health, retirement, disability insurance
UCL classification: UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/2943
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