Age when first employed and retirement wealth of baby boomers

This study examines how age when first employed is related to retirement savings in later years. Using data from the Health and Retirement Study, we investigate two specific questions: Has age when first employed affected the retirement wealth of baby boomers? If so, to what extent? The results show...

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Bibliographic Details
Published in:Financial services review (Greenwich, Conn.) Conn.), 2023-11, Vol.27 (1), p.29-45
Main Authors: Kim, Hyungsoo, Shin, Serah, Zhang, Qun, Gillen, Martie
Format: Article
Language:English
Online Access:Get full text
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Summary:This study examines how age when first employed is related to retirement savings in later years. Using data from the Health and Retirement Study, we investigate two specific questions: Has age when first employed affected the retirement wealth of baby boomers? If so, to what extent? The results show that age when first employed is negatively associated with accumulated retirement wealth in later years. For college graduates (high school graduates), delaying the start of employment cost $35,103 ($7,534) per year in retirement savings after controlling for demographic characteristics, number of working years, and occupation types.
ISSN:1873-5673
1057-0810
DOI:10.61190/fsr.v27i1.3379