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Transitions from career employment among public- and private-sector workers

Published online by Cambridge University Press:  11 February 2019

Joseph F. Quinn ,
Kevin E. Cahill  and
Michael D. Giandrea
Joseph F. Quinn
Affiliation:
Department of Economics, Boston College, Chestnut Hill, MA 02467, USA
Kevin E. Cahill*
Affiliation:
Center on Aging & Work at Boston College, Chestnut Hill, MA 02467, USA
Michael D. Giandrea
Affiliation:
U.S. Bureau of Labor Statistics, Office of Productivity and Technology, Postal Square Building, Room 2180, 2 Massachusetts Ave., NE, Washington, DC 20212-0001, USA
*
*Corresponding author. Email: cahillkc@bc.edu
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Abstract

Do the retirement patterns of public-sector workers differ from those in the private sector? The latter typically face a retirement landscape with exposure to market uncertainties through defined-contribution pension plans and private saving. Public-sector workers, in contrast, are often covered by defined-benefit pension plans that encourage retirement at relatively young ages and offer financial security at older ages. We examine how private- and public-sector workers transition from full-time career employment, with a focus on the importance of gradual retirement. To our surprise, we find that the prevalence of continued work after career employment, predominantly on bridge jobs with new employers, is very similar in the two sectors, a result with important implications in a rapidly aging society.

Keywords

Economics of agingpartial retirementgradual retirementJ14J26J32
Type
Article
Information
Journal of Pension Economics & Finance , Volume 18 , Special Issue 4: Incentives and Limitations of Employment Policies on Retirement Transitions , October 2019 , pp. 529 - 548
Creative Commons
This is a work of the U.S. Government and is not subject to copyright protection in the United States.
Copyright
Copyright © Cambridge University Press 2019

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