Skip to main content

Main menu

  • Home
  • Content
    • Current
    • Ahead of print
    • Archive
    • Supplementary Material
  • Info for
    • Authors
    • Subscribers
    • Institutions
    • Advertisers
  • About Us
    • About Us
    • Editorial Board
  • Connect
    • Feedback
    • Help
    • Request JHR at your library
  • Alerts
  • Free Issue
  • Special Issue
  • Other Publications
    • UWP

User menu

  • Register
  • Subscribe
  • My alerts
  • Log in
  • My Cart

Search

  • Advanced search
Journal of Human Resources
  • Other Publications
    • UWP
  • Register
  • Subscribe
  • My alerts
  • Log in
  • My Cart
Journal of Human Resources

Advanced Search

  • Home
  • Content
    • Current
    • Ahead of print
    • Archive
    • Supplementary Material
  • Info for
    • Authors
    • Subscribers
    • Institutions
    • Advertisers
  • About Us
    • About Us
    • Editorial Board
  • Connect
    • Feedback
    • Help
    • Request JHR at your library
  • Alerts
  • Free Issue
  • Special Issue
  • Follow uwp on Twitter
  • Follow JHR on Bluesky
Research ArticleArticles

Health and Retirement

Do Changes in Health Affect Retirement Expectations?

Kathleen McGarry
Journal of Human Resources, July 2004, XXXIX (3) 624-648; DOI: https://doi.org/10.3368/jhr.XXXIX.3.624
Kathleen McGarry
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
  • Article
  • Info & Metrics
  • References
  • PDF
Loading

Abstract

The choice of a retirement date is one of the most important decisions facing older workers. It is a decision that will affect their economic well-being for the remainder of their lives. One factor that undoubtedly impacts this choice is the worker's health. However, the many studies examining the relationship between health and retirement have failed to agree on the relative importance of health compared with financial variables. Efforts to do so have been hampered by the difficulty of correctly measuring health status. Much of the concern centers on the fear that subjective reports of health are biased by individuals using poor health as a justification for early retirement. This paper takes advantage of a unique measure of labor force attachment, the subjective probability of continued work, to reexamine the role of health and changes in health status. By focusing exclusively on workers, I eliminate the concern about justification bias among retired individuals and find that subjective reports of health do have important effects on retirement, effects that are arguably stronger than those of the financial variables. The effects of subjective health remain large even when the model includes more objective measures of health, such as disease conditions. I also find that changes in retirement expectations are driven to a much greater degree by changes in health than by changes in income or wealth.

  • Received October 1999.
  • Accepted June 2003.

This article requires a subscription to view the full text. If you have a subscription you may use the login form below to view the article. Access to this article can also be purchased.

Log in using your username and password

Forgot your user name or password?

Purchase access

You may purchase access to this article. This will require you to create an account if you don't already have one.
PreviousNext
Back to top

In this issue

Journal of Human Resources
Vol. XXXIX, Issue 3
1 Jul 2004
  • Table of Contents
  • Table of Contents (PDF)
  • Index by author
Download PDF
Article Alerts
Sign In to Email Alerts with your Email Address
Email Article

Thank you for your interest in spreading the word on Journal of Human Resources.

NOTE: We only request your email address so that the person you are recommending the page to knows that you wanted them to see it, and that it is not junk mail. We do not capture any email address.

Enter multiple addresses on separate lines or separate them with commas.
Health and Retirement
(Your Name) has sent you a message from Journal of Human Resources
(Your Name) thought you would like to see the Journal of Human Resources web site.
Citation Tools
Health and Retirement
Kathleen McGarry
Journal of Human Resources Jul 2004, XXXIX (3) 624-648; DOI: 10.3368/jhr.XXXIX.3.624

Citation Manager Formats

  • BibTeX
  • Bookends
  • EasyBib
  • EndNote (tagged)
  • EndNote 8 (xml)
  • Medlars
  • Mendeley
  • Papers
  • RefWorks Tagged
  • Ref Manager
  • RIS
  • Zotero
Share
Health and Retirement
Kathleen McGarry
Journal of Human Resources Jul 2004, XXXIX (3) 624-648; DOI: 10.3368/jhr.XXXIX.3.624
Twitter logo Facebook logo Mendeley logo
  • Tweet Widget
  • Facebook Like
  • Google Plus One
Bookmark this article

Jump to section

  • Article
  • Info & Metrics
  • References
  • PDF

Related Articles

  • No related articles found.
  • Google Scholar

Cited By...

  • Inconsistent Retirement Timing
  • The Impact of Health on Labor Supply near Retirement
  • Financial Planning for Retirement: Bibliometric Analysis and Future Research Directions
  • What Causes Workers to Retire before They Plan?
  • The Health Consequences of Retirement
  • Google Scholar

More in this TOC Section

  • Sexual Orientation and Multiple Job Holding
  • Owning the Agent
  • Understanding the Educational Attainment Polygenic Index and its Interactions with SES in Determining Health in Young Adulthood
Show more Articles

Similar Articles

UW Press logo

© 2025 Board of Regents of the University of Wisconsin System

Powered by HighWire