Age when first employed and retirement wealth of baby boomers

Authors

  • Hyungsoo Kim Department of Family Sciences, University of Kentucky
  • Serah Shin Department of Family Sciences, University of Kentucky
  • Qun Zhang Department of Family Sciences, University of Kentucky
  • Martie Gillen Department of Family, Youth and Community Sciences, University of Florida

DOI:

https://doi.org/10.61190/fsr.v27i1.3379

Keywords:

Young adults, Baby boomers, Timing of employment, Retirement savings

Abstract

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.

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Published

2018-03-30

How to Cite

Kim, H., Shin, S., Zhang, Q., & Gillen, M. (2018). Age when first employed and retirement wealth of baby boomers. Financial Services Review, 27(1), 29–45. https://doi.org/10.61190/fsr.v27i1.3379

Issue

Vol. 27 No. 1 (2018): Spring 2018

Section

New Original Submission

License

Copyright (c) 2018 Academy of Financial Services

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