Cross-Cohort Differences in Health on the Verge of Retirement

34 Pages Posted: 15 Dec 2006 Last revised: 16 Nov 2022

See all articles by Beth J. Soldo

Beth J. Soldo

Population Studies Center

Olivia S. Mitchell

University of Pennsylvania - The Wharton School; University of Pennsylvania - The Wharton School, Pension Research Council; National Bureau of Economic Research (NBER)

Rania Tfaily

Carleton University

John F. McCabe

Population Studies Center

Multiple version iconThere are 2 versions of this paper

Date Written: December 2006

Abstract

Baby Boomers have left a unique imprint on US culture and society in the last 60 years, and it might be anticipated that they will also put their own stamp on retirement, the last phase of the life cycle. Yet because Boomers have not all fully retired, we cannot yet judge how they will fare as retirees. Instead, we focus on how this group compares with prior groups on the verge of retirement, that is, at ages 51-56. Accordingly, this chapter evaluates the stock of health which Early Boomers bring to retirement and compare these to the circumstances of two prior cohorts at the same point in their life cycles. Using three sets of responses from the Health and Retirement Study, we find some interesting patterns. Overall, the raw evidence indicates that Boomers on the verge of retirement are in poorer health their counterparts 12 years ago. Using a summary health index designed for this study, we find that those born 1948 to 1953 share health risks with the War Baby cohort. This suggests that most of the health decline instead began before the late 1940's. A more complex set of health conclusions emerges from the specific self-reported health measures. Boomers indicate they have relatively more difficulty with a range of everyday physical tasks, but they also report having more pain, more chronic conditions, more drinking and psychiatric problems, than their HRS earlier counterparts. This trend portends poorly for the future health of Boomers as they age and incur increasing costs associated with health care and medications. Using our health index, only those at the 75th percentile or higher are likely to be characterized as having good or better health.

Suggested Citation

Soldo, Beth J. and Mitchell, Olivia S. and Tfaily, Rania and McCabe, John F., Cross-Cohort Differences in Health on the Verge of Retirement (December 2006). NBER Working Paper No. w12762, Available at SSRN: https://ssrn.com/abstract=951918

Beth J. Soldo

Population Studies Center ( email )

3718 Locust Walk
School of Arts and Sciences
Philadelphia, PA Pennsylvania 19104-6298
United States
215-898-2124 (Phone)

Olivia S. Mitchell (Contact Author)

University of Pennsylvania - The Wharton School ( email )

Philadelphia, PA 19104-6365
United States

University of Pennsylvania - The Wharton School, Pension Research Council ( email )

3302 Steinberg Hall-Dietrich Hall
3620 Locust Walk
Philadelphia, PA 19104-6302
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Rania Tfaily

Carleton University ( email )

1125 colonel By Drive
Ottawa, Ontario K1S 5B6
Canada

John F. McCabe

Population Studies Center ( email )

3718 Locust Walk
School of Arts and Sciences
Philadelphia, PA Pennsylvania 19104-6298
United States

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