This article, based on New Beneficiary Survey (NBS) data, examines the sources and amounts of income available to newly retired workers by the level of their primary insurance amount (PIA). For this analysis, the PIA distribution was divided into quartiles. Retired workers with high PIA's were found to be more likely to have private pensions or asset income and thus to have the highest total in...

Pensions are an important and increasingly common supplement to Social Security benefits for persons aged 65 or older--particularly for those in the the middle and upper income quintiles. By 1990, pension income was reported by 44 percent of all elderly units--57 percent of the couples and 34 percent of unmarried persons. This article discusses the role of pensions in the income of the elderly;...

There has been strong resistance within the U.K. actuarial profession against taking on board the lessons of financial economics. Nevertheless, the majority of the largest U.K. actuarial firms have significantly modified their standard approaches to actuarial valuations to take account of criticisms based on financial economics. In the meantime, the failure to come to terms with basic lessons f...

PURPOSE This article investigates how older Americans leave their career jobs and estimates the extent of intermediate labor force activity (bridge jobs) between full-time work on a career job and complete labor-force withdrawal. DESIGN AND METHODS Using data from the Health and Retirement Study, we explored the work histories and retirement patterns of a cohort of retirees aged 51 to 61 in 1...