私醫聯招 英文歷屆試題｜第 98 題

Work is easily measured by labor force participation rates—the percentage of a given population that is either working or is actively seeking work (i.e., unemployed). Measuring retirement, however, is less straightforward, as retirement can be more of a process than an event. Recent analysis found that at least one-third of older men and nearly half of older women used transitionary “bridge” jobs before completely leaving the job market. In such instances, people transition from full-time work to part-time work before retiring. People can also receive Social Security retirement benefits or other pension/retirement income yet still be employed. In fact, the Current Population Survey indicates that 12 percent of elderly men and 7 percent of elderly women report that in 2000 they worked yet still received pension income.

This leads to a variety of ways to measure retirement. Labor force participation rates provide one measure of potential retirement behavior. More precisely, it is the change in rates which indicate changes in retirement behavior. One definition of the average age of retirement is the age at which half of the population is in the labor force and the other half is out. Another indicator is receipt of Social Security retirement benefits or other pension/retirement income. As mentioned, though, receipt of such payments does not preclude continued employment. Economists typically classify someone as retired if the majority of their income is from Social Security, pensions, and/or savings even if they still are in the paid workforce. Many retirement-based surveys rely on how a respondent defines his or her retirement status.