Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 84 Page 85 Page 86 Page 87 Page 88 Page 89 Page 90 Page 91 Page 92 Page 93 Page 94 Page 95 Page 96 Page 97 Page 98 Page 99 Page 100 Page 101 Page 102 Page 103 Page 104 Page 105 Page 106 Page 107 Page 10821 CHAPTER 1  |  WORKING LONGER HRS information on subjective expectations about retirement is useful in comparing older and younger cohorts before actual retirements have yet to occur. Early Baby Boomers aged 51 to 56 in 2004 report expecting to work longer, on average, than workers of the same ages in 1992 (Mitchell et al. 2016). Early Baby Boomers have lower rates of employer-sponsored retiree health insurance and higher levels of education than older cohorts. Younger workers are also less likely to hold defined benefit (DB) pensions. Generally, DB pensions offer workers an income stream in retirement after a certain number of years of service, which often allows retirement at earlier ages. McInerney et al. (2013) also find that Early Baby Boomers expect to work an average of one year longer compared to the preceding cohort. This difference is not fully explained by cohort differences in health or economic status, both of which can affect retirement. As younger cohorts begin to retire, research is looking at their actual retirement rates compared to older cohorts. Kelley, Ettner, Morrison, et al. (2011) compare retirement rates for those born 1913 to 1917, 1933 to 1937, and 1943 to 1947. Interestingly, men in the 1933 to 1937 cohort have the earliest age of retirement compared to the other two cohorts. Forty percent of the 1943 to 1947 cohort are working at age 65 compared to 20% of the 1933 to 1937 cohort. A more recent cohort comparison shows the working longer trend continuing. Aaron and Callan (2011) com- pare retirement rates of men and women aged 55 to 66 in the HRS cohort, the War Babies, and the Early Baby Boomers. The probability of retiring is declining in this age group across cohorts. 0% 10% 20% 30% 40% 50% 60% 70% 1998 2000 2002 2004 2006 2008 2010 2012 2014 Women aged: 55-64 65-74 75-84 85+ FIGURE 1-1a  Trends in women’s labor force participation by age: 1998-2014 55-64 65-74 75-84 85+ 0% 10% 20% 30% 40% 50% 60% 70% 1998 2000 2002 2004 2006 2008 2010 2012 2014 Men aged: FIGURE 1-1b  Trends in men’s labor force participation by age: 1998-2014 Source: HRS 1998-2014.