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 10823 CHAPTER 1  |  WORKING LONGER to as bridge jobs. Other studies reveal a pattern of unretirement in which workers retire completely from full-time work and, after a period out of the workforce, return to either full- or part-time work. Younger generations are not only working longer, but they are much less likely to move from full- time employment to full and permanent retirement. Johnson et al. (2010) show that the traditional pattern was followed by over 50% of men born 1913 to 1917. Of men born just two decades later, 34% follow this traditional path. Forty-five percent of men born 1943 to 1947 move to part-time work before retiring, and 26% of men and 29% of women in this cohort return to work after a period of retirement. Transitional retirements are increasingly the norm. Early Baby Boomers, especially women, are more likely than those in earlier cohorts to move to a bridge job before retiring. Both men and women in this cohort are also more likely than earlier cohorts to leave the workforce involuntarily through layoffs (Cahill et al. 2015). Maestas (2010) explores alternative expla- nations for unretirement, for example, that returning to work is the result of an unex- pected event or unanticipated financial shortfall or, alternatively, that a return to work is anticipated and even part of retirement plans. Full retirement is defined as reporting currently not working any hours for pay and de- scribing oneself as retired. Partially retired workers are defined as people who report that they are retired but are also working fewer than 35 hours per week. Over the period 1992 to 1998, about 52% of workers followed a traditional path (see Figure 1-2). The balance of participants reveal a range of retirement patterns: 12.9% move to full retirement and then to part-time work; 6.3% go from retirement back to full-time work; nearly 8% remain partially retired throughout; 13.7% move from work to partial retirement to full retirement; and 7.2% go from work to partial retirement back to full-time work. Thus about 30% of workers unretire within six years of retiring. Overall, younger workers and men are most likely to unretire. HRS participants are asked if they would like to continue doing some paid work after they retire. The vast majority of workers anticipate their retirement pattern. For this cohort, born 1931 to 1941, only 8% of those who say they had not expected to return to work actually ended up returning to work. Workers are more likely to return to part-time work than full time, especially if they are eligible for full Social Security retirement benefits. FIGURE 1-2  Percent of workers taking various retirement paths: 1992-1998 Source: Maestas (2010). 0% 10% 20% 30% 40% 50% Work → full retirement → full-time work Work → partial retirement → full-time work Work → partial retirement → partial retirement Work → full retirement → part-time work Work → partial retirement → full retirement Work → full retirement → full retirement