b'CHAPTER 1|WORKING LONGERFIGURE 1-1aTrends in womens labor force participation by age: 1998-2014 HRS information on subjective expectations about retirement is useful in comparing older and younger cohorts before actual retirements 70% have yet to occur. Early Baby Boomers aged 51 to 60% 56 in 2004 report expecting to work longer, on average, than workers of the same ages in 1992 50% (Mitchell et al. 2016). Early Baby Boomers have lower rates of employer-sponsored retiree health 40%insurance and higher levels of education than 30% older cohorts. Younger workers are also less likely to hold defined benefit (DB) pensions. Generally, 20% DB pensions offer workers an income stream in 10% retirement after a certain number of years of service, which often allows retirement at earlier 0% ages. McInerney et al. (2013) also find that Early 1998 2000 2002 2004 2006 2008 2010 2012 2014 Baby Boomers expect to work an average of one Women aged: 55-64 65-74 75-84 85+ year longer compared to the preceding cohort. This difference is not fully explained by cohort FIGURE 1-1bTrends in mens labor force participation by age: 1998-2014 differences in health or economic status, both of which can affect retirement. As younger cohorts begin to retire, research is 70% looking at their actual retirement rates compared to older cohorts. Kelley, Ettner, Morrison, et al. 60% (2011) compare retirement rates for those born 1913 to 1917, 1933 to 1937, and 1943 to 1947. 50% Interestingly, men in the 1933 to 1937 cohort 40% have the earliest age of retirement compared to the other two cohorts. Forty percent of the 1943 30% to 1947 cohort are working at age 65 compared 20% to 20% of the 1933 to 1937 cohort. A more recent cohort comparison shows the working longer 10% trend continuing. Aaron and Callan (2011) com-pare retirement rates of men and women aged 55 0% 1998 2000 2002 2004 2006 2008 2010 2012 2014 to 66 in the HRS cohort, the War Babies, and the Early Baby Boomers. The probability of retiring is Men aged: 55-64 65-74 75-84 85+ declining in this age group across cohorts.Source: HRS 1998-2014.21'