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Do State Economics or Individual Characteristics Determine Whether Older Men Work?
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The difference in labor
force participation rates of men aged 55-64 across the United States is astounding.
For example, West Virginia has a participation rate below 60 percent, while
South Dakota has a participation rate approaching 90 percent. This fact in itself
has significant implications for the pressures that states will face as the
baby boom starts to retire in the face of a contracting retirement income system,
declining housing prices, and a lackluster stock market.
Despite these marked differences,
little is known about the reasons for such variations in work patterns. An earlier
brief, using the Current Population Survey for the period 1977-2007, demonstrated
that the differences in the labor force participation of older men were related
to labor market conditions, the nature of employment, and the employee characteristics
in each state as well as to a “pseudo replacement rate.” These variables
explained more than one-third of the total variation...
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