Health and Retirement Study - National Institute on …

Growing Older

in America

the Health & Retirement Study

National Institute on Aging

National Institutes of Health

U.S. Department of Health and Human Services

Design: Levine & Associates, Inc.

Project Management: Susan R. Farrer, JBS International, Inc.

Please send comments, suggestions, or ideas to:

Freddi Karp, Editor Office of Communications and Public Liaison National Institute on Aging Building 31, Room 5C27 Bethesda, MD 20892 301-496-1752 karpf@nia.

Growing Older

in America

the Health & Retirement Study

National Institute on Aging

National Institutes of Health

U.S. Department of Health and Human Services

TABLE OF CONTENTS

Preface

4

List of Figures and Tables 7

INTRODUCTION

9

Objectives and Design of the HRS

10

How Can the HRS Data Be Used?

12

Unique Features of the HRS

13

Study Innovations

14

Protecting HRS Participant

Confidentiality

15

Linkages to Other Datasets

16

Background and Development of the HRS 16

The HRS: A Model for Other Countries 18

CHAPTER 1:

HEALTH

Chapter Highlights

20

Health Status and Specific Conditions 21

Health Behaviors and Outcomes

23

A Community-Dwelling Sample

24

Cognitive Function

25

Depressive Symptoms and Depression 26

The Aging, Demographics, and

Memory Study

26

Health Care Coverage

28

Health Care Use

29

Use of Alternative Medicines and

Supplements

31

Aging and Medical Expenditures

31

Effects of Unexpected Health Events

32

Disability and Physical Functioning

33

Health and Work

35

How Long Do People Think They'll Live? 36

Health Status of U.S. versus English

Older Adults

38

CHAPTER 2:

WORK & RETIREMENT

Chapter Highlights

40

Labor Force Participation

41

The Changing Nature of Work

43

Occupations After Age 70

45

Hours and Pay

45

Job Flexibility

46

Reasons People Retire

47

Health versus Financial Factors

48

The Role of Medicare and Private

Health Insurance

48

Diseases and Retirement

48

Trends in Retirement Timing

49

Early Retirement Incentives

50

Gradual Retirement

51

Pension Plan Trends and Retirement

51

Knowledge About Pension Plans

52

The Impact of Stock Market Changes

on Retirement

52

Retirement and Consumption

53

Enjoyment of Retirement

53

Helping Others

54

PREFACE

CHAPTER 3:

INCOME & WEALTH

Chapter Highlights

56

Amount and Sources of Income

57

Pre-Retirement Saving Behavior

57

Health and Income

61

Unexpected Health Events and Income 61

Social Security Benefit Acceptance

62

Conversion of Investments to Annuities 62

Wealth and Its Distribution

63

Refining the Measurement of Wealth

66

Marriage and Wealth

67

Pension Wealth

68

Aging and Housing Equity

68

Wealth and Health

69

Unexpected Health Events and Wealth 70

Probabilistic Thinking and

Financial Behavior

72

CHAPTER 4:

FAMILY CHARACTERISTICS & INTERGENERATIONAL TRANSFERS

Chapter Highlights

74

Living Situations

75

Living Arrangements and Health

75

Family Status and Psychological

Well-Being

76

Marital Status and Physical Well-Being 76

Marital Status and Wealth

77

Multiple Family Roles and Well-Being

77

Amount of Bequests

78

Patterns of Intergenerational Transfers 79

Reciprocity and Intergenerational

Transfers

82

Participants' Transfers to Parents

82

Trade-Offs Between Employment

and Care

82

Caregiving Costs, Insurance

83

Grandparents' Care of Grandchildren

84

The Future

85

References

88

Appendix A

HRS Experimental Modules

94

Appendix B

HRS Co-Investigators, Steering committee, and Data Monitoring Committee 100

PREFACE

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