Labor supply preferences around retirement for US households

We analyze labor supply preferences around retirement for US households coming from the Health and Retirement Study. A collective structural life cycle model of joint retirement of couplesis specified and estimated. Respondents were given hypothetical retirement scenarios describing age(s) of retirement of both spouses and replacement rate(s). Preferences and the intrahouseholdbargaining process are identified by using stated preference data. Parameters of the utility functions vary with observed and unobserved characteristics. Our results support the collective model ratherthan the unitary model.