The COVID-19 pandemic significantly affected global health and social care, leading to unmet needs, especially among vulnerable groups. Using data from the English Longitudinal Study of Ageing (ELSA), we investigate disruptions in home care for individuals over 50. We evaluate how the pandemic changed home care use at the extensive and intensive margins; the relative risk of reporting unmet need; and access to acute and primary care for different socio-demographic groups. We find decreases in home care use (extensive margin), mostly driven by informal care, which were partially offset by an increase in the amount of care received among those who were using home care during the pandemic (intensive margin). However, the relative risk of reporting unmet need rose, particularly among ethnic minorities, individuals with musculoskeletal and mental health conditions, and those not in work or retirement (due to long-term sickness or disability, home or family responsibilities, or unemployment). Individuals living alone and those aged 50-59 faced higher unmet needs for home care, but maintained primary care access as opposed to their counterparts. Our findings suggest that while aiming to protect the most vulnerable groups, pandemic containment policies negatively affected access to vital health and social care services, thereby increasing unmet care needs and exacerbating existing inequalities.

Declining health with age can limit individuals' work capacity, increasing the likelihood of mismatch between their abilities to perform certain tasks and the minimum demands of the jobs available to them. Traditional measures of health status are insufficient for understanding how labor supply outcomes are influenced by the match between individuals' abilities and job demands. We use unique survey data on individuals' self-reported ability levels, harmonized with occupational ability requirements from the O*NET database, to develop a new measure of work capacity. We find that average abilities overall and across different domains are high relative to average occupational demands. At the same time, age-related declines in abilities are modest, at least through age 70. Putting these elements together, individuals' work capacity is relatively stable with age. Finally, we show that our measures of work capacity are predictive of current and expected future labor supply outcomes, with and without controls for standard health variables.

Latin America is the least egalitarian region in the world. A neo-socialist government in Ecuador prioritized the reduction of socioeconomic status (SES) inequalities. The generational economy is a framework to understand the economic lifecycle and to link demographic change with people's well-being. This article aims to uncover SES-driven inequalities in the generational economy of Ecuador: did public transfers modify them from 2006 to 2011? National transfer accounts (NTA) were disaggregated by SES quartiles, which were defined by the highest level of education attainment in each household. The accounts within SES quartiles were estimated using standard NTA methods. A pseudo-Gini coefficient summarized SES-driven inequalities by age and generational account. This secondary analysis was based on existing micro databases from the Ecuadorian NTA.

This paper analyzes the impact of widowhood on the health of mid-aged and older individuals in China using data from the China Health and Retirement Longitudinal Study (CHARLS) data. Our results show that widowhood significantly increases the risk of depression, chronic diseases, and body pain while reducing cognitive function, sleeping time, and daily activity functions. The effects on depression and daily functions are immediate, that on chronic diseases is lagged, and the effects on cognitive function and sleeping hours persist over time. We find that rural widows are particularly vulnerable to negative health outcomes due to their weaker economic positions, for whom widowhood leads to more grandchild care responsibility and corresponding workforce and social withdrawals. Moreover, rural widows' income loss is not compensated by children, either by co-residence or financial transfers, leading to reduced living standards. Overall, our findings suggest that China needs to strengthen economic security for older people, especially among rural women, in order to avoid significant negative consequences of widowhood.

Australian regulations strictly limit early withdrawals from retirement plan accounts. However, in 2020, the Government made otherwise illiquid plan balances temporarily liquid, offering emergency relief during the pandemic. The COVID-19 Early Release Scheme allowed participants in financial hardship easy access to up to $A20,000 of savings over two rounds. We use administrative and survey data from a large retirement plan to describe how and why participants withdrew savings under the scheme. A majority report that they needed the money immediately but around one quarter said they anticipated future needs. Most thought about the decision for less than a week, acted soon after each round opened, and withdrew as much as they could. Many people did not estimate, or appear to have mis-estimated, the impact the withdrawal could have on their retirement savings. Our findings offer insights into preferences for liquidity. They also raise questions about whether the features of the early release scheme, and their implied endorsement by the Government, influenced some withdrawers more than personal deliberations over financial welfare.

In response to the COVID-19 pandemic, the Chilean Congress approved three laws between July 2020 and April 2021 that allowed early withdrawals of pension funds without any eligibility constraints. In this paper, we use nationwide survey data to examine the factors associated with people's assessments about the suitability of these policies in the context of the pandemic, with a particular focus on trust and political ideology. We find that respondents that declare high levels of trust in Chile's pension system, financial system, and political institutions and actors tend to oppose early withdrawal policies. Similarly, respondents on the right of the political spectrum and those that voted for the incumbent president, who opposed this policy, also declare opposition to early withdrawals. Overall, our findings suggest that political attitudes and beliefs are associated with policy views on changes to Chile's pension-fund system and that support for early withdrawal policies may be driven by lack of confidence in institutions.

Social protection schemes have been expanding around the world with the objective of protecting older persons during retirement. While theoretically they have been seen as tools to improve individual wellbeing, there are few studies that evaluate whether social pensions can improve health. In this study, we exploit the change in eligibility criteria for the South African Old Age grant to estimate the association between pension exposure eligibility and health of older persons. For this, we use data from the Health and Aging in Africa: A longitudinal Study of an INDEPTH Community in South Africa (HAALSI) and model pension exposure in terms of its cumulative effect. Our results show that pension exposure is associated with better health as measured by a set of health indices. Disentangling these effects, we find that pension exposure is most likely to improve health through the delayed onset of physical disabilities in the elderly population. Our study highlights the relevance of social protection schemes as a mechanism to protect older persons physical health.

Based on five waves of CHARLS data from 2011 to 2020 with expenditure imputations, we estimate living standards and poverty rates among older Chinese and study factors associated with consumption and poverty. Our results indicate that in the 2010s, China's poverty profile among older people was no longer characterized by regional concentration, such as the case in the first decades following China's economic reforms. Rather, old-age poverty is dispersed and varies mainly by demographics. Rural-urban differences, low education, and older age are the main factors associated with poverty. In the past decade, people of these characteristics enjoyed substantially more reductions in poverty, but they remain chief predictors. After controlling for demographics, consumption grew by 72.9 %, and the poverty rate declined by 59.2 % from 2011 to 2020, revealing remarkable progress. By interacting marital status with sex and urban/rural residence, we identify gaps in older people's economic support and find that the never-married urban people, widowed and divorced women, especially divorced rural women are the most at risk for poverty. Our research implies that future poverty alleviation policies should have more precise targeting.

The United States Social Security Amendments of 1983 increased the full retirement age and penalties for retiring before that age. This increased Social Security Disability Insurance (SSDI) applications by making SSDI relatively more generous. We explore if state disability and age discrimination laws moderated these spillovers, using variation whereby many state laws are broader or stronger than federal law. We estimate the effects of these laws on SSDI applications and receipt using a difference-in-differences approach. We find that a broader definition of disability, where only a medically diagnosed condition is required to be covered under state law, along with being able to sue for more damages under state disability discrimination law, are both associated with a significant reduction in induced SSDI applications and receipts. We also find some evidence that some features of state disability discrimination laws are also associated with increased employment, especially for women. While we find some positive association between age discrimination laws and employment effects, we do not find any moderating effect of age discrimination laws on SSDI.

We track low-income respondents in the longitudinal Health and Retirement Study for 23 years, to observe how their financial situations unfolded as they aged. We document that (a) real incomes remained relatively stable as individuals entered retirement and progressed through their later years; and (b) labor force participation declined and thus earnings became less important with age, while Social Security and retirement savings rose as a proportion of annual income. Low-income people near retirement also tended to fare poorly during retirement.

Since the seminal paper of Rohwedder and Willis (2010), the effect of retirement on cognition has drawn significant research interest from economists. Especially with ongoing policy discussions about public pension reforms and the increasing burden of dementia, it is indisputably an important research question with significant policy implications. Building on this growing literature, our paper makes two important contributions. First, we explicitly consider cognitive demands of jobs in studying hetereogeneity of the retirement effect. As the primary explanation for the potential adverse effect of retirement is that cognition is better maintained through mental exercise (Salthouse, 2006), by investigating the cognitive demands of the job one retires from we can directly test the hypothesized relationship. Second, we avoid biases associated with omitted variables, particularly by controlling for endowed cognitive ability. While endowed, genetic differences in cognitive ability is an important omitted variable that can explain individual differences in cognitive performance as well as selection into a particular type of job, this inherited characteristic has not been controlled for in the prior literature. Taking advantage of the polygenic risk score of cognition (Davies et al., 2015), we control for individual differences in genetic endowments in estimating the effect of retirement on cognition. We find supporting evidence for differential effects of retirement by cognitive demands of jobs after controlling for innate differences in cognition and educational attainment.

To assess the economic burden of COVID-19 that would arise absent behavioral or policy responses under the herd immunity approach in the United States and compare it to the total burden that also accounts for estimates of the value of lives lost.

We investigate how financial literacy shapes older Americans' demand for financial advice. Using an experimental module fielded in the Health and Retirement Study, we show that financial literacy strongly improves the but not the of financial advice sought. In particular, more financially literate people seek financial help from professionals. This effect is more pronounced among older people and those with more wealth and more complex financial positions. Our analysis result implies that financial literacy and financial advisory services are complementary with, rather than substitutes for, each other.

This paper examines the extent to which childhood circumstances contribute to health inequality in old age and how the contributions may vary across key dimensions of health. We link the China Health and Retirement Longitudinal Study (CHARLS) in 2013 and 2015 with its Life History Survey in 2014 to quantify health inequality due to childhood circumstances for which they have little control. We evaluate comprehensive dimensions of health ranging from cognitive health, mental health, physical health, self-rated health to mortality. Our analytic sample includes about 8,000 Chinese persons age above 60. Using the Shapley value decomposition approach, we first show that childhood circumstances may explain 1-23 percent of health inequality in old age across multiple health outcomes. Second, while both health-related circumstances and health-related circumstances contribute significantly to health inequality, the latter tends to be more sizable. Our findings support the value of a life course approach in identifying the key determinants of health in old age.

We propose a general analytical framework to model the redistributive features of alternative pension systems when individuals face ex ante differences in mortality. Differences in life expectancy between high and low socioeconomic groups are often large and have widened recently in many countries. Such longevity gaps affect the actuarial fairness and progressivity of public pension systems. However, behavioral responses to longevity and policy complicate analysis of possible reforms. Here we consider how various pension systems would perform in an OLG setting with heterogeneous longevity and ability. We evaluate redistributive effects of three Notional Defined Contribution plans and three Defined Benefit plans, calibrated on the US case. Compared to a benchmark non-redistributive plan that accounts for differences in mortality, US Social Security reduces regressivity from longevity differences, but would require group-specific life tables to achieve progressivity. Moreover, without separate life tables, despite apparent accounting gains, lower income groups would suffer welfare losses and higher income groups would enjoy welfare gains through indirect effects of pension systems on labor supply.

Occupational characteristics may improve or harm health later in life. Previous research, largely based on limited exposure periods, reached mixed conclusions. We use Health and Retirement Study data linked to the Department of Labor's O*Net job classification system to examine the relationship between lifetime exposure to occupational demands and disability later in life. We consistently find an association between non-routine cognitive demands and lower rates of Social Security Disability Insurance (SSDI) receipt and work-limiting health conditions. Routine manual demands are associated with moderately worse health and increased SSDI receipt in most lifetime specifications. These results are robust to various specifications of occupational demand measures and controlling for transitions between jobs of different levels of occupational intensity. We show that failure to account for job characteristic exposure early in a worker's tenure obscures the relationship between physical job demands and disability later in life. While characteristics of jobs worked at ages 30 and 55 are both predictive of later-life health outcomes, early-life job characteristics frequently dominate in models containing early and late exposures.

In this paper we discuss the value of international comparative empirical studies within the broad field of the economics of ageing. We argue the value is particularly great when such comparative research is based on long life-history data on participants, collected using large-scale autobiographical life-history methods. We identify particular aspects of such comparisons that create value relative to other empirical methods and also briefly survey recent key papers to illustrate each aspect. Finally we provide a short new application of this method, using data from SHARE and ELSA, to look at the question of how labour markets for older workers in Europe have been changing across cohorts and the extent to which this has been associated with changing retirement ages in public pension systems.

This paper uses data from the Health and Retirement Study (HRS) and the Mexican Health and Aging Study (MHAS) to study the cognitive function of Mexican-born older adults residing in the United States (Mexican immigrants). We find that, once differences in socioeconomic factors are accounted for, the cognitive function of male Mexican immigrants is statistically indistinguishable from that of male non-Hispanic (NH) whites, but the cognitive scores of female Mexican immigrants remain significantly below those of their NH white counterparts. We explore four potential hypotheses that may explain the cognition gap for female Mexican immigrants. Namely, we investigate whether the relative incidence of risk factors for dementia, when compared to NH whites, is higher for female than for male Mexican immigrants (the "risk factor hypothesis"); whether the mortality rate of male Mexican immigrants with low cognition is higher, relative to their white counterparts, than that of female Mexican immigrants (the "survival bias hypothesis"); whether female Mexican immigrants are less positively selected than their male counterparts in terms of predisposition to cognitive decline when compared with either the non-migrant Mexican population or the population of return migrants (the "differential selection hypothesis"); and whether male immigrants are better acculturated to life in the United States than female immigrants (the "acculturation hypothesis). We find no support for the risk-factor, survival, or acculturation hypotheses but we find evidence suggesting that the differential selection hypothesis may explain part of the female cognitive gap. Our results imply that older Mexican females currently residing in the U.S. may be at elevated risk for dementia and should be targeted by campaigns aimed at preventing or diagnosing the condition.

We document side-by-side trends in the gender gap of educational achievement and late-life cognition across countries. By and large, we find that, within the cohorts born between 1920 and 1959, women have had significantly lower educational attainment than men, with the gap narrowing over time. Correspondingly, we estimate a pronounced tendency of women's cognition to improve over time relative to men. We investigate whether these co-movements are likely due to the narrowing gender gap in education inducing a relative improvement in women's cognition. The data offer little support for such a causal relation. We discuss possible third factors that may underlie the observed parallel trends in education and cognition gender gaps.

China's recently implemented New Rural Pension Scheme (NRPS), the largest social pension program in the world, was designed to provide financial protection for its rural population and reduce economic inequities. Yet the impact of this program is mitigated if those eligible fail to enroll. This paper examines the extent to which pension-eligible individuals, and their families, make optimal pension decisions. Families are involved in the NRPS decisions because, in most cases, adult children need to enroll as a prerequisite of their parents' receipt of benefits. We examine the decisions of both those eligible for pension benefits (i.e. over 60 years old) and their adult children. We use the rural sample of the 2012 China Family Panel Study to study determinants of the decision to enroll in NRPS, premiums paid, and time taken to enroll. We find evidence of low and suboptimal pension enrollment by eligible individuals and their families. Suboptimal enrollment takes various forms including failure to switch from the dominated default pension program to NRPS and evidence that families do not make mutually beneficial intra-family decisions. For the older cohort, few individual and family characteristics are significant in enrollment decisions, but village characteristics play an important role. For the younger cohort, more individual-level characteristics are significant, including own and children's education. Village characteristics are important but not as much as for the older cohort. Our finding of suboptimal enrollment is important as it highlights the need for policies to improve enrollment. This paper provides needed information on the extent of the factors relating to suboptimal enrollment.