RETIREMENT PATTERNS IN HONG-KONG - A CENSORED REGRESSION-ANALYSIS

This paper provides an overview of retirement patterns in Hong Kong on the basis of limited data. A censored regression model is used to inf er the retirement age from people's current retirement status and thei r current age. This model is equivalent to a restricted probit model, and the interpretation of parameters is straightforward. The results c learly show a negative income effect on the retirement decision. The r etirement age seems to be positively related to lifetime earnings but negatively related to the rate of decline of earnings with age.