Does the early release of retirement savings prolong labor market participation for workers approaching retirement? Evidence from Australia's “Transition to Retirement Income Streams” program

Andrew Dudley Carter

doi:10.2478/izajolp-2022-0010

Figures & Tables

Derived employment rates for individuals aged 56 years.NIFW, net income from working; SW, salary and wage.

“TRIS-like-behavior”, using NIFW Indicator 2 TRIS rule.NIFW, net income from working; TRIS, Transition to Retirement Income Streams.

Reported SMSF TRIS, males and females pooled.SMSF, self-managed superannuation funds; TRIS, Transition to Retirement Income Streams.

Rolling D-i-D estimates – 54 years vs 56 years of age, males.D-i-D, difference-in-differences; NIFW, net income from working; SW, salary and wage.

Rolling D-i-D estimates – 54 years vs 56 years of age, females.D-i-D, difference-in-differences; NIFW, net income from working; SW, salary and wage.

Trends in employment rates (NIFW Indicator 2).NIFW, net income from working.

Historical concessional contributions caps.

Summary statistics before and after the introduction of TRIS, females

	Control period		Treatment 1		Treatment 2

	2004–05		2005–06		2006–07

	Mean	Std. dev.	Mean	Std. dev.	Mean	Std. dev.
*ITR, PAYG, plus* ABS estimates**
Income year	2004–05	0.00	2005–06	0.00	2006–07	0.00
Age at June 30	54.98	1.00	54.99	1.00	54.98	1.00
Employment rates
NIFW Indicator 2	0.69	0.46	0.71	0.46	0.72	0.45
NIFW Indicator 3	0.62	0.49	0.64	0.48	0.66	0.47
SW indicator	0.61	0.49	0.63	0.48	0.65	0.48
Earned income
NIFW Indicator 2 ($)	35,971	29,205	38,557	32,599	41,412	36,773
NIFW Indicator 3 ($)	36,616	27,720	39,237	30,703	41,915	33,900
SW indicator ($)	36,251	26,713	38,861	29,807	41,385	32,733
Observations (number)	252,876	na	256,564	na	261,864	na
ITR observations only
Income year	2004–05	0.00	2005–06	0.00	2006–07	0.00
Age at June 30	54.96	1.00	54.97	1.00	54.96	1.00
Employment rates
NIFW Indicator 2	0.88	0.32	0.89	0.31	0.90	0.30
NIFW Indicator 3	0.79	0.41	0.80	0.40	0.82	0.39
SW indicator	0.78	0.42	0.79	0.41	0.80	0.40
Earned income
NIFW Indicator 2 ($)	36,353	29,213	35,699	31,473	41,818	36,853
NIFW Indicator 3 ($)	37,060	27,679	39,696	30,705	42,380	33,909
SW indicator ($)	36,692	26,649	39,317	29,790	41,838	32,729
Controls
Reported spouse	0.51	0.50	0.56	0.50	0.56	0.50
Self-prepared tax return	0.23	0.42	0.23	0.42	0.24	0.43
Business and PSI income	0.05	0.22	0.05	0.22	0.06	0.24
Partnership and trust income	0.26	0.44	0.25	0.43	0.24	0.42
Dividend income	0.40	0.49	0.38	0.49	0.37	0.48
Rental income	0.20	0.40	0.20	0.40	0.21	0.40
Remoteness
Major cities	0.69	0.46	0.69	0.46	0.69	0.46
Inner regional	0.20	0.40	0.20	0.40	0.20	0.40
Outer regional	0.08	0.28	0.08	0.28	0.08	0.28
Remote and very remote	0.01	0.12	0.01	0.12	0.01	0.12
Not available	0.01	0.08	0.01	0.09	0.01	0.10
Observations (number)	192,587	na	199,174	na	206,331	na

Hypothetical TRIS use cases in 2005–06

		Intended use: reducing labor ($ 000s)	Moderate use: bolstering income ($ 000s)	Aggressive use: tax planning ($ 000s)	Notes
Benchmark
A	Earnings from work	80.0	100.0	140.0
B	Income tax on earnings	21.9	30.6	49.4	2004–05 schedule
C	Posttax earnings	58.1	69.5	90.7	=A – B
D	Employer contributions	7.2	9.0	12.6	=A^*0.09^a
E	Salary-sacrificed contributions	0.0	0.0	0.0
F	Tax on contributions	1.1	1.4	1.9	=(D+E)^*0.15
Using TRIS
H	Earnings from work	56.0	100.0	0.0
I	TRIS	19.1	25.0	35.0	=R^*0.1^b
J	Assessable income	75.1	125.0	35.0	=H+I
K	Tax on earnings	19.8	42.8	6.4	2004–05 schedule
L	TRIS tax offset	2.9	3.8	5.3	=H^*0.15
M	Tax minus TRIS offset	17.0	39.0	1.1	=K+L
N	Posttax earnings	58.1	86.0	33.9	=J – M
O	Employer contributions	5.0	9.0	12.6	=H^*.09^a
P	Salary-sacrificed contributions	0.0	0.0	140.0
Q	Tax on contributions	0.8	1.4	22.9	=O+P^*0.15
R	Superannuation balance	200.0	250.0	350.0	A^*2.5^c
Difference
S	After-tax earnings	0.0	16.6	−56.8	=N – C
T	Tax on income	−4.9	8.5	−48.2	=M – B
U	Super contributions	−2.2	0.0	140.0	=O+P – D
V	Tax on contributions	−0.3	0.0	21.0	=Q – F
W	Tax paid	−5.3	8.5	−27.2	=U+W

“Net income from working Indicator 2”: adjusted Australian Taxation Office definition

Net income from working
=	Total gross salary and wage payments	(1)
+	Income from allowances, earnings, tips, director's fees, etc.	(2)
+	Attributed personal services income	(3)
+	Total reportable fringe benefits (RFB) amounts (if RFB ≥ RFB threshold)	(4)
–	Work-related car expenses	(5)
–	Work-related travel expenses	(6)
–	Work-related clothing expenses	(7)
–	Work-related self-education expenses	(8)
–	Other work-related expenses	(9)
–	Low-value pool deduction^a	(10)
+	Net income from working (Appendix section)^b	(11)
+	Total employer superannuation contributions	(12)

Labor supply rates in periods before and after the introduction of TRIS

		Pre-TRIS 2004–05(1)	TRIS 2005–06(2)	Difference (2 – 1)(3)	Difference-in-difference(4)
Males
A	NIFW Indicator 2
	Treatment (age: 56 years) [249,728]	0.7977 (0.0011)	0.8080 (0.0011)	0.0102^*** (0.0016)
	Control (age: 54 years) [256,949]	0.8317 (0.001)	0.8432 (0.001)	0.0115^*** (0.0015)	−0.0013 (0.0022)
B	NIFW Indicator 3
	Treatment (age: 56 years) [249,728]	0.6729 (0.0013)	0.6867 (0.0013)	0.0138^*** (0.0019)
	Control (age: 54 years) [256,949]	0.7111 (0.0013)	0.7234 (0.0012)	0.0124^*** (0.0018)	0.0014 (0.0026)
C	Salary and wage indicator
	Treatment (age: 56 years) [249,728]	0.6557 (0.0014)	0.6711 (0.0013)	0.0154^*** (0.0019)
	Control (age: 54 years) [256,949]	0.6962 (0.0013)	0.7089 (0.0013)	0.0127^*** (0.0018)	0.0027 (0.0026)
Females
D	NIFW Indicator 2
	Treatment (age: 56 years) [250,487]	0.6603 (0.0013)	0.6778 (0.0013)	0.0175^*** (0.0019)
	Control (age: 54 years) [258,953]	0.7168 (0.0013)	0.7362 (0.0012)	0.0194^*** (0.0018)	−0.0019 (0.0026)
E	NIFW Indicator 3
	Treatment (age: 56 years) [250,487]	0.5873 (0.0014)	0.6060 (0.0014)	0.0186^*** (0.002)
	Control (age: 54 years) [258,953]	0.6476 (0.0013)	0.6687 (0.0013)	0.0212^*** (0.0019)	−0.0025 (0.0027)
F	Salary and wage indicator
	Treatment (age: 56 years) [250,487]	0.5765 (0.0014)	0.5959 (0.0014)	0.0194^*** (0.002)
	Control (age: 54 years) [258,953]	0.6387 (0.0013)	0.6597 (0.0013)	0.0211^*** (0.0019)	−0.0017 (0.0027)

TRIS effects on “labor supply” and “earnings” (D-i-D coefficients)

	2004–05 vs 2005–06(1)		2004–05 vs 2006–07(2)
ITR, PAYG, and ABS estimates	54 years vs 56 years		54 years vs 56 years
Labor supply	Males
NIFW 2 D-i-D (TRIS · Age)	−0.0013	[0.0022]	0.0052^**	[0.0021]
NIFW 3 D-i-D (TRIS · Age)	0.0014	[0.0026]	0.0102^***	[0.0026]
Salary and wage D-i-D (TRIS · Age)	0.0027	[0.0026]	0.0101^***	[0.0026]
	Females
NIFW 2 D-i-D (TRIS · Age)	−0.0019	[0.0026]	−0.0008	[0.0025]
NIFW 3 D-i-D (TRIS · Age)	−0.0025	[0.0027]	0.0001	[0.0027]
Salary and wage D-i-D (TRIS · Age)	−0.0017	[0.0027]	0.0003	[0.0027]

ITR and PAYG data	54 years vs 56 years		54 years vs 56 years
Earned income	Males
NIFW 2 D-i-D (TRIS · Age)	0.0173^**	[0.0073]	0.0244^***	[0.0073]
NIFW 3 D-i-D (TRIS · Age)	0.0018	[0.0079]	0.0161^**	[0.0079]
Salary and wage D-i-D (TRIS · Age)	0.0021	[0.0080]	0.0179^**	[0.0080]
	Females
NIFW 2 D-i-D (TRIS · Age)	−0.0080	[0.0083]	0.0012	[0.0082]
NIFW 3 D-i-D (TRIS · Age)	−0.0175^**	[0.0084]	−0.0099	[0.0082]
Salary and wage D-i-D (TRIS · Age)	−0.0190^**	[0.0084]	−0.0084	[0.0083]

	2006–07 vs 2007–08		2006–07 vs 2008–09

ITR, PAYG, and ABS estimates	59 years vs 61 years		59 years vs 61 years
Labor supply	Males
NIFW 2 D-i-D (TRIS · Age)	0.0247^***	[0.0026]	0.0110^***	[0.0026]
NIFW 3 D-i-D (TRIS · Age)	0.0253^***	[0.0028]	0.0136^***	[0.0028]
Salary and wage D-i-D (TRIS · Age)	0.0238^***	[0.0028]	0.0115^***	[0.0029]
	Females
NIFW 2 D-i-D (TRIS · Age)	0.0134^***	[0.0029]	0.0058^**	[0.0029]
NIFW 3 D-i-D (TRIS · Age)	0.0113^***	[0.0029]	0.0058^**	[0.0029]
Salary and wage D-i-D (TRIS · Age)	0.0113^***	[0.0029]	0.0050^*	[0.0029]

ITR and PAYG data	59 years vs 61 years		59 years vs 61 years
Earned income	Males
NIFW 2 D-i-D (TRIS · Age)	0.0024	[0.0088]	0.0020	[0.0092]
NIFW 3 D-i-D (TRIS · Age)	−0.0149	[0.0093]	−0.0133	[0.0097]
Salary and wage D-i-D (TRIS · Age)	−0.0166	[0.0102]	−0.0110	[0.0099]
	Females
NIFW 2 D-i-D (TRIS · Age)	0.0074	[0.0112]	0.0137	[0.0111]
NIFW 3 D-i-D (TRIS · Age)	−0.0229^**	[0.0113]	−0.0197^*	[0.0111]
Salary and wage D-i-D (TRIS · Age)	−0.0263^**	[0.0114]	−0.0217^*	[0.0111]

TRIS adoption – descriptive analysis, females

	Without controls		Plus age		Additional controls

	(1)		(2)		(3)
Income tax return data only
Intercept	0.0051^***	[0.0001]	−0.0228^***	[0.0001]	−0.0728^***	[0.0004]
D2006	0.0006^***	[0.0001]	0.0003^***	[0.0001]	0.0005^***	[0.0001]
D2007	0.0017^***	[0.0002]	0.0015^***	[0.0001]	0.0017^***	[0.0001]
D2008	0.0170^***	[0.0002]	0.0169^***	[0.0002]	0.0172^***	[0.0002]
D2009	0.0244^***	[0.0002]	0.0243^***	[0.0002]	0.0257^***	[0.0002]
D2010	0.0302^***	[0.0002]	0.0301^***	[0.0002]	0.0299^***	[0.0002]
D2011	0.0335^***	[0.0002]	0.0334^***	[0.0002]	0.0330^***	[0.0002]
D2012	0.0366^***	[0.0002]	0.0365^***	[0.0002]	0.0356^***	[0.0002]
D2013	0.0377^***	[0.0002]	0.0376^***	[0.0002]	0.0369^***	[0.0002]
D2014	0.0388^***	[0.0002]	0.0386^***	[0.0002]	0.0379^***	[0.0002]
D2015	0.0401^***	[0.0002]	0.0399^***	[0.0002]	0.0400^***	[0.0003]
Age at June 30
Age 54 years	–	–	0.0003^***	[0.0000]	0.0002^***	[0.0000]
Age 55 years	–	–	0.0186^***	[0.0001]	0.0181^***	[0.0001]
Age 56 years	–	–	0.0361^***	[0.0002]	0.0355^***	[0.0002]
Age 57 years	–	–	0.0459^***	[0.0002]	0.0454^***	[0.0002]
Age 58 years	–	–	0.0531^***	[0.0002]	0.0525^***	[0.0002]
Age 59 years	–	–	0.0529^***	[0.0003]	0.0524^***	[0.0002]
Additional controls
Log(Taxable income)	–	–	–	–	0.0046^***	[0.0000]
Negative taxable income	–	–	–	–	0.0480^***	[0.0006]
Self-prepared return	–	–	–	–	−0.0067^***	[0.0002]
Reported partner	–	–	–	–	−0.0045^***	[0.0002]
PSI income	–	–	–	–	0.0017^***	[0.0004]
Business and partnership	–	–	–	–	0.0107^***	[0.0003]
income
Dividend income	–	–	–	–	0.0135^***	[0.0002]
Rental income	–	–	–	–	0.0053^***	[0.0003]
Remoteness
Inner regional	–	–	–	–	0.0008^**	[0.0003]
Outer regional	–	–	–	–	−0.0063^***	[0.0004]
Remote and very	–	–	–	–	−0.0156^***	[0.0006]
remote	–	–	–	–
Not available	–	–	–	–	−0.0095^***	[0.0004]
Observations	8,182,689		8,182,689		8,182,689
R-squared	0.0079		0.0242		0.0311

TRIS measures versus APRA statistics, 55–59 year age range, 2014–151

		APRA-regulated funds			SMSFs

		Female	Male	Total	Female	Male	Total
		Count of TRIS recipients (’000s)
A	NIFW Indicator 2	30	35	65	7	7	14
B	NIFW Indicator 3	27	31	58	6	5	11
C	SW indicator	26	30	56	5	5	10
D	APRA 55–59	21	26	47	na	na	na
E	APRA 60–64	40	52	92	na	na	na
F	APRA 65–69	3	4	7	na	na	na
		Total TRIS payments ($ million)
G	NIFW Indicator 2	342	498	840	125	182	307
H	NIFW Indicator 3	298	432	730	98	140	237
I	SW indicator	282	408	690	87	122	208
J	APRA 55–59	204	325	529	na	na	na
K	APRA 60–64	438	801	1,239	na	na	na
L	APRA 65–69	38	72	110	na	na	na

TRIS effects on “labor supply” and “earnings” (double age grouping D-i-D coefficients)

	2004–05 vs 2005–06		2004–05 vs 2006–07

	(1)		(2)
ITR, PAYG, and ABS estimates	53–54 vs 56–57		53–54 vs 56–57
Labor supply	Males
NIFW Indicator 2 D-i-D (TRIS · Age)	0.0100^***	[0.0015]	0.0144^***	[0.0015]
NIFW Indicator 3 D-i-D (TRIS · Age)	0.0116^***	[0.0018]	0.0178^***	[0.0018]
SW indicator D-i-D (TRIS · Age)	0.0125^***	[0.0018]	0.0185^***	[0.0018]
	Females
NIFW Indicator 2 D-i-D (TRIS · Age)	0.0062^***	[0.0018]	0.0099^***	[0.0018]
NIFW Indicator 3 D-i-D (TRIS · Age)	0.0057^***	[0.0019]	0.0103^***	[0.0019]
SW indicator D-i-D (TRIS · Age)	0.0063^***	[0.0019]	0.0105^***	[0.0019]

ITR and PAYG data	53–54 vs 56–57		53–54 vs 56–57
Earned income	Males
NIFW Indicator 2 D-i-D (TRIS · Age)	0.0153^***	[0.0052]	0.0264^***	[0.0052]
NIFW Indicator 3 D-i-D (TRIS · Age)	0.0045	[0.0056]	0.0132^**	[0.0056]
SW indicator D-i-D (TRIS · Age)	0.0037	[0.0057]	0.0110^*	[0.0057]
	Females
NIFW Indicator 2 D-i-D (TRIS · Age)	−0.0037	[0.0059]	0.0048	[0.0058]
NIFW Indicator 3 D-i-D (TRIS · Age)	−0.0037	[0.0059]	−0.0019	[0.0059]
SW indicator D-i-D (TRIS · Age)	−0.0069	[0.0059]	−0.0026	[0.0059]

	2006–07 vs 2007–08		2006–07 vs 2008–09

ITR, PAYG, and ABS estimates	58–59 vs 61–62		58–59 vs 61–62
Labor supply	Males
NIFW Indicator 2 D-i-D (TRIS · Age)	0.0059^***	[0.0019]	0.0133^***	[0.0018]
NIFW Indicator 3 D-i-D (TRIS · Age)	0.0094^***	[0.0020]	0.0146^***	[0.0020]
SW indicator D-i-D (TRIS · Age)	0.0092^***	[0.0020]	0.0137^***	[0.0020]
	Females
NIFW Indicator 2 D-i-D (TRIS · Age)	0.0022	[0.0020]	0.0072^***	[0.0020]
NIFW Indicator 3 D-i-D (TRIS · Age)	0.0022	[0.0020]	0.0078^***	[0.0020]
SW indicator D-i-D (TRIS · Age)	0.0022	[0.0020]	0.0073^***	[0.0020]

ITR and PAYG data	58–59 vs 61–62		58–59 vs 61–62
Earned income	Males
NIFW Indicator 2 D-i-D (TRIS · Age)	0.0026	[0.0067]	0.0065	[0.0066]
NIFW Indicator 3 D-i-D (TRIS · Age)	−0.0141^*	[0.0072]	−0.0046	[0.0070]
SW indicator D-i-D (TRIS · Age)	−0.0191^***	[0.0074]	−0.0064	[0.0071]
	Females
NIFW Indicator 2 D-i-D (TRIS · Age)	0.0048	[0.0081]	0.0183^**	[0.0079]
NIFW Indicator 3 D-i-D (TRIS · Age)	−0.0180^**	[0.0082]	−0.0126	[0.0079]
SW indicator D-i-D (TRIS · Age)	−0.2060^**	[0.0083]	−0.0142^*	[0.0079]

Data sources

	Worked	Did not work
Filed	Income tax return data	Income tax return data
Did not file	PAYG payment summary data (for salary and wage payments only)	Residual population calculated from ABS estimates

TRIS adoption – descriptive analysis, males

	Without controls		Plus age		Additional controls

	(1)		(2)		(3)
Income tax return data only
Intercept	0.0096^***	[0.0001]	−0.0255^***	[0.0001]	−0.0854^***	[0.0005]
D2006	0.0008^***	[0.0001]	0.0003^***	[0.0001]	−0.0000	[0.0001]
D2007	0.0027^***	[0.0001]	0.0025^***	[0.0001]	0.0021^***	[0.0001]
D2008	0.0212^***	[0.0002]	0.0211^***	[0.0002]	0.0208^***	[0.0002]
D2009	0.0320^***	[0.0002]	0.0320^***	[0.0002]	0.0322^***	[0.0002]
D2010	0.0376^***	[0.0003]	0.0378^***	[0.0003]	0.0363^***	[0.0003]
D2011	0.0398^***	[0.0003]	0.0400^***	[0.0003]	0.0382^***	[0.0003]
D2012	0.0412^***	[0.0003]	0.0415^***	[0.0003]	0.0396^***	[0.0003]
D2013	0.0397^***	[0.0003]	0.0401^***	[0.0003]	0.0373^***	[0.0003]
D2014	0.0388^***	[0.0003]	0.0392^***	[0.0003]	0.0365^***	[0.0003]
D2015	0.0395^***	[0.0003]	0.0398^***	[0.0003]	0.0380^***	[0.0003]
Age at June 30
Age 54 years	–	–	0.0005^***	[0.0000]	0.0003^***	[0.0000]
Age 55 years	–	–	0.0219^***	[0.0001]	0.0215^***	[0.0001]
Age 56 years	–	–	0.0433^***	[0.0002]	0.0427^***	[0.0002]
Age 57 years	–	–	0.0563^***	[0.0002]	0.0557^***	[0.0002]
Age 58 years	–	–	0.0660^***	[0.0002]	0.0654^***	[0.0002]
Age 59 years	–	–	0.0672^***	[0.0002]	0.0666^***	[0.0002]
Additional controls
Log(Taxable income)	–	–	–	–	0.0046^***	[0.0000]
Negative taxable income	–	–	–	–	0.0463^***	[0.0006]
Self-prepared return	–	–	–	–	−0.0012^***	[0.0003]
Reported partner	–	–	–	–	−0.0083^***	[0.0002]
PSI income	–	–	–	–	−0.0022^***	[0.0003]
Business and partnership	–	–	–	–	0.0046^***	[0.0003]
income
Dividend income	–	–	–	–	0.0168^***	[0.0002]
Rental income	–	–	–	–	0.0062^***	[0.0003]
Remoteness
Inner regional	–	–	–	–	0.0022^***	[0.0003]
Outer regional	–	–	–	–	−0.0078^***	[0.0004]
Remote and very	–	–	–	–	−0.0189^***	[0.0006]
remote	–	–	–	–
Not available	–	–	–	–	−0.0133^***	[0.0005]
Observations	8,809,835		8,809,835		8,809,835
R-squared	0.0074		0.0280		0.0346

Summary statistics before and after the introduction of TRIS, males

	Control period		Treatment 1		Treatment 2

	2004–05		2005–06		2006–07

	Mean	Std. dev.	Mean	Std. dev.	Mean	Std. dev.
*ITR, PAYG, plus* ABS estimates**
Income year	2004–05	0.00	2005–06	0.00	2006–07	0.00
Age at June 30	54.98	1.00	54.99	1.00	54.98	1.00
Employment rates
NIFW Indicator 2	0.82	0.39	0.83	0.38	0.83	0.38
NIFW Indicator 3	0.69	0.46	0.71	0.46	0.71	0.45
SW indicator	0.68	0.47	0.69	0.46	0.70	0.46
Earned income
NIFW Indicator 2 ($)	56,419	74,440	60,311	92,301	64,771	93,301
NIFW Indicator 3 ($)	57,697	63,970	61,602	87,307	65,952	83,799
SW indicator ($)	57,908	60,298	61,928	82,835	66350	81,510
Observations (number)	251,666	na	255,011	na	258,715	na
ITR observations only
Income year	2004–05	0.00	2005–06	0.00	2006–07	0.00
Age at June 30	54.98	1.00	54.98	1.00	54.97	1.00
Employment rates
NIFW Indicator 2	0.93	0.25	0.94	0.25	0.94	0.24
NIFW Indicator 3	0.79	0.41	0.80	0.40	0.80	0.40
SW indicator	0.77	0.42	0.78	0.42	0.79	0.41
Earned income
NIFW Indicator 2 ($)	57,099	75,080	61,023	93,193	65,536	94,171
NIFW Indicator 3 ($)	58,539	64,496	62,477	88,249	66,881	84,624
SW indicator ($)	58,777	60,751	62,832	83,706	67,311	82,302
Controls
Reported spouse	0.59	0.49	0.62	0.48	0.62	0.48
Self-prepared tax return	0.20	0.40	0.20	0.40	0.20	0.40
Business and PSI income	0.11	0.32	0.11	0.32	0.12	0.33
Partnership and trust income	0.21	0.41	0.20	0.40	0.20	0.40
Dividend income	0.39	0.49	0.37	0.48	0.37	0.48
Rental income	0.21	0.41	0.21	0.41	0.22	0.41
Remoteness
Major cities	0.68	0.47	0.68	0.47	0.67	0.47
Inner regional	0.20	0.40	0.21	0.40	0.21	0.41
Outer regional	0.09	0.29	0.09	0.29	0.09	0.29
Remote and very remote	0.02	0.13	0.02	0.13	0.02	0.13
Not available	0.01	0.09	0.01	0.10	0.01	0.11
Observations (number)	214,771	na	219,504	na	222,946	na

Does the early release of retirement savings prolong labor market participation for workers approaching retirement? Evidence from Australia's “Transition to Retirement Income Streams” program

Figures & Tables

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Figure 6

Figure A1

Figure A2

Summary statistics before and after the introduction of TRIS, females

Hypothetical TRIS use cases in 2005–06

“Net income from working Indicator 2”: adjusted Australian Taxation Office definition

Labor supply rates in periods before and after the introduction of TRIS

TRIS effects on “labor supply” and “earnings” (D-i-D coefficients)

TRIS adoption – descriptive analysis, females

TRIS measures versus APRA statistics, 55–59 year age range, 2014–151

TRIS effects on “labor supply” and “earnings” (double age grouping D-i-D coefficients)

Data sources

TRIS adoption – descriptive analysis, males

Summary statistics before and after the introduction of TRIS, males

Paradigm

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