Planned Retirement Timing in Europe: Are Europeans Adapting to the Policy of Extending Working Lives

Heß, Moritz; Naegele, Laura; Becker, Lena S.; Mäcken, Jana; Tavernier, Wouter De

doi:10.3389/fsoc.2021.691066

Cited by 12 publications

(6 citation statements)

References 41 publications

(76 reference statements)

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“…For instance, individuals working in the service sector usually are able to work longer than those performing physical work (Lopez Garcia Pobrane z czasopisma Annales H -Oeconomia http://oeconomia.annales.umcs.pl Data: 03/04/2023 06:13:13 et al, 2021). 4 Besides, there is an increasing demand on the labor market for highly qualified workers who want to retire later (Hess et al, 2021).…”

Section: Factors Influencing the Decision To Retire -Literature Reviewmentioning

confidence: 99%

Determinants of Preferred Retirement Age in an Aging Society

Werczyńska

Włodarczyk

Wajnbrener

2023

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Theoretical background: The process of aging has profound economic consequences for many countries, as it increases the number of beneficiaries of the pension system and extends the period of receiving pension benefits. We claim that understanding individual preferences concerning the retirement age is one of the key factors of successful reforms of pension systems and a prerequisite to convince a greater number of individuals to retire later. Purpose of the article: The aim of the article is to determine factors influencing the decision on the moment of retirement. The analysis takes into account socio-economic characteristics of individuals (including gender, age, education, health and income), as well as individual expectations and relative deprivation. The second goal is to compare preferences of men and women concerning the retirement age. Research methods:The empirical part of the article exploits a dataset based on primary research conducted in Poland which is one of the fastest aging countries in Europe (data for N = 448 respondents were collected with the help of an online questionnaire from April to May 2021). Both purposes are achieved with the help of econometric methods (OLS, quantile, and logit regressions). Main findings: We show that individuals have heterogeneous preferences concerning the retirement age, but on average they are willing to retire later than others (and often later than the official retirement age). We argue that one of the driving forces behind this phenomenon is associated with aversion towards relative deprivation. We demonstrate that individual preferences concerning the retirement age are not directly dependent on the current situation of respondents (depicted, e.g. by their education, health, place of living or income), but are determined by their expectations concerning their material situation when retired and by preferences regarding others. We also discuss some differences between men and women with regard to the preferred retirement age (e.g. women are more frequently ready to retire later than the official retirement age compared to men, but in general propose lower retirement age than men for both genders).Pobrane z czasopisma Annales H -Oeconomia http://oeconomia.annales.umcs.pl Data

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Section: Factors Influencing the Decision To Retire -Literature Reviewmentioning

confidence: 99%

Determinants of Preferred Retirement Age in an Aging Society

Werczyńska

Włodarczyk

Wajnbrener

2023

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“…However, our attention should be paid to the fact that the EU governing bodies are increasingly considering the issue of the so-called "harmonization" of national legislation, as well as the establishment of a single retirement age bar for all. 21 Also, it is worth paying attention to the fact that EU legislation does not detract from the authority of member states in matters relating to social security. In addition, the EU's regulatory intervention in additional pensions is extremely difficult due to the lack of competence in social security issues, and the heterogeneity of pension schemes in the EU Member States.…”

Section: Eu Countries' Authority and Influence On The Pension Policiesmentioning

confidence: 99%

European Experience in the Field of Pension Provision

Shcherbyna,

Shapovalova,

Melnyk

et al. 2023

iele

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The sustainability of pension systems directly depends on the quality of life of the population of retirement age, due to the fact that they form a social security system. The high level of life expectancy and the decrease in the number of births contribute to an increase in the elderly population, which thus provokes an increase in the cost of retirement provision of citizens. The COVID-19 pandemic has also left its mark on the stable functioning of the pension system. The purpose of this research is to study the effectiveness and relevance of the implementation of a multilevel pension system in European countries. The introduction of a multilevel pension system will create a more sustainable pension system, which will allow to balance the costs of social security for individuals in some way and reduce the level of social inequality between generations. To reduce the pressure on the working population and the state budget, we have proposed the transition to a 2-level pension system. The functioning of such

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“…Poor perceived health and disability are major causes of early retirement among nurses (De Preter et al, 2013; Leineweber et al, 2019), together with pension schemes that allow early retirement (Hess et al, 2021). On the other hand, pension inadequacy and old‐age poverty discourage early retirement, which remains a pressing issue in ageing societies (Kuitto et al, 2021).…”

Section: Introductionmentioning

confidence: 99%