The Impact of an Increase in the Legal Retirement Age on the Effective Retirement Age

Bernal, Noelia; Vermeulen, Frédéric

doi:10.2139/ssrn.2230342

Cited by 3 publications

(3 citation statements)

References 27 publications

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“…Börsch-Supan, 2015; Hartlapp and Kemmerling, 2008). This age denotes when people de facto retire from work and start drawing pensions -which can be earlier or later than when pension policies suggest (Bernal and Vermeulen, 2014). Because Europe has the oldest population worldwide, policymakers and researchers argue that the realized retirement age has to change.…”

Section: Introductionmentioning

confidence: 99%

Shifts in the realized retirement age: Europe in times of pension reform and economic crisis

Komp

2017

Journal of European Social Policy

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Many recent policy reforms aimed to delay retirement. Such a delay seems important because population ageing makes it a necessity for financially sound pension schemes and a sufficiently large workforce. However, pension reforms do not only affect when people retire, they likewise affect what influences the realized retirement age. Moreover, the 2008 economic crisis restructured labour markets, thereby affecting retirement. This article investigates recent shifts in the realized retirement age and influences on it. It does this through multilevel analyses of international data from the Survey of Health, Ageing and Retirement in Europe. It compares individuals who retired in 2005/2006 to those who retired in 2012/2013, thereby identifying changes over time. Findings show that the realized retirement age increased. Simultaneously, inequalities in the realized retirement age decreased within and between countries. Thus, while the economic crisis reshaped social inequalities, pension reforms constrained the options for retirement. Consequently, policymakers need not worry about the economic crisis defeating the goals pursued with pension reforms. However, policymakers and researchers do need to consider new inequalities in life courses and the meaning of retirement. Also, researchers need to consider how social change may have altered social mechanisms when conducting literature reviews on retirement.

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Section: Introductionmentioning

confidence: 99%

Shifts in the realized retirement age: Europe in times of pension reform and economic crisis

Komp

2017

Journal of European Social Policy

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“…Some other factors that according to the literature affect the decision about when to retire, in this study affect the employment rate among people at near-retirement age. These are mainly pensionable age (which affects retirement decisions in studies by Bernal and Vermeulen, 2014;Manoli and Weber, 2016;Staubli and Zweimüller, 2013), self-employment (which affects retirement decisions in studies by Hochguertel, 2010;Parker and Rougier, 2007;Schuetze, 2015) or unemployment (affecting decisions about retirement in investigations conducted by Coile and Levine, 2011;Dahl et al, 2000;Ebbinghaus, 2006;Marmora and Ritter, 2015).…”

Section: Discussionmentioning

confidence: 99%

“…They find that a one-year increase in early retirement age results in a 0.4-year increase in average labour force exit age and a 0.5-year increase in average pension claiming age. Bernal and Vermeulen (2014) show that the impact of pensionable age on effective retirement age is significant and stronger in the long term as compared to the short term. This seems logical if one assumes that agents make (at least partially) rational retirement decisions.…”

Section: Introductionmentioning

confidence: 94%

Pensionable age vs cross-country diversity of economic activity of the near-elderly

Chybalski

2021

JEFAS

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Purpose The purpose of this paper is to examine whether cross-country differences in pensionable age explain such differences in economic activity of people at near-retirement age. Design/methodology/approach The empirical study uses regression models for macro-panel encompassing 21 European countries in the period 2008–2014. Findings Empirical results indicate that pensionable age is a determinant of cross-country differences in employment rate in the near-retirement age group, and less a factor differentiating average effective retirement age. It turns out that other factors matter, including salaries and wages as percentage of GDP (treated as a proxy for the occupational composition of populations across the countries studied), self-employment, participation in education and training, or self-perceived health. Social implications The problem of economic activity at the near-retirement age is complex and cannot be limited to legal regulations concerning pensionable age. The policy aiming at stimulating the economic activity of the near-elderly should include actions on many sides including labour market, pension system, education, training, or health care. Originality/value The results complement studies based on the single-country approach and demonstrate that pensionable age does not account for cross-country differences in terms of average effective age of retirement when controlling for other factors. Moreover, factors differentiating effective retirement age and employments rates across countries studied are not similar.

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Factors influencing the decision of whether to retire or extend one’s employment

Skučienė

Moskvina

2016

Human Affairs

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This paper aims to establish which factors influence whether people in eastern/central European countries decide to continue in paid work or retire. The situation in Lithuania, Estonia, Poland, Bulgaria, the Czech Republic, Slovenia, and Slovakia in 2010 is analysed. In order to pursue this aim, the following objectives were set: firstly, to analyse previous research on the topic, secondly, to evaluate factors influencing people’s decisions on whether to continue in paid work or retire in selected eastern/central European countries, and, finally, to conclude. Secondary analysis was conducted in order to pursue the research aim. Sources of data include European Social Survey Round 5 (2010) data, Eurostat, and MISSOC. Descriptive statistics and binary logistic regression were used to analyse the data. The extent to which a person is willing to engage in work on reaching the legal age of retirement is analysed in relation to economic situation, state of health, and working conditions.

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The Impact of an Increase in the Legal Retirement Age on the Effective Retirement Age

Cited by 3 publications

References 27 publications

Shifts in the realized retirement age: Europe in times of pension reform and economic crisis

Shifts in the realized retirement age: Europe in times of pension reform and economic crisis

Pensionable age vs cross-country diversity of economic activity of the near-elderly

Factors influencing the decision of whether to retire or extend one’s employment

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