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Non-financial Determinants of Retirement: A Literature Review

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  • Frank Erp
  • Niels Vermeer
  • Daniel Vuuren

Abstract

Retirement is often concentrated at specific ages—in particular the ‘normal retirement age’ and an ‘early retirement age’. Financial incentives cannot fully explain this. Moreover, the participation effect of a higher normal retirement age importantly exceeds the encompassing income effect. Based on a literature survey, we conclude that social norms, default options, and reference-dependent utility are likely explanations for the individual propensity to retire at specific retirement ages. Further empirical research on non-financial determinants of retirement is needed to fully understand individual retirement behavior. Copyright Springer Science+Business Media New York 2014

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  • Frank Erp & Niels Vermeer & Daniel Vuuren, 2014. "Non-financial Determinants of Retirement: A Literature Review," De Economist, Springer, vol. 162(2), pages 167-191, June.
    • Handle: RePEc:kap:decono:v:162:y:2014:i:2:p:167-191
    DOI: 10.1007/s10645-014-9229-5
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    4. Leinonen, Taina & Laaksonen, Mikko & Chandola, Tarani & Martikainen, Pekka, 2016. "Health as a predictor of early retirement before and after introduction of a flexible statutory pension age in Finland," Social Science & Medicine, Elsevier, vol. 158(C), pages 149-157.
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    More about this item

    Keywords

    Retirement age; Bounded rationality; Social norms; J26; D01;
    All these keywords.

    JEL classification:

    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles

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