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Income Security Programs and Retirement in Sweden

In: Social Security Programs and Retirement around the World: Micro-Estimation

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  • Mårten Palme
  • Ingemar Svensson

Abstract

We examine the effects of economic incentives inherent in pension schemes and income security programs on retirement behavior in the Swedish labor market. We use social security wealth and three alternative measures of accrual (one-year benefit accrual, peak value and option value). The social security system, occupational pensions as well as insurance on the labor market, i.e., unemployment, sickness and disability insurance are considered. We estimate a model using panel data on about 30 000 men and women born between 1927 and 1940, observed between 1983 and 1997. The model is then used to simulate the effects of two alternative systems: one where eligibility for benefits in the prevailing system is delayed by three years and another where replacement levels are reduced.

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This chapter was published in:

  • Jonathan Gruber & David A. Wise, 2004. "Social Security Programs and Retirement around the World: Micro-Estimation," NBER Books, National Bureau of Economic Research, Inc, number grub04-1.
    This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number 10708.

    Handle: RePEc:nbr:nberch:10708

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    Cited by:
    1. Selin, Håkan, 2011. "What happens to the husband’s retirement decision when the wife’s retirement incentives change?," Working Paper Series, Center for Fiscal Studies 2011:8, Uppsala University, Department of Economics.
    2. Karlström, Anders & Palme, Mårten & Svensson, Ingemar, 2008. "The employment effect of stricter rules for eligibility for DI: Evidence from a natural experiment in Sweden," Journal of Public Economics, Elsevier, vol. 92(10-11), pages 2071-2082, October.
    3. Daniel Hallberg & Matias Eklöf, 2010. "Do buy-outs of older workers matter?: Estimating retirement behavior with special early retirement offers," International Journal of Manpower, Emerald Group Publishing, vol. 31(3), pages 337-359, July.
    4. Hallberg, Daniel, 2003. "A Description of Routes out of the Labor Force for Workers in Sweden," Working Paper Series 2003:23, Uppsala University, Department of Economics.
    5. Anders Karlström & Mårten Palme & Ingemar Svensson, 2011. "Assessing the welfare change from a pension reform," International Tax and Public Finance, Springer, vol. 18(6), pages 634-657, December.
    6. Courtney C. Coile & Phillip B. Levine, 2007. "Labor market shocks and retirement: Do government programs matter?," NBER Chapters, in: Trans-Atlantic Public Economics Seminar (TAPES), Public Policy and Retirement, pages 1902-1919 National Bureau of Economic Research, Inc.
    7. Eklöf, Matias & Hallberg, Daniel, 2004. "Private Alternatives and Early Retirement Programs," Working Paper Series 2004:5, Uppsala University, Department of Economics.
    8. Roman Raab, 2011. "Financial incentives in the Austrian PAYG-pension system: micro-estimation," Empirica, Springer, vol. 38(2), pages 231-257, May.
    9. Asch, Beth & Haider, Steven J. & Zissimopoulos, Julie, 2005. "Financial incentives and retirement: evidence from federal civil service workers," Journal of Public Economics, Elsevier, vol. 89(2-3), pages 427-440, February.
    10. Tibor Hanappi, 2012. "Retirement Behaviour in Austria: Incentive Effects on Old-Age Labor Supply," NRN working papers 2012-13, The Austrian Center for Labor Economics and the Analysis of the Welfare State, Johannes Kepler University Linz, Austria.
    11. Mona Larsen & Peder J. Pedersen, 2008. "Pathways to early retirement in Denmark, 1984-2000," International Journal of Manpower, Emerald Group Publishing, vol. 29(5), pages 384-409, September.
    12. Costas Meghir & Mårten Palme & Emilia Simeonova, 2012. "Education, Health and Mortality: Evidence from a Social Experiment," NBER Working Papers 17932, National Bureau of Economic Research, Inc.
    13. Anders Karlstrom & Marten Palme & Ingemar Svensson, 2004. "A dynamic programming approach to model the retirement behaviour of blue-collar workers in Sweden," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 19(6), pages 795-807.
    14. Mårten Palme & Ingemar Svensson, 2010. "Incentives to Retire, the Employment of the Old, and the Employment of the Young in Sweden," NBER Chapters, in: Social Security Programs and Retirement around the World: The Relationship to Youth Employment, pages 295-318 National Bureau of Economic Research, Inc.
    15. Thomas Aronsson & James R. Walker, 2010. "Labor Supply, Tax Base and Public Policy in Sweden," NBER Chapters, in: Reforming the Welfare State: Recovery and Beyond in Sweden, pages 127-158 National Bureau of Economic Research, Inc.

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