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Are we retiring too early?

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  • PESTIEAU, Pierre

Abstract

The European population is living longer but retiring earlier. More and more individuals are spending an increasing fraction of their life-time relying on retirement benefits. At the same time, social security programs face mounting financial difficulties. The purpose of this paper is to explain why people are retiring so young and why it is so difficult to reverse a trend that could turn out to be fatal to social security systems that have worked so well up to now.To define the second-best retirement age as well as to explain why reasonable reforms are difficult, if not impossible, we use the tools of optimal income tax theory and of political economy.

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Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers RP with number -1550.

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Handle: RePEc:cor:louvrp:-1550

Note: In : Zeitschrift für empirische Wirtschaftsforschung, ifo Studien, 3/2001(47), 263-281, 2001.
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References

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  1. Cremer, Helmuth & Pestieau, Pierre, 2000. "Reforming our pension system: Is it a demographic, financial or political problem?," European Economic Review, Elsevier, vol. 44(4-6), pages 974-983, May.
  2. Fehr, Hans & Sterkeby, Wenche I. & Thøgersen, Øystein, 2000. "Social security reforms and early retirement," W.E.P. - Würzburg Economic Papers 24, University of Würzburg, Chair for Monetary Policy and International Economics.
  3. J. Ignacio Conde-Ruiz & Vincenzo Galasso, . "Early retirement," Working Papers 2003-03, FEDEA.
  4. CASAMATTA, Georges & CREMER, Helmuth & PESTIEAU, Pierre, . "Voting on pensions with endogenous retirement age," CORE Discussion Papers RP -1754, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Dellis, Arnaud & Jousten, Alain & Perelman, Sergio, 2001. "Micro-Modelling of Retirement in Belgium," CEPR Discussion Papers 2795, C.E.P.R. Discussion Papers.
    • Arnaud Dellis & Raphaël Desmet & Alain Jousten & Sergio Perelman, 2004. "Micro-Modeling of Retirement in Belgium," NBER Chapters, in: Social Security Programs and Retirement around the World: Micro-Estimation, pages 41-98 National Bureau of Economic Research, Inc.
  6. CASAMATTA, Georges & CREMER, Helmuth & PESTIEAU, Pierre, 1999. "The political economy of social security," CORE Discussion Papers 1999055, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  7. MICHEL, Philippe & PESTIEAU, Pierre, . "Optimal taxation of capital and labor income with social security and variable retirement age," CORE Discussion Papers RP -1614, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  8. Peter Diamond, 2004. "Social Security," American Economic Review, American Economic Association, vol. 94(1), pages 1-24, March.
  9. Robin L. Lumsdaine & Olivia S. Mitchell, . "New Developments in the Economic Analysis of Retirement," Pension Research Council Working Papers 98-8, Wharton School Pension Research Council, University of Pennsylvania.
  10. Epple, Dennis & Romano, Richard E, 1996. "Public Provision of Private Goods," Journal of Political Economy, University of Chicago Press, vol. 104(1), pages 57-84, February.
  11. Francisco M. Lagos & Juan Antonio Lacomba, 2001. "Election On Retirement Age," Working Papers. Serie AD 2001-09, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  12. Diamond, Peter A & Mirrlees, James A, 1986. " Payroll-Tax Financed Social Insurance with Variable Retirement," Scandinavian Journal of Economics, Wiley Blackwell, vol. 88(1), pages 25-50.
  13. Sveinbjörn Blöndal & Stefano Scarpetta, 1999. "The Retirement Decision in OECD Countries," OECD Economics Department Working Papers 202, OECD Publishing.
  14. Jonathan Gruber & David A. Wise, 1999. "Social Security and Retirement around the World," NBER Books, National Bureau of Economic Research, Inc, number grub99-1, octubre-d.
  15. Bea Cantillon & Louis Gevers & Victor Ginsburgh & Pierre Pestieau & Erik Schokkaert, 2000. "Réflexions sur l'avenir de nos retraites," ULB Institutional Repository 2013/1663, ULB -- Universite Libre de Bruxelles.
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Cited by:
  1. CREMER, Helmuth & LOZACHMEUR, Jean-Marie & PESTIEAU, Pierre, 2006. "Social security and retirement decision: a positive and normative approach," CORE Discussion Papers 2006019, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Sebnem Kalemli-Ozcan & David Weil, 2010. "Mortality change, the uncertainty effect, and retirement," Journal of Economic Growth, Springer, vol. 15(1), pages 65-91, March.
  3. Alfonso R. Sánchez Martín & Jose Ignacio García Pérez & Sergi Jiménez Martín, 2014. "Delaying the normal and early retirement ages in Spain: behavioural and welfare consequences for employed and unemployed workers," Working Papers 14.04, Universidad Pablo de Olavide, Department of Economics.

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