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Race for Retirement

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  • Tuulia Hakola
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    Abstract

    The study analyses the effects of the pension system on the labour supply of the elderly in Finland. A significant change in the age structure of the population, combined with falling employment rates for the aged, can yield pressures on the financing of the mainly Pay-As-You-Go, Defined Benefit pension system. Empirical results provide some evidence that economic incentives matter also to the aged Finnish employees. It was verified by controlling a number of other variables, that if an individual was better off by postponing his retirement decision, he was more likely to continue working. Two simulations demonstrate that even if altering economic incentives has some of the desired impact of postponing retirement, this impact seemed rather small. The study therefore suggests the need to alter also age restrictions if the average retirement age needs to be altered radically.

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    Bibliographic Info

    Paper provided by Government Institute for Economic Research Finland (VATT) in its series Research Reports with number 60.

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    Date of creation: 19 Nov 1999
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    Handle: RePEc:fer:resrep:60

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    Related research

    Keywords: Early retirement; early exit; random effects probit; option value;

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    Cited by:
    1. Huovinen, Pasi & Piekkola, Hannu, 2001. "Unemployment and Early Retirements of the Aged Workers in Finland," Discussion Papers, The Research Institute of the Finnish Economy 750, The Research Institute of the Finnish Economy.
    2. Tuulia Hakola & Maarten Lindeboom, 2001. "Retirement Round-bout: Early Exit Channels and Disability Applications," Discussion Papers, Government Institute for Economic Research Finland (VATT) 262, Government Institute for Economic Research Finland (VATT).
    3. Huovinen, Pasi & Piekkola, Hannu, 2002. "Early Retirement and Use of Time by Older Finns," Discussion Papers, The Research Institute of the Finnish Economy 787, The Research Institute of the Finnish Economy.
    4. MacDonald, Bonnie-Jeanne & Cairns, Andrew J.G., 2011. "Three retirement decision models for defined contribution pension plan members: A simulation study," Insurance: Mathematics and Economics, Elsevier, vol. 48(1), pages 1-18, January.
    5. Veli Laine, 2002. "Evaluating tax and benefit reforms in 1996-2001," Discussion Papers, Government Institute for Economic Research Finland (VATT) 280, Government Institute for Economic Research Finland (VATT).

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