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Private Wealth and Planned Early Retirement: A Panel Data Analysis for the Netherlands, 1994-2009

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Author Info

  • van Ooijen, Raun

    (De Nederlandsche Bank)

  • Mastrogiacomo, Mauro

    ()
    (CPB Netherlands Bureau for Economic Policy Analysis)

  • Euwals, Rob

    ()
    (CPB Netherlands Bureau for Economic Policy Analysis)

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    Abstract

    We study the causal relation between private wealth and retirement age. We propose two estimation strategies based on expected retirement age. The outcome variable is observed repeatedly over time. We correct first for the unobserved heterogeneity in the disutility of work by using panel data techniques. Next, we exploit information on expected wealth accumulation in order to identify the unexpected component in wealth accumulation. In line with the literature we find a small but significant effect of private wealth on planned early retirement.

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    Bibliographic Info

    Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 5339.

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    Length: 32 pages
    Date of creation: Nov 2010
    Date of revision:
    Handle: RePEc:iza:izadps:dp5339

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    Related research

    Keywords: private wealth; subjective retirement expectations; early retirement;

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    References

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    1. Grip Andries de & Lindeboom Maarten & Montizaan Raymond, 2009. "Shattered Dreams: The Effects of Changing the Pension System Late in the Game," ROA Research Memorandum 003, Maastricht University, Research Centre for Education and the Labour Market (ROA).
    2. Grip Andries de & Lindeboom Maarten & Montizaan Raymond, 2009. "Dreams: The Effects of Changing the Pension System Late in the Game," Research Memorandum 043, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    3. Mark van Duijn & Maarten Lindeboom & Mauro Mastrogiacomo & M. Lundborg, 2009. "Pension plans and the retirement replacement rates in the Netherlands," CPB Discussion Paper 118, CPB Netherlands Bureau for Economic Policy Analysis.
    4. Hugo Benítez-Silva & Debra S. Dwyer, 2005. "The Rationality of Retirement Expectations and the Role of New Information," The Review of Economics and Statistics, MIT Press, vol. 87(3), pages 587-592, August.
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    Cited by:
    1. 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.

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