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Retirement Incentives in Belgium: Estimations and Simulations Using SHARE Data

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  • Jousten, Alain

    ()
    (University of Liège)

  • Lefèbvre, Mathieu

    ()
    (CREPP, Université de Liège)

Abstract

The paper studies retirement behavior of wage‐earners in Belgium – for the first time using rich survey data to explore retirement incentives as faced by individuals. Specifically, we use SHARE data to estimate a model à la Stock and Wise (1990). Exploring the longitudinal nature of SHARELIFE, we construct measures of financial and non‐financial incentive. Our analysis explicitly takes into account the different take‐up rates of the various early retirement exit paths across time and ages. The results show that financial incentives play a strong role. Health and education also matter, as does regional variation – though the latter in an unexpected way. A set of policy simulations illustrate the scope and also the limits associated with selective parametric reforms.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 7387.

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Length: 26 pages
Date of creation: May 2013
Date of revision:
Publication status: forthcoming in: De Economist, DOI: 10.1007/s10645-013-9213-5
Handle: RePEc:iza:izadps:dp7387

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Related research

Keywords: unemployment; early retirement; disability; social security; pensions; labor force participation;

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  1. Cremer, Helmuth & Lozachmeur, Jean-Marie & Pestieau, Pierre, 2009. "Use and misuse of unemployment benefits for early retirement," European Journal of Political Economy, Elsevier, vol. 25(2), pages 174-185, June.
  2. James H. Stock & David A. Wise, 1988. "Pensions, The Option Value of Work, and Retirement," NBER Working Papers 2686, National Bureau of Economic Research, Inc.
  3. Raphael Desmet & Alain Jousten & Sergio Perelman & Pierre Pestieau, 2003. "Micro-Simulation of Social Security Reforms in Belgium," NBER Working Papers 9494, National Bureau of Economic Research, Inc.
  4. JOUSTEN, Alain & LEFEBVRE, Mathieu & PERELMAN, Sergio & PESTIEAU, Pierre, . "The effects of early retirement on youth unemployment: the case of Belgium," CORE Discussion Papers RP -2199, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. 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. Alain Jousten & Mathieu Lefebvre & Sergio Perelman, 2011. "Disability in Belgium: There is More than Meets the Eye," NBER Working Papers 17114, National Bureau of Economic Research, Inc.
    • Alain Jousten & Mathieu Lefebvre & Sergio Perelman, 2012. "Disability in Belgium: There Is More Than Meets the Eye," NBER Chapters, in: Social Security Programs and Retirement around the World: Historical Trends in Mortality and Health, Employment, and Disability Insurance Participatio, pages 251-276 National Bureau of Economic Research, Inc.
  7. Frank van Erp & Niels Vermeer & Daniel van Vuuren, 2013. "Non-financial determinants of retirement," CPB Discussion Paper 243, CPB Netherlands Bureau for Economic Policy Analysis.
  8. Adriaan Kalwij & Frederic Vermeulen, 2008. "Health and labour force participation of older people in Europe: What do objective health indicators add to the analysis?," Health Economics, John Wiley & Sons, Ltd., vol. 17(5), pages 619-638.
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