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Health Status, Disability and Retirement Incentives in Belgium

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Author Info

  • Jousten, Alain

    ()
    (University of Liège)

  • Lefèbvre, Mathieu

    ()
    (CREPP, Université de Liège)

  • Perelman, Sergio

    ()
    (CREPP, Université de Liège)

Abstract

Many Belgian retire well before the statutory retirement age. Numerous exit routes from the labor force can be identified: old-age pensions, conventional early retirement, disability insurance, and unemployment insurance are the most prominent ones. We analyze the retirement decision of Belgian workers adopting an option value framework, and pay special attention to the role of health status. We estimate probit models of retirement using data from SHARE. The results show that health and incentives matter in the decision to exit from the labor market. Based on these results, we simulate the effect of potential reforms on 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 7783.

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Length: 42 pages
Date of creation: Nov 2013
Date of revision:
Handle: RePEc:iza:izadps:dp7783

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

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  1. 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.
  2. Desmet, Raphaël & Jousten, Alain & Perelman, Sergio & Pestieau, Pierre, 2003. "Micro-Simulation of Social Security Reforms in Belgium," IZA Discussion Papers 735, Institute for the Study of Labor (IZA).
  3. Poterba, James & Venti, Steven F. & Wise, David Alsgaard, 2011. "The Asset Cost of Poor Health," Scholarly Articles 4669670, Harvard Kennedy School of Government.
  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. Stock, James H & Wise, David A, 1990. "Pensions, the Option Value of Work, and Retirement," Econometrica, Econometric Society, vol. 58(5), pages 1151-80, September.
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