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Dreams: The Effects of Changing the Pension System Late in the Game

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Author Info

  • Grip Andries de
  • Lindeboom Maarten
  • Montizaan Raymond

    (METEOR)

Abstract

This paper assesses the impact of a dramatic reform of the Dutch pension system on mental health, savings behavior and retirement expectations of workers nearing retirement age. The reform means that public sector workers born on January 1, 1950 or later face a substantial reduction in their pension rights while workers born before this threshold date may still retire under the old, more generous rules. We employ a unique matched survey and administrative data set comprising male public sector workers born in 1949 and 1950 and find strong ex ante effects on mental health for workers who are affected by the reform. This effect increases as birth dates approach the threshold date. Furthermore, the effects differ in accordance with worker characteristics. Finally, we find that the response of those affected by the reform is to work longer and to save more.

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Bibliographic Info

Paper provided by Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR) in its series Research Memorandum with number 043.

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Date of creation: 2009
Date of revision:
Handle: RePEc:unm:umamet:2009043

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Postal: P.O. Box 616, 6200 MD Maastricht
Phone: +31 (0)43 38 83 830
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Web page: http://www.maastrichtuniversity.nl/
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Keywords: labour economics ;

References

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  1. Rob Euwals & Daniel Vuuren & Ronald Wolthoff, 2010. "Early Retirement Behaviour in the Netherlands: Evidence From a Policy Reform," De Economist, Springer, vol. 158(3), pages 209-236, September.
  2. Douglas Staiger & James H. Stock, 1994. "Instrumental Variables Regression with Weak Instruments," NBER Technical Working Papers 0151, National Bureau of Economic Research, Inc.
  3. Calvo, Esteban & Haverstick, Kelly & Sass, Steven, 2007. "What Makes Retirees Happier: A Gradual or 'Cold Turkey' Retirement?," MPRA Paper 5607, University Library of Munich, Germany.
  4. Adeline Delavande & Susann Rohwedder, 2008. "Individuals’ Responses to Social Security Reform," Working Papers wp182, University of Michigan, Michigan Retirement Research Center.
  5. Maarten Lindeboom & France Portrait & Gerard J. van den Berg, 2002. "An econometric analysis of the mental-health effects of major events in the life of older individuals," Health Economics, John Wiley & Sons, Ltd., vol. 11(6), pages 505-520.
  6. Dhaval Dave & Inas Rashad & Jasmina Spasojevic, 2006. "The Effects of Retirement on Physical and Mental Health Outcomes," NBER Working Papers 12123, National Bureau of Economic Research, Inc.
  7. Tracy A. Falba & William T. Gallo & Jody L. Sindelar, 2008. "Work Expectations, Realizations, and Depression in Older Workers," NBER Working Papers 14435, National Bureau of Economic Research, Inc.
  8. Rob Euwals & Daniel J. van Vuuren & Ronald P. Wolthoff, 2006. "Early Retirement Behaviour in the Netherlands: Evidence from a Policy Reform," Tinbergen Institute Discussion Papers 06-021/3, Tinbergen Institute.
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Citations

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Cited by:
  1. Frijters, Paul & Liu, Amy Y.C. & Meng, Xin, 2012. "Are optimistic expectations keeping the Chinese happy?," Journal of Economic Behavior & Organization, Elsevier, vol. 81(1), pages 159-171.
  2. Blake, Hélène & Garrouste, Clémentine, 2012. "Collateral effects of a pension reform in France," Economics Papers from University Paris Dauphine 123456789/12129, Paris Dauphine University.
  3. Luc Bissonnette & Arthur van Soest, 2012. "The future of retirement and the pension system: How the public’s expectations vary over time and across socio-economic groups," IZA Journal of European Labor Studies, Springer, vol. 1(1), pages 1-21, December.
  4. Bassanini, Andrea & Caroli, Eve, 2014. "Is Work Bad for Health? The Role of Constraint vs Choice," IZA Discussion Papers 7891, Institute for the Study of Labor (IZA).

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