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Shattered 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

    (ROA rm)

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.1.

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Bibliographic Info

Paper provided by Maastricht University, Research Centre for Education and the Labour Market (ROA) in its series ROA Research Memorandum with number 003.

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Date of creation: 2009
Date of revision:
Handle: RePEc:unm:umaror:2009003

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Web page: http://www.maastrichtuniversity.nl/
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Keywords: education; training and the labour market;

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References

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  1. Arie Kapteyn & Klaas de Vos, 1997. "Social Security and Retirement in The Netherlands," NBER Working Papers 6135, National Bureau of Economic Research, Inc.
  2. Dhaval Dave & R. Inas Rashad & Jasmina Spasojevic, 2008. "The Effects of Retirement on Physical and Mental Health Outcomes," Southern Economic Journal, Southern Economic Association, vol. 75(2), pages 497-523, October.
  3. Douglas Staiger & James H. Stock, 1997. "Instrumental Variables Regression with Weak Instruments," Econometrica, Econometric Society, vol. 65(3), pages 557-586, May.
  4. Esteban Calvo & Kelly Haverstick & Steven A. Sass, 2007. "What Makes Retirees Happier: A Gradual or 'Cold Turkey' Retirement?," Working Papers, Center for Retirement Research at Boston College wp2007-18, Center for Retirement Research, revised Oct 2007.
  5. Coe, N.B. & Lindeboom, M., 2008. "Does Retirement Kill You? Evidence from Early Retirement Windows," Discussion Paper 2008-93, Tilburg University, Center for Economic Research.
  6. 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.
  7. Adeline Delavande & Susann Rohwedder, 2008. "Individuals’ Responses to Social Security Reform," Working Papers wp182, University of Michigan, Michigan Retirement Research Center.
  8. Lindeboom, Maarten & Portrait, France & van den Berg, Gerard, 2002. "An econometric analysis of the mental-health effects of major events in the life of older individuals," Working Paper Series 2002:19, IFAU - Institute for Evaluation of Labour Market and Education Policy.
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