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Increasing the State Pension Age, the Recession and Expected Retirement Ages

Listed author(s):
  • Alan Barrett

    (Economic and Social Research Institute; The Irish Longitudinal Study on Ageing (TILDA), Trinity College Dublin)

  • Irene Mosca

    (The Irish Longitudinal Study on Ageing (TILDA), Trinity College Dublin)

In March 2010, the Irish government announced that the age at which the state pension is paid would be raised to 66 in 2014, 67 in 2021 and 68 in 2028. One typical objective of such policy reforms is to provide an incentive for later retirement. The question we address in this paper is whether the expected retirement ages of Irish individuals aged 50 to 64 changed as a result of the policy announcement. The data we use are from the Irish Longitudinal Study on Ageing (TILDA). Our findings show that there was no noticeable break in expected retirement ages before and after 3 March, 2010 (the day on which the policy announcement was made). Also during 2010, the economic news became increasingly bad as the full scale of the fiscal and banking crises in Ireland emerged. The data suggest that there was a reduction in the proportion of people planning to retire at age 65 after 30 September, 2010, the day that the full scale of the banking crisis emerged.

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File URL: http://www.esr.ie/article/download/90/70/90-320-1-PB.pdf
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Article provided by Economic and Social Studies in its journal Economic and Social Review.

Volume (Year): 44 (2013)
Issue (Month): 4 ()
Pages: 447-472

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Handle: RePEc:eso:journl:v:44:y:2013:i:4:p:447-472
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  1. Purvi Sevak, 2002. "Wealth Shocks and Retirement Timing: Evidence from the Nineties," Working Papers wp027, University of Michigan, Michigan Retirement Research Center.
  2. Bottazzi, Renata & Jappelli, Tullio & Padula, Mario, 2006. "Retirement expectations, pension reforms, and their impact on private wealth accumulation," Journal of Public Economics, Elsevier, vol. 90(12), pages 2187-2212, December.
  3. Coppola, Michela & Wilke, Christina Benita, 2010. "How sensitive are subjective retirement expectations to increases in the statutory retirement age? The German case," MEA discussion paper series 10207, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
  4. Agar Brugiavini & Axel B�rsch-Supan & Enrica Croda, 2008. "The Role of Institutions in European Patterns of Work and Retirement," Working Papers 2008_44, Department of Economics, University of Venice "Ca' Foscari".
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