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Social interactions and the retirement age

Author

Listed:
  • Niels Vermeer

    (CPB Netherlands Bureau for Economic Policy Analysis)

  • Daniël van Vuuren

    () (CPB Netherlands Bureau for Economic Policy Analysis)

  • Maarten van Rooij

    (DNB/Netspar)

Abstract

In this study, we gauge the impact of social interactions on individual retirement preferences. A survey including self-assessments and vignette questions shows that individual preferences are affected by preferences and actual retirement behavior of the social environment. Retirement from paid work depends on the retirement age of relatives, friends, colleagues and acquaintances. Information and advice provided by the social environment play a role in the retirement decision. A majority of respondents would postpone retirement when their social environment retires later. A one year increase in the social environment’s retirement age leads to an average increase of three months in the individual retirement age. In addition, people tend to stick more to the state pension age than to other retirement ages, which suggests a norm about retirement at the state pension age.

Suggested Citation

  • Niels Vermeer & Daniël van Vuuren & Maarten van Rooij, 2014. "Social interactions and the retirement age," CPB Discussion Paper 278, CPB Netherlands Bureau for Economic Policy Analysis.
  • Handle: RePEc:cpb:discus:278
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    References listed on IDEAS

    as
    1. van Rooij, Maarten C.J. & Kool, Clemens J.M. & Prast, Henriette M., 2007. "Risk-return preferences in the pension domain: Are people able to choose?," Journal of Public Economics, Elsevier, vol. 91(3-4), pages 701-722, April.
    2. Tammy Schirle, 2008. "Why Have the Labor Force Participation Rates of Older Men Increased since the Mid-1990s?," Journal of Labor Economics, University of Chicago Press, vol. 26(4), pages 549-594, October.
    3. Arthur van Soest & Tatiana Andreyeva & Arie Kapteyn & James P. Smith, 2011. "Self-Reported Disability and Reference Groups," NBER Chapters,in: Investigations in the Economics of Aging, pages 237-264 National Bureau of Economic Research, Inc.
    4. Lusardi, Annamaria & Mitchell, Olivia S., 2011. "Financial literacy around the world: an overview," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(04), pages 497-508, October.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. repec:kap:pubcho:v:173:y:2017:i:1:d:10.1007_s11127-017-0447-7 is not listed on IDEAS
    2. Даниелян, Владимир, 2016. "Детерминанты Пенсионного Возраста: Обзор Исследований
      [Determinants of Retirement Age: A Review of Research]
      ," MPRA Paper 73865, University Library of Munich, Germany.
    3. Shu, Lei, 2017. "Essays on retirement income provision," Other publications TiSEM e5dd8c4e-03bf-4ec9-9651-b, Tilburg University, School of Economics and Management.

    More about this item

    JEL classification:

    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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