Social interactions and the retirement age
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 environmentâ€™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.
|Date of creation:||Jun 2014|
|Date of revision:|
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Other publications TiSEM
22820590-ad4e-4abc-bd21-4, Tilburg University, School of Economics and Management.
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- M.C.J. van Rooij & C.J.M. Kool & H.M. Prast, 2005. "Risk-return preferences in the pension domain: are people able to choose?," Working Papers 05-04, Utrecht School of Economics.
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eg0045, Wilfrid Laurier University, Department of Economics, revised 2007.
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National Bureau of Economic Research, Inc.
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