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Social interactions and the retirement age

  • Niels Vermeer
  • Maarten van Rooij
  • Daniel van Vuuren

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.

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File URL: http://www.dnb.nl/en/binaries/Working%20Paper%20426_tcm47-308124.pdf
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Paper provided by Netherlands Central Bank, Research Department in its series DNB Working Papers with number 426.

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Date of creation: Jun 2014
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Handle: RePEc:dnb:dnbwpp:426
Contact details of provider: Postal: Postbus 98, 1000 AB Amsterdam
Web page: http://www.dnb.nl/en/

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  1. 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.
  2. Arthur van Soest & Tatiana Andreyeva & Arie Kapteyn & James P. Smith, 2011. "Self Reported Disability and Reference Groups," NBER Working Papers 17153, National Bureau of Economic Research, Inc.
  3. T. Schirle, 2007. "Why Have the Labour Force Participation Rates of Older Men Increased Since the Mid 1990s," Working Papers eg0045, Wilfrid Laurier University, Department of Economics, revised 2007.
  4. Maarten van Rooij & Clemens Kool & Henriļæ½tte Prast, 2005. "Risk-return preferences in the pension domain: are people able to choose?," DNB Working Papers 025, Netherlands Central Bank, Research Department.
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