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Public Pension Benefits Claiming Behavior: New evidence from the Japanese Study on Aging and Retirement

  • OSHIO Takashi

This paper explores the public pension claiming behavior of the Japanese. First, we perform financial simulations and estimate the expected utility, depicting the typical patterns of pension benefits in a lifecycle model. We show that the optimal retirement age depends on the beneficiaries' mortality risk, discount rate, initial wealth, and risk attitude. Second, we use individual-level data from the Japanese Study on Aging and Retirement to examine empirically the determinants of the take-up timing. We find supportive evidence that most of the factors examined in the simulation are indeed significantly associated with early claiming of pension benefits for wage earners.

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Paper provided by Research Institute of Economy, Trade and Industry (RIETI) in its series Discussion papers with number 12068.

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Length: 33 pages
Date of creation: Oct 2012
Date of revision:
Handle: RePEc:eti:dpaper:12068
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  1. Takashi Oshio & Akiko Sato Oishi & Satoshi Shimizutani, 2011. "Social Security Reforms And Labour Force Participation Of The Elderly In Japan," The Japanese Economic Review, Japanese Economic Association, vol. 62(2), pages 248-271, 06.
  2. Kotlikoff, Laurence J & Spivak, Avia, 1981. "The Family as an Incomplete Annuities Market," Journal of Political Economy, University of Chicago Press, vol. 89(2), pages 372-91, April.
  3. Michael D. Hurd & James P. Smith & Julie M. Zissimopoulos, 2004. "The effects of subjective survival on retirement and Social Security claiming," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 19(6), pages 761-775.
  4. Takashi Oshio & Satoshi Shimizutani & Akiko Sato Oishi, 2010. "Does Social Security Induce Withdrawal of the Old from the Labor Force and Create Jobs for the Young? The Case of Japan," NBER Chapters, in: Social Security Programs and Retirement around the World: The Relationship to Youth Employment, pages 217-241 National Bureau of Economic Research, Inc.
  5. repec:fth:pennfi:69 is not listed on IDEAS
  6. Jappelli, Tullio & Pischke, Jörn-Steffen & Souleles, Nicholas, 1995. "Testing for Liquidity Constraints in Euler Equations with Complementary Data Sources," CEPR Discussion Papers 1138, C.E.P.R. Discussion Papers.
  7. ICHIMURA Hidehiko & SHIMIZUTANI Satoshi & HASHIMOTO Hideki, 2009. "JSTAR First Results 2009 Report," Discussion papers 09047, Research Institute of Economy, Trade and Industry (RIETI).
  8. Courtney Coile & Peter Diamond & Jonathan Gruber & Alain Jousten, 1999. "Delays in Claiming Social Security Benefits," NBER Working Papers 7318, National Bureau of Economic Research, Inc.
  9. Jeffrey R. Brown & Arie Kapteyn & Olivia S. Mitchell, 2011. "Framing Effects and Expected Social Security Claiming Behavior," Working Papers 854, RAND Corporation Publications Department.
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