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Are We Retiring Too Early?

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  • Pestieau, P.

Abstract

The European population is living longer but retiring earlier. More and more individuals are spending an increasing fraction of their lifetime relying on retirement benefits. At the same time, social security programs face mounting financial difficulties. The purpose of this paper is to explain why people are retiring so young and why it is so difficult to reverse a trend that could turn out to be fatal to social security systems that have worked so well up to now.

Suggested Citation

  • Pestieau, P., 2001. "Are We Retiring Too Early?," Liege - Groupe d'Etude des Mathematiques du Management et de l'Economie 2001/03, UNIVERSITE DE LIEGE, Faculte d'economie, de gestion et de sciences sociales, Groupe d'Etude des Mathematiques du Management et de l'Economie.
    • Handle: RePEc:fth:gemame:2001/03
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    References listed on IDEAS

    as
    1. Cremer, Helmuth & Pestieau, Pierre, 2000. "Reforming our pension system: Is it a demographic, financial or political problem?," European Economic Review, Elsevier, vol. 44(4-6), pages 974-983, May.
    2. Georges Casamatta & Helmuth Cremer & Pierre Pestieau, 2005. "Voting on Pensions with Endogenous Retirement Age," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 12(1), pages 7-28, January.
    3. Sveinbjörn Blöndal & Stefano Scarpetta, 1999. "The Retirement Decision in OECD Countries," OECD Economics Department Working Papers 202, OECD Publishing.
    4. Hans Fehr & Wenche Irén Sterkeby & Øystein Thøgersen, 2003. "Social security reforms and early retirement," Journal of Population Economics, Springer;European Society for Population Economics, vol. 16(2), pages 345-361, May.
    5. Peter Diamond, 2004. "Social Security," American Economic Review, American Economic Association, vol. 94(1), pages 1-24, March.
    6. Arnaud Dellis & Raphaël Desmet & Alain Jousten & Sergio Perelman, 2004. "Micro-Modeling of Retirement in Belgium," NBER Chapters, in: Social Security Programs and Retirement around the World: Micro-Estimation, pages 41-98, National Bureau of Economic Research, Inc.
    7. Philippe Michel & Pierre Pestieau, 2002. "Optimal Taxation of Capital and Labor Income with Social Security and Variable Retirement Age," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 59(2), pages 163-176, May.
    8. Lumsdaine, Robin L. & Mitchell, Olivia S., 1999. "New developments in the economic analysis of retirement," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 49, pages 3261-3307, Elsevier.
    9. Epple, Dennis & Romano, Richard E, 1996. "Public Provision of Private Goods," Journal of Political Economy, University of Chicago Press, vol. 104(1), pages 57-84, February.
    10. J. Ignacio Conde-Ruiz & Vincenzo Galasso, 2003. "Early Retirement," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(1), pages 12-36, January.
    11. Georges Casamatta & Helmuth Cremer & Pierre Pestieau, 2000. "The Political Economy of Social Security," Scandinavian Journal of Economics, Wiley Blackwell, vol. 102(3), pages 503-522, September.
    12. repec:bla:scandj:v:88:y:1986:i:1:p:25-50 is not listed on IDEAS
    13. Francisco M. Lagos & Juan Antonio Lacomba, 2001. "Election On Retirement Age," Working Papers. Serie AD 2001-09, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    14. Bea Cantillon & Louis Gevers & Victor Ginsburgh & Pierre Pestieau & Erik Schokkaert, 2000. "Réflexions sur l'avenir de nos retraites," ULB Institutional Repository 2013/1663, ULB -- Universite Libre de Bruxelles.
    15. repec:bla:scandj:v:102:y:2000:i:3:p:503-22 is not listed on IDEAS
    16. Jonathan Gruber & David A. Wise, 1999. "Social Security and Retirement around the World," NBER Books, National Bureau of Economic Research, Inc, number grub99-1, October.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Alfonso Sánchez-Martin & J. García-Pérez & Sergi Jiménez-Martín, 2014. "Delaying the Normal and Early Retirement Ages in Spain: Behavioural and Welfare Consequences for Employed and Unemployed Workers," De Economist, Springer, vol. 162(4), pages 341-375, December.
    2. Sebnem Kalemli-Ozcan & David Weil, 2010. "Mortality change, the uncertainty effect, and retirement," Journal of Economic Growth, Springer, vol. 15(1), pages 65-91, March.
    3. Helmuth Cremer & Jean‐Marie Lozachmeur & Pierre Pestieau, 2008. "Social Security And Retirement Decision: A Positive And Normative Approach," Journal of Economic Surveys, Wiley Blackwell, vol. 22(2), pages 213-233, April.
    4. Mauro Visaggio, 2019. "Extending the retirement age for preserving the costitutive pension system mission," Public Finance Research Papers 40, Istituto di Economia e Finanza, DSGE, Sapienza University of Rome.

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    More about this item

    Keywords

    RETIREMENT ; INCOME ; SOCIAL SECURITY;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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