'Earned, not given'? The effect of lowering the full retirement age on retirement decisions

被引:2
作者
Dolls, Mathias [1 ,2 ]
Krolage, Carla [1 ,2 ,3 ]
机构
[1] ifo Inst, Munich, Germany
[2] CESifo, Munich, Germany
[3] Univ Regensburg, Regensburg, Germany
关键词
Retirement age; Early retirement; Pension reform; SOCIAL-SECURITY; RESPONSES; INCENTIVES; EMPLOYMENT; BEHAVIOR; HEALTH;
D O I
10.1016/j.jpubeco.2023.104909
中图分类号
F [经济];
学科分类号
02 ;
摘要
This paper analyzes behavioral responses to a 2014 reform in the German public pension system that lowered the full retirement age (FRA) of individuals with a long contribution history by up to two years and framed the new FRA as reference age for retirement. Using administrative data from public pension insurance accounts, we first document a substantial bunching response at the FRA exceeding the control group's bunching by 83%. Second, we show in a difference-in-difference setting that a 1.0 year decrease in the FRA leads to a reduction in the average pension claiming age by 0.3-0.4 years. Treated individuals neither have poorer health nor are more likely to be liquidity-constrained than individuals in the control group. Our results suggest that the strong responses to the reform are driven both by the new FRA serving as a reference point and by financial incentives. Estimated fiscal costs of the reform are at the upper end of the range of previous back-of-the-envelope calculations.& COPY; 2023 Elsevier B.V. All rights reserved.
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页数:21
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