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on Economics of Ageing |
| By: | Cristina Bellés-Obrero; Sergi Jiménez-Martín; Han Ye |
| Abstract: | This paper studies the mortality effect of delaying retirement by investigating the impacts of the 1967 Spanish pension reform, which affected the general population and exogenously changed the early retirement age, depending on the date individuals started contributing to the pension system. Using the Spanish administrative data, we find that delaying retirement by one year increases the hazard of dying between the ages of 60 and 69 by 38 percent. We show that the reform leads to higher mortality in all subgroups, and the effects are statistically stronger for those employed in sectors with the highest workplace accidents and for those with low self-value jobs. Moreover, we show that allowing flexible retirement mitigates the adverse effects of delaying retirement. |
| Keywords: | Delaying retirement, Mortality, Heterogeneity, Work conditions |
| JEL: | I10 I12 J14 J26 |
| Date: | 2023–04 |
| URL: | https://d.repec.org/n?u=RePEc:bon:boncrc:crctr224_2023_410v2&r= |
| By: | Kucuk, Merve; Ulubasoglu, Mehmet; Vu, Ha |
| Abstract: | Climatic shocks introduce additional complexities to individuals’ lives and influence their critical decisions, both present and into the future. We utilise longitudinal administrative data on Australian individual retirement contributions to present the first estimated effects of natural disasters on retirement savings. Using the 2010-2011 Queensland floods as a natural experiment, we document that retirement contributions increase following the disaster. We show that individuals update their risk perceptions post-disaster, which drive changes in their portfolio choices across retirement savings, investment property ownership, and other interest-generating financial instruments. Our findings offer important insights into the relationship between individuals' planning horizons, retirement savings and their adaptive strategies in maintaining retirement welfare amidst demographic changes and increased environmental risks. |
| Keywords: | climate change, retirement savings, risk perceptions |
| JEL: | D14 D9 Q54 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:121241&r= |
| By: | Kemmerling, Achim; Neugart, Michael |
| Abstract: | Redistributive so-called social pension schemes have seen a remarkable surge in developing countries. These schemes often target the rural elderly and correlate with urbanization rates, urban rural-wage differentials, and family norms. We use this stylized evidence to motivate a political economy model for a Beveridgean pension system with trade-offs between four groups: the (poorer) rural old and young, and the (richer) urban old and young. We show under which conditions governments will install a pension system and increase its generosity as the share of the urban population rises, productivity differentials between urban and rural workers widen, or the social norm erodes. Our conclusion is that the role of the rural–urban divide in shaping redistribution merits more scholarly attention, as the gap between cities and the countryside widens in many developing countries. |
| Date: | 2024–06–24 |
| URL: | https://d.repec.org/n?u=RePEc:dar:wpaper:146282&r= |
| By: | Lee, Kang Koo; Shin, Seung-Ryong |
| Abstract: | South Korea has been under acute pressure to sustain its National Pension Plan without the risk of fund depletion. Given the looming fiscal threat, this study proposes the introduction of a new pension, a fully-funded system designed to ensure intergenerational equity. This reform aims to guarantee that future generations can receive pension benefits equivalent to the contributions paid and investment returns, without the fear of resource exhaustion. For contributions made prior to the reform, the benefits promised under the existing plan should be honored, while addressing the resultant financial shortfalls of the old pension through separate management and strategic utilization of the general budget to bridge these gaps. This study stresses the urgency of immediate action since the prompt implementation will substantially reduce fiscal stress. |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:kdifoc:300080&r= |
| By: | Paul Cheshire; Christian A. L. Hilber |
| Abstract: | The housing affordability crisis not only restricts access to decent housing, or housing at all, but it has adverse effects on equality, social cohesion, retirement planning, productivity and economic growth. |
| Keywords: | Election 2024, UK Economy, housing, planning, election2024 |
| Date: | 2024–06–25 |
| URL: | https://d.repec.org/n?u=RePEc:cep:cepeap:061&r= |
| By: | Didier Blanchet (IPP - Institut des politiques publiques); Vincent Touzé (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po); Didier Blanchet (CREST-INSEE - Centre de Recherche en Economie et en Statistique - Institut national de la statistique et des études économiques (INSEE)) |
| Abstract: | Trois arguments structurent traditionnellement le débat sur l'âge de la retraite : 1) l'idée que l'allongement de la durée de vie impose logiquement de le relever en proportion, 2) le fait que la pénibilité du travail plaide, à l'inverse, pour limiter cette hausse et 3) le fait que, au demeurant, on a longtemps su combiner élévation de l'espérance de vie et baisse du temps travaillé, et qu'il pourrait continuer d'en être ainsi. L'urgence environnementale introduit un quatrième argument semblant aller dans ce même sens. Si moins polluer impose de moins produire, il faut travailler moins plutôt que davantage. Mais cet argument de la sobriété est moins unilatéral qu'il n'en a l'air. Ce sont les énergies fossiles qui ont, en large part, permis le découplage passé entre espérance de vie et âge de la retraite : c'est en polluant plus qu'on a pu vivre mieux en travaillant moins. Peut-on se passer de ces énergies fossiles sans avoir à remobiliser davantage de travail ? Un modèle heuristique simple permet de mettre à plat les principaux éléments du débat. Le choix de l'âge de la retraite doit trouver le point d'équilibre entre des contraintes qui ne vont pas toutes dans le même sens. |
| Keywords: | âge de la retraite, productivité, longévité, pénibilité, transition climatique |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:hal:ipppap:hal-04626843&r= |