TY - JOUR
T1 - Non-financial determinants of retirement
T2 - A Literature Review
AU - van Erp, F.A.M.
AU - Vermeer, Niels
AU - van Vuuren, Daniël
PY - 2014/6
Y1 - 2014/6
N2 - Retirement is often concentrated at specific ages-in particular the 'normal retirement age' and an 'early retirement age'. Financial incentives cannot fully explain this. Moreover, the participation effect of a higher normal retirement age importantly exceeds the encompassing income effect. Based on a literature survey, we conclude that social norms, default options, and reference-dependent utility are likely explanations for the individual propensity to retire at specific retirement ages. Further empirical research on non-financial determinants of retirement is needed to fully understand individual retirement behavior.
AB - Retirement is often concentrated at specific ages-in particular the 'normal retirement age' and an 'early retirement age'. Financial incentives cannot fully explain this. Moreover, the participation effect of a higher normal retirement age importantly exceeds the encompassing income effect. Based on a literature survey, we conclude that social norms, default options, and reference-dependent utility are likely explanations for the individual propensity to retire at specific retirement ages. Further empirical research on non-financial determinants of retirement is needed to fully understand individual retirement behavior.
U2 - 10.1007/s10645-014-9229-5
DO - 10.1007/s10645-014-9229-5
M3 - Book/Film/Article review
SN - 0013-063X
VL - 162
SP - 167
EP - 191
JO - De Economist: Tijdschrift voor alle standen, tot bevordering van volkswelvaart, door verspreiding van eenvoudige beginselen van staatshuishoudkunde
JF - De Economist: Tijdschrift voor alle standen, tot bevordering van volkswelvaart, door verspreiding van eenvoudige beginselen van staatshuishoudkunde
IS - 2
ER -