Non-financial determinants of retirement: A Literature Review

F.A.M. van Erp, Niels Vermeer, D. Vuuren

Research output: Contribution to journalBook/Film/Article reviewOther research output

Abstract

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.
Original languageEnglish
Pages (from-to)167-191
JournalDe Economist
Volume162
Issue number2
DOIs
Publication statusPublished - Jun 2014

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Retirement
Retirement age
Literature review
Social norms
Early retirement
Participation
Retirement behavior
Empirical research
Encompassing
Financial incentives
Income effect
Literature survey
Propensity

Cite this

van Erp, F.A.M. ; Vermeer, Niels ; Vuuren, D. / Non-financial determinants of retirement : A Literature Review . In: De Economist. 2014 ; Vol. 162, No. 2. pp. 167-191.
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van Erp, FAM, Vermeer, N & Vuuren, D 2014, 'Non-financial determinants of retirement: A Literature Review ' De Economist, vol. 162, no. 2, pp. 167-191. https://doi.org/10.1007/s10645-014-9229-5

Non-financial determinants of retirement : A Literature Review . / van Erp, F.A.M.; Vermeer, Niels; Vuuren, D.

In: De Economist, Vol. 162, No. 2, 06.2014, p. 167-191.

Research output: Contribution to journalBook/Film/Article reviewOther research output

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AU - Vuuren, D.

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