Retirement Behavior in the U.S. and Europe

Jochem de Bresser, Raquel Fonseca, Pierre-Carl Michaud

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In this paper, we develop a retirement model featuring various endogenous exit routes: unemployment, disability, private and public pensions. The model allows for saving and uncertainty along several dimensions including health and mortality. The preference parameters are estimated on longitudinal data from the U.S. and Europe. We analyze the roles played by preferences and institutions in explaining international heterogeneity in retirement behavior. Our preliminary estimates suggest that a model with a single set of preferences for individuals from the U.S., the Netherlands and Spain does not fit the data well. If Europeans were to have the same preferences as Americans, they would save less than they actually do. Furthermore, the Dutch and Spanish would work more hours than observed in the data.
Original languageEnglish
Place of PublicationTilburg
Number of pages63
Publication statusUnpublished - 2017

Publication series

NameNetspar academic series
No.DP 11/2017-018


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