Arbeitspapier

Health, Financial Incentives and Retirement in Spain

We estimate the impact of health and financial incentives on the retirement transitions of older workers in Spain. Individual measures of pension wealth, peak and accrual values are constructed using labor market histories and health shocks are derived as changes in a composite health stock measure over time. We examine labour market exits into both old age retirement and a broader definition of retirement including inactivity, while controlling for unobserved heterogeneity. We find that pension wealth, accrual and peak value are significant determinants of retirement decisions, although their effect is weaker in the case of the broad definition of retirement. Initial health stock shows a significant impact on both definitions of retirement. Only large negative health shocks have a significant effect on the probability of entering the broader definition of retirement. Unlike previous literature, we find that (i) financial incentives, when measured adequately, exert a greater impact on retirement behaviour than health shocks, and (ii) initial health stock plays a more important role than health shocks in determining retirement decisions. We also perform simulations of a recently enacted reform of pension incentives and show how its expected effects compare to those of health improvements.

Sprache
Englisch

Erschienen in
Series: Tinbergen Institute Discussion Paper ; No. 08-093/3

Klassifikation
Wirtschaft
Social Security and Public Pensions
Health: General
Retirement; Retirement Policies
Thema
Health
Retirement
Social security and public pensions
Ältere Arbeitskräfte
Altersgrenze
Entscheidung bei Unsicherheit
Gesundheit
Schock
Vergleich
Ökonomischer Anreiz
Gesetzliche Rentenversicherung
Spanien

Ereignis
Geistige Schöpfung
(wer)
Erdogan-Ciftci, Esen
Doorslaer, Eddy Van
Lopez-Nicolas, Angel
Ereignis
Veröffentlichung
(wer)
Tinbergen Institute
(wo)
Amsterdam and Rotterdam
(wann)
2008

Handle
Letzte Aktualisierung
10.03.2025, 11:43 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Erdogan-Ciftci, Esen
  • Doorslaer, Eddy Van
  • Lopez-Nicolas, Angel
  • Tinbergen Institute

Entstanden

  • 2008

Ähnliche Objekte (12)