Joint retirement of couples: Evidence from discontinuities in Denmark

• 成果类型: Article
• 署名作者: Garcia-Miralles, Esteban; Leganza, Jonathan M.
• 署名单位: Banco de Espana; Clemson University
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2023.105036
• 发表日期: 2024
• 关键词: Joint retirement; Pension eligibility age; Couples labor supply

摘要

We study joint retirement and its underlying determinants. First, we use full-population data from Denmark and a discontinuity design to document joint retirement at the early pension eligibility age. For every 100 individuals who retire when they reach pension eligibility, around 8 of their spouses adjust their behavior to retire at the same time. Next, we investigate mechanisms. We begin by arguing that our estimates are explained primarily by leisure complementarities. We then explore heterogeneity and pathways couples take to retire together. We find that age differences are a fundamental determinant of joint retirement, which is driven by older spouses waiting to retire and claim pension benefits until their younger partners reach pension eligibility as well. We also show that females respond more than males and that secondary earners respond more than primary earners. Finally, we show that a reform increasing eligibility ages induced similar joint retirement spillovers.