Relabeling, retirement and regret

• 成果类型: Article
• 署名作者: Gruber, Jonathan; Kanninen, Ohto; Ravaska, Terhi
• 署名单位: Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; VATT Institute for Economic Research
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2022.104677
• 发表日期: 2022
• 关键词: Retirement; pension reform; Relabeling; financial incentives

摘要

Can simply changing the public definition of a normal retirement age impact retirement, without any associated financial incentive changes? We study a reformulation of the retirement system in Finland that relabeled retirement ages with only modest and continuous changes in financial incentives. We find that relabeling matters: both graphical evidence and estimated hazard models reveal an enormous change in retirement when individuals face a newly defined normal retirement age. We also find evidence consistent with increased retirement regret, as the marginal workers induced to retire by relabeling are more likely to return to work. (c) 2022 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY license (http:// creativecommons.org/licenses/by/4.0/).