Retirement Consumption and Pension Designs

• 成果类型: Article
• 署名作者: Kolsrud, Jonas; Landais, Camille; Reck, Daniel; Spinnewijn, Johannes
• 署名单位: Linnaeus University; University of London; London School Economics & Political Science; University System of Maryland; University of Maryland College Park
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20221426
• 发表日期: 2024
• 页码: 89-133
• 关键词: social insurance; unemployment benefits; health-insurance; WEALTH; LIFE; savings; incentives; disability; EMPLOYMENT; security

摘要

effects of pension reforms. Using Swedish administrative data, we show that on average, workers who retire earlier consume less while retired and experience larger drops in consumption around retirement. Interpreted via a theoretical model, these findings imply that reforms incentivizing later retirement incur a substantial consumption smoothing cost. Turning to other features of pension policy, we find that reforms that redistribute based on early-career labor supply would have opposite-signed redistributive effects, while differentiating on wealth may help to target pension benefits toward those who are vulnerable to larger drops in consumption around