Social interactions and the retirement age

Niels Vermeer, Daniel van Vuuren and Maarten van Rooij

No 278, CPB Discussion Paper from CPB Netherlands Bureau for Economic Policy Analysis

Abstract: In this study, we gauge the impact of social interactions on individual retirement preferences. A survey including self-assessments and vignette questions shows that individual preferences are affected by preferences and actual retirement behavior of the social environment. Retirement from paid work depends on the retirement age of relatives, friends, colleagues and acquaintances. Information and advice provided by the social environment play a role in the retirement decision. A majority of respondents would postpone retirement when their social environment retires later. A one year increase in the social environment’s retirement age leads to an average increase of three months in the individual retirement age. In addition, people tend to stick more to the state pension age than to other retirement ages, which suggests a norm about retirement at the state pension age.

JEL-codes: J14 J26 Z13 (search for similar items in EconPapers)
Date: 2014-06
New Economics Papers: this item is included in nep-age, nep-lab and nep-soc
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:cpb:discus:278

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