Non-financial Determinants of Retirement: A Literature Review

Frank Erp, Niels Vermeer () and Daniel van Vuuren

De Economist, 2014, vol. 162, issue 2, 167-191

Abstract: Retirement is often concentrated at specific ages—in particular the ‘normal retirement age’ and an ‘early retirement age’. Financial incentives cannot fully explain this. Moreover, the participation effect of a higher normal retirement age importantly exceeds the encompassing income effect. Based on a literature survey, we conclude that social norms, default options, and reference-dependent utility are likely explanations for the individual propensity to retire at specific retirement ages. Further empirical research on non-financial determinants of retirement is needed to fully understand individual retirement behavior. Copyright Springer Science+Business Media New York 2014

Keywords: Retirement age; Bounded rationality; Social norms; J26; D01 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (12)

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DOI: 10.1007/s10645-014-9229-5

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