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Non-financial determinants of retirement: A Literature Review

van Erp,F.A.M.
; 
Vermeer,Niels
; 
van Vuuren,Daniƫl
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.
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2014-06
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Tilburg University Research Output Collection
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van Erp, F A M, Vermeer, N & van Vuuren, D 2014, 'Non-financial determinants of retirement : A Literature Review ', Economist-Netherlands, vol. 162, no. 2, pp. 167-191. https://doi.org/10.1007/s10645-014-9229-5
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https://hdl.handle.net/20.500.14602/65485
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info:eu-repo/semantics/closedAccess
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