The effect of increasing the early retirement age on savings behavior before retirement

Stefan Etgeton, Björn Fischer, Han Ye

Facing a reduction in pension generosity, individuals can compensate the loss by working longer or saving more. This paper shows that the impact of changes in pension generosity on saving crucially depends on the possibility of prolonging future employment. Exploiting across cohort variation in expected pension wealth induced by a 3-year lift in early retirement age for women born after 1951 in Germany, we show evidence of a reduction in private savings rate and an increase in leisure consumptions in case of strong responses in future labor earnings.

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Year of publication:	November 2019
Authors:	Etgeton, Stefan ; Fischer, Björn ; Ye, Han
Publisher:	Bonn, Germany : IZA - Institute of Labor Economics
Subject:	pension reform \| early retirement age \| savings \| pension wealth \| Sparen \| Savings \| Flexible Altersgrenze \| Flexible retirement \| Rentenreform \| Pension reform \| Altersgrenze \| Retirement \| Altersvorsorge \| Retirement provision \| Gesetzliche Rentenversicherung \| Public pension system

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Extent:	1 Online-Ressource (circa 45 Seiten) Illustrationen
Series:	Discussion paper series / IZA. - Bonn : IZA, ZDB-ID 2120053-1. - Vol. no. 12744
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	hdl:10419/215140 [Handle]
Classification:	D14 - Personal Finance ; J14 - Economics of the Elderly ; J26 - Retirement; Retirement Policies
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012133536