Retirement Behavior in the U.S. and Europe

Jochem de Bresser, Raquel Fonseca () and Pierre-Carl Michaud

Cahiers de recherche from Chaire de recherche Industrielle Alliance sur les enjeux économiques des changements démographiques

Abstract: We develop a retirement model featuring various labor market exit routes: unemployment, disability, private and public pensions. The model allows for saving and uncertainty along several dimensions, including health and mortality. Individuals’ preferences are estimated on data from the U.S. and Europe using institutional variation across countries. We analyze the roles of preferences and institutions in explaining international heterogeneity in retirement behavior. Preliminary estimates suggest that a single set of preferences for individuals from the U.S., the Netherlands and Spain does not fit the data well. Were Europeans to have the same preferences as Americans, they would save less than they actually do. Furthermore, the Dutch and Spanish would work more hours than is observed in the data.

Keywords: Retirement; saving; institutions; structural estimation (search for similar items in EconPapers)
JEL-codes: D91 H31 J14 J26 (search for similar items in EconPapers)
Date: 2016
New Economics Papers: this item is included in nep-age, nep-dge, nep-eur, nep-lma and nep-pbe
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Persistent link: https://EconPapers.repec.org/RePEc:lvl:criacr:1609

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