Retirement with 67 | Munich Center for the Economics of Aging - MEA

Retirement with 67

How sensitive are subjective retirement expectations to increases in the statutory retirement age? The German Case

Mannheim, 2010

Demographic change poses an evident threat to the financial sustainability of pension systems based on a "pay-as-you-go" (PAYG) scheme. To cope with this threat, pension systems have undergone numerous reforms in many countries in order to keep people longer at work. One crucial element of these reforms typically is an increase in the statutory retirement age at which workers are legally allowed to retire. But will people really work longer?

Ten Misconceptions related to Retirement at the Age of 67

Mannheim, 2010

The increase of the statutory retirement age to 67 years is one of several reforms which aim at stabilizing the public pension insurance. Despite a continuous rise in life expectancy, which strongly suggests the extension of the employment period, this increase in the retirement age is highly unpopular. Mostly, it seems to be due to various misconceptions attached to it.

Comment: Retirement at the Age of 67

Mannheim, 2010

The unpopular "pension 67" is again dominating German headlines. On the one hand, this is due to reactions of the Social Democratic Party, which has now, curiously enough, distanced itself from that reform. On the other hand, the media presence can be ascribed to the review of the planned increase in retirement age, appointed by law for 2010. One main reason for the "pension 67's" low popularity is that its story is a story full of misconceptions.

How strategic response behaviour influences pension reforms

Mannheim, 2010

Proposals for pension reform typically meet fierce resistance with the public. But what are the reasons for this opposition? Mostly, we obtain information on voters' preferences from public opinion polls. But the highly political nature of such polls makes them a good instrument for voters to express their discontent not only about pension reform proposals but with politics in general. Scheubel, Schunk und Winter analyze data from an experiment in SAVE to show that the opposition to a reform proposal - in our case to an increased retirement age - can indeed trigger strategic survey responses on another issue.

The Impact on Retirement Decisions

Mannheim, 2003

The option of early retirement is a highly prized, but at the same time highly costly, social achievement in Germany. With an increasing aging population and the precarious financial state of the public pension system, these costs are once again the focus of discussion about pension reform. Since the 2004 reform has kept the retirement age largely untouched, the reform discussion is shifting once again to the pivotal retirement age of currently 65.