Retirement of Baby Boomers Is Likely to Create a Shortage of Workers in the U.s. Select One: Apes

Increasing the Pensionable Age: What Changes Are OECD Countries Making? What Considerations Are Driving Policy? ()

Hila Axelrad¹, Kevin J. Mahoney^2
1Eye on Aging & Work, Boston College, Chestnut Hill, MA, Us.
²School of Social Piece of work, Boston College, Chestnut Loma, MA, U.s..
DOI: 10.4236/jss.2017.57005   PDFHTML XML four,996 Downloads vii,994 Views Citations

Abstruse

The average age of retirement used to be low in near countries due to numerous policies introduced 30 to xl years ago which encouraged lower retirement ages. However, in response to the growth of the older segment of the population, increased life expectancy, the demand for skilled workers, and the precarious fiscal land of public pension systems, pension reforms have been implemented in the U.Southward. and Europe, and are now geared towards improving employment rates for older workers, increasing retirement ages and pension eligibility. This paper surveys recent changes in retirement age and maps the changes that take occurred in the last decades using information from 34 OECD (The Organization for Economic Cooperation and Development) countries. This paper and so reviews the arguments for and against these changes, the criteria for setting a certain retirement age, and the differences in statutory retirement age past gender, occupation, employment status, and other factors unique to particular countries. The purpose of this paper is to analyze current trends in terms of raising the pensionable historic period.

Share and Cite:

Axelrad, H. and Mahoney, Thousand. (2017) Increasing the Pensionable Age: What Changes Are OECD Countries Making? What Considerations Are Driving Policy?. Open Journal of Social Sciences, 5, 56-70. doi: 10.4236/jss.2017.57005.

1. Introduction

In the final decade, the trend of decreasing retirement historic period and early on go out from the labor market place [one] [2] has begun to change [three] [four] . In response to the growth of the older segment of the population and the unstable financial state of many of the public pension systems [5] [6] [7] , the costs of early retirement accept come under increased scrutiny. Such costs accept led to a cord of pension reforms in Europe since the 1990s, cutting back on pay-as-you-go pension benefits and introducing multi-pillar pension systems with supplemental occupational and individual pensions in addition to the traditional unfunded retirement insurance [8] [nine] . Public policy is now geared toward improving employment rates for older workers [3] [4] and extending working years. According to the System for Economic Co-operation and Development (OECD), past 2050, the average pensionable age in OECD countries will reach nearly 65 for both sexes: an increase of near two.5 years for men and iv years for women compared to 2010. For example, Australia, Denmark, French republic, and Federal republic of germany implemented measures to increment their normal retirement age from sixty-five to sixty-seven (Table i) [x] . However, life expectancy is projected to abound at a faster rate than these increases in pension age [11] . In general we can say that social security systems in unlike countries were designed and influenced by each state'due south prevailing civilisation, social priorities and economic capacity at the time [12] [13] . Information technology is crucial to understand differences between country'due south retirement ages equally well as which cohort(s) volition pay for time to come pensions.

The two major benefits of raising the retirement historic period are reducing the long term deficit in the social security alimony funds and promoting general economic gains [half dozen] . But doing so can also increase the burden on public programs that provide a safety internet for those who cannot, or prefer not to, continue working. In Austria, and Australia, for instance, pension reforms increased the age of eligibility, reduced early retirement, but as well increased disability insurance claims and enrollment in other social insurance programs [14] [15] .

The motivations driving all these diverse governments are similar; people are living longer and therefore, are cartoon retirement benefits for longer periods. Extended payouts accept placed significant strain on alimony programs, and as a event, benefit cuts and higher ages of eligibility for retirement benefits are condign the norm. Absent-minded tax increases or benefit cuts, these types of changes may be necessary. Without addressing this issue, governments will non be able to pay for more people needing retirement funds for longer periods of fourth dimension.

This paper documents the changes that accept occurred in the last decade using data from the 34 OECD countries: Australia, Austria, Kingdom of belgium, Canada, Chile, Czech republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Republic of ireland, State of israel, Italy, Japan, South Korea, Grand duchy of luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Uk and U.Due south. (Table i). This manuscript provides a review of the changes in retirement historic period in those countries, the arguments for and against these changes, the criteria for setting a certain retirement age, and the differences in the statutory retirement historic period between males and females. The contribution of this paper is bringing together the current changes in the retirement ages and analyzing the reasons behind these increases.

As reflected in Table 1, and according to the OECD and the International Social Security Administration, 19 countries have increased retirement age, among them 7 of the countries (Commonwealth of australia, Belgium, Greece, Estonia, Slovenia, Switzer-

Table one. Changes in retirement historic period through time.

The gray shading indicates an increase in Pensionable Age. (1) 65 from July 2004. (2) According to the number of children raised. (iii) The retirement historic period for sure women is ascent gradually to historic period 62 by 2015. (4) Co-ordinate to the years of contribution. (v) 67, changed to 65 from July04. (half-dozen) Lower age (65 and seven months) for women in the private sector. Source: Processed by the authors by using information from Social Security U.S.A (International Social Security Association) [57] .

land, U.k.) increased retirement age just for women. 20 countries are planning to increase retirement age in the adjacent coming years, when the planned increase is range between 2 years (for example in Canada and Denmark) and 7 years (for example the retirement age for women in Poland and Turkey). xiv of the OECD countries take non increased retirement historic period.

2. How Was the Retirement Historic period Adamant?

Otto von Bismarck, the Prussian chancellor who implemented the world's get-go modern welfare state in the 1880, was the first major government official to spell out a new role for government in securing the welfare of wage earners later their careers in a highly organized, industrial society. This new ideology spread through Europe before World War I, and arrived in the U.S. in 1935 [xvi] .

At that place was no scientific or gerontological basis for setting the retirement age in the by [vi] . Factors such every bit toll, life expectancy, ability to work and find employment were considered. Pension age was gear up at lxx when Bismarck implemented the pension insurance in 1989 [17] , later on and until 1972, retirement was mandatory at the age of 65 [18] . In the US the age of sixty five was selected, the reason for selecting the historic period of 65 was simply full general consensus [vi] every bit many other institutions like the matrimony ground forces veterans, post office letter carriers and clerks, Railroad etc. grant pensions had selected sixty-v years of age [xix] . Additionally, the Usa, as many other countries, experienced declining labor force participation rates of men older than sixty-four since the terminate of the nineteenth century [19] . The prevailing notion amongst different researchers and policy makers was that worker's productivity declines significantly later the age of 60 or 65 as physical ability, mental alertness, and cooperativeness tend to fail [19] [xx] so the retirement historic period was set betwixt these ranges, although electric current studies showed that older workers are not necessarily less productive [21] .

However, it should be remembered that total retirement is non always based solely on age. Qualifying to receive an erstwhile-age benefit is ordinarily conditional on 2 requirements: attainment of a specified pensionable historic period and completion of a specified flow of contributions or covered employment (for instance Greece, Luxemburg, U.S.), since programs are financed entirely or largely from con­tributions (normally a percentage of earnings) fabricated by employers, workers, or both. These contributions are compulsory in most instances for defined categories of workers and their employers.

Some former-age pension systems account for periods during which persons, for reasons across their control, were not in covered employment past application credits toward the required minimum contribution period. Credits tin can be awarded for reasons such as disability, involuntary unemployment, war machine service, pedagogy, child raising, or preparation. In the UK, for example, contributions may be credited for periods the insured cared for a kid or an elderly or disabled relative or if the insured received certain benefits. Other systems disregard these periods and may proportionately reduce benefits for each year below the required minimum; for instance, in Poland, not-contributory years (pregnant years spent raising children or while receiving certain benefits) must not exceed 33.3% of contributory years. Persons with only a few years of coverage may receive a refund of contributions or a settlement in which a proportion of the total benefit or earnings is paid for each year of contribution.

In recent years, with the increment in the number of years until retirement, several countries take implemented changes in the required catamenia of contribution (Czech republic, Poland and Espana). For case in Espana, the required menstruum of contribution is gradually rise from 35 years and vi months to 37 years by 2027. The changes in the required catamenia of contribution may also differ by gender―in Czechia the coverage years are gradually rising from 30 to 35 years for men, and at least 20 years of coverage for women (with no expected enhance). In Poland men will need at least 25 years of coverage, women will need at least 21 years of coverage, and this is gradually ascension to 25 years by 2022.

Another common requirement is total or substantial withdrawal from the labor forcefulness. Some countries crave complete or substantial retirement to go eligible for a pension (for case, Luxembourg and Portugal). Other countries pay a retirement pension at a certain age regardless of whether workers retire or not (Canada, Finland, Hungary, Italian republic, Norway). Other countries use a hybrid system with a retirement test, nether which the benefit may be withheld or reduced for those who continue working, depending on the corporeality of earnings or, less often, the number of hours worked (Ireland and Spain). In the U.S., for example, Social Security beneficiaries age 62, age of earliest eligibility, until the age of eligibility for full benefits, have their benefits reduced if their earnings are to a higher place a certain threshold, just after the historic period of full retirement benefits, there is no penalisation for continuing to workⁱ. Universal systems ordinarily practise non crave retirement from work for receipt of a pension. On the other hand, provident funds, which were created to provide financial security and stability, pay the benefit when the worker is temporarily or no longer fit to work or at retirement.

3. The Criteria for Setting a Sure Retirement Age

The old-age benefit in most countries (for instance Switzerland and Turkey) is a wage-related, periodic payment. However, some countries pay a universal stock-still corporeality that bears no relationship to any prior earnings; others supplement their universal pension with an earnings-related pension. Provident fund systems brand a lump-sum payment (Poland) commonly a refund of employer and employee contributions plus accrued interest. In programs that have individual accounts, options for benefits include purchasing an annuity (Estonia) making withdrawals from an account regulated to guarantee income for an expected lifespan; programmed withdrawals, or a combination of the 2; and deferred annuity [22] . But age is non the only criteria for setting an official historic period for receiving retirement benefits: Public alimony schemes sometimes distinguish on the footing of gender. Women often take earlier statutory retirement ages [23] , even though they generally accept a longer life expectancy [22] . Reduced retirement historic period for women can exist seen in State of israel [24] and Turkey, but no difference in the retirement age and weather condition in countries like Belgium, Finland and the Netherlands. In other countries there are no differences between men and women in retirement age, merely there are differences in terms and weather condition―for case, the required years of coverage (every bit in Poland).

Amidst the rationales for reduced age of eligibility for retirement benefits for females is the fact that wives are typically a few years younger than their husbands. Because couples often prefer to retire at the same time such policies would make the wife's benefits available at an earlier age [vi] . Such policies also assume that retirement benefits should be bachelor at an earlier age for working women because they confront age barriers in the labor market more oftentimes and at earlier ages then do working men [6] . In some countries, the reason for reduced retirement age is being a mother. The retirement age is reduced according to the number of children raised (Czechia, Turkey) or reduced for mothers who have children with disabilities (Turkey).

Although the norm has been for the differential to be nigh 5 years, at that place is now an emerging international trend toward equalizing the statutory retirement historic period [22] presumably due to women'southward gains in equality rights. Additionally, the retirement historic period takes into business relationship life expectancy, which is higher for women [25] . Thus, since men tend to work more years and their life expectancy is shorter than women'south, they receive a pension for fewer years compared to women [26] .

In some instances, eligibility for pension benefits is determined by resident status or citizenship. The person must be a resident of the state for a certain number of years (for example, Australia, Denmark, Estonia, the Netherlands and Sweden). Universal one-time-age pension is an instance for a system that usually does not crave a minimum period of covered employment or contributions, but do require a minimum period of prior residence (Denmark, Iceland).

Some countries, such as Frg and Spain, pay a full pension earlier the regular retirement age if the applicant experienced involuntary unemployment for a period virtually retirement age. In Portugal, in that location is reduced retirement age for unemployed persons who are no longer entitled to receive unemployment benefits. Also the type of employment can effect retirement age. In Turkey, for example, there are different conditions placed on the minimum number of days of paid contributions for civil servants and self-employed (9000 days of paid contributions, instead of 7200 days).

Another criterion is inability when some countries pay a total alimony before the regular retirement age if the applicant has an assessed degree of disability (Frg, U.Southward.).

Occupation is relevant in other countries that pay a total alimony before the regular retirement age, if the worker works in an especially backbreaking, strenuous environs or an unhealthy or chancy occupation [23] . For example, the qualifying atmospheric condition are reduced for persons, who have worked in chancy or dangerous work (Hungary, Espana). Other occupations with reduced ages of eligibility include miners (Poland), some categories of seamen (Iceland) and seafarers and ceremonious aviation flying crews (Kingdom of belgium).

4. Reasons for Increasing the Retirement Age

The master reason for increasing the retirement age is the demographic changes reflected in longer life expectancies [27] and therefore longer periods drawing on pensions. Other reasons that are ofttimes mentioned are the crisis in public alimony programs, issues of supply and need in the labor marketplace, savings and retirement security of the older population, and the improved education level which is correlated with the power to work longer.

4.i. The Demographic Challenge

Longer life expectancies [6] [28] are used as a justification for increasing retirement age as they are putting a burden on the financing organization because benefits are being paid out for a longer menses than in the past. In improver, fewer workers are dying before reaching retirement age; these workers had been a "free lunch" for the retirement system. Now fewer workers contribute without receiving at least some benefits. Increasing the retirement historic period will reduce the corporeality of time in which benefits are paid out, and increase the probability that a worker will receive no benefit, thus easing the stress in the organization [10] .

Many countries are facing this challenge of a rapidly ageing population. Life expectancy increased continuously over the past few decades; the period of fourth dimension that seniors live after reaching retirement age grew from 13.4 years for men in 1958 to 18.five in 2010. The OECD analysis of Un data projects life expectancy to be 20.3 years in retirement, even later on the higher retirement ages are phased in [29] .

Life-expectancy adjustment of the alimony benefits tin be seen equally a substitute for increases in the pension age, in that many people can voluntarily work longer as life expectancy increases to make up for the lower yearly pension payments [30] . In the U.s., the amendment increasing the Total Retirement Age by 2 years was adopted in 1983, though the alter just took effect 2003, and the full increase to 67 volition not be realized until 2027 [31] . Phasing in the increased age of retirement gave people time to plan ahead. Furthermore, the modify had no immediate result and did not impact current retirees; all of these factors made it more than politically palatable [32] .

4.2. Crisis in Public Pension Programs

Public alimony programs in many OECD countries are in fiscal trouble [6] part of this is because when alimony systems were first implemented benefits were paid to individuals who had not contributed over a lifetime. Only some of the trouble came because many countries chose non to pre-fund. Pension reforms in some OECD countries [7] [33] , link contributions of individuals and benefit rights accumulation.

Equally the ratio of workers to beneficiaries is projected to turn down increasing pensionable age is a way to avoid heavier tax brunt on the younger generation [half-dozen] . Increasing the pensionable age might encourage people to stay longer in the workforce, and this will issue in greater net inflows through payroll taxes and improving solvency [10] [28] .

four.3. Greater Demand for Older Workers

Older workers are in greater need because fertility was low in subsequent generations and the talents of older workers are needed [6] [28] . Additionally, a decrease in physically demanding jobs and improved educational levels [34] allows many people to piece of work longer [10] [22] . Wellness is better amidst the elderly than in previous generations, thereby allowing a longer work life for many [10] . The long-predicted moving ridge of babe boomer retirements has begun to hit companies, leaving employers scrambling to find replacements for their departing lx-something workers [35] .

The need for skilled older workers will remain high given that there are fewer younger workers to replace them [10] . On the other hand, many older individuals are underutilized relative to their potential productivity, and a higher pensionable age could contribute to a ameliorate and longer use of the skills and abilities of older workers [ten] [36] .The elderly stand to proceeds in noneconomic ways considering employment may contribute to an older person's mental acuity and provide a sense of usefulness and social connection [10] .

Whereas there had been some resistance from employers, Conen, Henkens and Schippers (2014) [37] who analyzed example studies amid Dutch organizations found that employers accept started to conform to the rise in the official retirement age in terms of health and safety regulations, and increasing grooming for senior workers [38] .

4.4. Saving and Retirement Security

One claiming of an aging population may be a growing number of increasingly long-lived individuals who outlive their retirement resources and volition then rely on the social prophylactic internet to run across late-life needs. Raising retirement ages is ane of the options for enhancing retirement security [39] . Working longer should improve the retirement savings of individuals, reducing the possibility of exhausting their resources in old historic period [10] [40] .

4.five. Improved Education Level

Education levels accept improved in labor markets around the world [34] , research indicates that improve educated people have lower morbidity rates from the about common acute and chronic diseases, contained of bones demographic and labor marketplace factors [22] , and a correlation exists between higher didactics and the power to work longer [10] . Therefore, and as a result, the increase in the workers' teaching level could be a justification for increasing the retirement age.

The concept of agile ageing implemented past the European Union suggested that older workers should have sufficient access to farther education and training to help them remain agile in the labor marketplace [41] .

To conclude, it tin can be said that increasing the retirement historic period can be efficient from the economic point of view, as by increasing the number of people in the labor force, gross domestic production volition also increase thereby creating more resources that could be split between workers and retirees [x] .

five. Early Retirement

There are workers who cull, for unlike reasons, to retire before the statutory retirement age is reached. "Early on retirement" is an opportunity for phased reduction in the retirement benefits bachelor earlier than the normal retirement age [42] . It is an opportunity to receive some benefits earlier. A reduced pension, in some instances, may be claimed upward to five years before the statutory retirement age [22] . For example in Nihon the pension is reduced by 42% to 11% (depending on the age at which the pension is awarded) when retiring before the official retirement historic period. On the other, in the The states pension benefits is reduced for each month the insured is younger than the total retirement age, still the pension is increased by eight% a year for each year after 1 reaches total retirement age the insured defers retirement -up to the age of 70 years old.

Early retirement has broader implications for organizations and society every bit information technology represents an "off fourth dimension" event (i.due east., the timing of the result is inconsistent with the societal norms). Equally a upshot, from the human resources management perspective, organizations and society, more than broadly, must account for the influence that early retirements have on other members of the organization or society [43] . Early retirement is besides seen as a much appreciated social accomplishment which increases personal well-being, particularly amid employees who suffer from piece of work-related health problems [44] .

A procedures distinction is made betwixt workers that retire voluntarily, commonly due to a potent preference for retirement, and involuntary retirees, who are forced to retire by such factors as wellness issues, weak employment weather, and organizational pressures that induce them to leave their jobs [45] .

Equally times changed, policymakers have started to increase not only the eligibility age of retirement, but also the eligibility age for early retirement [22] . For example, in Kingdom of spain involuntary early on retirement age is gradually rising from the age 61 and 2 months to age 63 by 2027 and voluntary early on retirement age is rising from the 63 and two months to age 65 by 2027.

6. Arguments against Increasing the Retirement Age

The policy of increasing retirement historic period encountered in a widespread resistance from unions [46] , women's rights organizations and others. In addition to disputing many of the contentions about increasing the retirement age, and the assumptions upon which they are made, the opponents' claim that the reduced benefits will increase the poverty charge per unit because many of those at risk―the poor, the less educated, those with health issues, and those who work in physically demanding jobs―have no option but to retire early [x] .

Another argument made by the opponents is that not all groups accept seen the same increase in life expectancy, so those with historically shorter life expectancies, for example the poor, the less educated, and blueish collar workers―are affected disproportionally by an increase in the retirement age considering they stand to reap fewer benefits [10] . In the U.S. for case, the boilerplate for the full population hides crucial differences between racial groups in quality of life, ability to work and longevity. Increasing the normal retirement historic period volition get in more hard for some Americans to experience a healthy and active retirement; Blacks will be unduly afflicted, in role because they are more than likely to develop adverse health conditions that limit their ability to work and to report declining health. The average blackness American will experience physical limitations before the official retirement age of 67 [47] .

Another reason for opposition is that older workers have more difficulty finding new employment and, when they do, often earn less than they did in previous jobs [x] . Women'south rights organizations point out that women are discriminated against in the workplace [48] : they take a more difficult time getting a job, and when they practice, they are paid less than a human doing the aforementioned piece of work. These organizations feel that compelling women to work boosted years will sentence them to more years of being a member of the working poor community, compelling many to rely on Social Security to supplement their income [32] .

7. Summary and Conclusions

The growth of the older segment of the population together with increased life expectancy led policymakers to rethink the length of working life and pension eligibility historic period. Every bit a effect, in 24 of the 34 countries nosotros examined, pension reforms increasing retirement ages were implemented or planned to be implemented in the near future.

Current information indicate that raising the retirement age may foreclose serious challenges to the pension systems. In a state of affairs where life expectancy is rising and people are living longer―and generally in good wellness―many older individuals want to or need to work. It should be also desirable from the employers' point of view, as shortage of workers becomes a serious trouble in many places [49] . It therefore may exist necessary to increase the retirement age.

With that being said, we should take into consideration the employers' point of view, as some employers may acquaintance their ageing staff with college labor costs and lower productivity [l] [51] while others are realizing their dependence on the skills of older workers. Employers that await a larger toll- productivity gap might consider wage subsidies an constructive mensurate to extend working lives [50] .

We should also remember that there are vulnerable groups that are expected to endure from any move to enhance the retirement historic period. Therefore, if the policy of increasing the retirement age is implemented, it should exist introduced incrementally to allow the public, employers and workers fourth dimension to suit to the changes. For case in Denmark, the retirement historic period will rise gradually by six months a year to 67 from 2024 to 2027. But it would not exist enough; special attention must be given to disadvantaged populations and alternative forms of assistance should exist arranged to help them cope during a longer catamenia of time until they reach alimony eligibility historic period.

Countries tin can likewise implement other measures, together with or instead of increasing the retirement age. For example Sweden has not increased retirement age in recent years [52] [53] but created incentives for workers to remain employed longer [54] . Such incentives, like canceling the concept of "full alimony" and implementing a new formula in which additional years one is gainfully employed increase the pension that person earn [55] , or the option of drawing part of the worker alimony while (s)he continues to work part-time, with his remaining pension entitlement continuing to grow [56] , might prolong working life without implementing a raise in the retirement age.

Acknowledgements

The authors would like to extend their sincere appreciation to Dr. Matthew S. Rutledge for his valuable comments and suggestions to meliorate the quality of the paper.

NOTES

^aneBenefits that are reduced due to this "earnings exam" are credited to beneficiaries when they reach the Total Retirement Age.

Conflicts of Interest

The authors declare no conflicts of interest.

References

[ane]	Deacon, B. (2000) Eastern European Welfare States: The Impact of the Politics of Globalization. Journal of European Social Policy, x, 146-161. https://doi.org/10.1177/a012487
[two]	D'addio, A.C. and Von Nordheim, F. (2014) Towards an Integrated Agenda to Deliver Effective Higher Retirement Ages: An Issues Note from the Pension Perspective. Paper Presented at the Background Annotation for the Workshop on "Delivering Longer Working Lives and Higher Retirement Ages", Brussels.
[three]	Fisher, Thousand.Yard., Chaffee, D.Due south. and Sonnega, A. (2016) Retirement Timing: A Review and Recommendations for Future Research. Piece of work, Crumbling and Retirement, ii, 230-261. https://doi.org/ten.1093/workar/waw001
[4]	Robinson, P. (2005) Working Later: Raising the Constructive Age of Retirement Institute for Public Policy Research.
[5]	Disney, R. (2000) Crises in Public Alimony Programmes in OECD: What Are the Reform Options? The Economic Journal, 110, ane-23. https://doi.org/10.1111/1468-0297.00505
[6]	Moore, K.50. (2001) Raising the Social Security Retirement Ages: Weighing the Costs and Benefits. Arizona Land Constabulary Journal, 33, 543.
[7]	Wagner, H. (2005) Pension Reform in the New EU Member States: Will a Three-Pillar Pension Organization Work? Eastern European Economics, 43, 27-51.
[8]	Börsch-Supan, A.H. (2012) Entitlement Reforms in Europe: Policy Mixes in the Current Pension Reform Process. NBER, Working Paper No. 18009. https://doi.org/ten.3386/w18009
[nine]	Fraccaroli, F. and Deller, J. (2015) Work, Aging, and Retirement in Europe: Introduction to the Special Issue. Piece of work, Crumbling and Retirement, 1, 237-242. https://doi.org/10.1093/workar/wav017
[10]	Templin, B.A. (2011) Social Security Reform: Should the Retirement Age Exist Increased? Oregon Law Review, 89, 1179. http://ssrn.com/abstract=1720402
[11]	Organization for Economical Co-Performance and Development (2011) Pensionable Age and Life Expectancy, 1950-2050. OECD Pension at a Glance. Organization for Economic Co-Operation and Development, Paris, xix-37.
[12]	Fehr, H. and Uhde, J. (2013) On the Optimal Pattern of Pension Systems. Empirica, 40, 457-482. https://doi.org/ten.1007/s10663-013-9214-2
[xiii]	Podger, A., Stanton, D. and Whiteford, P. (2014) Designing Social Security Systems: Learning from Australia and Other Countries. Public Administration and Development, 34, 231-250. https://doi.org/10.1002/pad.1689
[14]	Staubli, South. and Zweimüller, J. (2012) Does Raising the Retirement Age Increase Employment of Older Workers? Academy of Zurich Section of Economics, Zürich.
[xv]	Atalay, G. and Barrett, M.F. (2015) The Touch of Age Pension Eligibility Age on Retirement and Program Dependence: Evidence from an Australian Experiment. Review of Economic science and Statistics, 97, 71-87. https://doi.org/ten.1162/REST_a_00443
[16]	Atchley, R.C. (1982) Retirement as Social Establishment. Annual Review of Folklore, viii, 263-287. https://doi.org/10.1146/annurev.then.08.080182.001403
[17]	Börsch-Supan, A. and Wilke, C.B. (2004) The High german Public Alimony System: How It Was, How It Will Be (No. W10525). National Bureau of Economic. http://world wide web.nber.org/papers/w10525
[eighteen]	Berkel, B. and Börsch-Supan, A. (2004) Pension Reform in Germany: The Touch on on Retirement Decisions. FinanzArchiv: Public Finance Analysis, lx, 393-421. https://doi.org/10.1628/0015221042396096
[nineteen]	Costa, D.L. (1998) The Evolution of Retirement: An American Economical History, 1880-1990. University of Chicago Press, Chicago, 6-31. https://doi.org/x.7208/chicago/9780226116228.001.0001
[20]	Lazear, Eastward.P. (1979) Why Is There Mandatory Retirement? The Journal of Political Economic system, 87, 1261-1284. https://doi.org/10.1086/260835
[21]	Axelrad, H. and James, J.B. (2016) Employers' Attitudes toward Older-Worker Chore Seekers: A Comprehensive Review with Recommendations for Action. Emerald Group Publishing Express, Bingley, 489-512. https://doi.org/10.1108/978-1-78635-448-820161020
[22]	Cutler, D.M. and Lleras-Muney, A. (2012) Education and Health: Insights from International Comparisons (No. w17738). National Bureau of Economic Research.
[23]	Holzmann, R. (2000) The World Bank Approach to Pension Reform. International Social Security Review, 53, 11-34. https://doi.org/ten.1111/1468-246X.00061
[24]	Borowski, A. (2015) Israel's Long-Term Care Social Insurance Scheme later a Quarter of a Century. Journal of Aging and Social Policy, 27, 195-214. https://doi.org/10.1080/08959420.2015.1022101
[25]	Organization for Economic Co-Operation and Development (2016) Life Expectancy at Nascency. Organization for Economic Co-Functioning and Development, Paris.
[26]	Top, D.C. and Savu, L. (2014) Considerations Regarding the Equalization of the Retirement Age for Men and Women at 65 Years. Fiat Iustitia, 8, 240-243.
[27]	Reznik, One thousand., Shoffner, D. and Weaver, D.A. (2005) Coping with the Demographic Challenge: Fewer Children and Living Longer. Social Security Bulletin, 66, 37-45.
[28]	Rürup, B. (2002) The High german Pension System: Status Quo and Reform Options. Social Security Alimony Reform in Europe. Academy of Chicago Press, Chicago, 137-170. http://www.nber.org/books/feld02-two https://doi.org/10.7208/chicago/9780226241913.003.0007
[29]	Brandon, Due east. (2010) Why the Retirement Age Is Increasing? U.S. News and World Report, Washington DC, xv November 2010.
[thirty]	Olsen, H. and Manfredi, T. (2013) Ageing and Employment Policies: Kingdom of norway 2013: Working Meliorate with Historic period. Organization for Economic Co-Performance and Development, Paris. http://world wide web.oecd.org/els/norway-2013-9789264201484-en.htm
[31]	Olshansky, Due south.J., Goldman, D.P. and Rowe, J.Westward. (2015) Resetting Social Security. Daedalus, 144, 68-79. https://doi.org/10.1162/DAED_a_00331
[32]	Yeshiva World News–State of israel Desk-bound, Jerusalem (2014) Israel Likely to Heighten Retirement Age in 2015 State Budget. The Yeshiva Earth News, Brooklyn, 26 February 2014. http://www.theyeshivaworld.com/news/headlines-breaking-stories/215523/state of israel-likely-to-raise- retirement-historic period-in-2015-state-budget.html
[33]	Settergren, O. (2001) The Automatic Balance Mechanism of the Swedish Pension Organization. Wirtschaftspolitische Blätter, 4, 339-349.
[34]	Osterman, P. (2008) College for All? The Labor Market for College Educated Workers. Change the Magazine of Higher Learning, 40, 22-31.
[35]	Tishman, F.Yard., Van, L.S. and Bruyère, Due south.Yard. (2012) Employer Strategies for Responding to an Aging Workforce. Rutgers, New Brunswick. http://www.heldrich.rutgers.edu/sites/default/files/products/uploads/NTAR_Employer_Strategies_ Report.pdf
[36]	Axelrad, H., Luski, I. and Malul, Thou. (2016) Behavioral Biases in the Labor Market, Differences between Older and Younger Individuals. Journal of Behavioral and Experimental Economic science, 60, 23-28. https://doi.org/x.1016/j.socec.2015.11.003
[37]	Conen, W., Henkens, Yard. and Schippers, J. (2014) Ageing Organizations and the Extension of Working Lives: A Case Written report Approach. Journal of Social Policy, 43, 773-792. https://doi.org/x.1017/S0047279414000336
[38]	Brunello, Grand. and Comi, South. (2013) The Side Effect of Alimony Reforms on Training: Evidence from Italian republic. IZA Word Papers 7755. Institute for the Study of Labor (IZA). http://hdl.handle.cyberspace/10419/89976
[39]	Institute of Medicine (U.s.a.) Committee on the Long-Run Macroeconomic Effects of the Aging U.Southward. Population (2012) Aging and the Macroeconomy: Long-Term Implications of an Older Population. Financial Analysts Journal, 69, 106-107.
[40]	Munnell, A.H. and Steven, S.A. (2008) Rounding out the Motion-picture show. Brookings Institution Printing, Washington DC, 142-148. http://world wide web.jstor.org/stable/10.7864/j.ctt6wph6r
[41]	European Commission (2001) Guidelines for Member States' Employment Policies for the Year 2002. European Commission, Brussels, fifty.
[42]	Korczyk, South.Thou. and Rix, S. (2004) Is Early Retirement Ending? American Association of Retired Persons Public Policy Establish, Washington DC.
[43]	Wang, M. and Shultz, K.Due south. (2010) Employee Retirement: A Review and Recommendations for Future Investigation. Journal of Direction, 36, 172-206. https://doi.org/10.1177/0149206309347957
[44]	Börsch-Supan, A. and Schuth, M. (2013) Early on Retirement, Mental Health and Social Networks. In Discoveries in the Economics of Aging, University of Chicago Press, 225-250. https://doi.org/x.1515/9783110295467.337
[45]	Fernández, J., Alcover, C. and Crego, A. (2013) Psychosocial Profiles of Early Retirees Based on Experiences during Post-Working Life Transition and Adjustment to Retirement. Revista De Psicología Social, 28, 99-112. https://doi.org/10.1174/021347413804756032
[46]	Ebbinghaus, B. and Hassel, A. (2000) Striking Deals: Concertation in the Reform of Continental European Welfare States. Journal of European Public Policy, 7, 44-62. https://doi.org/x.1080/135017600343269
[47]	Ghilarducci, T. and Moore, G. (2015) The Racial Morbidity Gap: Implications for Raising the Retirement Historic period. http://www.economicpolicyresearch.org/images/docs/research/retirement_security/Moore_Racial_ Morbidity_Gap.pdf
[48]	Mesa, A.A. and Montecinos, V. (1999) The Privatization of Social Security and Women's Welfare: Gender Effects of the Chilean Reform. Latin American Research Review, 34, vii-37.
[49]	Fernandes, D. (2016) Baby Boomer Retirements May Ho-hum Mass. Economic Growth. Boston Earth, Boston, 17 February 2016.
[50]	Henkens, G. and Schippers, J. (2012) Employers' Attitudes and Actions towards the Extension of Working Lives in Europe. International Journal of Manpower, 33, 648-665. https://doi.org/ten.1108/01437721211261804
[51]	Henkens, Yard. and Schippers, J. (2008) Labor Market Policies Regarding Older Workers in the netherlands. In: Taylor, P., Eds., Ageing Labor Forces: Promises and Prospects, Edward Elgar, Cheltenham, Britain.
[52]	Weaver, K. and Willén, A. (2014) The Swedish Pension System after 20 Years: Mid-Course Corrections and Lessons. OECD Journal on Budgeting, 13, 1A. https://doi.org/10.1787/budget-13-5jxx3sx58x9t
[53]	Redaymulvey, K. (2000) Gradual Retirement in Europe. Journal of Aging and Social Policy, 11, 49-sixty. https://doi.org/10.1300/J031v11n02_06
[54]	Laun, T. and Wallenius, J. (2015) A Life Cycle Model of Health and Retirement: the Case of Swedish Pension Reform. Journal of Public Economic science, 127, 127-136. https://doi.org/x.1016/j.jpubeco.2013.11.002
[55]	Olofsson, 1000. (2001) Historic period, Work and Retirement in Sweden-Views, Policies and Strategies of Key Actors. Proceedings of the Swedish Case for the "Millennium Project" Conference, Tokyo, 29-30 November 2001, 29-30.
[56]	Barr, Due north. (2006) Pensions: Overview of the Bug. Oxford Review of Economic Policy, 22, 1-xiv. https://doi.org/10.1093/oxrep/grj001
[57]	Social Security Assistants (US). https://www.ssa.gov/policy/docs/progdesc/ssptw/alphabetize.html

hefleyandelibubled.blogspot.com

Source: https://www.scirp.org/journal/paperinformation.aspx?paperid=77554

Share this post