Health and retirement age: Comparison of expectations and actual retirement

Scandinavian Journal of Public Health
Pekka Ilmakunnas, Seija Ilmakunnas

Abstract

We examine the relationship between the subjective assessment of health status and retirement by using information on expected and actual retirement ages. Subjective data from cross-sectional surveys, conducted in Finland in 2003 and 2008, are linked to information on actual retirement age from register data from 2003 to 2013. Regression models are estimated for actual and expected retirement ages. While the health status is positively correlated with both actual and anticipated full-time retirement age, the actual age of retirement is less sensitive to health. On average, individuals tend to retire later than they had anticipated. We examine potential biases in the health-retirement relationship. Measurement error in regard to health status biases the results downwards. Using data on observed retirement ages, omitting those who do not retire during the data period, leads to a selection problem. Ignoring the selection also leads to a downwards bias in the health-retirement age connection. As a more exogenous health variable we use health shocks, which are measured by average annual days of absence due to sickness in the follow-up period. These shocks are negatively related to retirement age in a subsample of initially healthy i...Continue Reading

References

May 27, 1999·Journal of Health Economics·D S Dwyer, O S Mitchell
Sep 4, 1999·Occupational Medicine·C Y Li, F C Sung
May 9, 2006·Journal of Health Economics·Richard DisneyMatthew Wakefield
Jan 31, 2009·Scandinavian Journal of Public Health·Karolna HarkonmäkiOssi Rahkonen
Feb 24, 2011·The American Psychologist·Daniel C Feldman, Terry A Beehr

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Citations

Feb 24, 2018·Scandinavian Journal of Public Health·Lauri SääksvuoriIsmo Linnosmaa
Mar 16, 2021·The Clinical Respiratory Journal·Taehun LimPona Park

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