Flexible retirement age is needed to tackle Europe's ageing population

BMJ ◽  
2010 ◽  
Vol 341 (oct13 2) ◽  
pp. c5668-c5668
Author(s):  
T. Richards
Keyword(s):  
Retirement Age ◽  
Ageing Population ◽  
Flexible Retirement

Choice or Chance – Late Retirement in Finland

2006 ◽  
Vol 5 (4) ◽  
pp. 519-531 ◽  
Author(s):  
Raija Gould
Keyword(s):  
Longitudinal Study ◽  
Pension Reform ◽  
Working Life ◽  
Retirement Age ◽  
Flexible Retirement ◽  
Economic Trends

The Finnish pension reform of 2005 introduced the concept of a flexible retirement age. Drawing upon a longitudinal study of older Finnish employees, this article examines the extent to which individual propensity to delay retirement is influenced by choice or by chance, and examines the effects of the interplay between chances and choices in affecting longevity of employment. The results suggest that the flexibility in the organisation of the end of the working life is biased towards the better off. They also show that the interplay of choice and chance in the retirement process is firmly tied to the existing age-arrangements and economic trends. The conclusions examine the implication of these findings for divergent routes towards late retirement.

scholarly journals LA SEGURIDAD SOCIAL: ANÁLISIS DE SU PROBLEMÁTICA Y PROPUESTAS DE MEJORA

2014 ◽  
Vol 18 (51) ◽  
pp. 83-92
Author(s):  
Juan Manuel Izar Landeta ◽  
Carmen Berenice Ynzunza Cortés
Keyword(s):  
Social Security ◽  
Financial Management ◽  
Retirement Age ◽  
Flexible Retirement ◽  
Retirement Accounts ◽  
The World ◽  
Social Security Programs ◽  
Practical Recommendations

RESUMEN El número creciente de trabajadores a punto de retirarse presenta un problema serio para los sistemas de seguridad social en todo el mundo. Esto debido a que se estima que dichos programas se verán faltos de fondos en los próximos años. Este ensayo comenta algunas de las variables más importantes relacionadas con esta temática. Estas incluyen la edad de retiro, el manejo financiero de las cuentas de retiro y esquemas flexibles de jubilación, entre otros. También se incluyen algunas recomendaciones prácticas para solventar este problema. ABSTRACT The increasing number of workers approaching retirement age poses a challenge to social security programs all around the world. This is because these programs are projected to get underfunded in the coming years. This essay comments some of the most important variables involved in such an important topic. These include retirement age, financial management of retirement accounts and flexible retirement schemes, amongst others. Several practical recommendations to solve this problem are included.

scholarly journals Designing benefit rules for flexible retirement: Welfare vs. redistribution

2011 ◽  
Vol 61 (1) ◽  
pp. 3-32 ◽  
Author(s):  
P. Eső ◽  
A. Simonovits ◽  
J. Tóth
Keyword(s):  
Life Expectancy ◽  
Social Welfare ◽  
Incentive Compatibility ◽  
Retirement Age ◽  
Second Best ◽  
Flexible Retirement ◽  
Individual Incentive ◽  
Scalar Multiple ◽  
The Government ◽  
The Individual

With flexible (variable) retirement every individual determines his optimal retirement age, depending on a common benefit-retirement age schedule and his life expectancy. The government maximises the average expected lifetime utility minus a scalar multiple of the variance of the lifetime pension balances to achieve harmony between the maximisation of welfare and the minimisation of redistribution. Since the government cannot identify types by life expectancy, it must take the individual incentive compatibility constraints into account. Second-best schedules strongly reduce the variances of benefits and of retirement ages of the so-called actuarially fair system, thus achieving higher social welfare and lower redistribution.

scholarly journals Decreasing the Retirement Age in the View of Dynamically Ageing Population in Poland

2021 ◽  
Vol 71 (3) ◽  
pp. 77-88
Author(s):  
Rafał Iwański ◽  
◽  
Łukasz Tomczak ◽  
Agnieszka Lipska-Sondecka ◽  
◽  
...  
Keyword(s):  
Retirement Age ◽  
Ageing Population

MODELING A FLEXIBLE RETIREMENT AGE TO NARROW PENSION GAP: THE CASE OF CHINA

2019 ◽  
pp. 1-21
Author(s):  
YALI LIU ◽  
MEIYING YANG ◽  
HAITAO ZHENG ◽  
YUNYUN JIANG ◽  
DONGFANG GU
Keyword(s):  
Life Expectancy ◽  
Empirical Studies ◽  
Closed Form Solution ◽  
Form Solution ◽  
Retirement Age ◽  
Retirement Benefits ◽  
Flexible Retirement ◽  
The Future ◽  
Incentive Strategies ◽  
Pension Benefits

With the relatively fixed retirement age, the dramatic increase in life expectancy and the sharp decline in fertility have caused a serious aging problem and an unsustainable pension crisis. It is therefore necessary to design flexible retirement benefits rules that consider life expectancy. By introducing the lifetime utility optimization model, the closed-form solution for the flexible retirement age is obtained. Pension benefits incentive strategies are constructed to encourage contributors to choose a retirement age that is beneficial toward narrowing the pension gap. The empirical studies show that China will face a serious pension gap in the future if the current statutory retirement age is not adjusted. If the retirement age is delayed according to life expectancy, the future pension gap will be greatly reduced.

scholarly journals Perceived Financial Adequacy in Old Age: A Case Study in Indonesia

2021 ◽  
Vol 58 (2) ◽  
pp. 199-216
Author(s):  
Aris Ananta ◽  
Evi Nurvidya Arifin ◽  
Ahman Irsan A Moeis
Keyword(s):  
Old Age ◽  
Older Persons ◽  
Social Assistance ◽  
Developed Countries ◽  
Living Environment ◽  
Retirement Age ◽  
Ageing Population ◽  
Retirement Income ◽  
Reliable Source ◽  
The Government

Studies on perceived financial adequacy (PFA) among older persons are mostly about developed countries. However, the ageing population is undergoing an even faster rate in developing countries. This paper fills this gap, by examining economic–social factors associated with PFA in Indonesia, a developing country. The analysis uses statistics derived from three nationwide surveys conducted in 2015, enriched with insights on retirement income and retirement age derived from two online surveys, conducted in 2016/2017 and 2018. The result shows consistency in the pattern of objective income and PFA. This paper also finds that intensity of working and flexibility in working are positively associated with PFA. Better health and better living environment are positively associated with PFA. Finally, social assistance is negatively related to PFA. It reveals that older persons may not have been able to maintain the standard of living they had before retirement. Workers (future retirees) may want much higher retirement income and work longer as working is still the only reliable source of financial support in old age. It therefore recommends that the retirement age is raised, health is improved, decent living environment is enhanced, and the government continues with social assistance programmes.

scholarly journals The Countermeasures Assessment Towards Retirement Basic Savings Estimation Through the Mathematical Research

2019 ◽  
Vol 8 (2S3) ◽  
pp. 406-409
Keyword(s):  
Life Expectancy ◽  
Retirement Age ◽  
Ageing Population ◽  
Retirement Savings ◽  
Mathematical Research ◽  
Entire Life ◽  
The Government ◽  
Retirement Funds ◽  
The Impact ◽  
The Ideal

This paper focuses on the issues of ageing population which contributes towards inadequacy of retirement savings among Malaysian private sector workforce who mainly depends on Employee Provident Funds (EPF) to sustain their life during retirement age. However, the savings in the EPF fund cannot facilitate their expenditures for their entire life following the projected life expectancy of the age 75 years old, even most of retirees had spent all their retirement funds just within 3 to 5 years’ period after reaching the age of retirement. The study attempted to look at the ideal basic savings by measuring the sustainability of the proposed amount to cover the expenditure costs during retirement age. However, the study found that the ideal basic savings amounted RM228,000 can only extended the financial coverage to the retirees up to the projected life expectancy if only if they are disciplined to make a periodical withdrawal of RM950 per month based of minimum monthly pension rate. However, the basic savings just only developed by considering the minimum monthly pension rate amounted RM950 and ignored the impact of inflation and profit gains through accumulative retirement funds in calculating the ideal basic savings. Thus, it would be better if the government and the related authorities have come up with the new basic savings by including those additional elements. It is important to gain a better idea towards the basic savings, which becomes the guideline for the prospect retirees in Malaysia.

scholarly journals Barriers to Employment

1970 ◽  
Author(s):  
Maria C McNeill
Keyword(s):  
Older Workers ◽  
Retirement Age ◽  
Ageing Population ◽  
Structured Interviews ◽  
Third Age ◽  
The Third ◽  
Technological Advances ◽  
Barriers To Employment ◽  
New Directions ◽  
Skill Shortages

The 'baby boomers' are now approaching their 'third age' with many people able to live fit, active, healthy lives well beyond that experienced by previous generations. The 'third age' supposedly a time to take up new challenges, or explore new directions, has become possible through life span gains resulting from health and technological advances. For many who are approaching or now in their 'third age', however, the opportunity to continue working appears to be a risk. While it is now possible for 'third agers' to be active in the workforce up to and well beyond the previous retirement age, many older workers experience barriers to remaining in or returning to the workforce. This   research, based on semi-structured interviews with eleven employers, identifies three main themes that are perceptual, cultural and developmental barriers to 'third age' workforce participation. Each of these themes has developed around the changes that have occurred since many 'third agers' began work. At the same time employers are experiencing skill shortages that are predicted to continue and increase in the future. If employers are to maximise their potential workforce and meet the challenges of the ageing population, diversification of their workforce to include all ages will be necessary.

scholarly journals When do you Retire? Examining Intended Retirement Age Decision among Public Sector Employees in Sri Lanka

2020 ◽  
pp. 61-72
Author(s):  
L. A. Pavithra Madhuwanthi
Keyword(s):  
Public Sector ◽  
Sri Lanka ◽  
Family Relationships ◽  
Working Environment ◽  
Mandatory Retirement ◽  
Retirement Age ◽  
Ageing Population ◽  
Factors Affecting ◽  
The Public ◽  
Public Sector Employees

With the growing number of ageing population in Sri Lanka and continuous expansion in the public sector employment tend to create dynamic consequences on the economy. While mandatory retirement age in the public sector is forcing the employees to quit from the job yet rising ageing population in the country is seeking for employment opportunities for retirees. Hence, the objective of this study is to find out factors affecting intended retirement age decision among the public sector employees in Sri Lanka. The theoretical lens used in the study is theory of planned behaviour. This is a quantitative study which applied stepwise regression and path analysis to examine the factors affecting intended retirement age. The sample was consisted of 400 staff grade public sector officials and conducted a survey through a self-administered questionnaire. The results indicated that perceived health and attitudes of the employees towards the retirement are the major factors influenced on intended retirement age decision among the public sector employees. Employees’ job satisfaction and family relationships have some impact whilst anticipated financial position has a minor impact on intended retirement age. The findings indicated the public sector organizations need to introduce health insurance schemes for employees and to maintain an attractive organizational environment and friendly organizational culture to inculcate positive attitudes towards working environment in order to delay the retirement of the employees.

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