Health, Financial Incentives and Retirement in Spain

Abstract

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Working after age 50 in Spain. Is the trend towards early retirement reversing?

“…The universal Spanish social security system dates from 1963 (Erdogan-Ciftci et al 2008), when a unitary model of social protection encompassing both private and sector-based schemes was implemented. In addition to providing retirement and unemployment benefits, this social protection system provides other forms of support, including benefits for widows and for individuals with work-related disabilities.…”

Spousal Health Shocks and the Timing of the Retirement Decision in the Face of Forward-Looking Financial Incentives

“…We control for both subjective and objective measures of baseline health, because both appear to affect individual's expectations about retirement (McGarry, 2004). Due to the possibility of justification bias from including subjective health, we create a predicted value of self-rated health in the first wave we observe an individual, using an ordered probit model (Erdogan-Ciftci, Van Doorslaer, and Lopez-Nicolas, 2008 Demographics. The models control for education (some college, college, missing education, with high school or under as the reference category), race (White, Black, Race Missing, with White being the reference category), and Hispanic ethnicity.…”