Non-financial determinants of the retirement age

This dissertation examines the importance of non-financial determinants for the individual retirement age. Recent increases in statutory retirement ages around the world point to the relevance of this issue. Financial incentives alone cannot fully explain observed retirement behavior. Chapter 2 examines the possible relevance of insights from behavioral economics and social norms for retirement and concludes that defaults, reference points and social norms are likely explanations for observed retirement behavior. Chapter 3 looks more closely at the role of social interactions. The likelihood and the importance of retirement advice play a role in the retirement decision. Respondents also indicate to postpone retirement when their social environment retires later. Chapter 4 focuses on the presence of standard pension ages in pension overviews. Individuals tend to retire later when the standard pension age is higher. Chapter 5 investigates the relevance of demanding occupations for aspects of the retirement scheme. People are of the opinion that individuals with demanding occupations should be able to retire earlier and that they are willing to contribute to the pension scheme to make this possible.