The Double Dividend of Postponing Retirement |
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Authors: | Helmuth Cremer Pierre Pestieau |
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Affiliation: | (1) University of Toulouse (IDEI and GREMAQ), 21 Allée de Brienne, 31000 Toulouse, France;(2) CREPP, University of Liège, 7, Bv du Rectorat, 4000 Liège, Belgium |
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Abstract: | Early retirement seems to plague social security systems in a number of European countries. In this paper we argue that delaying retirement may have two positive effects: it is likely to partially restore the financial balance of the system, and it may foster redistribution among retirees. To obtain such a double dividend, the benefit rule of the initial social security scheme must have the following two characteristics. First, it operates redistribution within generations. Second, it is biased and induces early retirement. |
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Keywords: | social security reform retirement age implicit taxation |
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