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Key Findings Details

Does Retirement Induced through Social Security Pension Eligibility Influence Subjective Well-being? A Cross-Country Comparison
Arie Kapteyn, Jinkook Lee and Gema Zamarro
WP 2013-301

  • Consistent with the literature, we find a significant negative correlation between retirement and subjective well-being.
  • However, once we control for potential reverse causality by taking an instrumental variables approach, we do not find empirical evidence that retirement induced through Social Security pensions eligibility has a negative impact on subjective well-being.
  • Therefore, our results suggest that raising official retirement ages would not have an immediate, negative effect on subjective well-being.