Increase In Retirement Age Research Articles

Economic impact of retirement on the elderly population: a literature review

ABSTRACT This literature review examines the economic impact of retirement policies on the elderly, focusing on labor supply, consumption, and health. The aging global population pressures public pension systems, prompting reforms like increasing retirement age and reducing benefits, which significantly affect labor supply, demand, and economic growth. The review discusses the effects of retirement age and pension changes on labor supply, the ‘retirement-consumption puzzle,’ where consumption declines at retirement due to changes in time cost and health shocks, and mixed health outcomes post-retirement influenced by health behaviors. China’s fixed retirement policy offers a unique context for studying these effects, highlighting gender-specific impacts. The review emphasizes the need for balanced retirement policies that consider financial sustainability and health implications, promoting retirees’ consumption levels. This comprehensive analysis aids in evaluating retirement policy reforms’ costs and benefits across different institutional contexts.

Relaxing fertility policies and delaying retirement age increase China’s carbon emissions

Relaxing fertility policies and delaying retirement age increase China’s carbon emissions

Does increasing the retirement age increase youth unemployment? Evidence from an agent-based macro model

Does increasing the retirement age increase youth unemployment? Evidence from an agent-based macro model

An innovative development of a whole-body diagnostic device led to the ingenious discovery of comprehensive digital medicine that has potential to lead to health promotion of humankind and consequential rapid economic growth of the world

After working for a few decades, gas-discharge-visualization (GDV) device, alternatively called electro-photonic-imaging (EPI) device, was innovatively developed by Prof. K.G. Korotkov in 1995. The sophisticated GDV diagnostic device additionally is being used as an important tool for generating comprehensive-digital-medicine by feeding an electromagnetic signal from the GDV device to the comprehensive-digital-medicine preparation device, involving very low cost. This medicine helps to achieve near zero disease-levels in the various organs as well as the immune, endocrine and nervous systems of all health-conscious persons, who want to continue sincerely with the optimal combination of the preventive medicines of digital-homeopathy and evolved-homeopathy, and occasional GDV (once in a month) check-up. When this condition is achieved, about 20 years age-reduction is felt along with improvement of physical and mental stamina and increment in longevity. To begin with, the global organizations and insurance companies will have to provide for the first few years fund and offer suitable incentives (may be, appropriate annual cash-incentives after remaining under coverage of comprehensive-digital-medicine prevention scheme), since vast majority of the apparently healthy part of humankind believe that they’re healthy, although all of their organs are having imperceptible disease level between 0.8 to 1.0, and such disease level in immune system (including Spleen) cannot prevent tumors/ cancer and many other severe diseases. After a span of few years, global GDP can increase by 5% over a year (in contrast with the present 3%), when this increased GDP (due to better health and increase in retirement age) can fund such schemes.

The Effects of Increasing the Full Retirement Age from 66 to 67 on the Retirement Decision at the Early Retirement Age of 62

In the United States, the full retirement age increases in two-month increments each year until reaching 67 years of age in 2027 for individuals born from 1955 to 1960. The increase in the full retirement age is equivalent to a decline in the Social Security benefits for all new retirees. If the full retirement age is increased from 66 to 67 while the early retirement age remains at 62, then the monthly benefit reduction at age 62 would increase from 25% to 30%. Despite the reduction in Social Security benefits, a significant portion of newly retired workers claim their Social Security benefits as soon as they turn 62, which is the earliest age to claim the benefit. The Social Security Administration predicts that the reduction in Social Security benefits can encourage workers to delay their retirement and that the reduction can restore some financial balance to the Social Security system. Therefore, studying the effects of increasing the full retirement age from 66 to 67 on the retirement decision at 62 is essential for planning future social security reforms. This study conducts a Two-Stage Least Squares (2SLS) regression, using cross-sectional and time series data from the Behavioral Risk Factor Surveillance System (BRFSS) from 2016 to 2021. The empirical results show that the probability of retirement for individuals at age 62 decreased from 2016 to 2021, indicating a trend of delaying retirement as their full retirement age rises. During the same period, the likelihood of men reporting being retired decreases by 35.56%, while for women, it drops by 16.79%. It implies that if male and female workers choose to exit the workforce solely based on the Social Security benefits, the increase in full retirement age appears to have a more significant impact on delaying retirement decisions for male workers than for female workers.

The Smíchov industrial school of the third age - Intergenerational STEM learning in practice

The article presents an example of a good practice - the possibility of intergenerational and interdisciplinary learning, which it is not based only on receiving information and, possibly, independent physical research, but it shifts education to a higher level in the social field, how to move the teaching of physics, mathematics and IT into another direction, than is customary in schools. It offers an example of how to functionally and meaningfully connect a school, and above all its own pupils, with seniors. In today’s age of increasing retirement age, there is a need to follow up connection between young people and seniors and show them how to communicate with each other. And all this on the grounds of the high school physics laboratory.

Cognitive and affective-motivational states as mediators of the association between presenteeism and job satisfaction

BackgroundThe rising number of people with long-standing illnesses, coupled with increasing retirement ages, may result in more workers suffering from health problems. This is important because health issues may interfere with job satisfaction and worker performance. Although some studies have sought to analyze the antecedents and consequences of presenteeism, very few have focused on exploring how certain cognitive and affective-motivational states (work-health balance, work engagement, flourishing) affect its association with job satisfaction. Given the characteristics of the current job market, it is vital to explore the factors that may contribute to increasing workers’ wellbeing and performance, and ultimately prolonging their working life in a balanced way. MethodUsing a cross-sectional sample of 238 healthy workers aged between 20 and 63, the present study analyzed the mediating role of flourishing, the different dimensions of work engagement (vigor, dedication and absorption) and work–health balance in relation to the different dimensions of presenteeism (distraction avoided and work completed) and job satisfaction. ResultsThe data suggest that work-health balance and the vigor and dedication dimensions of work engagement mediate the association between distraction avoided and job satisfaction, whereas only the vigor and dedication dimensions of work engagement mediate the association between work completed and job satisfaction. ConclusionsOur findings are consistent with our current understanding of the role played by certain cognitive and affective-motivational variables in workers’ occupational health and wellbeing.

Increasing retirement ages in Denmark: Do changes in gender, education, employment status and health matter?

Recent studies report significant increases in retirement ages over the past two to three decades in most countries in the Organization for Economic Co-operation and Development—increases that research has attributed mainly to changes in the legislative frameworks for retirement in these countries. Using unique data from the Danish Longitudinal Study of Ageing, this study investigates whether and, if so to what extent, changes to the workforce in terms of gender, education, employment status (employed or self-employed) and health contribute to explaining differences in retirement ages between the cohorts born in 1935 and 1950. The retirement window of these cohorts stretches from the early 1990s to the late 2010s—a period characterized by substantial changes to workforce. On average, retirement ages increased by two years from the 1935 cohort to the 1950 cohort. However, due to changes in the investigated factors having offsetting effects, the net effect of such changes on retirement ages was minor. Thus, while increasing levels of education and better health among older workers contributed to increasing retirement ages, increasing female labour force participation and fewer self-employed workers had the opposite effect. In absolute terms, the total compositional and behavioural influence on retirement ages of changes in terms of employment status (− 0.35 years) was almost as large as the total changes in terms of education (0.44 years). Thus, future studies investigating long-term changes in retirement ages would benefit from including changes in employment status (self-employed or wage earner) as an explanatory factor.

The Health-Consumption Effects of Increasing Retirement Age Late in the Game

The Health-Consumption Effects of Increasing Retirement Age Late in the Game

The hunger games as the key to happily ever after?

The world's human population is reaching record longevities. Consequently, our societies are experiencing the impacts of prolonged longevity, such as increased retirement age. A major hypothesised influence on ageing patterns is resource limitation, formalised under calorie restriction (CR) theory. This theory predicts extended organismal longevity due to reduced calorie intake without malnutrition. However, several challenges face current CR research and, although several attempts have been made to overcome these challenges, there is still a lack of holistic understanding of how CR shapes organismal vitality. Here, we conduct a literature review of 224 CR peer-reviewed publications to summarise the state-of-the-art in the field. Using this summary, we highlight challenges of CR research in our understanding of its impacts on longevity. We demonstrate that experimental research is biased towards short-lived species (98.2% of studies examine species with <5 years of mean life expectancy) and lacks realism in key areas, such as stochastic environments or interactions with other environmental drivers (e.g., temperature). We argue that only by considering a range of short- and long-lived species and taking more realistic approaches, can CR impacts on longevity be examined and validated in natural settings. We conclude by proposing experimental designs and study species that will allow the discipline to gain much-needed understanding of how restricting caloric intake affects long-lived species in realistic settings. Through incorporating more experimental realism, we anticipate crucial insights that will ultimately shape the myriad of socio-bio-economic impacts of senescence in humans and other species across the Tree of Life.

Who wants (them) to work longer?

This paper examines age-specific individual preferences for the legal retirement age. Within a theoretical model, we develop the hypothesis that retirees prefer a higher legal retirement age than workers, and that newly retired individuals prefer the highest retirement age. Retirees benefit from a positive fiscal externality. A higher legal retirement age leads to higher pension benefits, without retirees having to bear the costs in the form of a longer working life. We corroborate the hypothesis empirically with a fuzzy regression discontinuity design and show that newly retired individuals are indeed most in favor of an increasing retirement age. We conclude that in aging societies the political feasibility of raising the legal retirement age increases.

Retirement Intentions and Increase in Statutory Retirement Age: 2017 Pension Reform and Intended Retirement Age in Finland

ABSTRACT To extend working lives, the 2017 Finnish pension reform introduced a gradually rising statutory retirement age, from 63 to 65 years and over. We investigate how the intended retirement age has adjusted after the reform. Survey data from 2008 (N = 1,346) and 2018 (N = 1,386) include employees aged 50–62. The results indicate that, unlike in many countries, in Finland the intended retirement age has increased in tandem with the statutory retirement age. One explanation for this might be knowledge: due to the extensive information campaign, the Finns know about the reform and can make realistic retirement plans.

The effect of increasing retirement age on households’ savings and consumption expenditure

This paper examines how households adjust their savings and consumption expenditure in response to an anticipated increase in the early retirement age (ERA). We examine the 1999 pension reform in Germany, which increased the ERA for women born after 1951 by at least three years. First, we present suggestive evidence that women update their retirement planning in response to the reform. Using the German Income and Consumption Survey, we find a negative impact on private savings of 0.6 percentage points that is driven by households with married women. We show that households consisting of highly educated women and homeowners are more likely to reduce their savings rates. Furthermore, we find that the treated households increase their leisure spending while maintaining an unchanged level of disposable income. Our findings suggest that the households anticipate experiencing a lifetime income increase and reduce their savings rate to smooth consumption.

Can the Policy of Increasing Retirement Age Raise Pension Revenue in China-A Case Study of Anhui Province.

With gradual progress in the medical field and the rising living standard of people, the life expectancy of people is gradually increasing. Unfortunately, this positive development contributes significantly to the aging of societies and creates huge challenges for pension systems. In order to mitigate the pressure on its pension system in the coming years, China is considering increasing the retirement age, just like many other countries. Based on the wage data of urban employees, pension revenue and expenditure data of employees in Anhui Province over the years, we constructed a model to predict average wages and forecast the revenue of the urban pension system from 2022 to 2032. We predicted the pension revenues by simulating an adjusted retirement age under two different schemes. The results of the study showed that the policies of appropriately increasing the retirement age can raise pension revenue. Compared with a one-step retirement age change scheme, a rolling retirement age change scheme that increases the retirement age by several months each year was found to be more suitable for the healthy development of the pension system.

Повышение пенсионного возраста: правовой анализ

Повышение пенсионного возраста: правовой анализ

ПОПУЛЯЦИОННЫЕ РЕЗУЛЬТАТЫ ВНЕДРЕНИЯ СИСТЕМЫ МЕРОПРИЯТИЙ ПО СНИЖЕНИЮ СМЕРТНОСТИ ОТ ЦЕРЕБРОВАСКУЛЯРНЫХ БОЛЕЗНЕЙ В СТАВРОПОЛЬСКОМ КРАЕ

Significance. In order to fulfill the Presidential Decree dated May 7, 2018 No. 204, a system of social mobilization of the population and patient routing was created in the Stavropol Territory, including a rapid detection of patients with cerebrovascular diseases (CVD), their timely hospitalization in primary vascular departments, as well as care for patients with a combination of CVD and COVID-19. The purpose of the study is to assess the impact of the developed system of measures on the CVD mortality rate. Material and methods. The authors have analyzed mortality from CVD for the period from 2018 to 2022, Rosstat official statistical data on distribution of the diseased by sex, age group and cause of death. The dynamics in indicators was compared with similar data for the North Caucasian Federal District (NCFD) and the Russian Federation. Results. In the Stavropol Territory, non-standardized and standardized mortality rates decreased, while in other regions of the Russian Federation (RF) and the North Caucasus Federal District they grew. The number of years of life lost due to CVD in the Stavropol Territory decreased by 36.9% (NCFD - by 36.8%, RF - by 29.7%). The loss of labor potential due to the increased retirement age increased by 25.0% (other regions of the North Caucasus Federal District - 22.2%; RF - by 38.1%). The relative risk of death from CVD among rural residents compared with urban residents decreased from 1.06 [1.01-1.12] to 1.02 [0.97-1.08]; in other words, became equal due to the accelerated reduction in the risk of death in rural population compared to the urban one. The share of CVD in the structure of all causes of death decreased from 17.6% to 12.4%. In the structure of causes of death from CVD, there was a decrease in the share of unspecified strokes (from 6.1% to 4.1%), unspecified cerebrovascular disease (from 8.2% to 3.0%), while the share of CVD consequences increased (from 6.6% up to 12.6%). Mortality decreased from 5.7% to 4.9%. Conclusion. The developed system of measures made it possible to reduce the CVD mortality during the COVID-19 pandemic. The medical effectiveness of this approach in terms of reducing mortality in relation to the entire range of measures used during this period in the Russian Federation equaled to 12.7%. The proposed approach made it possible to level out the CVD mortality in urban and rural population, get a higher reduction in the number of years of life lost, reduce the increase in the loss of labor potential, and lethality from CVD. Scope of application. The study results can be used by health executive authorities.

The Health-Consumption Effects of Increasing Retirement Age Late in the Game

The Health-Consumption Effects of Increasing Retirement Age Late in the Game

Aging workforce with reduced work capacity: From organizational challenges to successful accommodations sustaining productivity and well-being

Israel is experiencing accelerated workforce aging and increasing retirement age that began in the last two decades. Aging workers suffer from increased illness and impairment rates, challenging employing organizations with reduced work capacity. Occupational health practitioners often assist employers in accommodating these challenges. However, insufficient evidence on prognostic factors, organizational practices, and age management tools hamper successful accommodation. Research on the organizational perceptions of aging workers is also limited.Our study aims to (1) identify the domains in which the aging workforce challenges Israeli organizations according to a multi-level theoretical model we developed, and (2) assess the practices employed by organizations to address the declines in work capacity from employers' and workers’ perspectives.Our qualitative study employed semi-structured interviews of 26 employers and workers' representatives from eight Israeli organizations sampled by maximum variation according to organizational characteristics. Thematic framework analysis of organizational perceptions on challenges, facilitators, and practices in use, via aging workers’ cases was utilized.We identified organizational challenges on five levels: individual worker, work environment, interpersonal team relationships, organization, and community relationships, stemming from the aging workers' reduced capacity to meet job demands and conditions. Time adjustments, work environment changes, and job task changes were common accommodations practices used by the organizations. Successful accommodations from the employers' perspective preserved workers' and teams' productivity, and from the workers’ perspective, those that lowered demand and improved job control without damaging earnings or job status.Taken together, organizations from all economic sectors should prepare for the increasing need to accommodate work conditions for aging workers with limitations to preserve their health and safety. Balancing employers' and workers' perspectives when accommodating workers with reduced work capacity is imperative to promote healthy aging at the workplace. Government intervention is advised to encourage continued job participation to reduce employment termination.

Older Workers’ Perception of Exoskeletons and the Impacts on their Retirement Intentions

Advancing worker assistive technology, such as exoskeletons, has been increasingly implemented in broad workplaces due to its potential to improve worker health and safety, as well as retain and increase productivity, especially among workers with limited physical capabilities and older workers. Exoskeletons available at physically demanding workplaces may enable older workers to have a positive outlook and motivation for their jobs, affecting their retirement attitudes. This study examined how industrial exoskeletons impact older workers’ retirement intentions. Results showed that older workers whose jobs involve physical demands are likely to have increased retirement age expectations and intentions to delay their retirements when knowing that exoskeletons are potentially available to assist them with their jobs. The findings suggest that worker assistive technology has the potential to improve older worker retention in the workforce and contribute to older adults’ health, safety, and well-being.

How Do Newly Diagnosed Chronic Health Conditions Affect Older Workers' Vitality and Worries About Functional Ability?

With increasing retirement ages, older workers are working longer while being newly diagnosed with chronic health conditions (CHCs). Our knowledge on how newly diagnosed CHCs influence older workers' vitality and worries is limited. We examine how four newly diagnosed CHCs affect older workers' vitality and worries about physical and mental functional ability. We used data from a Dutch pension panel survey. A sample of 1,894 older workers (60-62years) was analyzed using conditional change OLS regression models. Having CHCs decreased vitality and increased worries. This effect was worse for older workers newly diagnosed with CHCs. Being newly diagnosed with physically disabling conditions increased worries about physical functioning, while being newly diagnosed with mentally disabling conditions increased worries about mental functioning. These findings aid the identification of vulnerable groups of older workers, thereby informing interventions that could improve quality of life, while promoting healthy aging at work.