Social Security and Retirement Around the World: Lessons from a Long-Term Collaboration

Public pension programs play a critical role in both retirement security and retirement decisions, creating financial incentives that may encourage or discourage work at older ages. Over the past several decades, many countries have enacted social security reforms in response to fiscal pressures. During the same period, virtually all developed economies have experienced rising male and female labor force participation rates at older ages. This raises a critical question: how much of the increase in participation in recent decades can be explained by changing retirement incentives?

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