The impact of living and working longer on pension income in five European countries: Estonia, Finland, Hungary, the Netherlands and Poland

  • Andres Võrk Andres Võrk
  • Anna Ruzik-Sierdzińska Anna Ruzik-Sierdzińska
  • Magnus Piirits Magnus Piirits
  • Niku Määttänen Niku Määttänen
  • Róbert Iván Gál Róbert Iván Gál
  • Theo Nijman Theo Nijman

Life expectancies are rapidly increasing and uncertain in all countries in Europe. To keep pension systems affordable, policy reforms are to be implemented which will encourage individuals to work longer and that adjust pension systems such that if life expectancy increases without adjustments in the retirement age, the pension income level decreases. In this paper we analyze the impact of working and living longer on pension incomes in five European countries and assess the impact of these policy reforms on the financial well-being of the elderly in these countries. The paper shows the diversity of the policy measures taken in the various countries. Furthermore, we analyze the financial incentives to work longer and to postpone claiming pension benefit in the five countries and we address the question, how attractive these options are. Moreover we analyze how increases in life expectancy and survival probabilities affect pension incomes.

Netspar, Network for Studies on Pensions, Aging and Retirement, is een denktank en kennisnetwerk. Netspar is gericht op een goed geïnformeerd pensioendebat.


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