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Retirement Consumption and Pension Design / Jonas Kolsrud, Camille Landais, Daniel Reck, Johannes Spinnewijn.
- Format:
- Book
- Author/Creator:
- Kolsrud, Jonas.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w31628.
- NBER working paper series no. w31628
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2023.
- Summary:
- This paper analyzes consumption to evaluate the distributional effects of pension reforms. Using Swedish administrative data, we show that on average workers who retire earlier consume less while retired and experience larger drops in consumption around retirement. Interpreted via a theoretical model, these findings imply that reforms incentivizing later retirement incur a substantial consumption-smoothing cost. Turning to other features of pension policy, we find that reforms that redistribute based on early-career labor supply would have opposite-signed redistributive effects, while differentiating on wealth may help to target pension benefits toward those who are vulnerable to larger drops in consumption around retirement.
- Notes:
- Print version record
- August 2023.
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