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Differential mortality, aging and social security: delaying the retirement age when educational spillovers matter

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  • LE GARREC, GILLES
  • LHUISSIER, STÉPHANE

Abstract

To lower the forecasted increase in the social security burden linked to population aging, delaying the legal age of retirement has been privileged throughout industrialized countries. Compared with a uniform delay, some argue that those who have entered precociously the labor market should be allowed to retire earlier. They assert that such a ‘long career’ exception is all the more justified that those unskilled workers live also less long due to heavier and potentially health-damaging jobs. In this paper, we then study macroeconomic and distributional consequences of global gain in life expectancy, with or without the postponement of the legal age of retirement and with or without a ‘long career’ exception. By considering a framework where individuals decide to acquire skills depending on economic incentives and differential mortality, we focus particularly on spillover effects possibly generated by education. We show in particular that introducing a ‘long career’ exception cannot be to the advantage of future unskilled workers unless education yields no spillover effects.

Suggested Citation

  • Le Garrec, Gilles & Lhuissier, Stéphane, 2017. "Differential mortality, aging and social security: delaying the retirement age when educational spillovers matter," Journal of Pension Economics and Finance, Cambridge University Press, vol. 16(3), pages 395-418, July.
  • Handle: RePEc:cup:jpenef:v:16:y:2017:i:03:p:395-418_00
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    Cited by:

    1. Bishnu, Monisankar & Guo, Nick L. & Kumru, Cagri S., 2019. "Social security with differential mortality," Journal of Macroeconomics, Elsevier, vol. 62(C).
    2. Monisankar Bishnu & Nick L. Guo & Cagri S Kumru, 2017. "Social Security: Progressive Benefits but Regressive Outcome?," ANU Working Papers in Economics and Econometrics 2017-656, Australian National University, College of Business and Economics, School of Economics.
    3. Bocong Yuan & Jiachun Fang & Jiannan Li & Fei Peng, 2022. "Chronic patients as retirement-aged workers: the impact of employment-based health insurance and chronic conditions on health-related working capacity and late-life career participation," European Journal of Ageing, Springer, vol. 19(4), pages 1351-1362, December.

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