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Background: The worldwide prevalence of diabetes is increasing, particularly among older adults. Understanding the association between muscle strength and mortality in this population is crucial for developing targeted exercise recommendations. Objectives: To assess the prospective association of muscle strength with mortality in older adults with diabetes. Methods: From the Survey of Health, Ageing and Retirement in Europe (SHARE) study, spanning 28 countries, we included 16 149 diabetic adults aged 50 years and older (mean age 68.2 [standard deviation, SD, 9.2] years). Participants fulfilled two criteria: (1) diabetes diagnosis (ever) and (2) current use of diabetes medication. Muscle strength was assessed using handgrip dynamometry (unit: kg). Using time‐varying Cox regression with restricted cubic splines, we determined the prospective association of muscle strength with all‐cause and cause‐specific mortality, controlling for various confounders. Results: Over a mean follow‐up of 5.9 years (SD 3.8), 2754 participants died (17%). Using the median level of muscle strength as reference (30 kg), lower and higher levels were associated in a curvilinear fashion with higher and lower all‐cause mortality risk, respectively. The 10th percentile of muscle strength (17 kg) showed a hazard ratio (HR) of 1.65 (95% confidence interval (CI) 1.53–1.79). The 90th percentile (47 kg) of muscle strength showed a HR of 0.55 (95% CI 0.49–0.63). A somewhat similar pattern, with varying strength of associations, was seen for mortality due to cardiovascular disease (CVD), respiratory disease, severe infectious disease, digestive system disease and cancer. Conclusion: Muscle strength is gradually and inversely associated with all‐cause and cause‐specific mortality risk in older adults with diabetes. As muscle strength is highly adaptable to resistance training at all ages, the present findings highlight the importance of improving muscle strength in older adults with diabetes. [ABSTRACT FROM AUTHOR]

This study examines how idiosyncratic deals (I‐deals) affect older workers' preferred retirement age. Drawing on basic psychological needs theory, we specifically investigate the role of need satisfaction at work in explaining this relationship. By means of confirmatory factor analysis (CFA) and structural equation modeling (SEM), our hypotheses were tested in a sample of 4234 employees aged 65 years or older in a large public‐sector organization in Sweden. The findings suggest that employees with negotiated I‐deals concerning schedule flexibility or financial incentives experienced greater need satisfaction and preferred to retire later than those without such deals. Additionally, task and work responsibility deals were shown to directly and positively predict retirement preferences. This study offers new insights into how I‐deals could delay the preferred retirement by fulfilling basic psychological needs. It may thereby inform interventions to increase need satisfaction at work and the implementation of policies for recruiting and retaining older workers. [ABSTRACT FROM AUTHOR]

We investigate the interaction between Age Pension means testing and innovative income streams in Australia, considering the use of an investment‐linked annuity that allows a choice of drawdown level. We find that current means testing arrangements incentivise a very specific usage of investment‐linked annuities that is not materially impacted by individual characteristics or fees, due to incoherencies across the income test and assets test. We investigate alternative means test structures, including a structure that includes only an income test and incorporates capital consumption by adjusting taper rates with age according to an annuitisation schedule. This structure removes the distortions impacting annuity usage, generates the most stable Age Pension over lifetime, encourages drawdown of assets over retirement and more accurately reflects the means of retirees to generate an income at each age. [ABSTRACT FROM AUTHOR]

Numerous jurisdictions have recently raised the age of retirement or plan to do so. Pressure to extend people's working lives is due to population aging, which makes it harder to fund retirement through existing methods. Raising the retirement age can improve the 'dependency ratio' by increasing the fraction of the population that works (and pays taxes) relative to the fraction retired. This article gives sustained attention to connecting the case for retirement with one view about wellbeing, according to which old age is subject to distinctive goods. The importance of being able to access these goods in old age favours an eventual exit from labour market participation that retirement provisions enable. This view is stronger than one that treats retirement as merely a safety net to enable people to stop work only when advanced aging makes it unreasonably burdensome. At the same time, the view likely does not justify status quo retirement ages, meaning that some increase to the retirement age might be defensible. The article also seeks to illuminate ways in which different aspects of population aging – in particular the distinction between dependency ratios and inequalities in longevity – bear differently on the wider debate about justice and retirement. [ABSTRACT FROM AUTHOR]

This study aimed to understand the age‐specific internal migration patterns in Japan where more than a quarter of the population is aged ≥65 years and the national population is on the decline, focusing on the urban hierarchy. Demographic efficiency, which is the ratio of net to gross migration, was calculated for each migration flow between the levels of urban hierarchy in Japan based on the 2020 census. The results showed that the overall upward migration, which is a movement from lower to higher levels in the urban hierarchy, was dominant. A variation in migration patterns by age confirmed that young adults, especially those aged 20–24 years, moved up the urban hierarchy unidirectionally, while people of preretirement and retirement age moved down. The older adults (aged 75 and over) were inclined to move up. Regarding sex‐based differences, the demographic efficiency of women was higher than that of men. Additionally, the upward movement of women was predominant in almost all age groups. These findings suggest the possibility that aggregated migration behaviours may vary by sex, which has received little attention in previous migration studies focusing on urban hierarchies in other countries. Furthermore, this study discussed policy implications based on the observed patterns, such as the impacts of older adults' migration on social security at each hierarchy level and a possible relationship between women's upward migration patterns and future fertility decline. [ABSTRACT FROM AUTHOR]

We analyze individual annuitization decisions at retirement in an environment with mandatory participation in a funded pension pillar and low average annuity price. Using administrative data from a large Swiss insurance company over the period 2011–2015, we document that, even in this favorable environment, only 42.7% of the retirees fully annuitize, against 45% taking full lump sum. We show that individual annuitization decisions strongly respond to financial incentives, measured by the Money Worth Ratio, and to the tax rates on annuity and lump‐sum payments. Lump‐sum payments are more common among French‐ and Italian‐speaking individuals. Using Survey of Health, Ageing and Retirement in Europe data, we show that French‐ and Italian‐speaking Swiss are more likely to leave inheritance—thus suggesting that preferences for bequests may affect annuitization decisions. Finally, we provide evidence of asymmetric information, using the unused observable test, to show that individuals living in high mortality municipalities are less likely to annuitize and more likely to cash out their pension wealth. [ABSTRACT FROM AUTHOR]

Background: Self‐rated health (SRH), a measure of self‐reported general health, is a robust predictor of morbidity and mortality in various populations, including people with diabetes. Diabetes is negatively associated with SRH and quality of life (QoL). Little is known about how people with diabetes rate their health and which aspects influence the rating. Also, the predictive value of SRH on future QoL has not yet been evaluated. Methods: We analyzed data from 46 592 participants of the Survey of Health, Ageing and Retirement in Europe (SHARE). Using linear regression, we aimed to determine which sociodemographic, socioeconomic, medical, social, mental, and health behavior factors determine SRH in people with diabetes. In addition, we analyzed the predictive value of SRH on future QoL using the generalized estimating equations procedure. Results: We determined that country, current job situation, hospitalization, pain, polypharmacy, memory, eyesight, activities of daily living, number of chronic diseases, and depression are all linked to SRH. Together these variables explained 38% of the SRH's variance, whereas depression, pain, and memory had the greatest influence on SRH of people with diabetes. We also found that SRH independently predicted future QoL, supported by a regression coefficient of β = −1.261 (Wald chi‐square test, χ2 = 22.097, df = 1, p <.05). Conclusions: As SRH is linked to future QoL, we conclude that incorporating SRH assessment into medical evaluations can help health care professionals gaining a more comprehensive understanding of an individual's health trajectory and supporting patients to enhance their QoL. [ABSTRACT FROM AUTHOR]

The fact that environmental factors have a broader effect on financial decision‐making has been lengthily explored, but there is a gap in understanding how personality traits might mediate the effects of temperature on individual decision‐making. Using plausibly exogenous variation of individuals' exposure to changes in national temperature between 2004 and 2018 across NUTS 1 regions in 29 European countries, we estimate the causal effect of a marginal change in temperature on financial investments and its interaction with the trait of optimism/pessimism using Survey of Health, Ageing and Retirement in Europe (SHARE) data. A 10% increase in temperature is associated with a 0.03 percentage point (pp) rise in the probability that an optimist invests in bonds and a 0.024 pp decline in the probability for investment in stocks. However, among pessimists, we find null effects. The results are comparable on the intensive margin. In sum, our results highlight the potentially heterogeneous ways that environmental factors shape individual decision‐making. [ABSTRACT FROM AUTHOR]

This study examines the relationship between corporate social responsibility (CSR), earnings management (EM), and the characteristics of chief executive officers (CEOs) within the context of China's economic transformation. Drawing on stakeholder theory and upper echelon theory, this study investigates the influence of CSR on EM and the role of CEO characteristics. The empirical analysis is based on a sample of 1,980 Chinese firm‐year observations from the Shenzhen and Shanghai stock markets, between 2013 and 2017. The findings reveal a negative relationship between CSR performance and discretionary accruals (DA), suggesting that higher CSR is associated with lower EM. Moreover, this relationship is more pronounced among firms with highly educated CEOs (postgraduates) and mature CEOs (approaching retirement age). Notably, the negative CSR–EM relationship is strengthened in firms with mandatory CSR reports. This study expands prior research by exploring the impact of CEO characteristics on the CSR–EM relationship, incorporating CEO attributes alongside ownership structures and governance mechanisms. The findings offer insights for organizations in terms of selecting ethically committed CEOs, as well as guidance for shareholders in understanding CEO selection criteria. Furthermore, this study highlights the importance of mandatory CSR disclosure (CSRD) for policymakers evaluating CSR performance according to the disclosure type. [ABSTRACT FROM AUTHOR]

We use microdata on a large number of European countries from the Survey of Health, Ageing and Retirement in Europe (SHARE) to examine the wealth accumulation (saving) behavior of the retired elderly in Europe. We find that less than half of the retired elderly in Europe are decumulating their wealth and that the average wealth accumulation rate of the retired elderly in Europe is positive though relatively moderate (6.6 percent over a 3‐year period). These findings suggest that the Wealth Decumulation Puzzle (the tendency of the retired elderly to not decumulate their wealth or to decumulate their wealth more slowly than expected) applies in the case of Europe. Moreover, our regression results suggest that bequest motives, generous public pension systems, and the reluctance of retired elderly homeowners to sell or borrow against their owner‐occupied housing are the primary explanations for the existence of the Wealth Decumulation Puzzle in Europe. [ABSTRACT FROM AUTHOR]

Using income tax administrative data for Australia, we examine levels and trends in the persistence in top‐income group membership, focusing on the top 1 percent. Top‐income persistence increased markedly between 1991 and 2018, with most of the increase occurring in the mid‐2000s and early 2010s. In the mid‐ to late‐2010s, Australian top‐income persistence rates were near the top of the range of tax‐data estimates for other countries. We decompose the increase into factors associated with (i) changes in the composition of the top‐income group and (ii) increases in persistence rates for specific population subgroups. We find that the rise in top‐income persistence is accounted for by changes in subgroup persistence rates, notably for individuals aged 35–64, and especially those aged 55–64. We suggest that these effects are partially related to increases in the effective retirement age over the relevant period. [ABSTRACT FROM AUTHOR]

Households that postpone claiming Social Security benefits are, in effect, making additional purchases of the Social Security annuity and acquiring valuable longevity insurance. This paper investigates the impact of plausible variations of subjective mortality beliefs on the value of delayed claiming and the optimal claiming ages of retired workers. Using the Health and Retirement Study data, we show that older individuals could, on average, predict their life expectancy correctly; however, the average variance of age of death calculated from subjective mortality tables is 6.2%–14.4% lower than that from cohort life tables. Using numerical optimization techniques, we further show that, theoretically, older households place a lower value on delaying claiming when they have greater confidence in their ability to forecast their age of death. But the magnitude of this effect is not large enough to change their optimal claiming ages, unless they hold extreme subjective mortality beliefs. As a result, we conclude that subjective mortality beliefs alone cannot explain the prevalence of early claiming behaviors. [ABSTRACT FROM AUTHOR]

Background. A substantial proportion of those infected with COVID-19 are presenting with persistent symptoms, referred to as long COVID-19. Emerging evidence suggests that the presence of pre-existing chronic conditions, such as diabetes, may increase the risk of long COVID-19. Objectives. To investigate whether having pre-existing diabetes increases the risk of developing long COVID-19 in the population of middle-aged and older adults (≥50 years old) in Europe, while assessing if this relationship can be accounted for or is modified by the known long COVID-19 and diabetes risk factors (age, sex, hospitalization, pre-existing hypertension, and weight status). Methods. A population-based longitudinal prospective study involving a sample of respondents aged 50 years and older (n = 4,004) with probable or confirmed COVID-19 infection from 27 countries that participated in both waves 7 and 8 of the Survey of Health, Ageing and Retirement in Europe and its 2020 and 2021 Corona Surveys. Logistic regression modeling was performed. Results. Overall, 66.8% of the respondents affected by COVID-19 infection reported at least one long COVID-19 symptom; 55.2% were female, and the average age was 64.6 years; 13.2% had pre-existing diabetes. Respondents with pre-existing diabetes had significantly higher odds of developing long COVID-19, compared to those without diabetes (OR = 1.37 ; 95% CI = 1.12 , 1.68). This relationship remained significant (OR = 2.00 ; 98% CI = 0.25 , 1.14) after adjusting for sex (OR = 1.64 for females; 95% CI = 1.43 , 1.88), hospitalization for COVID-19 illness (OR = 3.19 ; 95% CI = 2.41 , 4.23), pre-existing hypertension (OR = 1.17 ; 95% CI = 1.01 , 1.36), and overweight (OR = 1.31 ; 95% CI = 1.11 , 1.56) and obese (OR = 1.77 ; 95% CI = 1.44 , 2.19) weight status. The effect of pre-existing diabetes on the risk of long COVID-19 is moderated by age; it was highest at the age of 50 (OR = 2.00 ; 95% CI = 1.28 , 3.14), and then, it declined with age. Conclusions. There is a relationship between pre-existing diabetes and long COVID-19, even after controlling for literature-based confounding factors, with age having a moderating effect on this relationship. [ABSTRACT FROM AUTHOR]

We study why Social Security benefit claiming is concentrated at two ages, 62 and the full retirement age, and provide three main findings. First, we show that claiming behavior can be well explained by a parsimonious life‐cycle model with fully rational agents. The two key mechanisms are (i) the strong unwillingness to hold annuities and (ii) the effects of the earnings test. Second, we show that current rules distort claiming and labor supply decisions, and eliminating these distortions results in large welfare gains. Finally, we show that claiming decisions can be used to sharpen the identification of important preference parameters. [ABSTRACT FROM AUTHOR]

This paper examines the impact of social pensions on old‐age poverty. To achieve causal identification, we leverage the reduction in the minimum eligibility age of Mexico's flagship non‐means‐tested social pension program. We find that the program's expansion significantly reduced extreme poverty, mainly among indigenous seniors and in rural areas. However, it had negligible effects on labor force participation, suggesting that social pensions were not effective in ensuring minimum economic well‐being and simultaneously inducing retirement among seniors at early stages of old age. The program's small cash transfer and mistargeting are among the main explanations. [ABSTRACT FROM AUTHOR]

The COVID‐19 (Coronoavirus Disease 2019) pandemic has had many disastrous effects on welfare globally, particularly in European countries. In recent research, a new debate has arisen as a result of the shift of day‐to‐day activities to virtual platforms, which has augmented concerns related to smart (data) access and smart (data) protection. This study examines the economic, social, and psychological indicators of welfare gain within the context of the COVID‐19 pandemic and examines their impact on smart access and smart protection using the data of Survey of Health, Ageing and Retirement in Europe and real‐time Google Trends from June to August 2020. The findings indicate a negative relationship between smart access and economic crisis caused by COVID‐19, while households with sufficient resources support smart protection. Psychological effects including nervousness and anxiety are highly related to smart access. Likewise, being helpful in a time of uncertainty, societal contact, and social measures (hygiene and face mask) significantly and positively impact smart protection. The findings suggest that countries should combine their welfare agencies with health and economic institutes, and initiate projects related to cybersecurity. [ABSTRACT FROM AUTHOR]

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This study examines joint retirement in Finland. Employing a regression discontinuity design, the study leverages the exogenous variation provided by the eligibility age for earnings‐related pensions. The analysis yields three key findings. First, reaching the eligibility age has a significant effect on an individual's retirement. Second, male spouses' retirement at the age of 63 has a spillover effect on their female spouses. Third, disaggregated analyses show that older spouses in low‐income households delay their retirement, older male (female) spouses with female (male) primary earners postpone their retirement, and younger female spouses with male primary earners expedite their retirement. [ABSTRACT FROM AUTHOR]

This study aims to estimate the causal impact of detrimental working conditions on the self‐reported disabilities in France. Using a retrospective lifelong panel, we implement a mixed econometric strategy that relies on difference‐in‐differences and matching methods to take into account for selection biases as well as unobserved heterogeneity. Deleterious effects from exposure on disability are found, depending on the nature and magnitude of the strains. These results provide insights into the debate on legal retirement age postponement and justify policies being enacted early in individuals' careers, but also schemes that are more focused on psychosocial risk factors. [ABSTRACT FROM AUTHOR]

The likelihood that longevity will continue to increase has generated a search for regulation that make people work longer as they live longer, and thus not just containing pension expenditure but also enlarging labor supply, economic growth, and tax revenue. In public pension policy, Nordic countries have led the world with three types of approaches aimed at making people retire later. The first came when Sweden, followed by Finland and Norway, installed life expectancy coefficients in benefit calculation formulas. The second followed as Finland introduced age‐related accrual rates and the third when Denmark indexed the pensionable age to developments in life expectancy. Since economic incentive‐based regulations failed to raise exit ages sufficiently, Finland and Sweden subsequently linked pensionable ages to life expectancy like Denmark. While this policy brings out inequalities in health and workability, the fact that countries found it necessary to index the pensionable age to longevity instead of just relying on economic incentives in regulating retirement behavior may hold lessons for other countries. [ABSTRACT FROM AUTHOR]

Risk‐adjustment policies, which transfer money from insurers with healthy consumers to those with sick consumers, are an important tool to contend with adverse selection in health insurance markets. While the steady‐state properties of risk‐adjustment have been studied extensively, there is less evidence on the transition phase of policy implementation. We study the introduction and removal of risk‐adjustment at California Public Employees' Retirement System and show that these changes meaningfully impact premiums via plan differences in enrollee health status. Despite these premium differences, there is limited consumer resorting due to consumer inertia, though new active enrollees respond more fluidly. We show that, with inertial consumers, risk‐adjustment changes have substantial distributional consequences, leading to worse outcomes for sicker consumers when removed and vice‐versa when implemented. We estimate a model of plan choice with premium sensitivity, brand preferences, and inertia and use these estimates to study the interaction between risk‐adjustment policies and the strength of inertia. [ABSTRACT FROM AUTHOR]

Objective: Productivity‐adjusted life‐years (PALYs) offers a novel approach for quantifying the productivity burden of chronic conditions at the population level over the working lifespan. This study was undertaken to estimate the productivity burden of knee osteoarthritis (KOA) among working‐age Australians, defined as lost PALYs and lost gross domestic product (GDP). Methods: A static life‐table model was constructed to simulate the experiences of working Australians (between the ages of 15–64 years) with KOA and those without KOA, with follow‐up to 65 years (retirement age), a 1‐year cycle length, and an annual discount rate of 5%. KOA prevalence data were obtained from the 2019 Global Burden of Diseases, Injuries, and Risk Factors study. Demographic and mortality data were sourced from the Australian Bureau of Statistics. Health utilities and productivity indices were derived from published sources. Population‐level losses in years of life, quality‐adjusted life‐years (QALYs), and PALYs attributable to KOA were estimated by comparing estimates in the KOA cohort to the no KOA cohort. Results: In 2019, a total of 913,539 working‐age Australians were estimated to have KOA, with an overall prevalence of 5.5% (4.5% in men and 6.5% in women). By retirement age, KOA was associated with 39,602 excess deaths, 125,651 years of life lost, 1,938,059 QALYs lost, and 1,943,287 PALYs lost. The economic impact of lost productivity due to KOA amounted to 424 billion Australian dollars in lost GDP. Conclusion: Our modeling demonstrates a significant economic burden of KOA among the working Australian population, with marked productivity loss. Our findings highlight the need for public health funding and scalable population‐level strategies for effective KOA prevention and support to maintain productive working. [ABSTRACT FROM AUTHOR]

This paper provides novel evidence on how a sharp increase in labor force participation among older women affects the provision of informal care to their older parents. Based on data from Understanding Society – The UK Household Longitudinal Study, we use an instrumental variable approach that exploits a unique reform that increased the female State Pension age by up to six years. Our results provide evidence of a trade‐off between the intensive margin of work and informal care provided outside the household: an increase of 10 hours of work per week reduces the provision of informal care by 2.1 hours a week, which amounts to roughly £2,100 of yearly care‐hours lost. This reduction in caregiving is largest among women working in physically or psychosocially demanding jobs, and "sandwich generation" women who have both a living grandchild and a parent alive. Using data from the English Longitudinal Study of Ageing, we show that older parents whose daughters became ineligible to claim their pensions experienced a significant reduction in the amount of care they receive from their daughters, which was not compensated by an increase in formal care or other sources of support. Our results suggest that policies that increase older workers' labor supply require changes in long‐term care policy that compensate for the loss of informal care. [ABSTRACT FROM AUTHOR]

We assess the long‐run growth effects of rising longevity and increasing the retirement age when growth is driven by purposeful research and development. In contrast to economies in which growth depends on learning‐by‐doing spillovers, raising the retirement age fosters economic growth. How economic growth changes in response to rising life expectancy depends on the retirement response. Employing numerical analysis, we find that the requirement for experiencing a growth stimulus from rising longevity is fulfilled by the USA, nearly met by the average OECD economy, but missed by the European Union and by Japan. [ABSTRACT FROM AUTHOR]

Population aging is widely assumed to have detrimental effects on economic development, especially through an increased social security burden. This paper starts with the potential problems of the pension system in China. We investigate how local governments respond to population aging and the impact of population aging on the firm pension contributions using administrative data from the period 2008–2015. We present three findings. First, population aging increases the pension contributions of firms. Second, fiscal pressure is the channel through which population aging affects pension enforcement. Last, the pension administration system could affect the net impact of population aging. [ABSTRACT FROM AUTHOR]

We examine whether Chief Financial Officer (CFO) internal power and career horizon are associated with accrual earnings management. Our proxy for the CFO's power within the firm is the ratio of the CFO's compensation to the CEO's compensation, and the CFO's career horizon is proxied by the number of years to retirement age. We find a negative relationship between the CFO's internal power and discretionary accruals. We do not find any evidence that CFO career horizon impacts accrual management. We further find that the negative association between CFO internal power and discretionary accruals is evident only for income‐decreasing accruals, and only in firms that meet or just beat earnings forecasts. The evidence implies that CFOs exert their influence to ratchet down large positive earnings surprises, thereby creating cookie jar reserves for future years. [ABSTRACT FROM AUTHOR]

Governments are under pressure to raise the retirement age in response to an aging population and low fertility rates. However, the literature has not reached a consistent conclusion on the health effects of extending working lives. Furthermore, while most studies have concentrated on post-retirement health consequences, the health outcomes during the transition from work to retirement have been overlooked. Therefore, this article focuses on the transition period - the time between the early benefit age and full retirement age. Exploiting the increase in retirement age introduced by the U.S. Social Security Amendments of 1983, the difference-in-difference estimation finds that the reform successfully encouraged more people to work longer and claim benefits later, whilst having no adverse influence on health during the transition period. This paper infers that the desirable impacts of the 1983 amendments could be partly attributed to the adequate preparation time the reform left to the public. [ABSTRACT FROM AUTHOR]

Financial provision for retirement consists of two phases, accumulation and decumulation. Young people as an age group have generally been ignored in previous research and there has been little research investigating financial literacy levels of young people and attitudinal aspects of their decision making. As such, this paper examines university students' views on decumulation. We find that student predictions of their costs in retirement are inaccurate, and this is driven by overconfidence and somewhat mitigated by better financial literacy. Furthermore, when planning for retirement income, the Age Pension is expected to be used the least while interestingly personal savings are expected to be used more than superannuation. The biggest drivers of the different levels of usage for the different funding sources are opinions on the effectiveness and understanding of superannuation. These results demonstrate that there is a lack of understanding of the costs of living and the characteristics of the different pillars of the Australian retirement system. Increasing skills and knowledge in financial literacy and of the Australian retirement system is paramount. The implications of our findings are of interest to government, finance professionals and academics from an education and research perspective. This paper examines university students' views on decumulation. We find that their predictions of their costs in retirement are inaccurate and that this inaccuracy is driven by overconfidence and somewhat mitigated by better financial literacy. Increasing skills and knowledge in financial literacy and of the Australian retirement system is paramount. The implications of our findings are of interest to government, finance professionals and academics from an education and research perspective. [ABSTRACT FROM AUTHOR]

We investigate the causal effect of retirement on health through literature. We explore the potential mechanisms which explain three effects: the switch from employment to retirement, later retirement, and earlier retirement. The empirical strategies used to identify the causal effects are mainly based on the observation of changes in health status at the legal age for retirement entitlement or on reforms that have led to changes in retirement incentives. Literature renders possible to make several observations on the average effect estimation. Retirement leads to better self‐reported health, less depression, a decrease in healthcare consumption, a decline in cognition and an ambiguous effect on physical health. Later retirement has no effect on mortality, decreases healthcare consumption, and has a negative or non‐significant impact on self‐reported health. Studies on the impact of earlier retirement are scarce due to few natural experiments exploiting such a variation. Lastly, some studies find evidence of heterogeneous effects by gender and occupational status. As there are relatively few studies on this aspect, the question should be seriously explored in future research. [ABSTRACT FROM AUTHOR]

Since the turn of the twenty-first century, the issue of aging has gained international attention. Both developed and developing nations are currently dealing with this issue. To ensure the sustained and healthy growth of the economy and society in the face of an aging society, it is especially important to establish a scientific old-age insurance system and a reasonable retirement system. We are all aware that the key indicators for the state to control the old-age insurance system in the old-age insurance system are the income and expenditure balance of the old-age insurance pooling account and the analysis of the ideal retirement age. In this paper, a better machine algorithm is used. By independently learning the rules present in a large amount of data and gaining new experience and knowledge, machine learning (ML) can increase computer intelligence and give computers decision-making abilities comparable to those of humans. In general, a machine learning algorithm uses the laws it derives from data to predict unknown data after automatically analysing the data. This study's findings suggest that the ideal retirement age and life expectancy are positively correlated, with the ideal retirement age's growth rate 12.57 percent higher than that of life expectancy. [ABSTRACT FROM AUTHOR]

From a panel of administrative data of contributors to the Argentine pension system, a survival analysis was carried out to compare the time in months until contributor status is lost for individuals who reach the minimum retirement age. The analysis involves two periods: one where the fully funded scheme was in force and the other with the pure pay‐as‐you‐go scheme in effect. It is observed that the survival curve of the contributor status during the second period is always above that in the first one, indicating that the probability of maintaining this status was always higher during the second period. Likewise, it was found that belonging to the cohort/group of the first period is significant in explaining the risk of losing contributor status, even controlling for other relevant variables. This result contrasts with the predictions of the World Bank about the best incentives that the fully funded scheme would generate for the supply of formal labor. Related Articles: Angelaki, Marina, and Leandro N. Carrera. 2015. "Radical Pension Reforms after the Crisis: A Comparative Analysis of Argentina and Greece." Politics & Policy 43(3): 378–400. https://doi.org/10.1111/polp.12117. Hazakis, Konstantinos J. 2015. "The Political Economy of Economic Adjustment Programs in the Eurozone: A Detailed Policy Analysis." Politics & Policy 43(6): 822–54. https://doi.org/10.1111/polp.12141. Jakee, Keith, and Keith Stacy. 2021. "Revisiting Pension Reform in Sweden: The Role of Corporatism (and Why it Matters)." Politics & Policy 49(3): 651–81. https://doi.org/10.1111/polp.12405. [ABSTRACT FROM AUTHOR]

Aging of the population has created a direct effect on economies and tension on social security systems. Policymakers have been senior entrepreneurship as an option to reduce unemployment and delay the age of retirement. The positive effects, of creating a firm increase when is operating in technology‐based sectors. This paper explores the technological and senior entrepreneurship relations, analyzing if age influences technological entrepreneurship and if determining factors for senior and non‐senior groups are different. By using a sample of 8637 entrepreneurs in 22 OECD countries based on Global Entrepreneurial Monitor 2018 data, the results firstly show a negative effect of being a senior entrepreneur, understood as an entrepreneur aged 50+ years, on technological entrepreneurship. Secondly, it has been detected that in some way senior entrepreneurship follows a different pattern of the probability of entrepreneurship in technology sectors than the sample of the non‐senior entrepreneurs. [ABSTRACT FROM AUTHOR]

The policy of raising the SPA was initiated by the Conservatives in 1995 and endorsed by Labour when it was in government, with both parties favouring expert reviews to implement life expectancy linking of the pension age. The strongest alignments between pensions and retirement arose when the pension age was fixed for a long period (in the UK, the age was 60 for women and 65 for men for six decades - from the introduction of National Insurance in 1948 to 2010). WHILE PRESIDENT Emmanuel Macron faced street protests over raising the pension age from 62 to 64 in France, the UK government quietly shelved a plan to bring forward an increase in the State Pension age (SPA) to 68 into the 2030s. [Extracted from the article]

In this study, we investigate the effects of the policy on the legal retirement age of 60 (or above) implemented in Korea in 2016. It was generally expected that the implementation of the policy would extend the retirement age of workers and provide them with minimum employment up to the age of 60. However, our empirical analysis provides evidence contrary to general expectations. First, post the introduction of the policy, the probability of workers retiring at the mandatory retirement age has decreased, whereas the probability of workers retiring early for involuntary reasons in their 50s has increased. Second, the workers who were predicted to benefit from the policy had trouble retaining their jobs until the legal retirement age of 60. These results demonstrate the possibility that companies attempted to terminate their senior workers before they reached the mandatory retirement age of 60 by means of recommendations to resign and offers of honourable retirement. In conclusion, we found that it is difficult to provide actual employment protection up to the legal retirement age by making it compulsory through legislation. [ABSTRACT FROM AUTHOR]

As governments try to contain rising expenditure on retirement pensions by increasing eligibility ages, there are concerns that such reforms disproportionately affect poorer households. Using detailed longitudinal data, I examine this trade‐off in the context of an Australian reform that increased women's pension‐eligibility age from 60 to 65. While this reform significantly reduced government spending on women at affected ages, the negative effects on household incomes were concentrated among poorer households. These unequal impacts meant that the reform temporarily increased relative poverty rates among affected women by around four percentage points and inequality measures by 6% to 19%. [ABSTRACT FROM AUTHOR]

Summary: Job strain has been associated with poor sleep quality and could lead to changes in duration and timing of sleep as well. This study examined the association of job strain with sleep duration, bedtimes and awakening times among public sector employees close to their retirement age. Differences in these sleep parameters between workdays and free days across job strain groups were examined. Duration and timing of sleep were measured repeatedly with accelerometers among 466 public sector employees in Finland (mean age 63 years, 86% women), who contributed to 759 measurements in total. Job demands (low/high) and control (low/high) measured by self‐reports and job exposure matrix were used to identify low strain (low demand, high control), passive (low, low), active (high, high) and high strain (high, low) jobs. No differences in sleep duration were observed on workdays, whereas on free days those in the high strain group had longer sleep duration than those in the low strain and passive job groups. The high strain group also extended their sleep from workdays to free days more, the extension being on average 59 min (95% CI 42 min–75 min) when adjusted for several sociodemographic, work and health factors. This extension of sleep duration resulted mostly from a greater delay of awakening times from workdays to free days. Psychosocial work factors, such as job strain, need to be considered when promoting sufficient sleep duration among older employees, as those with job strain may have a greater need for recovery and sleep. [ABSTRACT FROM AUTHOR]

We estimate the effect of the Big Five personality traits on the retirement decisions of individuals aged between 50 and 80 years in fourteen European countries, using wave 7 from the SHARE data. We investigate the probability of retirement and a measure of the distance between actual retirement and ordinary retirement age. Overall, we find that personality affects retirement decisions, and the effects are similar across gender. Openness to experience, conscientiousness and extraversion are generally associated with a delay in retirement decisions, whereas neuroticism anticipates the exit from the labour market. [ABSTRACT FROM AUTHOR]

Physical activity is a natural part of a healthy life‐style, which should be nurtured from early childhood. Regular physical activity mitigates against the global problems of overweight and obesity, hypertension, anxiety and depression. It lowers the morbidity and mortality from cardiovascular disease and provides hope for sustainable economics to support an ageing population into their retirement. This is preventative health economics that can be achieved with integrated support from families, communities, health‐care professionals and governments at all levels. At present, children lack the support of those responsible for them at a societal level to adequately protect them from the physical and emotional consequences of reduced physical activity. [ABSTRACT FROM AUTHOR]

Using unique administrative register data, we investigate old‐age retirement under the statutory pension scheme in Finland. The analysis is based on multi‐outcome modelling of pensions and working lives together with a range of explanatory variables. An adaptive multi‐outcome LAD‐lasso regression method is applied to obtain estimates of earnings and socioeconomic factors affecting old‐age retirement and to decide which of these variables should be included in our model. The proposed statistical technique produces robust and less biased regression coefficient estimates in the context of skewed outcome distributions and an excess number of zeros in some of the explanatory variables. The results underline the importance of late life course earnings and employment to the final amount of pension and reveal differences in pension outcomes across socioeconomic groups. We conclude that adaptive LAD‐lasso regression is a promising statistical technique that could be usefully employed in studying various topics in the pension industry. [ABSTRACT FROM AUTHOR]

This paper discusses a factor influencing consumption in China that has not been widely addressed: the retirement age. Many previous studies on the relationship between retirement age and consumption are based on data from developed countries. Because of the many differences between China and the developed economies, this analysis relies on the Lau (2009) overlapping‐generations model. This model is more suitable for determining the relationship between consumption and retirement age in China, and for highlighting the positive relationship between consumption and retirement age. The empirical results reveal a causal relationship between retirement age and consumption and indicate that increasing the retirement age can stimulate economic growth. These results are specific to China and include gender differences and the varied impacts on low‐income and high‐income families. [ABSTRACT FROM AUTHOR]

This paper builds a quantitative life‐cycle model with endogenous retirement to study how disability insurance (DI) and old‐age pension programs interact with health and wages to determine retirement age. Individuals face uncertain future health and wages, and if in bad health, they can retire with DI before reaching the statutory retirement age. I use the model to evaluate the macroeconomic impact of pension reforms. The main contribution is that, in contrast to standard macro pension models, my model includes DI as another endogenous retirement margin. I show that it is crucial to account for program substitution when evaluating welfare reforms. [ABSTRACT FROM AUTHOR]

We deploy a stochastic life‐cycle model to examine how the superannuation guarantee (SG) impacts on welfare for Australian superannuation fund members under a reference‐dependent utility function that evaluates consumption relative to target, allowing for existing superannuation, taxation and Age Pension eligibility rules. The analysis highlights how the optimal SG can vary substantially with pre‐retirement income, the post‐retirement consumption target and various other assumptions. We conclude that no single SG rate is appropriate for all members and suggest that the main reason for increasing the SG above 9.5 percent would be an aim of replacing the Age Pension where possible. [ABSTRACT FROM AUTHOR]

More than 10% of the S&P 1500 companies have hired a CEO who starts the job near or above the conventional retirement age of 65 years old. This phenomenon exists among all industries and persists over time. Firms are more likely to hire retiring CEOs when the CEO job risk is high and when the firm is in distress. Retiring CEOs receive lower total compensation, the compensation structure puts a higher weight on nonequity‐based compensation, and have a shorter tenure. Retiring CEOs can be beneficial to shareholders when they are hired for the right purpose. [ABSTRACT FROM AUTHOR]

The retirement decision can significantly affect an individual's well‐being for many years. There are many reasons and issues for retirement decision for a government official. Financial and health concerns are a major part of the retirement decision but there are other issues that bring about the retirement decision that are unrelated to an individual's financial and health status. In Nepal, majority of government workers have compulsory retirement due to age concern. To study the profile of the retired employees and their perception toward retirement. A descriptive cross‐sectional research methodology was used in this study. About 85% (out of 105) of the retired employees attending Pension Management Office were male, which was due to the absence of female inclusiveness in employment before 2006. There were several reasons for retirement. The most common reason for being retired was the compulsory retirement, which was followed by the reasons of poor health and family problems, each counting about 14.2%. Most of the retired employees, that is, 48.5% (51) rated the retirement program as fair and about 42% (44) rated it as poor. Preserving the skilled and productive manpower in civil service is equally important as the nation has greater effort in building them up in terms of career and capacity. [ABSTRACT FROM AUTHOR]

Summary: We forecast the old‐age dependency ratio for Australia under various pension age proposals, and estimate a pension age scheme that will provide a stable old‐age dependency ratio at a specified level. Our approach involves a stochastic population forecasting method based on coherent functional data models for mortality, fertility and net migration, which we use to simulate the future age‐structure of the population. Our results suggest that the Australian pension age should be increased to 68 by 2030, 69 by 2036 and 70 by 2050, in order to maintain the old‐age dependency ratio at 23%, just above the 2018 level. Our general approach can easily be extended to other target levels of the old‐age dependency ratio and to other countries. We forecast the old‐age dependency ratio for Australia under various pension schemes, and derive a scheme that will provide a stable old‐age dependency ratio. [ABSTRACT FROM AUTHOR]

Population studies show the importance of active aging for maintaining cognitive health, but much of the research has focused on episodic memory and verbal skills. Aging and ability to make rational intertemporal financial decisions is less understood, despite its critical role in consumer finance. This study describes the relationship between age, retirement, and intertemporal decision ability. A survey of adults examines the interplay of aging and retirement related to completing simple calculations with time trade‐offs in benefits. A negative association between intertemporal skills and age is indicated, with a sharp downward inflection around age 66. Regression analysis results in a significant, negative retirement‐age interaction term. This research has implications for policy and consumer decision‐making. The negative relationship of age and retirement status may suggest limits to career extension, or alternatively, that extending some types of careers could provide cognitive benefits. Further research is needed to understand the direction of causality. [ABSTRACT FROM AUTHOR]

Despite growing efforts to conceptualize residential mobility and migration as long‐term trajectories, because of methodological challenges and the lack of adequate data, most empirical studies have resorted to examining year‐to‐year changes in place of residence. As a result, the impact of past migration experiences on future migration behavior remains poorly understood. To shed light on time interdependencies in individual migration trajectories, this paper examines associations between past moves and subsequent migration behavior from birth to age 50, distinguishing between (i) intraregional mobility, interregional migration and international migration and (ii) return and onward moves. By applying multinominal regression models to retrospective life history data from the Survey of Health, Ageing and Retirement in Europe (SHARE), we demonstrate that the decision to migrate at a particular point in time is embedded within a wider migration history that started in childhood. However, we also find that the effect of past moves diminishes as individuals progress in their migration career. These findings hold for intraregional, interregional and international moves. Altogether, these findings lend support to our theoretical proposition that migration is a learned behavior and highlight the importance of accounting for time interdependency in individuals' migration trajectories. [ABSTRACT FROM AUTHOR]

The Australian retirement system is likely to produce variable outcomes for retirees, with a high probability of delivering retirement standards of living below acceptable levels, and due to wage offsets, pre‐retirement standards of living could fall below acceptable levels if contributions were increased. To overcome the shortcomings, we consider the effect of introducing a fully funded Age Pension to replace the Superannuation Guarantee Levy (SGL) component of the retirement system. The results indicate the alternative fully funded Age Pension would deliver more reliable results for most retirees but with possible increased net costs to Government of the Age Pension. [ABSTRACT FROM AUTHOR]