Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/296088 
Year of Publication: 
2024
Series/Report no.: 
CESifo Working Paper No. 10999
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
We study the influence of family members, neighbors and coworkers on retirement behavior. To estimate causal retirement spillovers between individuals, we exploit a pension reform in the Netherlands that creates exogenous variation in peers' retirement ages, and we use administrative data on the full Dutch population. We find large spillovers in couples, primarily due to women reacting to their husband's retirement choices. Consistent with homophily in social interactions, the influence of the average sibling, neighbor and coworker is modest, but sizable spillovers emerge between similar individuals in these groups. Additional evidence suggests both leisure complementarities and the transmission of social norms as mechanisms behind retirement spillovers. Our findings imply that pension reforms have a large social multiplier, amplifying their overall impact on retirement behavior by 40%.
Subjects: 
retirement
pension reform
social networks
spillover
peer effects
JEL: 
D91
H55
J26
Document Type: 
Working Paper
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