社会保障改革如何影响退休与养老金申领

中文摘要

一项将完全退休年龄（FRA）提高一年的改革，导致养老金申领和退休的推迟幅度大于预期；而提高延迟申领的收益，则导致养老金申领的推迟幅度小于预期。调查证据表明，人们将完全退休年龄视为“正常”退休年龄，并倾向于将养老金申领与退休决策结合起来，尽管社会保障制度并未将这两项决策相互绑定。其间有两种机制发挥作用：养老金申领中的参照依赖与损失厌恶，以及养老金申领对退休选择的溢出效应。完全退休年龄的提高为政府带来了大量财政节省。（JEL H55，J26）

Abstract

A reform increasing the full retirement age (FRA) by one year leads to larger than expected delays in pension claiming and retirement, while making late claiming more lucrative leads to a smaller than expected delay in pension claiming. Survey evidence shows people view the FRA as the “normal” retirement age and prefer to couple pension claiming and retirement decisions together, even though these two decisions are not coupled through social security provisions. Two mechanisms are at work: reference dependence with loss aversion in pension claiming, and spillovers from pension claiming on retirement choices. The FRA increase leads to large government savings. (JEL H55, J26)