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The effects of defined contribution plans on the retirement decision.

机译：设定提存计划对退休决定的影响。

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摘要

This study examines the effects of pensions on the retirement decision, focusing on the differences between defined benefit (DB) plans and defined contribution (DC) plans. I find that DC plans have different effects on the accumulation of retirement wealth, the incentives for retirement and the risk of retirement benefits than DB plans. Thereby, DC plans have different effects from DB plans on the decision to retire. This paper is the first empirical study to investigate the effect of longevity risk in pension plans on retirement. It is an important addition to the literature on retirement behavior since longevity risk will become more important as individuals have longer life expectancies and bear more longevity risk due to increasing likelihood of coverage by DC plans or Social Security personal accounts.; Previous research has found that DB plans have an age-incentive effect on retirement. That is, the structure of DB plans may induce individuals to retire at a specific age. By contrast, the structure of DC plans does not have age-incentive effects. Thereby, individuals with DC plans may retire either earlier or later on average than individuals with DB plans because of the absence of age-related incentives in DC plans. To shed further light on these issues, this study introduces risk factors, and particularly longevity risk, to an option value model of the retirement decision. Longevity risk is important to DC participants since DC plans usually offer a lump-sum benefit at retirement. Since payouts are not guaranteed over life expectancy, retirees with DC plans bear a greater risk of outliving their resources, i.e., longevity risk. The additional risks in DC plans may make workers save more, and retire later.; This paper extends a standard intertemporal model of consumption and retirement by incorporating risk factors for different pension types into the retirement decision problem. Comparative statics from the optimal solution show that increases in risk factors (i.e. longevity risk) during retirement induce workers with DC plans to retire later than workers with defined benefit (DB) plans. This study then tests the predictions of this model empirically, using the data from the Health and Retirement Study (HRS). Empirical results confirm the predictions of the theoretical model. First, workers with DC plans expect to retire later than workers with DB plans. Next, increase in pension option value, measured as the difference between the maximum pension value and the pension value of 1992, decreases the probability of retirement, thereby increasing the expected retirement wage. By contrast, greater pension wealth increases the probability of retirement, reducing the expected retirement age. Considering that pension wealth in DC plans is about half of pension wealth in DB plans, it is reasonable to conclude that workers with DC plans retire later than workers with DB plans. Finally, longevity risk, as measured by the Annuity Equivalent Wealth (AEW), decreases probability of retirement, increasing the expected retirement age.
机译：这项研究考察了养老金对退休决定的影响，着眼于设定受益计划（DB）和设定缴费计划（DC）之间的差异。我发现DC计划对退休财富的积累，退休激励和退休福利风险的影响与DB计划不同。因此，DC计划对退休决策的影响与DB计划不同。本文是研究养老金计划中的长寿风险对退休的影响的第一项实证研究。这是有关退休行为的重要文献，因为随着个人预期寿命的延长和由于DC计划或社会保障个人账户覆盖的可能性增加，寿命风险将变得更加重要，因此寿命风险将变得更加重要。先前的研究发现，DB计划对退休年龄具有激励作用。也就是说，DB计划的结构可能会导致个人在特定年龄退休。相反，区议会计划的结构没有年龄激励作用。因此，由于DC计划中缺乏与年龄相关的激励机制，因此具有DC计划的人平均退休时间可能比具有DB计划的人平均退休时间晚。为了进一步阐明这些问题，本研究将风险因素（尤其是寿命风险）引入了退休决策的期权价值模型。长寿风险对区议会参与者很重要，因为区议会计划通常会在退休时提供一次总付福利。由于不能保证超过预期寿命的支出，因此具有DC计划的退休人员承受其资源耗尽的更大风险，即寿命风险。区议会计划中的额外风险可能使工人储蓄更多，然后退休。通过将不同养老金类型的风险因素纳入退休决策问题，本文扩展了标准的消费和退休跨期模型。最优解决方案的比较静态结果表明，退休期间风险因素（即长寿风险）的增加导致具有DC计划的工人比具有确定福利（DB）计划的工人更晚退休。然后，本研究使用来自健康和退休研究（HRS）的数据，对该模型的预测进行经验检验。实验结果证实了理论模型的预测。首先，拥有DC计划的工人希望比具有DB计划的工人退休。其次，以最大养老金价值与1992年养老金价值之差来衡量的养老金选择权价值的增加，降低了退休的可能性，从而提高了预期的退休工资。相比之下，增加的退休金财富会增加退休的可能性，从而缩短预期的退休年龄。考虑到DC计划的养老金财富大约是DB计划的养老金财富的一半，因此可以合理地得出结论：拥有DC计划的工人比具有DB计划的工人退休的时间要晚。最后，以年金当量财富（AEW）衡量的寿命风险降低了退休的可能性，从而延长了预期的退休年龄。

著录项

  • 作者

    Hong, Wonku.;

  • 作者单位

    Georgia State University.;

  • 授予单位 Georgia State University.;
  • 学科 Economics Finance.
  • 学位 Ph.D.
  • 年度 2005
  • 页码 101 p.
  • 总页数 101
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 财政、金融;
  • 关键词

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