Scandinavian Working Papers in Economics

Memorandum,
Oslo University, Department of Economics

No 19/2012: Does Retirement Age Impact Mortality?

Erik Hernaes (), Simen Markussen (), John Piggott () and Ola Vestad ()
Additional contact information
Erik Hernaes: Ragnar Frisch Centre for Economic Research, Postal: Ragnar Frisch Centre for Economic Research, Gaustadalléen 21 , N-0349 Oslo , Norway,
Simen Markussen: Ragnar Frisch Centre for Economic Research, Postal: Ragnar Frisch Centre for Economic Research, Gaustadalléen 21 , N-0349 Oslo , Norway
John Piggott: ARC Centre of Excellence in Population Ageing Research, Postal: ARC Centre of Excellence in Population Ageing Research, Australian School of Business, University of New South Wales, Sydney , 2052 Australia
Ola Vestad: Ragnar Frisch Centre for Economic Research, Postal: Ragnar Frisch Centre for Economic Research, Gaustadalléen 21 , N-0349 Oslo , Norway

Abstract: This paper studies the relationship between retirement and mortality, using a unique administrative data set covering the full population of Norway. We make use of a series of retirement policy changes in Norway, which reduced the retirement age for a group of workers but not for others. By employing a difference-in-differences framework based on monthly birth cohort and treatment group status we first establish that the early retirement program significantly reduced the retirement age – this remains true when we account for program substitution, for example into the disability pension. Using instrumental variables estimation we find that retirement age has no effect on mortality.

Keywords: Retirement age; Mortality; Instrumental variables; Policy evaluation

JEL-codes: H55; I10; J11; J26

29 pages, June 11, 2012

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