Can't wait to get my pension: the effect of raising the female early retirement age on income, poverty and deprivation

Jonathan Cribb · Carl Emmerson

39 citations0/0 files storedJournal of Pensions Economics and Finance

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Retirement, Disability, and Employment Income, Poverty, and Inequality Financial Literacy, Pension, Retirement Analysis

Abstract

Abstract We estimate the impact of increasing the female early retirement age (ERA) on household living standards. Examining the increase in the female ERA from 60 to 63 in the UK, we find increased earnings only partially offset lost public pension income, leaving affected women's household incomes £32 per week lower on average. The proportional effect was substantially larger for women in lower income households. This increased the income poverty rate among affected women by 6.4 percentage points. We find no evidence of an increased inability to afford important material items, potentially suggesting that material deprivation has been avoided through smoothing of consumption.

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References

1990An Illustration of a Pitfall in Estimating the Effects of Aggregate Variables on Micro Units 2007Inference with Difference-in-Differences and Other Panel Data 2013Does raising the early retirement age increase employment of older workers?2014The Impact of Age Pension Eligibility Age on Retirement and Program Dependence: Evidence from an Australian Experiment 2004Social Security and the Evolution of Elderly Poverty 2016Signals matter? Large retirement responses to limited financial incentives 2012Pension reform with variable retirement age: a simulation analysis for Germany 2006Retirement, health and relationships of the older population in England: ELSA 2004 (Wave 2)

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2021Stung by pension reforms: The unequal impact of changes in state pension age on UK women and their partners 2021Pension reform and the efficiency-equity trade-off: Impacts of removing an early retirement subsidy 2021The unequal burden of retirement reform: Evidence from Australia

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