Incentives, Health, and Retirement: Evidence From a Finnish Pension Reform
利用2005年芬兰养老金改革的外生变化，研究健康与财务激励对推迟退休的交互影响，发现健康状况较差者（长期病假）对财务激励反应较弱。
This paper examines, using exogenous variation generated by a Finnish pension reform implemented in 2005, the interplay between health and financial incentives to postpone retirement. Based on detailed administrative data on individual health and retirement behavior, we focus on whether individual reactions to incentives vary according to health status and analyze whether individuals with ill health are also able to take advantage of the potential monetary benefits of delayed retirement created by the reform. We find that on average, individuals react to the financial incentives created by the reform as expected. This result holds for most of the health-related subgroups we analyze. However, those with a long period of sickness absence are less likely to respond to changes in the financial incentives to postpone retirement.