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Social Security Programs and Retirement Around the WorldDisability Insurance Programs and Retirement$
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David A. Wise

Print publication date: 2015

Print ISBN-13: 9780226262574

Published to Chicago Scholarship Online: May 2016

DOI: 10.7208/chicago/9780226262604.001.0001

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Health Status, Disability, and Retirement Incentives in Belgium

Health Status, Disability, and Retirement Incentives in Belgium

Chapter:
(p.179) 4 Health Status, Disability, and Retirement Incentives in Belgium
Source:
Social Security Programs and Retirement Around the World
Author(s):

Alain Jousten

Mathieu Lefebvre

Sergio Perelman

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226262604.003.0004

Many Belgians retire well before the statutory retirement age. Numerous exit routes from the labor force can be identified: old-age pensions, conventional early retirement, disability insurance, and unemployment insurance are the most prominent ones. We analyze the retirement decision of Belgian workers adopting an option value framework, and we pay special attention to the role of health status, in particular the potential link between health status, disability insurance and retirement for contractual wage earners aged 50 to 64. We estimate probit models of retirement using data from the Survey of Health, Ageing and Retirement in Europe (SHARE). The results show that health and incentives matter in the decision to exit from the labor market. Based on these results, we simulate the effect of potential reforms on retirement.

Keywords:   social security, disability, pensions, retirement, option value, older workers, health status

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