An Empirical Analysis On The Effects Of Socioeconomic Status On The Retirement Behavior

With the appearing problems of population aging, pension system pressure and others,extending the retirement age gradually developed into a relatively wide range otopic. Some countries have made the adjustment to retirement age, such as France, Germany, the United States, Britain, Greece, Singapore, and Japan. China retirement policy has been established in the late 1970s. The need to adjust the retirement policy was also present. However, how to adjust our retirement policy, is still controversial.From the perspective of the factors affecting the behavior of retirement, this paper reviewed the retirement related articles, and found that those papers use different methods to analyze the impact of the socioeconomic status indicators to the retirement decisions, including three angles of income factors, education factors, and occupational status factors. Unfortunately, the empirical analysis of the wealth factors to the t retirement behavior is a blank study in China.In consideration of income factors, education level, occupational status and some other factors, and noting the importance of the wealth factors, this paper will introduce the wealth factor to the analysis of retirement behavior, and distinguish the gender factor analysis, which is a big improvement compared to the previous related articles.This paper will establish retirement decision model and early retirement decision model. Using the national baseline survey data of 2011 provided by China Health and Retirement Longitudinal Study (CHARLS), this paper will investigate the effect of the economic income, education, occupation and wealth on the actual retirement age and early retirement behavior by stepwise regression and Logit models.This paper attempts to the empirical analysis of relative factors to the retirement age and early retirement behavior. The full text can be divided into four chapters. The chapter 1 is the introduction. The first chapter introduces the background and significance of retirement, literature review, and introduces the contents of this paper and the main methods. Chapter 2 is an overview of the retirement age. It Describes the relevant definitions and theoretical basis, and analyzes the necessity of adjusting the retirement policy. Chapter 3 is the model, data and variables. In this part, it will establish an empirical model, and variable selection will be described. The chapter 4 is empirical results of a comprehensive analysis and comparison between male and female factors affecting the presence in the retirement age and early retirement behavior. The chapter 5 describes the overall conclusions of this study, and conduct future research prospects.It is found that:First, retirement income and educational factors have a significant impact on retirement age because of women’s retirement behavior. Compared with the middle-income earners, higher and lower income women workers have a higher retirement age. Compared with medium educational level workers, higher and lower educated female workers have a higher actual retirement age. Retirement income and educational factors have a significant impact on women’s retirement age. Second, occupation factors have a significant effect on retirement age and early retirement behavior. Compared with ordinary workers, managers reduce the possibility of early retirement by 83.1%, and raise the average retirement age by 2.35 years. Civil servants retire 1.02 years later than workers, and reduce the possibility of early retirement by 96.4%. Third, higher financial assets increase women workers’ likelihood of early retirement by 10%.