Abstract

DEVESA CARPIO, José Enrique  and  DEVESA CARPIO, Mar. The Spanish social security system's disincentives for anticipated and delayed retirement. Innovar [online]. 2009, vol.19, n.33, pp.105-117. ISSN 0121-5051.

This work's main objective was to analyse the existence and breadth of disincentives for retirement (apart from the ordinary one, i.e. being aged 65) applied by the Spanish social security system from a financial-actuarial viewpoint. A new combinatory analysis-based methodology has been used instead of working with data regarding real working-life or using randomly-produced careers. Financial and actuarial techniques were also applied. This article is in line with studies analysing equity in pension systems, more concretely general regime retirement pensions in Spain. Even though it is merely informative, gender-differentiated results are also offered. The study's most relevant conclusions concern the fact that there is disincentive against both anticipated and delayed retirement; this is more important when an individual's retirement age is further removed from ordinary retirement age (this currently being 65).

Keywords : equity; internal rate of return; Spain; retirement pension; distribution system; social security.

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