Rising Preferred Retirement Age in Europe: Are Europe's Future Pensioners Adapting to Pension System Reforms?

TLDR: The analysis shows that future pensioners have indeed increased their preferred retirement age and adjusted to the new credo of late retirement, but the strength of the increase was found to vary between different groups of older workers: It is much stronger for the higher-educated than for the lower-educated.

Abstract: This study investigates whether older workers have adapted their preferred retirement age to the pension reforms aimed at extending working life. Based on data from Eurobarometer and the European Social Survey in 12 European countries, the analysis shows that future pensioners have indeed increased their preferred retirement age and adjusted to the new credo of late retirement. However, the strength of the increase was found to vary between different groups of older workers: It is much stronger for the higher-educated than for the lower-educated. This finding supports recent concerns regarding the reemergence of social inequality in the retirement process.