The Influence of Income on Retirement Decisions:A Comparison of Actual and Intended Retirement Age
The new policy of delayed retirement grants workers greater autonomy in making retirement decisions,resulting in a more diverse and complex landscape of retirement choices.Using the 2018 China Health and Retirement Longitudinal Study(CHARLS),this paper empirically analyzes and compares the impact of income on workers'intended and actual retirement age using the hyperbolic discount model of modern behavioral economics theory.The findings show that there is an inconsistency in the time preference of workers'retirement decision-making,and the intended retirement age is significantly higher than the actual retirement age.Workers'income correlates with their intended retirement age as an U-shape with decreases first and increases then,while correlates with actual retirement age as an inverted U-shape with increases first and decreases then.The types of working unit has a significant moderating effect on the inverted U-shaped relationship between income and actual retirement age.The above findings can provide theoretical and empirical support for the implementation and improvement of delayed retirement policies and full exploration of aging human resources.
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