The Impact Of Expected Pension Expenses On Delayed Retirement Behavior Of The Elderly

With the continuous improvement of the level of economic development and medical and health conditions,the average life expectancy of our country has gradually increased.At the same time,China has entered a rapid aging channel,and the pension replacement rate is gradually decreasing.Family declining births have reduced the strength and possibility of family pensions,and the burden of social and family pensions has increased.The importance of asset accumulation and returns during work has greatly increased,which will greatly affect the elderly’s delayed Retirement behavior and retirement security.In some opinion polls,most respondents oppose a delay in retirement,but on the other hand,many older people are beginning to return to the labor market.The phenomenon of "retirement" among the elderly is beginning to attract attention.One of the most important factors influencing the elderly’s delayed retirement decision is economic factors,especially the prediction of future retirement costs.Therefore,it is of great significance to study the impact of the elderly’s expected retirement costs on the elderly’s delayed retirement decision.This article uses 2014 China Family Panel Studies(CFPS)data.In this article,whether the elderly have considered the expected pension costs and the level of expected pension costs as the key independent variables,The age,gender,household registration,education level,insurance status,family size,whether living with children,family finances,risk appetite,and financial knowledge level were used as control variables to conduct regression analysis on the impact of elderly retirement decisions.And further analyzes the impact of the expected pension cost on the elderly’s decision to delay retirement.The group differences of the elderly’s delayed retirement behavior and the reasons for this difference were further discussed.The main conclusions of this study are as follows: First,has the elderly considered whether the expected pension costs have a significant impact on their delayed Retirement behavior.Given other factors,older people who have considered the expected pension costs are 1.6 times more likely to choose to retire than those who have not considered the expected pension costs.Second,The elderly’s forecast of retirement costs has a significant positive impact on their retirement behavior.Overestimating the expected retirement costs will prompt the elderly to choose to delay retirement.Third,older people with poor employability are more likely to choose to delay retirement.Fourth,most elderly people continue to work,but the factors affected by them are heterogeneous.Based on the above conclusions and analysis,this article puts forward the following policy recommendations:(1)Focusing on community-based education for the elderly,and assisting the elderly to make a more reasonable plan for the elderly by improving the elderly’s ability to estimate and comprehensive quality.;(2)Focus on the willingness of the elderly to work,and encourage community intervention to provide targeted reemployment Help;(3)Give more policy support to the elderly with poor employability.