A wide-ranging comparative analysis of the effects of pension reforms on health outcomes among retirees.

Pension reforms enacted in many developed economies since the late 1990s have raised statutory retirement ages and reduced benefit generosity, prompting concerns that working longer, especially in physically demanding jobs, could widen health disparities among retirees. Social Security Programs and Retirement Around the World: Pension Reforms and the Health Distribution of Retirees examines whether these reforms have altered the distribution of health outcomes in nine countries—Belgium, Canada, Denmark, Germany, Italy, Japan, the Netherlands, Spain, and the United States. Drawing on harmonized longitudinal data spanning roughly two decades and measuring health along five dimensions—functional, diagnosed, comprehensive, mental, and cognitive—the country studies find a remarkably consistent picture: in every country but the United States, health inequality among retirees has not increased significantly over the period in which benefits fell and retirement ages rose. The United States, in contrast to the other nations, shows rising inequality in functional and comprehensive health, particularly among women. The findings suggest that in most countries, pension reforms have not so far come at the cost of a widening health gap between richer and poorer retirees, although noisy data and the still-short observation window admit the possibility of effects that have yet to fully emerge.