Table 1: Economic impact of a rise in the retirement age (summary of studies).

AuthorsApproach/CountryIndicatorSummary of results

Hviding and Mérette [10]CGE model/7 OECD countriesGDP per capita4-year increase in retirement age: increase of 7% by 2050 for Canada and 5.7% in the US
Herbertson and Orszag [9]Accounting/OECDGDPIn 1998, 6.3% increase on average in OECD
Rowe and Nguyen [13]Microsimulation model (Lifepaths)/CanadaForgone earningsRetirement is delayed to age 65: $72,000/household with normal job loss probability
Verma and Rix [14]Macroeconometric model of USGDPLF part. rate of 65+ returns to 1950: 10% increase by 2029
Policy Research Initiative [15]Microsimulation model (Lifepaths)/CanadaAvg. annual hours per person3-year extension of working life: 6% increase in hours by 2025
Fougère et al. [11]CGE model/ CanadaGDP per capita1-year permanent increase in effective age of retirement: 3.2% increase in GDP per capita by 2050
Barrell et al. [12]Macroeconometric model (NiGEM)/UKGDP1-year permanent increase in effective age of retirement: 1% increase in GDP after 6 years