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The average retirement age (average effective age of retirement) in Japan is one of the highest among advanced countries for both genders. In contrast, there has been a growing tendency in Europe to opt for early retirement following a significant easing in the eligibility criteria for disability pension benefits, which is one of the major factors behind the deteriorating fiscal positions in many European countries. Therefore, late retirement in Japan is drawing much attention.Retirement should be taken as a long-course event and thus can be analyzed only by looking at panel data. Retirees may re-enter the labor market. In the case of married persons, retirement decisions may be made jointly by couples. Extensive research has been undertaken overseas to analyze such and various factors characterizing retirement behavior, resulting in a significant accumulation of knowledge and expertise. In this regard, Japan has long lagged behind as relevant data were not available until recently.In a joint research conducted with Professor Hidehiko Ichimura using data collected in the first and second wave of the JSTAR survey, we found that Japanese people's retirement decisions are affected by health conditions, namely, changes in everyday physical functions, mental health (depression), and decline in cognitive ability (assessed by actually measuring each respondent's ability to recall words). As such, there is no doubt that health conditions affect retirement decisions. At the same time, however, we also found that, without objective and multifaceted data on respondents' health conditions, we cannot definitely conclude that health conditions are the determining factor in making retirement decisions. Furthermore, a significant correlation between retirement decisions and the employment status of spouses was observed among married couples in Japan, as is the case in other countries, and there is a difference in the pattern of correlation between men and women. We also learned that those who have been employed rarely go into business for themselves after retirement, and, once retired, very few of them re-enter the workforce.Understanding the whole process leading to retirement has significant policy implications. With its population on the verge of decline, Japan is facing an urgent need to promote vigorously the employment of elderly people. Indeed, we often hear the term "shogai geneki (staying active for life)." In reality, however, not all elderly people can continue to work as they are often faced with significant health and other constraints. Meanwhile, using cross-nationally comparable data, Professor Robert Willis of the University of Michigan and Susann Rohwedder, senior economist at the RAND Corporation, showed that early retirement has a negative impact on the cognitive ability of people in their early 60s, and that the effect is quite significant. As factors behind this, they pointed out that the work environment is cognitively more stimulating than the home environment and that people preparing for early retirement have a weaker incentive to invest continuously in human capital.Finely tuned employment matching based on the health and cognitive conditions of individual elderly persons is indispensable to the proper functioning of the elderly labor market. Individual differences among elderly job candidates are far greater than those among new graduates. Thus, in order to address job mismatches for the elderly, it is necessary to compare meticulously and align individual workers' skills and abilities to the specific demands and needs of the labor market by utilizing micro-data.>> Original text in Japanese* Translated by RIETI from the original Japanese "Yasashii Keizaigaku" column in the September 15, 2011 issue of Nihon Keizai Shimbun. September 15, 2011 Print Article(s) by this author Future of Japan's Long-term Care Insurance Program September 2, 2013［RIETI Report］ Future of Japan's Long-term Care Insurance Program July 30, 2013［Column］ More Research of Price Expectations Needed Now: Essential in enabling Japan to end deflation May 18, 2010［Newspapers & Magazines］ Probing the Issue of Health Disparities: High correlation with income and education - Policies based on the premise of homogeneity should be reconsidered September 8, 2009［Newspapers & Magazines］ Bank Recapitalization in the West - Lessons from Japan February 4, 2009［Newspapers & Magazines］ Articles Column Special Series Newspapers & Magazines FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2018 FY2017 FY2016 FY2015 FY2014 FY2013 FY2012 FY2011 Social Security as Viewed through Micro-data FY2010 FY2009 FY2008 FY2007 FY2006 FY2005 FY2004 FY2003 FY2002 Fellows' Works VoxEU Column From IZA Perspectives from Around the World Other Contents RIETI Report Policy Update Keizai Sangyo Journal Communications Newsletter RSS Feed Facebook X YouTube Research Areas Research Programs (FY2024-2028) Research Programs (FY2020-2023) Research Programs (FY2016-2019) Research Programs (FY2011-2015) Policy Research Domains (FY2006-2010) Projects Survey Fellows Research/Policy Papers Discussion Papers (English) Discussion Papers (Japanese) Policy Discussion Papers (English) Policy Discussion Papers (Japanese) Technical Papers (English) Technical Papers (Japanese) Non Technical Summaries List of Articles in Journals Research Digest Discussion Papers Search Publications RIETI Books (English) RIETI Books (Japanese) History of Japan's Trade and Industry Policy Authors' Words Other Publications (English) Other Publications (Japanese) Events Symposiums Workshops BBL Seminars Archived Seminar Series Data JIP Database R-JIP Database CIP Database Industry-Specific Nominal and Real Effective Exchange Rates AMU and AMU Deviation Indicators JSTAR RIETI-TID RIETI FDI Database ICPA Project Links Articles Column Special Series Newspapers & Magazines Fellows' Works VoxEU Column From IZA Perspectives from Around the World Other Contents RIETI Report Policy Update Keizai Sangyo Journal (METI Journal) About RIETI Privacy Policy Site Policy Site Map Help Contact METI Web Site Research Institute of Economy, Trade and Industry, IAA (JCN 6010005005426)JCN: Japan Corporate Number Opinions expressed or implied on this website are solely those of the author, and do not necessarily represent the views of the Research Institute of Economy, Trade and Industry (RIETI).Titles, numbers, specific names, etc. on this website are as of the date of publication. 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