Relabeling, retirement and regret

Can simply changing the public definition of a normal retirement age impact retirement, without any associated financial incentive changes? We study reformulation system in Finland that relabeled ages with only modest and continuous changes incentives. find relabeling matters: both graphical evidence estimated hazard models reveal an enormous change when individuals face newly defined “normal retirement” age. also consistent increased “regret,” as marginal workers induced to retire by are more likely return work.