The Political Economy of Pension Reform
Edited by Martin Rein and Winfried Schmähl
Chapter 16: Income Packaging and Economic Wellbeing in the Last Stage of the Working Career
16. Income packaging and economic wellbeing in the last stage of the working career Martin Rein and Heinz Stapf-Finé INTRODUCTION The main purpose of this study is to identify the changing composition of income in the last stage of the working career. As a ﬁrst step, we identify cross-national diﬀerences in the income mix among households with a head over the age of 55, with a special focus on the age groups 60–64 and 65–9, which are the transitional ages towards retirement. Second, we compare the income package of households at the top and the bottom end of the income distribution. Third, we investigate how the income package of the 65–9 age group changed between the mid-1980s and the mid-1990s. Finally, we examine the impact of these developments on the economic wellbeing of older people. Luxembourg Income Study (LIS) data are used to analyse the experience of ten countries: Australia, Canada, Finland, Germany, Netherlands, Norway, Sweden, Switzerland, United Kingdom and United States. LIS provides detailed data on income sources of most of the industrialized countries. The intention of the LIS project is to make income data internationally comparable, by introducing a common system of classiﬁcation. HOW TO MEASURE INCOME PACKAGES In this section we address the following methodological questions: what are the sources of income and what are useful categories for grouping these diﬀerent sources of income; what is the unit of analysis, and what are the diﬀerent approaches for measuring the income...
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