Sanders, Lisanne; De Waegenaere, Anja; Nijman, Theo E. - In: Insurance: Mathematics and Economics 53 (2013) 1, pp. 134-149
It is common practice for public pension schemes to offer individuals the option to delay benefit claiming until after the normal retirement age, and increase the annual benefit level as a result. Existing literature shows that for non-liquidity constrained individuals, delaying benefit claiming...