, secondly, individuals face a voting process on the legal retirement age. The results suggest that governments attempting to … postpone the legal retirement age should increase the degree of intra-generational redistribution of the pension system in …

The long run welfare implications of the legal retirement age are studied in a perfect foresight overlapping … supply. The legal retirement age is utilized to dampen distortionary effects of payroll taxes and public pension annuities … and promote capital accumulation. We show that a social optimal legal retirement age exists and how it depends on whether …

legal retirement age elected through a majority voting process. We analyze how incentives on retirement decisions change … depending on the retirement rules. We show that individuals prefer a legal retirement age higher than that they would choose in … constraint. In spite of that, we show that when the legal retirement age significantly limits the retirement age of high …

This paper analyzes the effects of population aging on the preferred legal retirement age. What is revealed is the … crucial role that the indirect ’macro’ effects resulting from a change in the legal retirement age play in the optimal … retirement age. However, under a defined pension scheme the retirement age is delayed. This result shows the relevance of …

, secondly, individuals face a voting process on the legal retirement age. Our results suggest that an increase in the … redistributive character of the system could lead to a larger social consensus to postpone the legal retirement age. Surprisingly, it …

legal retirement age elected through a majority voting process. We show that individuals prefer a legal retirement age … higher than the one they would choose in the flexible scheme. In spite of this, we show that when the legal retirement age …. Finally, we show that even when pension benefits are higher with a legal retirement age, a flexible system might be …

political economy of the legal retirement age. Using a life-cycle model, we study the effects of changing the redistributive … parameters on the optimal legal retirement age in a Pay-As-You-Go social security system. Two pension plans are studied, with … retirement age. On the other hand, in a defined benefits plan, the same increase in the redistribution levels will lower this …

political economy of the legal retirement age. Using a life-cycle model, we study the effects of changing the redistributive … parameters on the optimal legal retirement age in a Pay-As-You-Go social security system. Two pension plans are studied, with … retirement age. On the other hand, in a defined benefits plan, the same increase in the redistribution levels will lower this …