during retirement. However, there is no consensus on the answer to the underlying question about what this standard should be …, despite the fact that it is crucial for the design of saving incentives and pension systems. We address this question with a … Netherlands. Key findings include the following. Adequate levels of retirement spending exceed 80 percent of working life spending …

immediately preceded their EU accession. We first present basic stylized facts about public budgets of those countries. The paper …

’ fiscal policy and identify main trends in revenues and expenditures of their public budgets. We then explore dynamics of … governments have run a rather inconsistent fiscal policy and have not consolidated their budgets appropriately by postponing …

Prefunding of pension commitments in OECD economies is increasingly seen as a central strategy to cope with the aging … challenging requirements. For pension policy, the limited contribution of pre-funding at home and abroad in order to address the …

Early retirement is usually explained as a supply-side phenomenon. However, early retirement can also be a demand …-side phenomenon arising from a firm's profit maximization behavior. This paper analyzes voluntary and involuntary early retirement … based on international microdata covering 19 industrialized countries. The results indicate that generous early retirement …

By using their financial reserves efficiently, pension funds can smooth shocks on asset returns, and can thus … collective pension plan in terms of portfolio management, capital payments to retirees, and dividend payments to shareholders. We … compared to a situation in which each generation would save and invest in isolation for its own retirement. One of the main …

How much retirement income is needed in order to maintain one’s living standard at old age? As it is difficult to find … replacement rate vis-à-vis income in the pre-retirement period. We subject indications regarding satisfaction with current income … the year of entry into retirement as a rather robust result, while replacement rates keeping the living standard unchanged …

wages, taxes, and the public pension system. The early retirement provision in most pension systems acts as a trap, inducing … most workers to retire well before the normal retirement age. Simulations show that pension reform must be drastic for it …We study the effects of demographic shocks and changes in the pension system on the macroeconomic performance of an …