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 …

mortality process. Individual agents choose their optimal retirement age, taking into account the time- and age profiles of … 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 …

The labor market effects of pension reform stem from retirement behavior and from job search and hours worked of prime …

retirement and work incentives of prime-age workers. We find that postponed retirement tends to harm incentives of prime …

1993 and 1994. The husband is eligible for early retirement while the wife is not. The models aim at explaining labor … supply behavior of married couples the first twelve months after the husband became eligible for early retirement. Estimates …

Germany recent reforms that aim at raising retirement age and cutting benefit levels should be complemented by increases in …

We investigate the responsiveness of individual retirement decisions to changes in financial incentives. A reform … increased women's normal retirement age (NRA) in two steps from age 62 to age 63 first and then to age 64. At the same time … retirement at the previous NRA became possible at a benefit discount. Since the reform affected specific birth cohorts we can …

pension scheme: The 20 percent reduction in the rate at which retirement capital is translated into a life-long annuity …

The present paper studies the growth and efficiency consequences of pension funding with individual retirement accounts … retirement plans. Three major findings are derived in our study: First, we quantify the commitment effect of social security for …