The article presents a method for calculating the cross-section internal rate of return on contributions to pension …

elderly with respect to increased social security benefits. …

-a-vis eligibility for disability pension benefits slightly increases the probability of retirement, while a reduced pension benefit has …

estimate the expected utility, depicting the typical patterns of pension benefits over a life cycle. We show that the optimal … with early claiming of pension benefits for wage earners. …

public pension benefits to decline. We find that recent pension reform, which raised the pensionable age, affected people by … increasing the age when they expect to claim their benefits by almost the exact same amount for all. The reform decreases their … expectations for public pension benefits, although this effect is not necessarily significant. We also find evidence that …

their 50s who are not yet age-eligible for public pension benefits. Then, we simulate work capacity for those in their …