entitlements, calculation formula, early retirement, taxation). Chapter four concludes with formulation of main current issues …

partly by the relatively low share of the funded component of the retirement premium. It is shown that considerable cost … strategy for retirement purposes. Several possible candidates for benchmarks are proposed. …

We examine the role of changing mortality in explaining the rise of retirement over the course of the 20th century. We … of death. In an environment in which mortality is high, an individual who saved up for retirement would face a high risk …. As mortality falls, however, it becomes optimal to plan, and save for, retirement. We simulate our model using actual …