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Private pension provision faces the challenging task of providing stable income streams during retirement. The challenge has increased markedly in the last decades due to volatile financial markets, falling interest rates and the withdrawal of employers and external insurers as risk bearers of...
Persistent link: https://www.econbiz.de/10011252616
When entering retirement most people face the decision whether they would like their defined contribution account balance paid as a lump sum or to annuitize the amount. The fact that people tend to choose the lump sum even if economic reasons suggest not to is called the annuity puzzle. In a...
Persistent link: https://www.econbiz.de/10011165648
We analyze the effect of growing up on welfare on young people’s involvement in a variety of social and health risks. Young people in welfare families are much more likely to take both social and health risks. Much of the apparent link between family welfare history and risk taking disappears,...
Persistent link: https://www.econbiz.de/10005032830
In this Paper, we study the role of subsidies to fertility in ensuring the political viability of unfunded social security (SS). In our model, agents are heterogeneous in age and income. Young generations confront promises made previously by older generations, and in turn choose current levels...
Persistent link: https://www.econbiz.de/10005123867
ability to raise children. In a world with perfect information, a pay-as-you-go social security system is characterized by …, fertility must be subsidized at the margin to correct for the externality that accompanies fertility. In a world of asymmetric …
Persistent link: https://www.econbiz.de/10005792304
Intergenerational inequality and old-age poverty are salient issues in contemporary China. China's aging population threatens the fiscal sustainability of its pension system, a key vehicle for intergenerational redistribution. We analyze the positive and normative effects of alternative pension...
Persistent link: https://www.econbiz.de/10011083803
Persistent link: https://www.econbiz.de/10004971393
This paper studies how an increase in the minimum retirement age affects the labor market behavior of older workers. Between 2000 and 2006 the Austrian government gradually increased the early retirement age from 60 to 62.2 for men and from 55 to 57.2 for women. Using administrative data on the...
Persistent link: https://www.econbiz.de/10009275966
Major events in the life of an elderly individual, such as retirement, a significant decrease in income, death of the spouse, disability, and a move to a nursing home, may affect the mental health status of the individual. For example, the individual may enter a prolonged depression. We...
Persistent link: https://www.econbiz.de/10005666455
We estimate the causal effect of early retirement on mortality for blue-collar workers. To overcome the problem of endogenous selection, we exploit an exogenous change in unemployment insurance rules in Austria that allowed workers in eligible regions to withdraw from the workforce up to 3.5...
Persistent link: https://www.econbiz.de/10008677238