legal retirement age is increasing in longevity and (iii) decreasing in the public pension replacement rate. We then test … retirement age by 0.5 to 3 years. We conclude that if policy contains the generosity of public pensions, increasing the legal …Within a politico-economic model we first establish three hypotheses: (i) Retirees generally prefer a higher retirement …

entitlements, the pension age must be automatically updated to keep the period in retirement constant. Alternatively, policy …Continuous longevity improvements and population ageing have led countries to modify national public pension schemes by … increasing the standard and early retirement ages in a discretionary, scheduled, or automatic way, and by making it harder for …

statutory ages across individuals in the German pension system. Measuring retirement bunching responses to 644 different … discontinuities in pension benefit profiles, I first document that financial incentives alone fail to explain retirement patterns in … highlight that shifting statutory ages via pension reforms can be an effective policy to increase actual retirement ages with a …

only for the resulting pension composition but also for macro-economic variables such as the wage rate, the interest rate …Pensions may be provided for in a modern society by a mix of several methods, namely by voluntary individual savings …, mandatory fully-funded occupational pension systems, mandatory social security financed by pay-as-you-go, and old …

quantitatively characterizes the optimal progressivity of unfunded pension systems in an overlapping generations model with …. Focusing on the German pension system, our model features the most recent demographic projections and distinguishes three skill … classes with skill-dependent risk profiles. Starting from a baseline path that reflects a purely earnings related pension …

ages (“normal” and “early”) and find that the health of workers in low status occupations benefits greatly from retirement …We investigate health and aging before and after retirement for specific occupational groups. We use five waves of the … Survey of Health, Aging, and Retirement in Europe (SHARE) and construct a frailty index for elderly men and women from 10 …

application to reference dependence exhibited in German workers’ retirement decisions. Both simulation and sufficient statistics … results suggest positive welfare effects of increasing the Normal Retirement Age, but ambiguous effects of financial … incentives to postpone retirement. Finally, we study how adopting alternative models of reference dependent preferences modifies …

quantify the impact of recent pension reforms in Germany. At certain ages households may either apply for disability pensions … early retirement benefits in the future …This paper develops a general equilibrium life-cycle model with endogenous retirement and disability risk, in order to …

longer and birth rates have declined. Postponing the full retirement age (FRA), when retirees are entitled to full pension …, has been proposed as a solution. This effectively lowers the payroll tax rate since pension is paid only in the post … state, capital is decumulated and the wage rate falls. Contrast this with a reduction of the payroll tax rate where the …

This paper investigates how parametric reform in a pay-as-you-go pension system with a tax benefit link affects … retirement incentives and work incentives of prime-age workers. We find that postponed retirement tends to harm incentives of … under appropriate conditions. We also provide a sharp characterization of the excess burden of pension insurance and show …