and an incentive to save more themselves. For this reason, unfunded private pensions differ fundamentally from the … unfunded Social Security pension and the other unfunded federal government civilian and military pensions …

little effect on savings rates. In many countries, however, retirement incentives in social security programs prevent … retirement ages from keeping pace with changes in life expectancy, leading to an increased need for life-cycle savings. Analyzing … a cross-country panel of macroeconomic data, we find that increased longevity raises aggregate savings rates in …

) through both a savings channel and an effective labor supply channel. The effects can be quantitatively large if the …