accumulated for retirement. This paper addresses three important adjustments channels to dampen these detrimental effects of … ageing: investing abroad, endogenous human capital formation and increasing the retirement age. Although non of these … retirement age has strong effects. Under these adjustments maximum welfare losses of demographic change for households alive in …

couples. In this paper, we quantify the degree of actuarial advantage or disadvantage for individuals whose mortality differs … from the average. We find that at real interest rates close to zero, most households - even those with mortality rates that … historical average, however, singles with mortality that is substantially greater than average do not benefit from delay; however …

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 …

Social Security retirement benefits can be claimed at any age between 62 and 70, with delayed claiming resulting in … policy changes increased the gains from delay, particularly for couples. In addition, mortality improved and real interest … and Retirement study, we show that individuals who turned 62 after 2000 are indeed more likely to delay than those who …

We develop a life-cycle model of optimal retirement and savings behavior under complete markets where retirement is … caused by worsening health in old age. Our model explains the long-run decline in the age of retirement as an income level … effect. We show that improvements in health and longevity tend to increase the desired retirement age, though less than …

the one hand and old-age labor force participation or early retirement on the other hand. We explore how both are linked … features and reforms of the pension system since the 1960s. Then we show how mortality, health and labor force participation of … the elderly have changed since the 1970. While mortality (as our main measure of health) has continuously decreased and …

The U.S. economy has recently experienced two, seemingly unrelated, phenomena: a large increase in post-retirement life … rely on financial intermediaries to save for post-retirement consumption. When expecting to live longer, they rely more …

imprecisely estimated. Additional analysis suggests that the increase in male mortality is connected to retirement from the labor …. We examine whether age 62 is associated with a discontinuous change in aggregate mortality, a key measure of population … health. Using mortality data that covers the entire U.S. population and includes exact dates of birth and death, we document …