This paper explores the effect of letting individuals choose their retirement age in a world of uncertainty where there exist both defined benefit (DB) and defined contribution (DC) pension plans. The paper shows that giving individuals the flexibility to determine when to retire is an important...

Using a stochastic general equilibrium model with overlapping generations, this paper studies (i) the effects on both extensive and intensive labour supply responses to changes in fertility rates, and (ii) the potential of a retirement reform to mitigate the effects of fertility changes on...

In this paper we use the actual rules and formulas of an occupational pension fund, the state pension fund and the tax system in the Netherlands to calculate net replacement rates at each age from 60 to 70 in full and partial retirement scenarios. We then vary the parameters of the pension...

In 2009, the New Rural Social Pension Insurance program (NRSPI) was introduced and expanded to nationwide in 2012. This paper investigates the effect of the NRSPI on the retirement and old-age labor supply pattern in China using a two-wave nationwide survey data. Since the NRSPI is voluntary, we...

The share of the older workers in the labor force has increased due to population aging and pension reforms in many countries. However, rules of the public and private pension schemes and restrictions from the employers still require large populations of older workers with possibly heteregeneous...

This paper develops a pension product that is explicit about the pre-established goals that are aimed for. The proposed product presents a trade-off that is transparent in terms of required contributions, the income level targeted and guarantees offered. Depending on participants' preferences,...

Using data from three waves of the General Social Survey on retirement and older workers (1994, 2002 and 2007), we document the evolution of retirement patterns over the last three decades. We combined the analysis of retirement ages of actual retirees with data on expected retirement ages of...

We construct a dynamic stochastic general equilibrium model with overlapping generations in order to analyze the optimality of means-testing pension benefits in the UK. While previous studies only consider the long-run welfare effects of alternative policy reforms, we compute the full transition...

Recent reforms that aim at reducing the upcoming burdens of population ageing might seriously harm low income individuals. An increase in old-age poverty and disability will be the result. Under this prospect, the present paper quantitatively characterizes the optimal progressivity of unfunded...

This paper uses panel data from the pan-European SHARE survey to study labor market behavior of older male self-employed visa-vis wage employed workers. We find the self-employed to work longer hours, to be more flexible in their hours allocation, and to retire later in all countries. We relate...