standard of living after retirement and thus to alleviate poverty in old age. In many developing and developed countries, the … minimum pension program is a key welfare program and a major influence on the retirement decisions of low-income workers and …-income workers to retire as soon as they become eligible for the program, which is often earlier than the normal retirement age. …

retirement and claiming decisions in terms of the employment, wage, health, and mortality uncertainty faced by individuals. Our … Early Retirement Age, while still explaining the increased claiming hazard at the Normal Retirement Age. We also discuss … remained very high in the last years even as the early retirement penalties have increased substantially compared with previous …