We provide a long-term perspective on the individual retirement behaviour and on the future of retirement. In a Markovian political economic theoretical framework, in which incentives to retire early are embedded, we derive a political equilibrium with positive social security contribution rates...

Ageing is the major challenge for the PAYG pension systems in developed countries. Most of them are undergoing reforms in order to adapt to the new demographic reality. The package of reforms implemented includes increasing the retirement age, reducing the replacement rate, or introducing a...

El envejecimiento de la población es un proceso imparable que continúa suponiendo un reto para la sostenibilidad del sistema de reparto de pensiones en la mayoría de los países desarrollados, incluida España. Gran parte de estos países necesitan llevar a cabo reformas en sus sistemas de...