This paper investigates the effects of increasing the eligibility age for public pension on workers' retirement decisions, focusing on recent Japanese public pension reforms. In Japan, the pensionable age for Employees' Pension Insurance benefits gradually increased from 60 to 65 for males over...

Feldstein [1985] posed the questions of what would be the optimal level of retirement benefit, and what would be the optimal mix between the pay-as-you-go system and the funded pension system under the assumption of an exogenous interest rate. We reconsider the problem with the addition of a...