This paper develops a general equilibrium life-cycle model with endogenous retirement and disability risk, in order to quantify the impact of recent pension reforms in Germany. At certain ages households may either apply for disability pensions (DP) or old-age pensions (OAP), de-pending on...

When Adam Smith – author of Wealth of Nations (1776) and Theory of Moral Sentiments (1759) – was elected Professor of Logic at Glasgow in 1751, he joined a benefit “scheme” that was unique for its time, although quite common in the 21st century. The scheme offered participants a choice...

Retirement outcomes would be improved if retirees had access to insurance products that linked guaranteed, inflation-adjusted income to life cycle investment portfolio strategies. Suitable retirement planning for individual, defined contribution plans must concurrently account for trade-offs...

Social Security provides higher replacement rates to disability insurance beneficiaries than retired beneficiaries. This fact reflects two factors: 1) Disability Insurance (SSDI) beneficiaries have lower career earnings, and Social Security benefits are progressive; and 2) SSDI benefits are not...

The aim of the authors is to provide a critical statistical-analytical view of the current pension system of the Slovak Republic with special regard to old -age pension savings in its fifteen-year existence, resulting in proposals for adjustments to its operation. It includes an analysis of the...