, and what governments have done to deal with the emerging issues. The paper starts by discussing what theory tells us about … in the case of pay-as-you-go state pensions and defined-benefit occupational pensions, theory would suggest that the … Germany, where unfunded social security pensions remain by far the most important source of retirement income. The paper finds …

During the financial crisis of 2008, the market value of retirement assets held in stock fell by 32 percent. The … retirement. The results show that equally weighted portfolio of stocks and bonds performs better than a portfolio of 100% stock …

retirement and the associated risks in running out of funds in the retirement savings pool. The first is a bootstrap simulation … thirty year retirement horizon for some commonly recommended periodic withdrawal rates …