In this paper we develop a retirement model under the expected utility stochastic control framework to find optimal … of the Australian retirement system. Few retirees in Australia utilise financial products in retirement, such as … in retirement, and that annuitisation is optimal sooner rather than later once retired. We find that it is never optimal …

In this paper, we develop a retirement model under the expected utility stochastic control framework to find optimal … the Australian retirement system. Few retirees in Australia utilise financial products in retirement, such as annuities or … retirement, and that annuitisation is optimal sooner rather than later once retired. We find that it is never optimal to …

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. …

This study exploits a new dataset in order to quantify the effect of financial incentives on retirement choices. This … Wise (2004), we find that financial incentives have an effect on retirement. The effect goes in the expected direction … their retirement probability increases in a sizable way. We also find that the procedure to impute seniority used in …

incentives matter for the retirement behavior of the self-employed. We also provide evidence of the self-employed not wanting to … retire as early as possible, and contrast these expectation data with realized retirement transitions. The overall picture …