This paper focuses on the relation between worker's productivity and retirement decision. Assuming that productivity … worker buys an insurance, which gives a constant income and retirement benefits in exchange for the total output. The level … of income and benefits is set to maximize lifetime utility. In such framework we find the retirement threshold of …

This paper explores the effect of letting individuals choose their retirement age in a world of uncertainty where there … finds that it is preferable to let people make their retirement decision after rather than before the uncertainty is lifted …