Demographic change in industrialized nations has been a matter of common interest for some time. The financial implications of an ageing society are also increasingly discussed, particularly with regard to pension systems. The impact of this development on public finances is, however, only...

When should you claim a pension (such as Social Security) in the US? Much current advice focuses on the increase in the annual pension benefit as individuals delay claiming a pension, an increase due to the actuarial fairness of the system. However, individuals face two risks: whether they live...

The Philippines is identified as one of the countries with an ageing population, as the proportion of persons aged 60 and above is at 7.4 percent in 2015 and is projected to increase to 15.9 percent by 2045. Senior citizens tend to have higher prevalence of various medical diseases and...

Ageing of most societies is driven by two factors: (1) birth rates are declining and (2) people are living longer. These developments have substantial effects on economies and, in particular, on the funding of our living standards in retirement. We develop an overlapping generation model in...

Households that postpone claiming Social Security benefits are, in effect, making additional purchases of the Social Security annuity and acquiring valuable longevity insurance. This paper investigates the impact of plausible variations of subjective mortality beliefs on the value of delayed...

Many theories and public discussions about pension systems and their reforms are based on the assumption that individual age is a major factor in determining individual preferences for or against public pension schemes. The aim of this paper is to explore whether different age groups do indeed...