Life expectancies are rapidly increasing and uncertain in all countries in Europe. To keep pension systems affordable, policy reforms are to be implemented which will encourage individuals to work longer. In this paper we analyze the impact of working and living longer on pension incomes in five...

We study old age care expenditures and means to prepare for them. The expected size of the expenditures is described both from the point of view of individuals and the municipalities who provide the services. We use a numerical stochastic life cycle model to research how much various individuals...

The earnings-related pension system is partially pre-funded in Finland and has currently large reserves. This has roused debate whether the pension funds should take a more active role in promoting employment, growth and domestic ownership of the firms. We analyse the justifications presented...

We study the extent to which retired households in Finland could supplement their mandatory pension benefits by releasing their equity. We also consider the tax treatment of different financial products that turn wealth into an income stream. In addition, we use a life cycle consumption-savings...

We study the welfare effects of earnings testing flat-rate old-age benefits in a quantitative overlapping generations model with idiosyncratic labor income risk. In our model economy, even a moderate earnings testing reduces individuals' expected lifetime utility, whenever other taxes are taken...

Life expectancies are rapidly increasing and uncertain in all countries in Europe. To keep pension systems affordable, policy reforms are to be implemented which will encourage individuals to work longer. In this paper we analyze the impact of working and living longer on pension incomes in five...

Life expectancies are rapidly increasing and uncertain in all countries in Europe. To keep pension systems affordable, policy reforms are to be implemented which will encourage individuals to work longer and that adjust pension systems such that if life expectancy increases without adjustments...