their chosen date of retirement, the term structure of interest rates, and life expectancy forecasts. These valuation … methods are then used to determine the optimal retirement time of a beneficiary given a specific wage history and health …

In this paper, we develop a new dynamic programming approach for solving an optimal retirement model in a two … jointly affect an individual's optimal consumption, investment, and retirement strategies. Specifically, we find that there … exists a certain endogenously determined wealth threshold over which it is optimal for an individual to enter retirement …

-As-You-Go (PAYG) social security, and the mix ofPAYG and savings for retirement provision in a small open economy. It shows that … paper also provides acondition for partial displacement of savings by the PAYG, which is in line with vastempirical evidence. …