A new algorithm for clustering life course trajectories is presented and tested with large register data. Life courses are represented as sequences on a monthly timescale for the working-life with an age span from 16–65. A meaningful clustering result for this kind of data provides interesting...

In this paper we analyze exemplarily the volatility of the internal rates of return of the German pension system over the life-cycle of an individual born in 1957. The outcome is compared to an alternative defined-contribution or defined-benefit policy. Based on the actual data, our results show...