This article estimates the financial return provided by the Spanish pension system for a sample of new retirees in 2017, calculated on the basis of the Muestra Continua de Vidas Laborales. The findings show an average real annual return (understood as the discount factor that equates the present...

Die konzeptionelle Ausgestaltung der Alterssicherung, das heißt die Gratwanderung zwischen Bismarck und Beveridge, wird wegen der sich abzeichnenden demografischen Veränderungen kontrovers diskutiert. Eine besondere Bedeutung erlangte hierbei die Idee einer Bürgerrente, in der pro Kopf...

In this paper we investigate the impact of a reduction in the pension replacement rate on the schooling choice and on inequality. We develop an overlapping generations model in which individuals differ by their life expectancy and in the cost of attending schooling. Individuals optimally choose...

Differences in life expectancy between high and low socioeconomic groups are often large and have widened recently in many countries. Such longevity gaps affect the actuarial fairness and progressivity of public pension systems. However, behavioral responses to longevity and policy complicate...