retirement and two types of individuals, who differ in their life expectancy. In order to introduce the existence of limited …-time pension insurance, we consider a model where for each period of retirement separate contracts can be purchased. Demand for the … two periods can be decided either sequentially or simultaneously. We show that only a situation where all risk types …

This paper investigates the optimal retirement of an individual in the presence of involuntary unemployment risks and … emphasized in recent studies. We also find that an individual with high leisure demand after retirement reduces consumption … during retirement and increases stockholdings as retirement time approaches …

We develop a retirement model with long-run income risk in which the wealth threshold for retirement is shown to be a … function of the extent of the long-run income risk. By devising a new numerical algorithm, we solve the two …-dimensional retirement problem. The two-dimensional retirement framework has changed quantitative and qualitative features of retirement …

with risk measured by CVaR and additional sophisticated constraints. The cash outflow shortages are penalized in the … using two variations of the model. The parameters used in this case study correspond to a typical retirement situation. The …