This paper develops a general equilibrium life-cycle model with endogenous retirement and disability risk, in order to … analysis focus on the increase in the normal retirement age (NRA) from age 65 to 67 (Reform 2007) and the recent increase in … early retirement benefits in the future. …

the normal retirement age from sixty-six to seventy-three, or 4) means-test the benefits and reduce them one-to-one with … participation ; retirement age ; demographic shift ; overlapping generations …