While the effect of social security systems on retirement decisions has received much attention, the impact of these … investment and retirement decisions in a simple analytical life-cycle model with full certainty and investigate how different … contributions and benefits increase human capital investment and postpone retirement. …

This paper investigates the relation between human capital andretirement when the age of retirement is endogenous. This … relation isexamined in a life-cycle earnings model. An employee works full timeuntil retirement. The worker accumulates human … human capital results in a lower life-timeincome, but also in a lower price of an earlier retirement. …

, endogenous human capital formation and increasing the retirement age. Our quantitative finding is that endogenous human capital … formation in combination with an increase in the retirement age has strong implications for economic aggregates and welfare, in …