In summer of 2013, the Office for National Statistics (ONS) reported a record of more than one million people aged 65 or more being in employment in the UK. This represents a doubling relative to 1992 (when ONS began recording this statistic) and means almost one in ten people aged over 65 are...

We solve a retirement lifecycle model in which the consumer's age does not move in lockstep with calendar time. Instead, biological age increases at a stochastic non-linear rate in chronological age, which one can think of as working with a clock that occasionally moves backwards in time. Our...

Understanding the link between retirement and health is crucial for both improving people's wellbeing and for designing optimal public policy around retirement. Yet, to date, the economics literature has been inconclusive about whether retirement causes improvements or deterioration in health....

The increase in life expectancy spells disaster at retirement. One can solve this problem by investing in the maximum geometric mean (MGM) portfolio, which is empirically composed from equity. For a T = 30 year horizon or more, the MGM portfolio dominates other investment strategies by almost...

In most data sets of labor force participation of the elderly, an empirical regularity that emerges is that retirement rates are particularly high at age 65. While there are numerous economic reasons why individuals may choose to retire at 65, empirical models that have attempted to explain the...