Retirement planning has become an increasingly important component of individual financial decision making. This paper presents the first causal evidence that compulsory education improves retirement financial outcomes in a developing economy. Exploiting the 1986 compulsory schooling reform in...

We develop and estimate a life-cycle model in which individuals make decisions about consumption, human capital investment, and labor supply and use it to analyze changes in Social Security rules. The most important aspect of our paper is human capital towards the end of the life cycle which...