We review the main challenges related to ageing in Italy. Given the key role that working longer may have in order to tackle those challenges, from both a financial sustainability and pension adequacy perspectives, we focus upon the several issues which are relevant in order to increase elderly...

De nos jours, nous assistons à une déformation dans la pyramide des âges, témoignant d’un phénomène de vieillissement des populations. Le problème de soutien de cette masse en hausse de personne âgée e pose. Le présent document cherche à savoir si le système légal de pension basé...

A well-known result in life-cycle models with uncertain lifetime is that, absent other sources of uncertainty, egoistic agents should annuitize all their wealth. The gain from access to an annuity market, as measured by the increase in non-annuitized wealth required to obtain the same utility...

In this paper we try to find an investment strategy which gives a high probability of reaching a given target amount at retirement. This strategy depends on two moments: the first is the appropriate time to stop investing the contributions into equities and the second is the optimal moment to...

Substantial research attention has been devoted to the pension accumulation process, whereby employees and those advising them work to accumulate funds for retirement. Until recently, less analysis has been devoted to the pension decumulation process – the process by which retirees finance...

We specify and estimate models for married couples in which both spuses work or only one does and estimate these models on data from the Bank of Italy Panel (SHIW). Model estimates are used to decompose the observed differences in retirement trends of the two demographic subgroups into...

The aging process and the reduction of labor-force participation are matters of much concern in most developed countries, especially for their implication on the sustainability of Social Security systems and for tackling poverty, just to mention few topics. For this reasons the literature on...

High effective tax rates on work at and around state pension age deter participation. An example is the ‘earnings test’ operating in several OECD countries. The United States abolished its test for the 65+ age group in 2000. The United Kingdom offers a ‘natural experiment’ of this...