Most literature about retirement planning treats the working (accumulation) and retirement (decumulation) phases separately. The traditional approach decides on safe withdrawal rate, uses it to derive a wealth accumulation target, and then calculates the savings rate required to achieve this...

We analyse the effects of the creation of a reserve fund for the PAYG pension system; the fund is put in place before ageing appears, ageing consisting in an exogenous increase in life expectancy. We examine the open economy case, with perfect international capital mobility, and the closed...