most workers to retire well before the normal retirement age. Simulations show that pension reform must be drastic for it … mortality process. Individual agents choose their optimal retirement age, taking into account the time- and age profiles of … wages, taxes, and the public pension system. The early retirement provision in most pension systems acts as a trap, inducing …

How much retirement income is needed in order to maintain one’s living standard at old age? As it is difficult to find … replacement rate vis-à-vis income in the pre-retirement period. We subject indications regarding satisfaction with current income … the year of entry into retirement as a rather robust result, while replacement rates keeping the living standard unchanged …

The labor market effects of pension reform stem from retirement behavior and from job search and hours worked of prime … age workers. This paper investigates the impact of four often proposed policy measures for sustainable pensions … demonstrate the economic and welfare impact of recent pension reform in Austria. …

pensions and on a particular type of unfunded (PAYG) pension. Surprisingly little is known about the optimal split between … state the importance of PAYG pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate …

-as-you-go (PAYG) pension system with a statutory retirement date. This introduces a life-cycle in human wealth earnings and implies … that the growth rate is higher under PAYG. We also consider the implications of an increase in the retirement date under …

during retirement. However, there is no consensus on the answer to the underlying question about what this standard should be … Netherlands. Key findings include the following. Adequate levels of retirement spending exceed 80 percent of working life spending …

-insurance demand. An unanticipated tax reform in 2000 halved the tax exemption limit for capital income in Germany. We document that …

supply decision and 3) accounts for contributions-defined pensions of the US social security system. With these more …