investment strategy for DC pensions. Workers who follow identical investment strategies but who retire a few years apart can … receive DC pensions that are startlingly unequal. Second, it is hard for ordinary workers, as opposed to optimal planners, to …

We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt …

We investigate numerically how indexation of funded pensions for inflation can be differentiated across the various …

We investigate the responsiveness of individual retirement decisions to changes in financial incentives. A reform … retirement at the previous NRA became possible at a benefit discount. Since the reform affected specific birth cohorts we can … increased women's normal retirement age (NRA) in two steps from age 62 to age 63 first and then to age 64. At the same time …

In this paper, we consider how the hours of work and retirement age ought to respond to a change in the uncertainty of … individuals' labor supply and retirement-decisions, the results show that a decrease in the standard deviation of life …-length leads to an increase in the optimal retirement age and a decrease in the hours of work per period spent working. This result …

and have triggered substantial reforms of these systems. One of the officially declared reform objectives is to raise the … average retirement age. Crucial parameters for this endeavor are first the legal retirement age and secondly the early … retirement provisions inherent in the public pension system. In this paper we discuss several notions of "fairness" of early …

public pension payments. This reform did not change the level of pensions, but only provided information to individuals about …How can retirement savings be increased? We explore a unique policy change in the context of the German pension system … these letters on the behavior of individuals. We find an increase in tax-deductible private retirement savings and provide …

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 …