effects of early retirement disincentives on retirement behavior, individual welfare, pensions and public budget. We employ … retirement model. We find that labor market participation and retirement behavior in general are strongly influenced by the level …

that 40% of the participants choose some risk and thus, accept fluctuations in retirement income. Second, we analyze the … investigate the choice between phased withdrawal plans with varying riskiness resulting in volatile retirement income. We find …How to invest and decumulate wealth during retirement has far-reaching consequences for consumption during retirement …

We revisit the alleged retirement consumption puzzle. According to the life-cycle theory, foreseeable income reductions …-cycle theory. For retirees we also find significant effects of the income reduction at retirement on housing. However, the effects … endowments after retirement, the theory does predict a fall of total market consumption expenditures. In order not to mistake …

pension contributions and expected standard of living in retirement, using microdata from the German Panel on Household … have lower (higher) expected standards of living in retirement, due to the uncertainty regarding intrahousehold resource … sharing. The empirical results suggest that household bargaining is significantly correlated with individual retirement …

In this paper I study a model of life-cycle consumption in which individuals react optimally to their own income … process but ignore economy wide information. Since individual income is less persistent than aggregate income consumers will … react too little to aggregate income variation. Aggregate consumption will be excessively smooth. Since aggregate …