As part of the current debate on the reform of pension systems, this article examines the potential effects on consumption behaviour of implementing a lump-sum payment in a public pension system. This work explores an experimental investigation into retirement consumption behaviour with two...

We compare a Social Security system where people can retire at the age of their own choice with one in which there is a legal retirement age elected through a majority voting process. We analyze how incentives on retirement decisions change depending on the retirement rules. We show that...

In this paper we analyze the effects of changing Social Security parameters on the optimal legal retirement age. Two Social Security Systems are studied, with opposite results. When the pension scheme has a defined contribution, a more redistributive system will delay the preferred legal...