This paper examines the retirement decision, optimal investment, and consumption strategies under an age …-dependent force of mortality. We formulate the optimization problem as a combined stochastic control and optimal stopping problem with … a random time horizon, featuring three state variables: wealth, labor income, and force of mortality. To address this …

This paper formulates a model of retirement behavior based on the solution to a stochastic dynamic programming problem … the sequential nature f the retirement decision problem, and the role of expectations of uncertain future variables such … employment, assets, and social security retirement, disability and medicare payments. This paper applies a "nested fixed point …

Consider a robust retirement decision problem for a risk- and ambiguity-averse investor concerned about return … ambiguity. We characterize the robust retirement time using the free boundary and derive the robust consumption and investment …