A deferred annuity typically includes an option-like right for the policyholder. At the end of the deferment period, he may either choose to receive annuity payouts, calculated based on a mortality table agreed to at contract inception, or receive the accumulated capital as a lump sum....

A deferred annuity typically includes an option-like right for the policyholder. At the end of the deferment period, he may either choose to receive annuity payouts, calculated based on a mortality table agreed to at contract inception, or receive the accumulated capital as a lump sum....

In this work I investigate the responsiveness of Italian workers to the early retirement incentives provided by the Social Security (SS) and try to shed light on the nature of the puzzling age-60-spike in the retirement hazards. The empirical analysis carried out on a sample drawn from the panel...