In this paper we explore the effects of the minimum pension program on welfare and retirement in Spain. This is done … by the minimum pension in aggregate retirement patterns. The impact is substantial: there is a threefold increase in … retirement at 60 (the age of first entitlement) with respect to the economy without minimum pensions, and total early retirement …

attention to their impact on retirement behavior. This is done with the help of a stylized life-cycle model, which provides a … account. We follow two steps in order to quantitatively assess the contribution of minimum pensions to early retirement … econometric estimation. We then simulated the change in the aggregate retirement distribution induced by the minimum pension …

In this paper we explore the distortions that minimum pensions generate on retirement behavior. This is done with the … to early retirement patterns we, firstly, recover the preference parameters through a structural econometric estimation …; and, secondly, we simulate the change in the retirement distribution induced by the minimum pension. We found that 3 out …

standard of living after retirement and thus to alleviate poverty in old age. In many developing and developed countries, the … minimum pension program is a key welfare program and a major influence on the retirement decisions of low-income workers and …-income workers to retire as soon as they become eligible for the program, which is often earlier than the normal retirement age. …

pension plans, which mostly leave to the worker the choice between ashing-in or annuitizing pension wealth at retirement …

standard of living after retirement and thus to alleviate poverty in old age. In many developing and developed countries, the … minimum pension program is a key welfare program and a major influence on the retirement decisions of low-income workers and …-income workers to retire as soon as they become eligible for the program, which is often earlier than the normal retirement age. …

standard of living after retirement and thus to alleviate poverty in old age. In many developing and developed countries, the … minimum pension program is a key welfare program and a major influence on the retirement decisions of low-income workers and …-income workers to retire as soon as they become eligible for the program, which is often earlier than the normal retirement age. …

Consumption expenditure declines sharply at the time of retirement for many households, but the majority maintain a … smooth consumption path. A simple life cycle model with uncertainty about the time of retirement can account for this pattern …. A richer version of the model is calibrated to data from the Health and Retirement Study. The median change in …

Post-retirement, the model in the main text (published in the Review of Economic Dynamics) reduces to the Merton (1969 …) problem, which has of course an exact solution. Pre-retirement, however, the agent holds an American option, namely, retire … an approximate solution to the agent's pre-retirement problem. …