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Journal Article
AGING, RETIREMENT, AND PAY-AS-YOU-GO PENSIONS
2018
Overview
In this paper, we consider the effects of population aging on a pay-as-you-go financed defined contributions pension scheme. We show that when retirement decisions are endogenous, aging increases the retirement age and the steady-state level of capital. The effect on pension payouts is in general ambiguous, except for the solution of full retirement, when this effect is unambiguously negative.
Publisher
Cambridge University Press
Subject
