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• W654312229 abstract "The objective of this paper is to analyze the welfare eects of raising the retirement age. With aging populations, in many countries de iure retirement age has been raised. With a standard assumption that individuals prefer leisure to work, such policy necessitates some welfare deterioration. However, it could be outweighed by lower taxation (dened benet schemes becoming more balanced) or higher pension benets (dened contribution schemes yield higher eective replacement rate). Moreover, it is often argued that actuarially fair pension systems provide sucient incentives for individuals to extend the number of working years, which undermines the need to change de iure retirement age. In this paper we construct an OLG model in which we analyze welfare eects of extending the retirement age under PAYG dened benet, PAYG dened contribution and partially funded dened contribution pension schemes. We nd that such policy is universally welfare improving. However, postponed" @default.
• W654312229 created "2016-06-24" @default.
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• W654312229 date "2014-01-01" @default.
• W654312229 modified "2023-09-27" @default.
• W654312229 title "Does social security reform reduce gains from increasing the retirement age" @default.
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• W654312229 hasPublicationYear "2014" @default.
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