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Retirement as a hedge

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Author Info

  • PESTIEAU, Pierre

    ()
    (Université de Liège, Belgium)

  • POSSEN, Uri M.

    (Cornell University, Ithaca, NY, USA)

Abstract

This paper explores the effect of letting individuals choose their retirement age in a world of uncertainty where there exist both defined benefit (DB) and de?ned contribution (DC) pension plans. The paper shows that giving individuals the flexibility to determine when to retire is an important tool for them when they are hedging against future uncertainty. It also finds that it is preferable to let people make their retirement decision after rather than before the uncertainty is lifted. Finally, it shows that shifting from DB to DC plans fosters the rate of activity of elderly workers.

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File URL: http://www.uclouvain.be/cps/ucl/doc/core/documents/coredp2009_43.pdf
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Bibliographic Info

Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2009043.

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Date of creation: 01 Jul 2009
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Handle: RePEc:cor:louvco:2009043

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Related research

Keywords: retirement decision; defined benefit defined contribution;

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Cited by:
  1. Jan Bonenkamp & Yvonne Adema & Lex Meijdam, 2011. "Retirement Flexibility and Portfolio Choice," CPB Discussion Paper 182, CPB Netherlands Bureau for Economic Policy Analysis.

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