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Saving and Retirement Decisions with Pension Risk

Listed author(s):
  • Andreas Wagener

We analyze the impact of increased pension uncertainties on saving and retirement decisions, both in isolated and in joint decision problems. In the absence of other risks, saving is increased and retirement is delayed when social security pensions get more risky. If saving and retirement decisions are risky themselves, risk-vulnerable individuals will save less upon a higher pension risk; the effect on retirement is ambiguous. If saving and retirement decisions are made jointly, higher pension risks may cause a decline in precautionary saving or an earlier withdrawal from the labor force, but never both at the sametime.

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Article provided by Mohr Siebeck, Tübingen in its journal FinanzArchiv.

Volume (Year): 63 (2007)
Issue (Month): 1 (March)
Pages: 107-132

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Handle: RePEc:mhr:finarc:urn:sici:0015-2218(200703)63:1_107:sardwp_2.0.tx_2-b
DOI: 10.1628/001522107X186746
Contact details of provider: Web page: https://www.mohr.de/fa

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  1. Conde-Ruiz, José Ignacio & Galasso, Vincenzo, 2003. "The Macroeconomics of Early Retirement," CEPR Discussion Papers 3896, C.E.P.R. Discussion Papers.
  2. P. A. Diamond & J. A. Mirrlees, 1977. "A Model of Social Insurance With Variable Retirement," Working papers 210, Massachusetts Institute of Technology (MIT), Department of Economics.
  3. Diamond, Peter A. & Stiglitz, Joseph E., 1974. "Increases in risk and in risk aversion," Journal of Economic Theory, Elsevier, vol. 8(3), pages 337-360, July.
  4. Douglas W. Elmendorf & Miles S. Kimball, "undated". "Taxation of Labor Income and the Demand for Risky Assets," Finance and Economics Discussion Series 1996-32, Board of Governors of the Federal Reserve System (U.S.).
  5. J. Ignacio Conde-Ruiz & Vincenzo Galasso, "undated". "Early retirement," Working Papers 2003-03, FEDEA.
  6. Boskin, Michael J, 1977. "Social Security and Retirement Decisions," Economic Inquiry, Western Economic Association International, vol. 15(1), pages 1-25, January.
  7. Vincent P. Crawford & David M. Lilien, 1981. "Social Security and the Retirement Decision," The Quarterly Journal of Economics, Oxford University Press, vol. 96(3), pages 505-529.
  8. Tito Boeri & Axel Boersch-Supan & Guido Tabellini, 2002. "Pension Reforms and the Opinions of European Citizens," American Economic Review, American Economic Association, vol. 92(2), pages 396-401, May.
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