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Using simulation as a tool in selecting a retirement age under defined benefit pension plans

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  • Richard Bieker

Abstract

This paper examines how simulation modeling can be used to select a retirement age under defined benefit pension plans. This approach construes the variables affecting pension benefits as probabilistic variables. Simulations are then run to generate probabilistic values for the real value of pension benefits for alternative retirement ages. By construing variables affecting pension benefits as probability distributions, this approach reflects the uncertainty facing individuals contemplating retirement. By generating estimates of retirement benefits as probability distributions rather than as single deterministic values, the model provides individuals with a more realistic and complete frame of reference for making the retirement decision. Copyright Springer 2002

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  • Richard Bieker, 2002. "Using simulation as a tool in selecting a retirement age under defined benefit pension plans," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 26(3), pages 334-343, September.
    • Handle: RePEc:spr:jecfin:v:26:y:2002:i:3:p:334-343
    DOI: 10.1007/BF02759716
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    References listed on IDEAS

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    1. Woerheide, Walt, 2000. "The impact of the Pension Fund on the decision to work one more year1," Financial Services Review, Elsevier, vol. 9(1), pages 17-31, 00.
    2. Samwick, Andrew A., 1998. "New evidence on pensions, social security, and the timing of retirement," Journal of Public Economics, Elsevier, vol. 70(2), pages 207-236, November.
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    Cited by:

    1. Mielczarek, Bożena, 2013. "Simulation model to forecast the consequences of changes introduced into the 2nd pillar of the Polish pension system," Economic Modelling, Elsevier, vol. 30(C), pages 706-714.

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