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Optimal retirement with increasing longevity
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Bloom, David E., Canning, David and Moore, Michael J. (2014) Optimal retirement with increasing longevity. The Scandinavian Journal of Economics, 116 (3). pp. 838-858. doi:10.1111/sjoe.12060
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Official URL: http://dx.doi.org/10.1111/sjoe.12060
Abstract
We develop an optimizing life-cycle model of retirement with perfect capital markets. We show that longer healthy life expectancy usually leads to later retirement, but with an elasticity less than unity. We calibrate our model using data from the US and find that, over the last century, the effect of rising incomes, which promote early retirement, has dominated the effect of rising lifespans. Our model predicts continuing declines in the optimal retirement age, despite rising life expectancy, provided the rate of real wage growth remains as high as in the last century.
| Item Type: | Journal Article | ||||||||||
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| Subjects: | Q Science > QP Physiology | ||||||||||
| Divisions: | Faculty of Social Sciences > Warwick Business School > Finance Group Faculty of Social Sciences > Warwick Business School |
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| Library of Congress Subject Headings (LCSH): | Aging, Older people -- Health, Retirement age, Quality of life | ||||||||||
| Journal or Publication Title: | The Scandinavian Journal of Economics | ||||||||||
| Publisher: | Wiley-Blackwell Publishing Ltd. | ||||||||||
| ISSN: | 0347-0520 | ||||||||||
| Official Date: | July 2014 | ||||||||||
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| Volume: | 116 | ||||||||||
| Number: | 3 | ||||||||||
| Page Range: | pp. 838-858 | ||||||||||
| DOI: | 10.1111/sjoe.12060 | ||||||||||
| Status: | Peer Reviewed | ||||||||||
| Publication Status: | Published | ||||||||||
| Access rights to Published version: | Restricted or Subscription Access | ||||||||||
| Funder: | National Institutes of Health (U.S.) (NIH), The Program on the Global Demography of Aging, Harvard University, Economic and Social Research Council (Great Britain) (ESRC), Centre of Excellence in Public Health, Northern Ireland | ||||||||||
| Grant number: | P30 AG024409 08 (NIH) ; ES/G007438/1 (ESRC) |
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