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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 ISSN 0347-0520.

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Official URL: http://dx.doi.org/10.1111/sjoe.12060

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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
Alternative Title:
Subjects: Q Science > QP Physiology
Divisions: Faculty of Social Sciences > Warwick Business School > Finance Group
Faculty of Social Sciences > Warwick Business School
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
Dates:
DateEvent
July 2014Published
10 March 2014Available
March 2013Accepted
August 2011Submitted
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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