Arbeitspapier
The Return on Social Security with Increasing Longevity
In this paper I study the impact of increasing longevity on pay-as-you-go pension systems. First, I show that increasing longevity increases their internal rate of return. The size of the effect di ers for di erent policy regimes. It is higher for the case where the retirement age is increased in order to keep the system in balance than for the case where the necessary adjustment is achieved by reducing pension bene ts. Second, I study optimally chosen retirement decisions and I show that the socially optimal policy involves a shorter working life than the private optimum. The social optimum can be implemented by the use of a PAYG system that combines an actuarial and a at pension.
- Language
-
Englisch
- Bibliographic citation
-
Series: Working Paper ; No. 201
- Classification
-
Wirtschaft
Social Security and Public Pensions
Demographic Economics: Public Policy
Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- Subject
-
Pension System
Demographic Change
Increasing Life Expectancy
Re- tirement Decision
- Event
-
Geistige Schöpfung
- (who)
-
Knell, Markus
- Event
-
Veröffentlichung
- (who)
-
Oesterreichische Nationalbank (OeNB)
- (where)
-
Vienna
- (when)
-
2015
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
This object is provided by:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Knell, Markus
- Oesterreichische Nationalbank (OeNB)
Time of origin
- 2015
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