The effect of improvements in health and longevity on optimal retirement and saving

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Author

David E. Bloom

Contributions

Canning, David. - Contributor
Moore, Michael. - Contributor
National Bureau of Economic Research. - Contributor

Publication

2004 - National Bureau of Economic Research, Cambridge, Mass, Massachusetts

Language

English

Word Count

8,500 words, Guess

Page Count

34 pages

Identifiers

OCLC Control Number57227868
Open LibraryOL17625443M

Description

"We develop a life-cycle model of optimal retirement and savings behavior under complete markets where retirement is caused by worsening health in old age. Our model explains the long-run decline in the age of retirement as an income level effect. We show that improvements in health and longevity tend to increase the desired retirement age, though less than proportionately, while, contrary to conventional views, reducing savings rates. The retirement age is not simply proportional to healthy life span because compound interest creates a wealth effect when lifespan increases, leading to more leisure (early retirement) and higher consumption (lower savings)"--National Bureau of Economic Research web site.

Subjects

Topics

Health Longevity Retirement Retirement age Economic aspects Saving and investment Retirement -- Economic aspects

Series Statement

NBER working paper series -- no. 10919.
Working paper series (National Bureau of Economic Research) -- working paper no. 10919.

Other Editions

The effect of improvements in health and longevity on optimal retirement and savingNational Bureau of Economic Research2004-01-01

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