A Theory of Retirement
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NBER Working Paper No. 13630
Issued in November 2007
NBER Program(s): AG HE LS
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We construct a life-cycle model in which retirement occurs at the end of life as a result of declining health. We show that improvements in life expectancy, coupled with a delay in the onset of disability, increases both the optimal consumption level and the proportion of life spent in leisure. The retirement age increases proportionally less than the increase in life expectancy.
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