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Bloom DE, Canning D, Moore M. Optimal Retirement with Increasing Longevity. Scand J Econ. 2014;116(3):838-858doi: 10.1111/sjoe.12060.
Bloom, D. E., Canning, D., & Moore, M. (2014). Optimal Retirement with Increasing Longevity. The Scandinavian journal of economics, 116(3), 838-858. https://doi.org/10.1111/sjoe.12060
Bloom, David E, et al. "Optimal Retirement with Increasing Longevity." The Scandinavian journal of economics vol. 116,3 (2014): 838-858. doi: https://doi.org/10.1111/sjoe.12060
Bloom DE, Canning D, Moore M. Optimal Retirement with Increasing Longevity. Scand J Econ. 2014 Jul;116(3):838-858. doi: 10.1111/sjoe.12060. PMID: 24954970; PMCID: PMC4062096.
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Scand J Econ. 2014 Jul;116(3):838-858. doi: 10.1111/sjoe.12060.

Optimal Retirement with Increasing Longevity.

The Scandinavian journal of economics

David E Bloom, David Canning, Michael Moore

Affiliations

  1. Harvard School of Public Health, Boston, MA 02115, USA.
  2. Harvard School of Public Health, Boston, MA 02115, USA [email protected].
  3. Queen's University, University Road, Belfast BT7 1NN, UK.

PMID: 24954970 PMCID: PMC4062096 DOI: 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.

Keywords: Aging; health; retirement

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