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A Theory of Retirement

David Bloom (), David Canning and Michael John Moore ()
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David Bloom: Harvard School of Public Health

PGDA Working Papers from Program on the Global Demography of Aging

Abstract: 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.

Keywords: aging; health; retirement; savings (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-age and nep-hea
Date: 2007-10
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