Using simulation as a tool in selecting a retirement age under defined benefit pension plans

Richard Bieker ()

Journal of Economics and Finance, 2002, vol. 26, issue 3, 334-343

Abstract: This paper examines how simulation modeling can be used to select a retirement age under defined benefit pension plans. This approach construes the variables affecting pension benefits as probabilistic variables. Simulations are then run to generate probabilistic values for the real value of pension benefits for alternative retirement ages. By construing variables affecting pension benefits as probability distributions, this approach reflects the uncertainty facing individuals contemplating retirement. By generating estimates of retirement benefits as probability distributions rather than as single deterministic values, the model provides individuals with a more realistic and complete frame of reference for making the retirement decision. Copyright Springer 2002

Date: 2002
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DOI: 10.1007/BF02759716

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