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Population Aging and Legal Retirement Age

Juan Lacomba () and Francisco Lagos ()

No 05/16, ThE Papers from Department of Economic Theory and Economic History of the University of Granada.

Abstract: This paper analyzes the effects of population aging on the preferred legal retirement age. What is revealed is the crucial role that the indirect ’macro’ effects resulting from a change in the legal retirement age play in the optimal decision. Two Social Security systems are studied. Under a defined contribution scheme aging lowers the preferred legal retirement age. However, under a defined pension scheme the retirement age is delayed. This result shows the relevance of correctly choosing the parameter affected by the dependency ratio in the design of the Social Security programme.

Keywords: Social security; aging; legal retirement age (search for similar items in EconPapers)
JEL-codes: H55 J26 (search for similar items in EconPapers)
Pages: 19 pages
Date: 2005-06-16
New Economics Papers: this item is included in nep-pbe and nep-pub
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Journal Article: Population aging and legal retirement age (2006) Downloads
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