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A Theory of Retirement

David Bloom, David Canning () and Michael Moore ()

No 13630, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: D91 J26 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-age and nep-hea
Date: 2007-11
Note: AG HE LS
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