LONGEVITY, WORKING LIVES, AND PUBLIC FINANCES

Jukka Lassila · Tarmo Valkonen

13 citations0/0 files storedContemporary Economic Policy

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Retirement, Disability, and Employment Financial Literacy, Pension, Retirement Analysis Economic Policies and Impacts

Abstract

We find that linking statutory retirement ages to life expectancy is a promising way to extend working lives and generate enough tax revenues so that generations enjoying longer lifetimes can also pay for the consequent increase in pensions and public health and long‐term care (LTC) expenditure. We use a numerical economic model, calibrated to the Finnish economy and demographics, in which mortality affects both retirement ages and per capita use of health and LTC services. Uncertainty in mortality projections and the resulting uncertainties in public finances and retirement policy effects are considered explicitly. (JEL H30, H63, H68, J11)

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1989Dynamic Fiscal Policy.1997How Social Security and Medicare Affect Retirement Behavior In a World of Incomplete Markets 1990Pensions, the Option Value of Work, and Retirement 1988Pensions, The Option Value of Work, and Retirement 2001Evaluating the Performance of the Lee-Carter Method for Forecasting Mortality 2005Statistical Demography and Forecasting 1990Stochastic methods in population forecasting 2014Bayesian Population Projections for the United Nations

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