Journal of Population Economics

, Volume 19, Issue 3, pp 507–519 | Cite as

Population aging and legal retirement age

  • Juan A. Lacomba
  • Francisco Lagos
Original Paper


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.


Social security Aging Legal retirement age 


H55 J26 



The authors thank Ignacio Ortuño Ortin for all his constructive suggestion. We also owe thanks for helpful comments to Georges Casamatta. Valuable comments from Subir Chattopaday, Ramón Faulí, Francisco Marhuenda, Slomo Webber and two anonymous referees on a previous version of this paper are also gratefully acknowledged.


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Copyright information

© Springer-Verlag 2005

Authors and Affiliations

  1. 1.Faculty of EconomicsUniversity of GranadaGranadaSpain

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