Optimal consumption-leisure, portfolio and retirement selection based on α-maxmin expected CES utility with ambiguity

This article studies optimal consumption-leisure, portfolio and retirement selection of an infinitely lived investor whose preference is formulated by a-maxmin expected CES utility which is to differentiate ambiguity and ambiguity attitude. Adopting the recursive multiple- priors utility and the technique of backward stochastic differential equations （BSDEs）, we transform the （^-maxmin expected CES utility into a classical expected CES utility under a new probability measure related to the degree of an investor＇s uncertainty. Our model investi- gates the optimal consumption-leisure-work selection, the optimal portfolio selection, and the optimal stopping problem. In this model, the investor is able to adjust her supply of labor flex- ibly above a certain minimum work-hour along with a retirement option. The problem can be analytically solved by using a variational inequality. And the optimal retirement time is given as the first time when her wealth exceeds a certain critical level. The optimal consumption-leisure and portfolio strategies before and after retirement are provided in closed forms. Finally, the distinctions of optimal consumption-leisure, portfolio and critical wealth level under ambiguity from those with no vagueness are discussed.

A Study on the Expected Retirement Age Prediction of 1049 Nurses and the Influencing Factors of Delayed Retirement Intention

The results were analyzed by unconditional logistic regression. The analysis results showed that the positions entered into the regression model (OR = 2.339);the expected retirement age (OR = 3.280);and delayed retirement can better solve the pension problem (OR = 0.553). Retirement can relieve child financial pressure (OR = 0.217), emotional exhaustion (OR = 0.913) and social opportunities (OR = 1.132). The OR of job title, expected retirement age, and social opportunities is greater than 1, and the others are less than 1. Conclusion: The most expected retirement age for nurses is 50 to 55 years old, and they are more inclined to retire early. Factors affecting the willingness to postpone retirement include position and expected retirement age. Postponement of retirement can better solve pension problems. Postponement of retirement can alleviate child financial pressure, social opportunities and emotional exhaustion.

The Development Model of Tourism-Based Retirement Towns

Based on the analysis of the tourism-based retirement model, this paper proposed five types of retirement towns, which combined the eldercare industry with ecological conditions, the style and features of ancient towns, traditional culture, the artistic environment, and medical care, and put forward relevant planning strategies from five aspects, namely, site selection, silver industry chain, functional demand, operation management mode, and safety guarantee system, providing a reference for the construction and development of domestic tourism-based retirement towns.

Former athletes’ lifestyle and self-definition changes after retirement from sports

Background:Every high-level athlete will eventually see his or her sport career come to an end.Most former athletes will experience changes in their self-definition and everyday behaviors as they accept a nonathletic way of life.The present study aimed to identify discrepancies between actual and former athletes regarding athletic identity,physical activity(PA),and nutrition habits.Methods:Actual athletes(AA;n=122),former athletes(FA;n=230),and nonathletes(NA;n=74)were asked to complete an online questionnaire on athletic identity,duration and intensity levels of occupational and leisure time PA,and nutritional habits.Results:FA healthy nutrition score was the lowest of the 3 groups and significantly different from that of AA.Athletic identity and intense and moderate PA during leisure time consistently decreased(p<0.01)across the 3 groups(AA>FA>NA).No significant difference between FA and NA was found regarding either nutritional habits or type of PA.Conclusion:Sport retirement may affect FA quality of nutritional habits that tends to decline below the NA level,as well as the amount of time spent practicing physical activities during leisure time.Athletic status does not ensure PA practice during sport postcareer.

Will Postponing Retirement Age Affect Youth Employment?--A Perspective Differentiating Workforce Education Levels

This paper calculates the employment substitutability between young workforce and ageing workforce using Welch index. The result shows that the employment substitutability between these two groups of people is rather poor. Furthermore, the result of our dynamic panel regression analysis indicates that an increase in the share of ageing workforce is conducive to youth employment. Such a positive effect mainly derives from more educated ageing workforce, while the increase of less educated ageing workforce has little effect on youth employment.

The Actual versus Preferred Retirement Ages(Percentage distribution)

ＴｈｅＡｃｔｕａｌｖｅｒｓｕｓＰｒｅｆｅｒｒｅｄＲｅｔｉｒｅｍｅｎｔＡｇｅｓ（Ｐｅｒｃｅｎｔａｇｅｄｉｓｔｒｉｂｕｔｉｏｎ）Ｔｈｅａｃｔｕａｌｒｅｔｉｒｅｍｅｎｔａｇｅｍａｙｄｉｆｆｅｒｆｒｏｍｔｈｅｎｏｒｍｅｓｔａｂｌｉｓｈｅｄｂｙｎａｔｉｏｎａｌ...

Measuring the Needs for Medical Service in the Retirement Residential Community in Korea

Medical facilities in retirement residential areas provide diverse medical and health-related services to retirees, and they are equipped and programed with various medical services for enhancing retirees’ daily activities. To find out the current status of using medical facilities by retirees, this study surveyed retirees in their fifties, sixties, and seventies, who live in Eunpyeong-gu, Seoul. The survey data was sorted by the types of medical facilities they visit, reasons for their visit, and the types of medical facilities in a retirement residential area they would prefer to visit. The pros and cons of using private and general hospitals can be evaluated further to set up the right strategy to reconcile them;and each type of hospital can be improved by adding those missing elements that the interviewees mentioned. In the broad perspective, this indicates the need to suggest the direction of preparing residential areas that are technically planned for retirees on the basis of the analysis of Korean retirees’ needs.

Psycho-Emotional Aspects and Risk Factors Associated with the Onerous Nature of Retirement Concerning Civil Servants within the Public Administration in Parakou (Benin)

Background: In 20% of cases, retirement is experienced as a life event with risk of isolation and loneliness. The objective is to study the psycho-emotional aspects and risk factors associated with civil servants onerous retirement. Methods: It was a descriptive and cross-sectional study which involved 233 pensioners met at the Public Treasury’s Revenue Office in Parakou from June 1 to August 30, 2013. Data were collected through an interview on vulnerability criteria, and Hamilton Depression Rating Scale was used in assessing both anxiety level and depressed mood. Results: Pensioners’ average age was 61.1 ± 6.7 years. Males aged 50 to 60 years represented 47.2%. Following the announcement of retirement, 88.9% had feelings of fear, and 75.8% showed moderate to severe anxiety prevalence of which 88.2% were females and 73.9% males. The distribution according to professional categories was as follow: A (77.3%);B (72.6%);C (69.2%);(85.5%);E (85.7%). Retirement risk factors were: dependants (73.1%), age-related disorders (40.3%), lack of health insurance coverage (24.6%) resulting in a depressed mood (36%) strongly associated with a feeling of family and social abandon (87.8% P = 0.02). Conclusion: Depending on job onerousness in each professional category and associated psycho-social risk factors, it is important to implement an adequate action plan in view of promoting pensioners mental health.

POSTPONING RETIREMENT AND ECONOMIC GROWTH

This paper investigates the effects of postponing retirement on economic growth in an aging society by using the infinite overlapping generations model constructed by Blanchard (1985) in a simple endogenous growth framework.It shows that postponing retirement may decelerate economic growth.

Lifestyle and Time Use: The Impact of Retirement on Health

Based on the data from the China Health and Retirement Longitudinal Study(CHARLS)in 2011 and 2013,this paper studied the impact of retirement on male and female workers’health and its impact mechanism under the mandatory retirement age system in China by using Fuzzy Regression Discontinuity Design(FRDD).The results indicated that retirement increased the probability of men assessing themselves as"healthy"by 25 percentage points and lowered the probability of suffering from chronic diseases for women by 26 percentage points.In terms of mechanism analysis,it was found that the remarkable increase in social interactions after retirement was the main reason for the improvement of health for male retirees,but not the reason for the lower probability of having chronic diseases for female retirees.The findings serve as important references for formulating policies regarding postponing retirement age and flexible retirement.

Raising Retirement Age,TFP and Elderly Welfare in China

The fact that China is facing the challenge of aging population has led to debates about whether the government should raise the retirement age.The current pension system in China is characterized by the collection of contributions on payment and adopts the defined benefit(DB)plan.Considering the welfare effects of intergenerational support,this paper develops a dynamic general equilibrium model to investigate how postponing retirement would affect the TFP and the welfare of the elderly.Utilizing realistic parameters,our simulation finds that raising the retirement age will benefit the welfare of the elderly.This conclusion remains robust after a sensitivity analysis with respect to core parameters,the average age of the working population,and the pension system.However,opinion polls have found that most people oppose delaying retirement.This stems from the absence of pension transfer payments and pension system inequalities.The policy implications of this paper are twofold:Firstly,the government should convince the public about the benefits of delaying retirement;secondly,it is necessary to introduce supportive policies facilitating the implementation of delayed retirement(e.g.increasing the replacement rate of pensions or implementing a healthy aging strategy),and the retirement policy should be differentiated for people from various socio-economic backgrounds.

Telepsychiatry:The Evaluation and Treatment of Seniors in Rural Retirement Communities

Few studies examine the benefits from geriatric telepsychiatry in rural retirement communities.Objectives:1.To demonstrate that using telepsychiatry(a)standard approaches to psychiatric evaluation would yield diagnoses in Diagnostic and Statistical Manual of Mental Disorders(DSM-V);(b)psychotherapies and pharmacotherapy could be effectively administered.2.To examine the relationships among cognition,mood,agitation and functions at baseline and the response to treatment over time.Design:Prospective longitudinal study.Measures:Geriatric Depression scale(GDS),Mini Mental State Exam(MMSE),Barthel Index(BI),Pittsburgh Agitation Scale(PAS).Setting:Video Teleconferencing.Interventions:Psychotherapy,psychopharmacology.Participants:428 Seniors over 55,met criteria for at least one DSM-V diagnosis.Results:Treatments were administered for a full range of psychiatric diagnoses and age-related medical conditions.The most frequently prescribed pharmacological agents were:antidepressants(78%)antipsychotics(64%),memory enhancers(38%).Participants(66%)received psychotherapy:individual(31%),couple(7%),family(13%).Variation in the MMSE scores were observed:55%remained stable,11%declined,18%improved.GDS Scores improved from baseline to 26 weeks(p=0.02,d=0.99:95%CI 0.39-1.56).PAS scores declined from baseline to 52 weeks(McNemar’s S=11.27,p=0.0008,d=1.17:95%CI 0.63-1.68).Function(BI)at week 26 was not statistically significantly different from baseline(t(26)=1.66,p=0.11,d=0.65:95%CI-0.16-1.42).Participants maintained independence(64.5%)at 52 weeks(McNemar’s S=6.23,p=0.013,d=0.79:95%CI 0.19-1.36)Conclusion:This study demonstrates the feasibility and benefit of providing a full complement of services via telepsychiatry to seniors and provides a rationale for more comprehensive reimbursement plans.

Study on the Delayed Retirement Age

Delaying retirement has been a topic of constant concern in the media and workers.People's life expectancy and years of education are constantly increasing,leading to increased labor costs,pension deficits,and wasted talent.This paper analyzes the problems of the current retirement age and gives a feasibility suggestion to extend China's statutory retirement age policy.