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 fetkement models this papet proposed five types of retirement towns, which combined the eldercare industry with ecological conditions, the style and features of ancient towns, ttaditional cultute, die artistic envifonment, and medical cafe, 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 retitement towns.

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.

On China＇ s Reform of Delay Retirement Scheme ——based on the research of American

American is one of the earliest countries that formulated the social security law. In the background of an aging population, American gradually increase the American normal retirement age, and established a delay retirement subsidy system. On the basis USA delay retirement age experience, combined with China＇s unique national conditions, to analysis China＇s current retirement system, and put forward relevant proposals for delay retirement scheme.

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.

“Retirement communities” service model research under the background of aging

Pension community is an innovative model of community organization combining pension and old-age home, and there are many success stories at home and abroad. Through SWOT analysis for the three modes of existing retirement community of inquiry, pointing out constraints retirement community development, proposed “a goal, two basis, three models, six support” of the pension community strategic development framework.

The Actual versus Preferred Retirement Ages(Percentage distribution)

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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.

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.

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.

Students and Retirement Saving Predictors

Over the past century, Americans have had significant increases in personal income yet personal savings has decreased. The researchers examine college students＇ habits and beliefs concerning saving for retirement. To our knowledge, no study has examined retirement savings among Americans in this age group. We try to determine whether a student＇s retirement savings beliefs and habits can be predicted. Using a unique survey, five indexes are constructed to assess students＇ risk-aversion level, financial background, general savings habits, financial literacy, and attitudes toward saving. This index is used to predict a similarly constructed index of retirement savings behavior. We find that our overall model is predictive of a student＇s beliefs and habits in regards to saving for retirement. In addition, the student＇s level of risk-aversion, savings beliefs and financial literacy were each independently predictive of retirement savings behavior. Various demographic influences on the constructed risk and savings variables as well as interactions are also investigated.

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.

Influencing Factors of Personal Retirement Decision： Perspective of Research Summary

Because the policy of delay retirement is facing demand differences widely, research workers retirement needs and the basic law from the micro perspective will become increasingly important. Based on the demographic characteristics, family relationships, social and economic factors and professional environment, such as in four dimensions, the article has reviewed the individual retirement decisions affecting factors and its mechanism of action, and summed up the consensus theory and some controversy. In future research, we need to strengthen the cross disciplines and integration, to explore more available research variables, provide a new starting point for further theoretical research and policy making.

Enterprise employees voluntarily delay retirement policy research

China＇s demographic dividend from the new millennium will gradually disappear.In 2012, our country＇s workforce has entered into a net reduction, It＇s high time to put forward delay retirement policy.This article analyzes the present situation and problems of the retirement age system, and also analyzes the necessity and importance of delaying enterprise staffs retirement age, thus put forward to promote enterprise employees voluntarily delay retirement policy.

Mobility in the Retirement Period An Assessment of the Current Situation

Today, individuals＇ attitudes towards retirement and old age have changed with the increase of life expectancy and healthy and active years after retirement, rise in purchasing power, and mobility opportunities. As a result of this change, the rate of post-retirement migration, settling into a new life in a new region after retirement, has considerably increased. However, despite of this increase, post-retirement migration is one of the least analyzed migration movements among existing studies. Hence, in this article, studies analyzing properties of post-retirement migration and factors causing this migration are assessed. As every migration movement, post-migration movements also create changes laying different responsibilities on both emigrant and immigrant regions and migrating person and require settling into a new life in the place of arrival. In the relevant studies, the basic reason for post-retirement migration is considered as pursuit of peace and joy and it is defined as a migration type under the high influence of counter-urbanization movement. According to the results of the study, it is stated that post-retirement migrants, unlike many international migrants, can buy their own houses in the countries of arrival and can maintain a relatively high standard of living compared to that local community, and that this situation is a very attractive factor encouraging them to migrate. Moreover in the studies, characteristics causing migration and belonging to the region of departure are analyzed as aversive while characteristics belonging to the region of arrival are analyzed as attractive factors.

Research on Willingness and Influenced Factors of Delayed Retirement

Extending the retirement age is an inevitable trend with the extension of the life expectancy of the population, reducing the financial burden of pensions, increasing the utilization rate of human capital, alleviating the shortage of the labor market and other social problems. More and more countries are beginning to impose extended retirement policies, like United States, South Korea, Canada and Nordic countries and so on, all have taken some measures to delay retirement. However, the general social recognition is not high. Both the aged group, the education level and the individual＇s lifestyle have a significant impact on the delayed retirement age policy. Severe aging situation puts the future pension system at risk, based on the interests of the country, delayed retirement will help utilize the human capital and relieve the country＇ s financial pressure; from individual perspective, extending retirement age can help reduce the provision for the aged people. This article based on previous literatures review, through conducted the survey of people in Halmstad to analyze the local citizen＇s perception on delayed retirement and the influencing factors behind. Concluded that willingness of delayed retirement among people is not very high, reasons vary from different kinds of people.

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.

Delay retirement impact study of female workers

In recent years,our country entered the stage of population aging, and this trend continues to increase. Young population declining dependency ratios and the elderly support ratio is growing.Many phenomena are heralds the retirement policy must introduce.At the same time, the adjustment of the legal retirement age for women, is also a concern hot spot and a topic of heated academia discussion in politics. As the extension of life expectancy, especially women to longer life expectancy and the education of the extension of women＇s status, ability to work has been greatly improved. Based on the change of various factors, delay retirement age for women in China＇s reform is imperative. This paper studies from the perspective of social justice, to the reform of the current situation of the development in our country and foreign experience to research the method of combining the draw delay retirement outstanding aspects of influence on female workers. From a personal health, family factors, career, personal value Suggestions such as, in order to Perfect delay enterprise female worker retirement age policy scheme and implement supporting measures.