@article {8553, title = {Reforming retirement age in DB and DC pension systems in an aging OLG economy with heterogenous agents}, journal = {IZA Journal of Labor Policy}, volume = {5}, year = {2016}, month = {Jan-12-2016}, abstract = {We analyze the effects of increasing the retirement age in two economies with overlapping generations and within cohort ex ante heterogeneity. The first economy has a defined benefit system, and the second economy is in transition from a defined benefit to a defined contribution. We find that if increase in the retirement age is phased in a way that allows agents to adjust, welfare is not reduced and welfare effects have a similar magnitude and between-cohort distribution in both types of the pension systems.}, keywords = {Economics, Pensions, Retirement Age, Welfare}, doi = {10.1186/s40173-016-0067-8}, url = {https://izajolp.springeropen.com/articles/10.1186/s40173-016-0067-8}, author = {Tyrowicz, Joanna and Makarski, Krzysztof and Bielecki, Marcin} }