%0 Journal Article %J IZA Journal of Labor Policy %D 2016 %T Reforming retirement age in DB and DC pension systems in an aging OLG economy with heterogenous agents %A Tyrowicz, Joanna %A Makarski, Krzysztof %A Bielecki, Marcin %K Economics %K Pensions %K Retirement Age %K Welfare %X 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. %B IZA Journal of Labor Policy %V 5 %8 Jan-12-2016 %G eng %U https://izajolp.springeropen.com/articles/10.1186/s40173-016-0067-8 %N 1 %! IZA J Labor Policy %R 10.1186/s40173-016-0067-8