Abstract
As individuals approach retirement, they face a complex web of factors that can impact their financial security. Our study sheds light on the intricate relationship between life expectancy, years of service, and pension benefits, with a focus on spot contract liability and implicit contract liability analysis. By exploring the intersection of these factors, we reveal how employees can maximize their retirement benefits, while also highlighting the challenges faced by employers in funding these benefits, particularly in an era of increasing longevity. Our innovative models, incorporating both spot and implicit contract liability theories, provide a powerful tool for predicting retirement benefits and liabilities, enabling individuals, employers, and policymakers to make informed decisions and promote retirement income security. With significant contributions to the existing literature, our research has the potential to transform retirement planning, pension management, and financial sustainability, ultimately shaping a more secure and prosperous future for all.
Keywords:
life expectancy
years of service
pension planning
pension liabilities
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