Empirical Research On The Retirement Age Based On Actuarial Model Of Pension Replacement Rate

Since the1980s, along with the accelerated process of aging of the population and the life expectancy and such conditions, China’s pension insurance system is faced with pressure on fund raising and paying, and the social endowment problem becomes even more important. Faced with the escalating trend of aging of the population, how to guarantee to provide security for the elderly population and how to make the economy be sustained, healthy and steady, become the focus of public attention. Pension replacement rate can reflect the elderly population’s living standards, and its level is quite affected by the retirement age. The existing statutory provisions of the retirement age were issued in1951, and were still in use. With the average expectant life increased and the years of being educated extended, there are two problems in the current statutory provisions of the retirement age, that is, the current retirement age is too low and lack of flexibility, and it has been unable to adapt to the present economic and social environment. Major elements are as follows.First of all, this thesis analyzes and summarizes the results of research on pension replacement rate at home and abroad, and the specific way of extending.the retirement age in several countries.Then, this thesis analyzes the situations and the problem of our country’s current pension insurance system and retirement policy, and introduces an actuarial balance model of pension replacement rate.Finally, based on the actuarial model of pension replacement rate, this thesis establishes the actuarial models of basic pension replacement rate and annuity replacement rate respectively, and analyzes the quantitative relationship between the replacement rate and the retirement age, and calculates the basic pension replacement rate and annuity replacement rate under different retirement ages respectively. According to the results of empirical research, this thesis could put forward some policy proposals to improve the current retirement system.Based on the actuarial model of pension replacement rate, this thesis calculates the pension replacement rate under different retirement ages, and then puts forward some proposals to improve our country’s current retirement system. That is helpful to promote the sustainable development of China’s pension insurance system in theory and actuality. The results show that there are problems of our country’s current retirement policy, and the retirement age should be raised.