The Study On The Optimal Retirement Age And The Optimal Pension Payment Based On The Altruism

Population aging has always been a worldwide problem.On the one hand,with the development of medical science,the life span of human beings is prolonged and the number of aging population is increasing;on the other hand,the aging population is growing faster than the other age of the overall population,especially compared to the young population,which makes the aging problem particularly urgent.Compared with the developed countries,China's aging history is short,and the situation is more severe.In order to cope with the impact of aging on the society,China has adjusted and perfected the old-age security system,and realized the transition from pay as you go system to consolidated account.But at the same time,there are a series of problems,such as implicit debt,empty accounts,etc.,which make the imbalance of pension payments more serious.Based on altruism hypothesis,this paper studies the relationship between the urban population growth rate and the optimal retirement age as well as the optimal payment rate.By using the OLG model,combined with the empirical analysis of the numerical simulation method,the study found that the retirement age is decreased with the increase of urban population growth rate,and increases with increasing degree of altruism.There is a reverse relationship between the optimal rate of payment and the growth rate of urban population.The results showed that the retirement age is roughly 60-65 range,optimal payment rate at about 18.7%,therefore,from the point of welfare maximization,improve the current retirement age,lower payment rate is appropriate.