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Fig. 3 | IZA Journal of Labor Policy

Fig. 3

From: Reforming retirement age in DB and DC pension systems in an aging OLG economy with heterogenous agents

Fig. 3

Fiscal adjustments in response to increasing the retirement age—taxes and pension benefits. Note: For comparison purposes, we keep the same scales for both pension systems. Pension benefits computed as an expected stream of retirement income receipts, relative to the average wage in the year a cohort is of age j=1. Taxes: a defined benefit and b defined contribution. Pension benefits: c defined benefit and d defined contribution

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