Pension:Merriam –Webster • Date: 14th century • 1\ˈpen(t)-shən\: a fixed sum paid regularly to a person: aarchaic:wage • b: a gratuity granted (as by a government) as a favor or reward • c: one paid under given conditions to a person following retirement from service or to surviving dependents
SURVIVRS- Men in Israel86% will reach the age of 65. Life expectancy in birth: 81.8 years: 2004-8
Survivors: Israeli Women92% will reach the age of 65.life expectancy at birth (2004-8) 20.3 years
Changes in mortality fulfill: Monotone Likelihood Ratio (MLR),presented by Landsberger and Meilijson, JET, 1990. Let x measure age at death. The function g(x) describes mortality risk in period 1989 -1993, and f(x) mortality risk in 2004-2008. MLR requires that the ratio g(x)/f(x) is non-increasing with x.
Factors explaining the pension level. average pension: 1300 USA $ N=885 R square=0.18
Inequality in Life expectancy Following 7986 retired women and 7329 retired men for 5 years we got: