1. The relationship between worker pensions and retirement is of .......... interest to management and economists.

2. The reduction in retirement age since World War II is usually .......... to greater pension benefits, both governmental and private.

3. The anticipated difficulties in financing current public pensions could be .......... by changes that delayed worker retirement.

4. Private pensions .......... a large percentage of individual wealth in most of the developed nations.

5. As a worker ages, both his productivity and the .......... of working another wage period will change.

6. In a perfect labor market, employers, who always pay workers the value of their .......... at any one time, will be indifferent to the age of retirement.

7. The most obvious reason for the existence of pensions is the tax advantage, since pension .......... are permitted to accumulate untaxed until retirement.

8. Both employers and employees benefit from a payment .......... where workers receive less than the actual value of their work when they are young and more than the actual value of their work when old.

9. This system reduces worker incentives for .......... and cheating and thereby raises their lifetime wealth.

10. General economic conditions also help determine actual retirement age: higher inflation and greater unemployment at the end of his career causes the worker to .......... his retirement.