Abstract: This paper analyzes the impact of education years and life expectancy on the residents' savings rate, so as to explore the possible impact of delayed retirement on the residents' savings rate. The findings indicate that under the existing statutory retirement institution, the increased years of education would shorten the employment period, while the increased life expectancy would extend the retirement period, both can jointly reduce the ratio between employment period and retirement period, thereby increasing the residents' savings rate; however, the delayed retirement can just hedge this change, thus affecting the residents' savings rate. The empirical results of the analysis of the provincial panel data with the GMM method show that if life expectancy increases by one year, the savings rate would increase by about 0.4 percentage points; and if years of education increases by one year, the savings rate would increase by 0.75 percentage point. It can be seen that the delayed retirement age is conducive to the decline of residents' savings rate.

Key words: delayed retirement, years of schooling, life expectancy, savings rate