本文通过构建60期世代交叠模型，讨论了现收现付制养老保险体系下个体一生的消费、储蓄以及劳动力供给决策，以研究延迟退休对劳动力供给以及养老金收支的影响。在本文的框架下，延迟退休通过两个渠道来影响劳动力供给：一方面延迟退休使个体生命周期中有更长的时间可用于工作，从而促进劳动力供给的增加；另一方面延迟退休使得资本存量减少，稳态下的工资率下降，从而使个体在工作时期减少每期的劳动时间。数值模拟结果显示，延迟退休与劳动力供给之间呈现倒U型关系，即随着退休年龄的提高，总劳动力供给先增加后减少，在退休年龄为58岁时总劳动供给最大。养老金水平取决于当期工资率、缴纳和领取养老金的人数。结果显示延迟退休会显著提高养老金水平，且个体退休后领取到的总养老金现值也随延迟退休而上升。此外，延迟退休也使总产出和个体一生效用减少，本文认为应综合考虑延迟退休的正面与负面影响，谨慎选择退休年龄。

In this paper we construct a 60-period overlapping generation model including delayed retirement to describe the consumption, savings and labor supply decisions of individuals under the pay-as-you-go pension system, in order to study the impact of delayed retirement on labor supply and pension income and expenditure. The impact of , and numerical simulations at different retirement ages are carried out to conduct a comparative static analysis of the impact of delayed retirement policies. Under the framework of this paper, delayed retirement affects labor supply through two channels: on the one hand, delayed retirement makes individuals have longer time to work in their life cycle, thereby promoting the increase of labor supply; on the other hand, delayed retirement increases capital stock decrease, the steady-state wage rate decreases, thereby causing individuals to reduce labor hours per period during the working period. The numerical simulation results show that there is an inverted U-shaped relationship between delayed retirement and labor supply, that is, as the retirement age increases, the total labor supply first increases and then decreases, and the total labor supply is the largest when the retirement age is 60 years old. The pension level depends on the current wage rate, the number of people contributing and receiving pensions. The results show that delaying retirement and significantly increasing the pension level, and the present value of the total pension received by individuals after retirement also increases with delaying retirement. In addition, delaying retirement also reduces the total output and individual effectiveness. This paper believes that the positive and negative effects of delayed retirement should be considered comprehensively, and the retirement age should be chosen carefully.