RDP 2006-06: Ageing, Retirement and Savings: A General Equilibrium Analysis Equation (2)

a_{s + 1, t + s} = (1 - l_{s, t + s - 1}) e_{s} w_{t + s - 1} + R_{t + s - 1} a_{s, t + s - 1} - c_{s, t + s - 1}