人口老龄化加速背景下政府提出了“实施渐进式延迟法定退休年龄”的政策目标，文章运用世代交叠模型研究在延迟退休改革中引入弹性退休制度如何影响子女人力资本投资和老年劳动供给。研究发现：首先，虽然弹性延迟退休制度提高了养老金替代率，但是降低了劳动者终身福利水平，这主要归因于弹性延迟退休制度降低了劳动者成年期消费水平；其次，弹性延迟退休制度下劳动者会增加教育子女的投入时间，政府调低养老保险缴费比例不但能增加劳动者子女人力资本而且有助于延长老年劳动供给时间；最后，生育子女数量、预期寿命、退休闲暇偏好、关爱子女程度4个方面的异质性都会影响劳动者关于子女人力资本投资和老年劳动供给的决策行为。对此，今后应在延迟退休改革中引入弹性退休制度，同时将降低养老保险缴费比例作为配套政策，厘清各级政府财政补贴养老保险基金的责任，加快完善国有资本充实社保基金制度，完善多支柱养老保险体系。

Under the background of the growing population aging, the government put forward the policy goal of gradually delaying the statutory retirement age. This paper uses the overlap generation model to analyze the impact of the delayed retirement age reform on the labors' decision-making behavior. The study shows that, firstly, although the delayed retirement age reform increases the replacement rate of pension, it reduces the lifetime welfare of labors which is mainly due to the reduced consumption of workers in adulthood. Secondly, under the delayed retirement age reform, labors will spend more time in educating their children. The reduced contribution rate of pension will not only help improve their children's human capital but also help to prolong working years. Finally, the heterogeneity of laborers' number of children, life expectancy, leisure preference of retirement, and the degree of caring for children will affect decision-making behaviors of labors. In this regard, the flexible retirement system should be introduced in the delayed retirement reform in the future, while reducing the proportion of pension insurance contributions as a supporting policy, clarifying the responsibility of governments at all levels to subsidize pension insurance funds, accelerating the improvement of state-owned capital to enrich the social security fund system, and improve the multi-pillar old-age insurance system.