Does Social Security Discourage Work

Abstract

One of the most remarkable demographic changes in the United States and the rest of the industrialized world during the post-war period has been the trend toward earlier retirement. Older workers, especially men, are leaving the labor force much earlier than they used to. In the U.S., both Social Security and the private pension system have grown at the same time. An important question is whether these phenomena are linked, whether Social Security and private pension plans are discouraging work and influencing the retirement decisions of older Americans. The evidence suggests that they are. A closely related issue is the long term fiscal stability of the Social Security system. Currently legislated future Social Security taxes are insufficient to pay for promised future benefits, and some combination of increased taxes and reduced or delayed benefits will be necessary to restore fiscal balance. An important question is how changes in Social Security rules will affect the labor supply decisions of future workers.

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