Article2007

Future Social Security Entitlements and the Retirement Decision

294 citations0/0 files storedThe Review of Economics and Statistics

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Retirement, Disability, and Employment Labor market dynamics and wage inequality Financial Literacy, Pension, Retirement Analysis

Abstract

A critical question for Social Security policy is how program incentives affect retirement behavior. We use the Health and Retirement Survey (HRS) to examine the impact of Social Security incentives on male retirement. We implement forward-looking models whereby individuals consider the incentives to work in all future years. We find that forward-looking incentive measures for Social Security are significant determinants of retirement. We also find that private pension incentives have roughly similar effects. Our findings suggest that Social Security policies that increase the incentives to work at older ages can significantly reduce the labor force exit rate of older workers.

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References

1997How Social Security and Medicare Affect Retirement Behavior In a World of Incomplete Markets 1980An Empirical Model of Labor Supply in a Life Cycle Setting 1990Research on the Elderly: Economic Status, Retirement, and Consumption and Saving 1988Pensions, The Option Value of Work, and Retirement 2001Social Security and Retirement 1998New evidence on pensions, social security, and the timing of retirement

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2012Framing Social Security Reform: Behavioral Responses to Changes in the Full Retirement Age 2009What Is Retirement? A Review and Assessment of Alternative Concepts and Measures 2012An Empirical Investigation of the Option Value of College Enrollment 2016Retirement Incentives and Labor Supply 2014The Impact of Age Pension Eligibility Age on Retirement and Program Dependence: Evidence from an Australian Experiment 2012The link between pensions and retirement timing: Lessons from California teachers 2011The role of information for retirement behavior: Evidence based on the stepwise introduction of the Social Security Statement

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