The Effect of Social Security on Retirement in the Early 1970s

Abstract

Improved understanding of retirement behavior is a key to better understanding of many important economic problems.In as close as we can come to a general "social experiment," real Social Security benefits were increased substantially for the period we study the retirement patterns of a cohort of white males: 28% on average between 1970 and 1972, with the maximum benefit increased by over 50% in real terms between 1968 and 1976.Other important structural changes in the method of computing benefits were also made.Hence, we have extremely detailed longitudinal data on a cohort of people spanning the years of most active retirement behavior (ages 58-67) over a period of abrupt change in the economic incentives surrounding their retirement.

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