Effects of social security policies on benefit claiming, retirement and saving

Alan Gustman () and Thomas L. Steinmeier

Journal of Public Economics, 2015, vol. 129, issue C, 51-62

Abstract: An enhanced version of a structural model jointly explains benefit claiming, wealth and retirement, including reversals from states of lesser to greater work. The model is estimated with Health and Retirement Study data. Alternative beliefs about the future of Social Security affect claiming behavior. Effects of three potential policies are also examined: increasing the early entitlement age, increasing the full retirement age, and eliminating the payroll tax for seniors. Predicted responses to increasing the full entitlement age are sensitive to beliefs.

Keywords: Social Security; Benefit claiming; Retirement; Pensions; Saving; Life cycle; Aging; Dynamic models; Intertemporal choice (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (29)

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Working Paper: Effects of Social Security Policies on Benefit Claiming, Retirement and Saving (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:pubeco:v:129:y:2015:i:c:p:51-62

DOI: 10.1016/j.jpubeco.2015.07.005

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