The Potential Effects of Obesity on Social Security Claiming Behavior and Retirement Benefits

Melissa A Z Knoll, Dave Shoffner and Samantha O’Leary

The Journals of Gerontology: Series B, 2018, vol. 73, issue 4, 723-732

Abstract: ObjectivesObesity prevalence among Americans has increased for nearly three decades. We explore the relationship between the rise in obesity and Social Security retirement benefit claiming, a decision impacting nearly all aging Americans. Specifically, we investigate whether obesity can affect individuals’ decision to claim benefits early, a choice that has important implications for financial security in retirement, particularly for those with lower socioeconomic status (SES).MethodWe use a microsimulation model called MINT6 (Modeling Income in the Near Term, version 6) to demonstrate the potential effects of obesity on subjective life expectancy and claiming behavior. We impute obesity status using data from the National Health and Nutrition Examination Survey (NHANES), which describes the distribution of obesity prevalence within the United States by gender, poverty status, and race/ethnicity.ResultsWe find that the rise in obesity and the consequent incidence of obesity-related diseases may lead some individuals to make claiming decisions that lead to lower monthly and lifetime Social Security retirement benefits. Further, we find that the potential economic impact of this decision is larger for those with lower SES.DiscussionWe present a behavioral perspective by addressing the potential effects that obesity can have on individuals’ retirement decisions and their resulting Social Security retirement benefits.

Keywords: Claiming behavior; Obesity; Retirement; Retirement decision making; Social Security; Subjective life expectancy (search for similar items in EconPapers)
Date: 2018
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The Journals of Gerontology: Series B is currently edited by Psychological Sciences - S. Duke Han, PhD and Social Sciences - Jessica A Kelley, PhD, FGSA

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