How Sticky Is Retirement Behavior in the United States?

Manasi Deshpande, Itzik Fadlon and Colin Gray
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Manasi Deshpande: University of Chicago and NBER
Itzik Fadlon: University of California at San Diego and NBER

The Review of Economics and Statistics, 2024, vol. 106, issue 2, 370-383

Abstract: We study how increases in the U.S. Social Security full retirement age (FRA) affect benefit-claiming behavior and retirement behavior separately. Using long panels of Social Security administrative data, we implement complementary research designs of a traditional cohort analysis and a regression-discontinuity design. We find that while claiming ages strongly and immediately shift in response to increases in the FRA, retirement ages exhibit persistent “stickiness” at the old FRA of 65. We use several strategies to explore the likely mechanisms behind the stickiness in retirement, and we find suggestive evidence that employers play a role in workers’ responses to the FRA.

Date: 2024
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