Effects of Social Security Policies on Benefit Claiming, Retirement and Saving

Alan Gustman () and Thomas L. Steinmeier

No 19071, NBER Working Papers from National Bureau of Economic Research, Inc

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 includes stochastic returns on assets. Estimated with Health and Retirement Study data, it does a better job of predicting claiming than previous versions. Alternative beliefs about the future of Social Security affect predicted outcomes. 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.

JEL-codes: C61 D31 D91 E21 H55 J14 J26 J32 (search for similar items in EconPapers)
Date: 2013-05
New Economics Papers: this item is included in nep-age and nep-dem
Note: AG LS PE
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Citations: View citations in EconPapers (3)

Published as Gustman, Alan L. & Steinmeier, Thomas L., 2015. "Effects of social security policies on benefit claiming, retirement and saving," Journal of Public Economics, Elsevier, vol. 129(C), pages 51-62.

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Journal Article: Effects of social security policies on benefit claiming, retirement and saving (2015)
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