The Effects of Subjective Survival on Retirement and Social Security Claiming

Michael D. Hurd, James P. Smith and Julie Zissimopoulos ()

No 9140, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: According to the life-cycle model, mortality risk will influence both retirement and the desire to annuitize wealth. We estimate the effect of subjective survival probabilities on retirement and on the claiming of Social Security benefits because delayed claiming is equivalent to the purchase of additional Social Security annuities. We find that those with very low subjective probabilities of survival retire earlier and claim earlier than those with higher subjective probabilities, but the effects are not large. The great majority of workers claim as soon as they are eligible.

JEL-codes: J14 J26 (search for similar items in EconPapers)
Date: 2002-09
New Economics Papers: this item is included in nep-hea and nep-lab
Note: AG LS
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Citations: View citations in EconPapers (16)

Published as Hurd, Michael D., James P. Smith and Julie M. Zissimopoulos. "The Effects Of Subjective Survival On Retirement And Social Security Claiming," Journal of Applied Econometrics, 2004, v19(6,Spec), 761-775.

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Journal Article: The effects of subjective survival on retirement and Social Security claiming (2004)
Working Paper: The Effects of Subjective Survival on Retirements and Social Security Claiming (2003)
Working Paper: The Effects of Subjective Survival on Retirement and Social Security Claiming (2002)
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