Social Security and the Retirement and Savings Behavior of Low Income Households
Wilbert van der Klaauw () and
Kenneth Wolpin ()
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Kenneth Wolpin: Department of Economics, University of Pennsylvania
PIER Working Paper Archive from Penn Institute for Economic Research, Department of Economics, University of Pennsylvania
In this paper, we develop and estimate a model of retirement and savings incorporating limited borrowing, stochastic wage offers, health status and survival, social security benefits, Medicare and employer provided health insurance coverage, and intentional bequests. The model is estimated on sample of relatively poor households from the first three waves of the Health and Retirement Study (HRS), for whom we would expect social security income to be of particular importance. The estimated model is used to simulate the responses to several counterfactual experiments corresponding to changes in social security rules. These include changes in benefit levels, in the payroll tax, in the social security earnings tax and in early and normal retirement ages.
Keywords: Social Security; Retirement; Savings (search for similar items in EconPapers)
JEL-codes: D1 J2 (search for similar items in EconPapers)
Pages: 90 pages
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Journal Article: Social security and the retirement and savings behavior of low-income households (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:pen:papers:05-020
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