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The Effects of Subjective Survival on Retirement and Social Security Claiming / Michael D. Hurd, James P. Smith, Julie M. Zissimopoulos.
- Format:
- Book
- Author/Creator:
- Hurd, Michael D.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w9140.
- NBER working paper series no. w9140
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2002.
- Summary:
- 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.
- Notes:
- Print version record
- September 2002.
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