Effects of Social Security Policies on Benefit Claiming, Retirement and Saving / Alan L. Gustman, Thomas L. Steinmeier.

Format:

Book

Author/Creator:

Gustman, Alan L.

Contributor:

National Bureau of Economic Research.

Steinmeier, Thomas L.

Series:

Working Paper Series (National Bureau of Economic Research) no. w19071.

NBER working paper series no. w19071

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2013.

Summary:

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.

Notes:

Print version record

May 2013.