Social Security Benefits and the Accumulation of Preretirement Wealth / Martin Feldstein.

Format:

Book

Author/Creator:

Feldstein, Martin.

Contributor:

National Bureau of Economic Research.

Series:

Working Paper Series (National Bureau of Economic Research) no. w0477.

NBER working paper series no. w0477

Language:

English

Subjects (All):

Saving and investment.

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1980.

Cambridge, Mass : National Bureau of Economic Research, 1980.

Summary:

This paper uses a new and particularly well-suited body of data to assess the impact of social security retirement benefits on private savings. The Retirement History Survey combines survey evidence on the wealth of couples in their early sixties with detailed information from the administrative records of the Social Security Administration on the lifetime earnings of those individuals and the social security benefits to which they are entitled. The present paper uses these data to estimate a model of the determination of preretirement net worth. On balance, the estimates developed in this study favor the extended life cycle model as a theory of asset accumulation and indicate a substantial substitution of social security wealth for private wealth accumulation.

Notes:

Print version record

May 1980.