Social Security, Retirement and Wealth: Theory and Implications
dc.contributor.author | Kimball, Miles S. | |
dc.contributor.author | Shapiro, Matthew D. | |
dc.date.accessioned | 2007-04-25T18:00:21Z | |
dc.date.available | 2007-04-25T18:00:21Z | |
dc.date.issued | 2003-06 | |
dc.identifier.uri | https://hdl.handle.net/2027.42/50565 | |
dc.description.abstract | The effect of Social Security rules on the age people choose to retire can be critical in evaluating proposed changes to those rules. This research derives a theory of retirement that views retirement as a special type of labor supply decision. This decision is driven by wealth and substitution effects on labor supply, interacting with a fixed cost of working that makes low hours of work unattractive. The theory is tractable analytically, and therefore well-suited for analyzing proposals that affect Social Security. This research examines how retirement age varies with generosity of Social Security benefits. A ten-percent reduction in the value of benefits would lead individuals to postpone retirement by between one-tenth and one-half a year. Individuals who are relatively buffered from the change-because they are wealthier or because they are younger and therefore can more easily increase saving to offset the cut in benefits-will have smaller changes in their retirement ages. | en |
dc.description.sponsorship | Social Security Administration | en |
dc.format.extent | 322182 bytes | |
dc.format.mimetype | application/pdf | |
dc.language.iso | en_US | en |
dc.publisher | Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104 | en |
dc.relation.ispartofseries | WP 2003-054 | en |
dc.title | Social Security, Retirement and Wealth: Theory and Implications | en |
dc.type | Working Paper | en |
dc.subject.hlbsecondlevel | Population and Demography | |
dc.subject.hlbtoplevel | Social Sciences | |
dc.contributor.affiliationum | MRRC | en |
dc.contributor.affiliationumcampus | Ann Arbor | en |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/50565/1/wp054.pdf | en_US |
dc.owningcollname | Retirement and Disability Research Center, Michigan (MRDRC) |
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