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The early acceptance of social security: An asset maximization approach

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  • Richard V. Burkhauser

Abstract

This paper, using a sample from the 1973 Social Security Exact Match File, tests the importance of economic factors in the decision of male workers to take social security (OASI) benefits at age 62. Previous studies of this decision have concentrated on the flow of pension benefits available to the worker in a single year, but this study emphasizes the asset nature of such benefits. The potential loss in market earnings when OASI benefits are accepted is weighed against the change in the total potential value of private pension and OASI benefits if retirement is postponed. The present value of the entire potential stream of benefits emerges as more important theoretically and empirically than the value of annual benefits immediately available to the worker. (Abstract courtesy JSTOR.)

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Bibliographic Info

Article provided by ILR Review, Cornell University, ILR School in its journal ILR Review.

Volume (Year): 33 (1980)
Issue (Month): 4 (July)
Pages: 484-492

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Handle: RePEc:ilr:articl:v:33:y:1980:i:4:p:484-492

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Cited by:
  1. Leora Friedberg, 2000. "The Labor Supply Effects of the Social Security Earnings Test," The Review of Economics and Statistics, MIT Press, vol. 82(1), pages 48-63, February.
  2. Robin L. Lumsdaine & David A. Wise, 1994. "Aging and Labor Force Participation: A Review of Trends and Explanations," NBER Chapters, National Bureau of Economic Research, Inc, in: Aging in the United States and Japan: Economic Trends, pages 7-42 National Bureau of Economic Research, Inc.
  3. Robert L. Clark & Joseph F. Quinn, 1999. "Effects of Pensions on Labor Markets and Retirement," Boston College Working Papers in Economics, Boston College Department of Economics 431, Boston College Department of Economics.
  4. B. Douglas Bernheim, 1984. "Life Cycle Annuity Valuation," NBER Working Papers 1511, National Bureau of Economic Research, Inc.
  5. James H. Stock & David A. Wise, 1988. "Pensions, The Option Value of Work, and Retirement," NBER Working Papers 2686, National Bureau of Economic Research, Inc.
  6. Arjan Heyma, 2004. "A structural dynamic analysis of retirement behaviour in the Netherlands," Journal of Applied Econometrics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 19(6), pages 739-759.
  7. B. Douglas Bernheim, 1999. "Taxation and Saving," NBER Working Papers 7061, National Bureau of Economic Research, Inc.
  8. Disney, Richard & Whitehouse, Edward, 1999. "Pension plans and retirement incentives," MPRA Paper 14755, University Library of Munich, Germany.
  9. Catherine Cazals, 1994. "La retraite dans les modèles d'offre de travail : un survol de la littérature," Économie et Prévision, Programme National Persée, Programme National Persée, vol. 115(4), pages 43-62.
  10. Gungor Karakaya, 2009. "Early cessation of activity in the labour market: impact of supply and demand factors," DULBEA Working Papers, ULB -- Universite Libre de Bruxelles 09-04.RS, ULB -- Universite Libre de Bruxelles.
  11. Urs Oberhänsli, 1983. "Substitutionswirkungen zwischen persönlichen Ersparnissen und der kollektiven Altersvorsorge in der Schweiz," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), Swiss Society of Economics and Statistics (SSES), vol. 119(II), pages 117-137, June.
  12. Bender, Keith A. & Mavromaras, Kostas G. & Theodossiou, Ioannis & Wei, Zhang, 2014. "The Effect of Wealth and Earned Income on the Decision to Retire: A Dynamic Probit Examination of Retirement," IZA Discussion Papers 7927, Institute for the Study of Labor (IZA).
  13. Clark, Randolph Lee & Anker R, 1989. "Labour force participation rates of older persons: an international comparison," ILO Working Papers, International Labour Organization 272881, International Labour Organization.
  14. Olivia S. Mitchell & Gary S. Fields, 1981. "The Effects of Pensions and Earnings on Retirement: A Review Essay," NBER Working Papers 0772, National Bureau of Economic Research, Inc.

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