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Retirement Effects of Proposals by the President's Commission to Strengthen Social Security

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  • Gustman, Alan L.
  • Steinmeier, Thomas L.

Abstract

The effects on retirement of proposals by the President's Commission to Strengthen Social Security are simulated using an econometric model of retirement and saving. In the absence of any policy reforms, and holding other market adjustments constant, increases in real wages are predicted to increase retirement from full time work at age 62 by 8.7 percentage points over the next 70 years. However, two leading proposals put forth by the Commission, model 2 and model 3, will offset almost half this trend, reducing retirement from full–time work at age 62 by roughly five and three percentage points, respectively.

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Bibliographic Info

Article provided by National Tax Association in its journal National Tax Journal.

Volume (Year): 58 (2005)
Issue (Month): 1 (March)
Pages: 27-49

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Handle: RePEc:ntj:journl:v:58:y:2005:i:1:p:27-49

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  1. Roger H. Gordon & Alan S. Blinder, 1980. "Market wages, reservation wages, and retirement decisions," NBER Chapters, National Bureau of Economic Research, Inc, in: Econometric Studies in Public Finance, pages 277-308 National Bureau of Economic Research, Inc.
  2. Eric French, 2000. "The effects of health, wealth, and wages on labor supply and retirement behavior," Working Paper Series, Federal Reserve Bank of Chicago WP-00-2, Federal Reserve Bank of Chicago.
  3. Courtney Coile & Jonathan Gruber, 2000. "Social Security and Retirement," NBER Working Papers 7830, National Bureau of Economic Research, Inc.
  4. Robin L. Lumsdaine & Olivia S. Mitchell, . "New Developments in the Economic Analysis of Retirement," Pension Research Council Working Papers, Wharton School Pension Research Council, University of Pennsylvania 98-8, Wharton School Pension Research Council, University of Pennsylvania.
  5. Alan L. Gustman & Thomas L. Steinmeier, 2002. "The New Social Security Commission Personal Accounts: Where Is the Investment Principal?," NBER Working Papers 9045, National Bureau of Economic Research, Inc.
  6. Alan L. Gustman & Thomas L. Steinmeier, 2002. "The Social Security Early Entitlement Age in a Structural Model of Retirement and Wealth," Working Papers, University of Michigan, Michigan Retirement Research Center wp029, University of Michigan, Michigan Retirement Research Center.
  7. Gustman, Alan L & Steinmeier, Thomas L, 1985. "The 1983 Social Security Reforms and Labor Supply Adjustments of Older Individuals in the Long Run," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 3(2), pages 237-53, April.
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Cited by:
  1. Gaobo Pang & University of Maryland, 2006. "Tax-Deferred Savings and Early Retirement," Computing in Economics and Finance 2006, Society for Computational Economics 31, Society for Computational Economics.
  2. Engelhardt, Gary V. & Kumar, Anil, 2005. "Social security personal-account participation with government matching," Journal of Pension Economics and Finance, Cambridge University Press, Cambridge University Press, vol. 4(02), pages 155-179, July.
  3. Alan L. Gustman & Thomas L. Steimeier, 2004. "The Social Security Retirement Earning Test,Retirement and Benefit Claiming," Working Papers, University of Michigan, Michigan Retirement Research Center wp090, University of Michigan, Michigan Retirement Research Center.
  4. Alan L. Gustman & Thomas L. Steinmeier, 2004. "Minimum Hours Constraints, Job Requirements and Retirement," NBER Working Papers 10876, National Bureau of Economic Research, Inc.
  5. Alan L. Gustman & Thomas L. Steinmeier, 2004. "How to Evaluate the Effects of Social Security Policies on Retirement and Saving When Firm Policies Affect the Opportunities Facing Older Individuals," Working Papers, University of Michigan, Michigan Retirement Research Center wp078, University of Michigan, Michigan Retirement Research Center.
  6. Amy Rehder Harris & John Sabelhaus & Almudena Sevilla-Sanz, 2005. "Behavioral Effects of Social Security Reform in a Dynamic Micro-Simulation with Life-Cycle Agents: Working Paper 2005-06," Working Papers, Congressional Budget Office 16494, Congressional Budget Office.

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