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Does Work Pay at Older Ages?

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  • Barbara A. Butrica
  • Richard W. Johnson
  • Karen Elizabeth Smith
  • C. Eugene Steuerle
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    Abstract

    Encouraging work at older ages is a critical policy goal for an aging society, but many features of the current system of benefits and taxes provide strong work disincentives. The implicit tax rate on work increases rapidly at older ages, approaching 50 percent for some workers by age 70. In addition, by age 65 people can typically receive nearly as much in retirement as they can by working. If older Americans could overcome these barriers and delay retirement, they could substantially improve their economic well-being at older ages. For example, many people could increase their annual consumption at older ages by more than 25 percent by simply retiring at age 67 instead of age 62.

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    File URL: http://crr.bc.edu/working-papers/does-work-pay-at-older-ages/
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    Bibliographic Info

    Paper provided by Center for Retirement Research in its series Working Papers, Center for Retirement Research at Boston College with number wp2004-30.

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    Length: 54 Pages
    Date of creation: Nov 2004
    Date of revision: Nov 2004
    Handle: RePEc:crr:crrwps:wp2004-30

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    Cited by:
    1. Barbara A. Butrica & Karen E. Smith & C. Eugene Steuerle, 2006. "Working for a Good Retirement," Economics Working Paper Archive, Levy Economics Institute wp_463, Levy Economics Institute.
    2. Gopi Shah Goda & John Shoven & Sita Slavov, 2009. "A Tax On Work For The Elderly: Medicare As A Secondary Payer," Discussion Papers, Stanford Institute for Economic Policy Research 08-60, Stanford Institute for Economic Policy Research.

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