Who Claimed Social Security Early Due to the Great Recession?
AbstractBetween 2007 and 2009, the percent of 62 year olds claiming Social Security benefits reversed a decadelong decline and increased sharply before reverting back to trend. This phenomenon raises two questions: 1) who was induced to claim early?; and 2) how much monthly retirement income have they lost as a result? To address these questions, this brief, which reflects findings from a recent paper, uses individuallevel data from the Health and Retirement Study(HRS). The discussion proceeds as follows. The first section presents trends in early Social Security claiming over the past two decades. The second section, focusing on the period before the economic crisis, explores whether the type of people who claim at age 62 tends to vary with economic conditions. The third section tests how sensitive the claiming decision was to the surge in unemployment during the Great Recession. The fourth section assesses how much money these early claimers lost. The conclusion is that the Great Recession induced more than 5 percent of the eligible population to claim their benefits at age 62, and this impact was similar for individuals across the income spectrum. These early claimers ended up with monthly benefits that were 5 percent less than they would have had if their claiming plans had not been disrupted. Creation-Date: 2012-07
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Center for Retirement Research in its series Issues in Brief with number ib2012-14.
Date of creation: Jul 2012
Date of revision:
Contact details of provider:
Postal: Hovey House, 140 Commonwealth Avenue, Chestnut Hill, MA 02467
Phone: (617) 552-1762
Fax: (617) 552-0191
Web page: http://crr.bc.edu/
More information through EDIRC
This paper has been announced in the following NEP Reports:
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Amy Grzybowski) or (Christopher F Baum).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.