Social Security's delayed retirement credit and the labor supply of older men

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Social Security's delayed retirement credit and the labor supply of older men

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Jonathan F. Pingle

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Jonathan Pingle

Abstract

This paper presents estimates of the impact of Social Security's Delayed Retirement Credit on the employment rates of older men. The credit raises lifetime social security benefit payments for recipients who delay receiving benefits after age 65 and offers a rare and important test of whether labor supply incentives built in to the program can promote work at older ages. The results suggest that the increased incentives raised employment among workers over age 65. In addition, the recent increases in social security's Normal Retirement Age also appear to be pushing up labor supply.

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Publisher Info
Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series Finance and Economics Discussion Series with number 2006-37.

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Date of creation: 2006
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Handle: RePEc:fip:fedgfe:2006-37

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This paper has been announced in the following NEP Reports:

NEP-ALL-2006-12-16 (All new papers)
NEP-LAB-2006-12-16 (Labour Economics)
NEP-PBE-2006-12-16 (Public Economics)

Cited by:
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David M. Blau & Ryan Goodstein, 2007. "What Explains Trends in Labor Force Participation of Older Men in the United States?," IZA Discussion Papers 2991, Institute for the Study of Labor (IZA). [Downloadable!]
Alicia H. Munnell & Steven A. Sass, 2007. "The Labor Supply of Older Americans," Working Papers, Center for Retirement Research at Boston College wp2007-12, Center for Retirement Research, revised Jun 2007. [Downloadable!]
Alicia H. Munnell & Dan Muldoon & Steven A. Sass, . "Recessions and Older Workers," Issues in Brief ib2009-9-2, Center for Retirement Research. [Downloadable!]
Bruce Fallick & Jonathan Pingle, 2006. "A cohort-based model of labor force participation," Finance and Economics Discussion Series 2007-09, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
David S. Loughran & Steven Haider, 2007. "Do the Elderly Respond to Taxes on Earnings? Evidence from the Social Security Retirement Earnings Test," Working Papers 223-1, RAND Corporation Publications Department. [Downloadable!]

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