Behavioral Effects of Social Security Policies on Benefit Claiming, Retirement and Saving
AbstractThis paper specifies three behavioral variants of a structural model of retirement and saving to bring predicted Social Security claiming rates closer to the rates observed in the data. The model, estimated with Health and Retirement Study data, is used to examine three potential policies: increasing early entitlement age, increasing normal retirement age, and eliminating payroll taxes after normal retirement age. Behavioral responses to increasing early entitlement age and eliminating the payroll tax are not affected by the behavioral variant used. Predicted effects of increasing the normal retirement age exhibit more sensitivity. Heterogeneity shapes the responses to these policy changes.
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Bibliographic InfoPaper provided by University of Michigan, Michigan Retirement Research Center in its series Working Papers with number wp263.
Length: 40 pages
Date of creation: Aug 2012
Date of revision:
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This paper has been announced in the following NEP Reports:
- NEP-AGE-2012-09-30 (Economics of Ageing)
- NEP-ALL-2012-09-30 (All new papers)
- NEP-DEM-2012-09-30 (Demographic Economics)
- NEP-DGE-2012-09-30 (Dynamic General Equilibrium)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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