Retirement Effects of Proposals by the President's Commision to Strengthen Social Security
AbstractA structural dynamic model of retirement and saving is used to simulate the retirement effects of proposals made by the President's Commission to Strengthen Social Security. Provisions reducing the growth in real benefits and increasing actuarial incentives to work reduce retirements. They more than offset increases in retirements caused by individual accounts, increased benefits for low wage workers and survivors, and reductions in the top AIME bracket. By 2075, the Commission's proposals would reduce retirements at age 62 by roughly 4 percentage points, mitigating an 8.7 percentage point trend to earlier retirement projected to reassert itself after its recent interruption.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 10030.
Date of creation: Oct 2003
Date of revision:
Note: AG LS PE
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Other versions of this item:
- Alan L. Gustman & Thomas L. Steinmeier, 2003. "Retirement Effects of Proposals by the President’s Commission to Strengthen Social Security," Working Papers wp038, University of Michigan, Michigan Retirement Research Center.
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
- J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-11-30 (All new papers)
- NEP-LAB-2003-11-30 (Labour Economics)
- NEP-PBE-2003-11-30 (Public Economics)
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