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Retirement Effects of Proposals by the President's Commission to Strengthen Social Security

  • Gustman, Alan L.
  • Steinmeier, Thomas L.

The effects on retirement of proposals by the President's Commission to Strengthen Social Security are simulated using an econometric model of retirement and saving. In the absence of any policy reforms, and holding other market adjustments constant, increases in real wages are predicted to increase retirement from full time work at age 62 by 8.7 percentage points over the next 70 years. However, two leading proposals put forth by the Commission, model 2 and model 3, will offset almost half this trend, reducing retirement from full–time work at age 62 by roughly five and three percentage points, respectively.

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File URL: http://www.ntanet.org/NTJ/58/1/ntj-v58n01p27-49-retirement-effects-proposals-president.pdf
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File URL: http://www.ntanet.org/NTJ/58/1/ntj-v58n01p27-49-retirement-effects-proposals-president.html
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Article provided by National Tax Association in its journal National Tax Journal.

Volume (Year): 58 (2005)
Issue (Month): 1 (March)
Pages: 27-49

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Handle: RePEc:ntj:journl:v:58:y:2005:i:1:p:27-49
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  1. Robin L. Lumsdaine & Olivia S. Mitchell, . "New Developments in the Economic Analysis of Retirement," Pension Research Council Working Papers 98-8, Wharton School Pension Research Council, University of Pennsylvania.
  2. Eric French, 2005. "The Effects of Health, Wealth, and Wages on Labour Supply and Retirement Behaviour," Review of Economic Studies, Oxford University Press, vol. 72(2), pages 395-427.
  3. Gordon, Roger H. & Blinder, Alan S., 1980. "Market wages, reservation wages, and retirement decisions," Journal of Public Economics, Elsevier, vol. 14(2), pages 277-308, October.
  4. Gustman, Alan L & Steinmeier, Thomas L, 1985. "The 1983 Social Security Reforms and Labor Supply Adjustments of Older Individuals in the Long Run," Journal of Labor Economics, University of Chicago Press, vol. 3(2), pages 237-53, April.
  5. Courtney Coile & Jonathan Gruber, 2000. "Social Security and Retirement," NBER Working Papers 7830, National Bureau of Economic Research, Inc.
  6. Gustman, Alan L. & Steinmeier, Thomas L., 2005. "The social security early entitlement age in a structural model of retirement and wealth," Journal of Public Economics, Elsevier, vol. 89(2-3), pages 441-463, February.
  7. Alan L. Gustman & Thomas L. Steinmeier, 2002. "The New Social Security Commission Personal Accounts: Where is the Investment Principal?," Working Papers wp031, University of Michigan, Michigan Retirement Research Center.
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