Why Do Married Men Claim Social Security Benefits So Early? Ignorance or Caddishness?
Most married men claim Social Security benefits at age 62 or 63, well short of both Social Security’s Full Retirement Age and the age that maximizes the household’s expected present value of benefits (EPVB). This results in a loss of less than 4 percent in household EPBV. But essentially the entire loss is borne by the survivor benefit, falls nearly 20 percent. As many elderly widows have very low incomes, early claiming by married men is a major social problem.
|Date of creation:||Oct 2007|
|Date of revision:||Oct 2007|
|Contact details of provider:|| Postal: Hovey House, 140 Commonwealth Avenue, Chestnut Hill, MA 02467|
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"Financial Literacy and Planning: Implications for Retirement Wellbeing,"
NBER Working Papers
17078, National Bureau of Economic Research, Inc.
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NBER Working Papers
6002, National Bureau of Economic Research, Inc.
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- Manser, Marilyn & Brown, Murray, 1980. "Marriage and Household Decision-Making: A Bargaining Analysis," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(1), pages 31-44, February.
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