2005 | MRDRC

Project

2005

Market and Non-Market Activities of Older Americans

This project will examine older Americans’ non-market time allocation using the new American Time Use Survey. It will generate results indicating: 1) How older workers spend time among market work, household production, leisure and personal care (essentially a novel...

Authors: Daniel Hamermesh,

Project

2005

Efficiency Gains and Social Security Reform

This project has two parts. First, it proposes to generalize existing retirement models to include health and employer constraints as well as worker choice. Second, it proposes to present and analyze a Social Security reform designed to promote efficiency....

Authors: John Laitner, Daniel Silverman,

Project

2005

Estimating the Life Cycle Effects of Subjective Survival Probabilities in the Health and Retirement Study

This paper attempts to confirm the life-cycle relationship that lower subjective survival probabilities should lead to less positively sloped consumption trajectories. I use the results of six waves of subjective survival probability questions in the HRS to construct...

Authors: Michael Perry,

Project

2005

Trading Behavior in 401(k) Plans

Relatively little research has been done on trading patterns of participants in 401(k) plans, despite their importance in the US retirement arena. This paper initiates an investigation into a new database covering in 1,530 defined contribution (401(k) retirement plans...

Authors: Ludmila Rovba,

Project

2005

The Role of Health Insurance in Unretirement Decisions

Most research in the area of retirement has focused on an individual’s decision to retire or continue working. Debate in the field tends to focus on what model best fits retirement decision behavior. What is often neglected is the fact that an individual’s working...

Authors: Ludmila Rovba,

Project

2005

Consumption and Economic Well-Being at Older Ages

As society faces difficult choices about allocating its resources among different age groups, measuring each group’s needs accurately is imperative. Consumption is a much more direct measure of economic well-being than income; yet income is almost universally used to...

Authors: Michael Hurd, Susann Rohwedder,

Project

2005

Planning, Financial Literacy, and Retirement Wealth

Many Americans are poorly informed about their Social Security and pensions and confront substantial shortfalls in retirement wealth. To better understand how workers plan and save for retirement, we have devised a special module for the 2004 Health and Retirement...

Authors: Olivia S. Mitchell, Annamaria Lusardi,

Project

2005

The Impact of Misperceptions about Social Security on Saving and Well-Being

Existing research comparing expectations and realizations of Social Security income suggests that many people overestimate their future retirement income. If this affects their retirement savings, it implies that people have to revise their consumption patterns in...

Authors: Susann Rohwedder, Arthur van Soest,

Project

2005

The Role of Conventional Retirement Age in Retirement Decisions

Previous research documents the increased hazard of retirement at “conventional” retirement ages, especially the “early” and “normal” retirement ages defined by Social Security. Future public and private (employer) policies will...

Authors: Charles Brown,

Project

2005

Gender, Marriage, and Asset Accumulation in the United States

Older women tend to be in more precarious financial situations than older men, and marital status plays an important role in determining the financial well-being of older women. Understanding the underlying causes of differences in life-cycle wealth accumulation by...

Authors: Purvi Sevak, Lucie Schmidt,

Project

2005

How to Integrate Disability Benefits into a System with Individual Accounts: The Chilean Model

Chile offers a unique case study of the joint functioning of a national retirement system with private accounts and a national disability insurance program with both public and private elements. The Chilean system uses a worker’s retirement savings account as...

Authors: Estelle James,

Project

2005

Savings, Portfolio Choice, and Retirement

Household investment decisions crucially determine the consequences of personal accounts and the adequacy of Social Security and pensions after retirement. We propose to analyze portfolio composition dynamics before and after retirement using 1992-2002 HRS data...

Authors: Arthur van Soest, Arie Kapteyn,

Project

2005

Personal Social Security Accounts: Quantifying the Macro and Efficiency Effects

This project will use a large-scale overlapping-generations lifecycle model incorporating idiosyncratic wage shocks and uncertain lifetimes to calculate the macroeconomic effects and efficiency gains from different approaches to creating personal accounts. The...

Authors: Kent Smetters,

Project

2005

Changing Health Insurance Options and SSI Participation Among the Elderly

This project seeks to study interactions among SSI, OASDI, and Medicare and Medicaid. It will use data from the HRS and SIPP, matched to SSA administrative records, to estimate individuals’ choices about SSI application. The Supplemental Security Income (SSI) program...

Authors: Elizabeth Powers, Todd Elder,

Project

2005

Social Security Eligibility, Benefit Levels, and Replacement Rates in the HRS

Social Security reform proposals are often presented in terms of their differential impacts on hypothetical workers with a range of lifetime earnings. Our work will explore how different concepts of replacement rates influence benefit outcomes, and how these are in...

Authors: Olivia S. Mitchell, John W. R. Phillips,

Project

2005

Retirement, Saving, Benefit Claiming and Solvency Under A Partial System of Voluntary Personal Accounts

This project will examine behavior under a partial system of voluntary personal accounts and analyze implications for the Social Security system. Questions to be addressed include: What determines participation in a partial system of voluntary personal accounts? How...

Authors: Thomas L. Steinmeier, Alan Gustman,

Project

2005

Understanding Global Aging

This proposal responds to SSA’s interest in global aging by developing a dynamic, general equilibrium, life-cycle simulation model of demographic change in the U.S., EU, Japan, China, and India. The model, a prototype of which exists, incorporates fertility...

Authors: Laurence Kotlikoff, Hans Fehr,

Project

2005

Technological Progress and Worker Productivity at Different Ages

This project will use 1950–90 Census data to test whether the effects of technological progress are specific to young workers or general to workers of all ages. Which model holds is very important. If the specific model is more valid, then aging societies will not be...

Authors: John Laitner, Dmitriy Stolyarov,

Project

2005

Social Security and Retirement Dynamics

This project will explain the relation of specific features of Social Security, such as benefit amounts, the early entitlement age, the normal retirement age and the earnings-test parameters, to the full range of retirement outcomes – continued work on the main job,...

Authors: Thomas L. Steinmeier, Alan Gustman,

Project

2005

Enhancing Data Quality through Longitudinal Imputation: Studies of the Income and Asset Data from HRS and AHEAD

This project continues work done over the past several years on the assessment of data quality in the HRS and AHEAD surveys, eventually intended to result in a set of longitudinally consistent data files for these surveys. Much of the work is motivated by the...

Authors: F. Thomas Juster, Honggao Cao, Michael Perry, Daniel Hill,

Project Year: 2005

Market and Non-Market Activities of Older Americans

Efficiency Gains and Social Security Reform

Estimating the Life Cycle Effects of Subjective Survival Probabilities in the Health and Retirement Study

Trading Behavior in 401(k) Plans

The Role of Health Insurance in Unretirement Decisions

Consumption and Economic Well-Being at Older Ages

Planning, Financial Literacy, and Retirement Wealth

The Impact of Misperceptions about Social Security on Saving and Well-Being

The Role of Conventional Retirement Age in Retirement Decisions

Gender, Marriage, and Asset Accumulation in the United States

How to Integrate Disability Benefits into a System with Individual Accounts: The Chilean Model

Savings, Portfolio Choice, and Retirement

Personal Social Security Accounts: Quantifying the Macro and Efficiency Effects

Changing Health Insurance Options and SSI Participation Among the Elderly

Social Security Eligibility, Benefit Levels, and Replacement Rates in the HRS

Retirement, Saving, Benefit Claiming and Solvency Under A Partial System of Voluntary Personal Accounts

Understanding Global Aging

Technological Progress and Worker Productivity at Different Ages

Social Security and Retirement Dynamics

Enhancing Data Quality through Longitudinal Imputation: Studies of the Income and Asset Data from HRS and AHEAD

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