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

Published: 2005
Project ID: UM05-02


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 will these accounts, and the particular rules governing the accounts, affect retirement and saving? How will saving and retirement differ if benefits are paid out as an annuity vs. a lump sum? How will the policy chosen influence the decision to partially retire? How will the rules adopted affect the timing of benefit claiming? What are the implications for solvency?