UM04-01: The Social Security Retirement Earnings Test, Retirement, Benefit Claiming, and the Effects of Abolishing the Earnings Test with and without Individual Accounts.

This project will use data from the Health and Retirement Study to investigate how the Social Security retirement earnings test affects retirement behavior, benefit claiming and retirement incomes; the effects of abolishing the earnings test between early entitlement and full…

UM04-02: Pareto Improving Personal Accounts

It is widely believed that creating personal accounts as a partial replacement to Social Security benefits will simply involve a reallocation of resources between generations with no gains in economic efficiency. This paper demonstrates that this traditional wisdom only holds…

UM04-03: Health and Annuities for the Older Population

We propose to evaluate whether an insurer could provide a two-part annuity offering regular income benefits as long as the purchaser is healthy, and a higher disability benefit in the event of poor health. Since health is a multidimensional concept,…

UM04-04: Evaluating Social Security’s Liabilities

According to the most recent Social Security Trustees’ Report, the Social Security system currently faces a $10 trillion present value fiscal imbalance. In other words, $10 trillion are needed immediately in order to place the Social Security system on a…

UM04-05: The Impact of the 1972 Social Security Increase on Household Consumption

The 1972 Social Security benefit increase provides an opportunity to examine the consumption response to a large, permanent income increase. While prior research examined the labor supply response, the impact on consumption has generally been ignored. Using the 1972-73 Consumer…

UM04-06: Using a Structural Retirement Model to Simulate the Effect of Changes to the OASDI and Medicare Programs

We will use a dynamic programming model estimated with data from the Health and Retirement Study to simulate the behavioral effects of various reforms to the OASDI and Medicare programs. Among the reforms we will simulate are changes in the…

UM04-12: Self-Annuitization in Personal Accounts: Perspectives from the German Experience

Retirees often face the question of how to draw down assets that they have accumulated over their worklives. Many recommend that people should purchase a life annuity to protect them against longevity risk, but here we explore an alternative strategy…

UM04-13: Changes in Consumption and Activities in Retirement

Prior research has found that consumption drops at retirement, and it has interpreted the drop as resulting from a failure to save adequately due to a lack of forward-looking behavior. Our research will compare the change in consumption at retirement…

UM04-14: Life-Cycle Saving in Dual-Earner Households

We propose to use the life-cycle model of saving behavior to investigate whether changes in married women’s labor market participation rates lead to mismeasurement of the national saving ratio. We propose to test our specification with microdata and to investigate…

UM04-C1: How Retirement Wealth Shortfalls Change with Age

Our past work used baseline data, collected in 1992 from the Health and Retirement Study (HRS) linked with pension and Social Security records, to evaluate retirement wealth shortfalls for Americans on the verge of retirement. We concluded that older Americans…

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