Future Beneficiary Expectations of the Returns to Delayed Social Security Benefit Claiming and Choice Behavior.

UM07-01A0807C, UM07-01

We report on our preliminary findings from an innovative module of surveyquestions in the RAND American Life Panel designed to measure willingness to delay take-up of Social Security benefits. Among respondents who expect to stop working full time prior to…


Life-cycle Asset Allocation with Annuity Markets: Is Longevity Insurance a Good Deal?

UM07-17A0807C, UM07-17

We derive the optimal portfolio choice over the life-cycle for households facinglabor income, capital market, and mortality risk. In addition to stocks and bonds,households also have access to incomplete annuity markets offering a hedge against mortality risk. We show that…

Alternative Measures of Replacement Rates

How Accurate are Expected Retirement Savings?

The Excess Burden of Government Indecision

Governments are known for procrastinating when it comes to resolving painful policy problems. Whatever the political motives for waiting to decide, procrastination distorts economic decisions relative to what would arise with early policy resolution. In so doing, they engender excess…

Labor Market Status and Transitions during the Pre-Retirement Years: Learning from International Differences

Many western industrialized countries face strong budgetary pressures due to the aging of baby boom generations and the general trends toward earlier ages of retirement. The commonality of these problems has the advantage of offering an empirical laboratory for the…

The Importance of Objective Health Measures in Predicting Early Receipt of Social Security Benefits: The Case of Fatness

Theoretical models argue that poor health will contribute to early exit from thelabor market and the decision to take early Social Security retirement benefits (Old-Age or OA benefits). However, most empirical estimates of the causal importance of health on the…

Probabilistic Thinking and Early Social Security Claiming


Consumption and Economic Well-Being at Older Ages: Income- and Consumption-based Poverty Measures in the HRS

Financial Literacy and Planning: Implications for Retirement Well-Being