2004
The Impact of the 1996 SSI Childhood Disability Reforms: Evidence from Matched SIPP-SSA Data
WP 2004-079 , UM03-C1
The Personal Responsibility and Work Opportunity Reconciliation Act of 1996 changed the definition of disability used to determine eligibility for disabled children under the Supplemental Security Income (SSI) program and made other changes in the program. The law required the…
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SSI for the Aged and the Problem of ‘Take-Up
WP 2004-076 , UM03-14
The Supplemental Security Income (SSI) program provides an income and health care safety net for the elderly poor. The phenomenon of apparently eligible households that do not enroll in, or 'take up' SSI has been noted as a severe problem…
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Characteristics of and determinants of the density of contributions in a Private Social Security System
WP 2004-077 , UM03-04
This paper investigates previously unresearched issues pertaining to the well-known Chilean innovations in Social Security. Previous empirical studies of the Chilean system used aggregate and macro data, without attention to individual heterogeneity. This study uses new household survey data, linked…
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Global Aging: Issues, Answers, and More Questions
WP 2004-084 , UM04-Q1
Global aging will be a major determinant of long run economic development in industrial and developing countries. The extent of the demographic changes is dramatic and will deeply affect future labor, financial and goods markets. The expected strain on public…
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Precautionary Saving Over the Lifecycle
WP 2004-083 , UM03-02
This paper studies the quantitative importance of precautionary wealth accumulation relative to life-cycle saving for retirement. Section 1 examines panel data on earnings from the PSID. Using a bivariate normal model of random effects, we find that second— period—of—life earnings…
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Decaying Asymmetric Information and Adverse Selection in Annuities
WP 2004-080 , UM03-S2
This paper develops an equilibrium model of the annuities market where agents have private information about their mortality, and where the predictive value of this information decays over time. The paper shows that in this case, insurance companies will observe…
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The Impact of Health Status and Out-of-Pocket Medical Expenditures on Annuity Valuation
WP 2004-086 , UM04-03
This paper describes how differences in health status at retirement can influence the decision to purchase a life annuity. We extend previous research on annuitization decisions by incorporating the effect of health differentials via differences in survival throughout the latter…
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Back to Work: Expectations and Realizations of Work After Retirement
WP 2004-085 , UM03-15
This paper analyzes labor force re-entry after retirement in an effort to understand whether these “unretirement” transitions are largely unexpected (perhaps resulting from failures in planning or unexpected financial shocks) or planned (perhaps representing a more complex retirement process). Nearly…
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Welfare Reform and Immigrant Participation in the Supplemental Security Income Program
WP 2004-087 , UM02-C1
We examine the effect of the 1996 welfare reform legislation on participation in the Supplemental Security Income (SSI) program by immigrants. Although none of the immigrants on the SSI rolls before welfare reform lost eligibility, the potential exists for future…
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Grasshoppers, Ants and Pre-Retirement Wealth: A Test of Permanent Income Consumers
WP 2004-088 , UM04-S1
This paper shows that households who enter retirement with low wealth consistently followed non-permanent income consumption rules during their working years. Using the Panel Study of Income Dynamics (PSID), household wealth in 1989 is predicted for a sample of 50-65…
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