2003

Early Retirement Windows

WP 2003-064 , UM02-07
What happens to the employment status and earnings of workers who accept earlyretirement windows? Using data from the first six waves of HRS (1992-2002) I find that those who accepted window offers experience a sharp decline in employment - most…

Medicare Gaps and Widow Poverty

WP 2003-065 , UM03-08
Several categories of medical expenditures are not covered by Medicare, including prescription drugs, most nursing home stays, and extended hospital visits. Out-of-pocket costs for these items can be substantial, and what’s more, they are likely to be concentrated at the…

Expectation Formation of Older Married Couples and the Rational Expectations Hypothesis

WP 2003-062 , UM03-11
This paper tests the Rational Expectations (RE) hypothesis regarding retirement expectations of married older American couples, controlling for sample selection and reporting biases. In prior research we found that individual retirement expectation formation was consistent with the Rational Expectation hypothesis,…

2002

The Effects of Subjective Survival on Retirement and Social Security Claiming

WP 2002-021 , UM00-05
This research examines the relationship between mortality risk and retirement, and mortality risk and the propensity to take early and reduced Social Security benefits. The main theory for understanding saving behavior is the life-cycle model (LCH). The LCH, however, can…

Applications, Denials, and Appeals for Social Security Disability Insurance

WP 2002-032 , UM00-06
This project explores the process by which older workers apply for, and are awarded, Social Security Disability Insurance (DI) benefits. Our focus is on how and whether DI serves as a path out of the labor market at older ages.…

How Exits from the Labor Force or Death Impact Household Incomes: A Four Country Comparison of Public and Private Income Support

WP 2002-033 , UM00-10
Government policies attempt to mitigate the economic risks to households of major life transitions. This paper focuses on two such transitions that social security systems typically insure against—long term exits from the labor market (retirement, disability, unemployment insurance) and the…

Dropping Out of Social Security

WP 2002-022 , UM01-01
The liability facing a pay-as-you-go social security system can be calculated in several ways. The exact liability measure chosen can significantly affect the conversion of a public pay-as-you-go system to a system based on individually funded accounts. Most conversions, including…

The Economic Consequences of Widowhood

WP 2002-023 , UM99-05
We analyzed the economic consequences of a husband’s death using events that occurred between the first two waves of the HRS and AHEAD studies. We compared poverty transitions against published results from Social Security’s Retirement History Survey of the 1970s.…

Early Retirement Windows

WP 2002-028 , UM01-04
An early retirement window is an offer, by an employer, of a special incentive to retire at a particular time, beyond that provided by the firm's pension plan. While such windows have attracted increasing attention in the academic literature and…

The Welfare Implications of Increasing DI Benefit Generosity

WP 2002-024 , UM00-12
The empirical literature on DI has primarily focused on the impact of program parameters on caseload growth or reduced labor force attachment. The focus on the efficiency costs of DI provides a misleading view of the social desirability of the…
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