2021
Heterogeneity in Household Spending and Well-being Around Retirement
WP 2021-427 , UM21-13
We study heterogeneity in spending patterns around the time of retirement. Using rich consumption data from the Panel Study of Income Dynamics, and exploiting within-household spending variation, we systematically classify households into groups characterized by differences in consumption transitions at…
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Mixed-methods Study to Understand Use of the my Social Security Online Platform
WP 2021-428 , UM21-08
We conducted a mixed-methods study to examine barriers to use of my Social Security (MySSA), and users’ experience of using MySSA. The quantitative phase of the study leveraged existing survey data to analyze the determinants of self-reported MySSA account use.…
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Contextual and Social Predictors of Scam Susceptibility and Fraud Victimization
WP 2021-429 , UM21-15
Financial fraud targeting older adults is on the rise, with annual losses totaling in the billions of dollars. Prior cross-sectional and qualitative studies have reported that negative life events and social factors, such as poor psychological well-being and loneliness, are…
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Worker Functional Abilities, Occupational Requirements, and Job Accommodations: A Close Look at Three Occupations
WP 2021-430 , UM21-04
This report examines the occupational requirements, physical and mental functioning, and use of accommodations among workers in three key occupations: cashiers, receptionists, and those in nursing fields. These jobs are among the top occupations represented in the work histories of…
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2020
Estimating the Macroeconomic Effects of Each Totalization Agreement
WP 2020-408 , UM20-07
Totalization agreements coordinate the United States Social Security program with other countries’ comparable programs. We estimate each totalization agreement’s impact on a variety of bilateral trade outcomes. We find the impact is quite heterogeneous, both across agreements/countries and across sectors…
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The Risk of High Out-of-Pocket Health Spending among Older Americans
WP 2020-409 , UM20-09
Traditional Medicare imposes significant cost-sharing on beneficiaries. Most but not all beneficiaries obtain supplemental insurance through Medigap, Medicare Advantage, Medicaid, or employer-sponsored retiree coverage, which may vary in how well they protect against the risk of high spending. This paper…
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A Framework for Cost-Benefit Analysis of Totalization Agreements
WP 2020-410 , UM20-08
International social security totalization agreements eliminate double social security taxation for workers who reside and work in different country from their home country. Because totalization agreements affect a number of economic agents in a variety of ways, we develop a…
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Cognitive Ability, Cognitive Aging, and Debt Accumulation
WP 2020-411 , UM20-11
In the past few decades, financial products target to consumers have become increasingly complex and recent evidence suggests that older adults are entering retirement with more debt than previous generations. We examine how cognitive ability is related to debt burdens…
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The Impact of Growing Health and Mortality Inequalities on Lifetime Social Security Payouts
WP 2020-412 , UM20-04
The prevalence of obesity, diabetes, and other health problems has increased in recent decades in the United States, and there is a growing gap between the health and longevity of individuals with high socioeconomic status (SES) and low SES. These…
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Saving Regret: Self-assessed Life-cycle Saving Behavior in the U.S. and Singapore
WP 2020-413 , UM20-17
Based on the belief that many people have under-saved and that the reason for under-saving is procrastination, paternalistic nudging to foster saving is often advocated by policy researchers. However, there is little empirical evidence that on hindsight individuals would wish…
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