The Social Security Early Entitlement Age in a Structural Model of Retirement and Wealth

WP 2002-029 , UM01-02
This paper specifies and estimates a structural life cycle model of retirement and wealth and applies that model both to understand the role of the social security early entitlement age in creating a peak in retirements at age 62, and…

Ensuring Time-Series Consistency in Estimates of Income and Wealth

WP 2002-030 , UM02-Q3
In the past decade, researchers have made substantial improvements to survey questions that allow them to obtain more accurate information from survey respondents about income and wealth. However, changing survey questions--even for the better--can create problems. For example, if we…

The New Social Security Commission Personal Accounts: Where is the Investment Principal?

WP 2002-031 , UM02-02
The President’s Commission to Strengthen Social Security suggests three plans for reforming Social Security. These plans divert various amounts of the payroll tax to a personal account if the worker chooses to participate in the account. In return, Social Security…

The Retirement Behavior of Federal Civil Service Workers

WP 2002-026 , UM01-09
We examine the retirement behavior of federal civil service workers. This research contributes to the literature that more generally examines how retirement behavior responds to financial incentives. The civil service workers in our study provide an interesting case study because…

Wealth Shocks and Retirement Timing: Evidence from the Nineties

WP 2002-027 , UM00-D1
This paper explores whether the timing of retirement responds to unexpected changes in wealth. Although the normality of leisure is a standard assumption in economic models, econometric support for it has not been consistent. The period of the 1990s allows…


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