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Retirement responses to social security changes.

S F Gohmann1, R L Clark

  • 1Department of Economics, University of Louisville.

Journal of Gerontology
|November 1, 1989
PubMed
Summary
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Older workers

Area of Science:

  • Economics
  • Social Gerontology
  • Public Policy

Background:

  • Many individuals delay retirement beyond their eligibility for Social Security benefits.
  • Understanding the factors influencing retirement and benefit claiming is crucial for economic and social planning.

Purpose of the Study:

  • To analyze how Social Security provisions impact the decisions of older workers regarding retirement age and benefit acceptance.
  • To quantify the behavioral responses of older workers to changes in Social Security policy.

Main Methods:

  • Utilized a life-cycle model of individual utility to frame the analysis.
  • Employed a two-equation logit model to estimate behavioral responses.
  • Analyzed data from the Retirement History Study.

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Main Results:

  • Projected increases in the eligibility age for full Social Security benefits will have minimal impact on retirement and benefit acceptance ages.
  • Anticipated reductions in the Social Security earnings test tax are also expected to yield only minor behavioral effects.

Conclusions:

  • Current and proposed Social Security policy changes are unlikely to significantly alter the retirement and benefit claiming behavior of older workers.
  • The study provides insights into the limited responsiveness of older workers to specific Social Security benefit adjustments.