首页 | 本学科首页   官方微博 | 高级检索  
     检索      


The social security early entitlement age in a structural model of retirement and wealth
Institution:1. Irving B. Harris Graduate School of Public Policy Studies, University of Chicago, Chicago, IL 60637, United States of America;2. Department of Economics, The Chinese University of Hong Kong, Shatin, Hong Kong;1. UCI, USA;2. NBER, USA
Abstract:A structural life cycle model of retirement and wealth attributes retirement peaks at both ages 62 and 65 to Social Security rules and wide heterogeneity in time preferences. Those with high discount rates often retire at 62. They have few assets and heavily value lost benefits from working after 62, largely ignoring potential increases in later benefits. Declining actuarial adjustments beginning at 65 induce those with low discount rates to retire at 65. Raising the Social Security early entitlement age to 64 induces 5% of the population to delay retiring, shifting the retirement spike from 62 to 64.
Keywords:
本文献已被 ScienceDirect 等数据库收录!
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号