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This paper investigates how increases in the level of maximum earnings subject to the Social Security payroll tax have affected Social Security benefits and taxes. The analysis uses data from the Health and Retirement Study to ask how different the present value of own benefits and taxes would...
Persistent link: https://www.econbiz.de/10013136157
To analyze the effect of health on work, many studies use a simple self-assessed health measure based upon a question such as, 'Do you have an impairment or health problem limiting the kind or amount of work you can do?' A possible drawback of such a measure is the possibility that different...
Persistent link: https://www.econbiz.de/10014203736
This paper uses asset and labor market data from the Health and Retirement Study (HRS) to investigate how the recent "Great Recession" has affected the wealth and retirement of those in the population who were just approaching retirement age at the beginning of the recession, a potentially...
Persistent link: https://www.econbiz.de/10014176533
Few private defined benefit pension plans commit to indexing benefits after a worker begins receiving them. Previous (now dated) research found that most plans did, nonetheless, make "voluntary" adjustments, which compensated for roughly 40 percent of the price increases experienced since...
Persistent link: https://www.econbiz.de/10014186624
Retirees must draw down their accumulated assets in an orderly fashion so as not to exhaust their funds too soon. We derive the optimal retirement portfolio from a menu that includes payout annuities as well as an investment allocation and a withdrawal strategy, assuming risk aversion,...
Persistent link: https://www.econbiz.de/10014047792
Social Security reform proposals are often presented in terms of their differential impacts on hypothetical or 'example' workers. Our work explores how different benchmarks produce different replacement rate outcomes. We use the Health and Retirement Study (HRS) to evaluate how Social Security...
Persistent link: https://www.econbiz.de/10014047793
Prior research has suggested that many older Americans have not saved enough to maintain consumption levels in old age. One way older persons might respond to inadequate savings would be to extend their worklives by delaying retirement. This paper examines evidence on this matter using the...
Persistent link: https://www.econbiz.de/10014047813
This paper describes how differences in health status at retirement can influence the decision to purchase a life annuity. We extend previous research on annuitization decisions by incorporating the effect of health differentials via differences in survival throughout the latter portion of life....
Persistent link: https://www.econbiz.de/10014047823
How might retirees consider deploying the retirement assets accumulated in a defined contribution pension plan? One possibility would be to purchase an immediate annuity. Another approach, called the "phased withdrawal" strategy in the literature, would have the retiree invest his funds and then...
Persistent link: https://www.econbiz.de/10014047830
This project evaluates how workers might invest their Personal Retirement Account (PRA) funds between safe and risky assets, depending on whether they are offered a rate of return guarantee on the risky asset. We focus on how asset allocation decisions might differ depending on participants'...
Persistent link: https://www.econbiz.de/10014047831