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The Office of Retirement and Disability Policy at the Social Security Administration created the Retirement Research Consortium in 1998 to encourage research on topics related to Social Security and the well-being of older Americans, and to foster communication between the academic and policy...
Persistent link: https://www.econbiz.de/10014200096
Together, pensions, social security and health insurance account for half of the wealth held by all households in the Health and Retirement Study (HRS), for 60 percent of total wealth of HRS households who are in the 45th to 55th wealth percentiles, and even for 48 percent of wealth for those in...
Persistent link: https://www.econbiz.de/10014043164
This paper constructs a structural retirement model with hyperbolic preferences and uses it to estimate the effect of several potential Social Security policy changes. Estimated effects of policies are compared using two models, one with hyperbolic preferences and one with standard exponential...
Persistent link: https://www.econbiz.de/10010574351
Using data from the Health and Retirement Study, we estimate reduced form retirement and wealth equations. The retirement equation relates the probability of retiring to the quot;premium valuequot;, a forward looking measure of the future value of pensions and social security that better...
Persistent link: https://www.econbiz.de/10012786844
earners are higher. Additional savings made over the seven years remaining until retirement will raise those replacement rates … adjustments made for the absence of preretirement savings, children, taxes, work related expenses and other factors, these … are not consistent with a simple life cycle explanation for savings. They also raise questions about whether pensions are …
Persistent link: https://www.econbiz.de/10014181830
This paper specifies and estimates a structural dynamic stochastic model of the way individuals make retirement and saving choices in an uncertain world, and applies that model to analyze the effects of the stock market bubble on retirement behavior. The model includes individual variation both...
Persistent link: https://www.econbiz.de/10014093130
Persistent link: https://www.econbiz.de/10011433269
Persistent link: https://www.econbiz.de/10009702541
This paper specifies three behavioral variants of a structural model of retirement and saving to bring predicted Social Security claiming rates closer to the rates observed in the data. The model, estimated with Health and Retirement Study data, is used to examine three potential policies:...
Persistent link: https://www.econbiz.de/10013100567
An enhanced version of a structural model jointly explains benefit claiming, wealth and retirement, including reversals from states of lesser to greater work. The model includes stochastic returns on assets. Estimated with Health and Retirement Study data, it does a better job of predicting...
Persistent link: https://www.econbiz.de/10013081500