their willingness to delay claiming later, if they could receive a lump sum in lieu of a higher annuity payment. Using a …

their willingness to delay claiming later, if they could receive a lump sum in lieu of a higher annuity payment. Using a …

delays if, by delaying benefits, people received a lump sum instead of an annuity. We predict that current early claimers …

-tested payments creates an incentive to cash out (occupational) pension wealth for low and middle income earners, instead of taking … the annuity. Agents trade-off the advantages from annuitization, receiving the wealth-enhancing mortality credit, to the … predicted annuitization rates as a function of the level of pension wealth are roughly consistent with the cash-out patterns of …

retirement activity at 62. Liquidity constraints from inability to borrow on Social Security and pension benefits add to this …

in lifetime annuity benefits, for a lump sum would induce later claiming and additional work. We show that people would …