TY  - UNPD
A1  - Maurer, Raimond
A1  - Mitchell, Olivia S.
A1  - Rogalla, Ralph
A1  - Schimetschek, Tatjana
T1  - Optimal Social Security claiming behavior under lump sum incentive : theory and evidence
T2  - SAFE working paper series ; No. 164
N2  - People who delay claiming Social Security receive higher lifelong benefits upon retirement. We survey individuals on their willingness to delay claiming later, if they could receive a lump sum in lieu of a higher annuity payment. Using a moment-matching approach, we calibrate a lifecycle model tracking observed claiming patterns under current rules and predict optimal claiming outcomes under the lump sum approach. Our model correctly predicts that early claimers under current rules would delay claiming most when offered actuarially fair lump sums, and for lump sums worth 87% as much, claiming ages would still be higher than at present.
T3  - SAFE working paper - 164 
KW  - annuity
KW  - delayed retirement
KW  - lifetime income
KW  - pension
KW  - early retirement
KW  - social security
Y1  - 2017
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/42724
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-427245
UR  - https://ssrn.com/abstract=2901376
IS  - Version of January 12, 2017
PB  - SAFE
CY  - Frankfurt am Main
ER  -