Will they take the money and work? An empirical analysis of people's willingness to delay claiming social security benefits for a lump sum
- This paper investigates whether exchanging the Social Security delayed retirement credit, currently paid as an increase in lifetime annuity benefits, for a lump sum would induce later claiming and additional work. We show that people would voluntarily claim about half a year later if the lump sum were paid for claiming any time after the Early Retirement Age, and about two-thirds of a year later if the lump sum were paid only for those claiming after their Full Retirement Age. Overall, people will work one-third to one-half of the additional months, compared to the status quo. Those who would currently claim at the youngest ages are likely to be most responsive to the offer of a lump sum benefit.
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| Verfasserangaben: | Raimond MaurerORCiDGND, Olivia S. MitchellORCiDGND, Ralph RogallaGND, Tatjana Schimetschek |
|---|---|
| URN: | urn:nbn:de:hebis:30:3-371013 |
| URL: | http://ssrn.com/abstract=2567341 |
| DOI: | https://doi.org/10.2139/ssrn.2567341 |
| Titel des übergeordneten Werkes (Englisch): | SAFE working paper series ; No. 84 |
| Schriftenreihe (Bandnummer): | SAFE working paper (84) |
| Verlag: | SAFE |
| Verlagsort: | Frankfurt am Main |
| Dokumentart: | Arbeitspapier |
| Sprache: | Englisch |
| Datum der Veröffentlichung (online): | 20.02.2015 |
| Datum der Erstveröffentlichung: | 20.02.2015 |
| Veröffentlichende Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Datum der Freischaltung: | 10.03.2015 |
| Freies Schlagwort / Tag: | Annuity; Social Security; delayed retirement; lifetime income; lump sum; pension |
| Seitenzahl: | 42 |
| HeBIS-PPN: | 357671422 |
| Institute: | Wirtschaftswissenschaften / Wirtschaftswissenschaften |
| Wissenschaftliche Zentren und koordinierte Programme / House of Finance (HoF) | |
| Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) | |
| Wissenschaftliche Zentren und koordinierte Programme / Sustainable Architecture for Finance in Europe (SAFE) | |
| DDC-Klassifikation: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| Sammlungen: | Universitätspublikationen |
| Lizenz (Deutsch): |  Deutsches Urheberrecht |
