TY  - JOUR
A1  - Maurer, Raimond
A1  - Mitchell, Olivia S.
T1  - Older peoples' willingness to delay social security claiming
T2  - Journal of pension economics and finance
N2  - We have designed and implemented an experimental module in the 2014 Health and Retirement Study to measure older persons' willingness to defer claiming of Social Security benefits. Under the current system’ status quo where delaying claiming boosts eventual benefits, we show that 46% of the respondents would delay claiming and work longer. If respondents were instead offered an actuarially fair lump sum payment instead of higher lifelong benefits, about 56% indicate they would delay claiming. Without a work requirement, the average amount needed to induce delayed claiming is only $60,400, while when part-time work is stipulated, the amount is slightly higher, $66,700. This small difference implies a low utility value of leisure foregone, of under 20% of average household income.
KW  - Annuity
KW  - labor supply
KW  - lump sum
KW  - retirement age
KW  - social security
Y1  - 2020
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/62820
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-628209
SN  - 1475-3022
N1  - The research reported herein was performed pursuant to a grant from the US Social Security Administration (SSA) funded as part of the Michigan Retirement Research Center. Additional research support was provided by the Deutsche Forschungsgemeinschaft (DFG), the German Investment and Asset Management Association (BVI), the Pension Research Council/Boettner Center at The Wharton School of the University of Pennsylvania, and the Metzler Exchange Professor program. We also acknowledge support from the Research Center SAFE, funded by the State of Hessen initiative for research excellence, LOEWE.
VL  - 20
IS  - 3
SP  - 410
EP  - 425
PB  - Cambridge Univ. Press
CY  - Cambridge
ER  -