TY  - UNPD
A1  - Maurer, Raimond
A1  - Mitchell, Olivia S.
A1  - Rogalla, Ralph
A1  - Schimetschek, Tatjana
T1  - Will they take the money and work? An empirical analysis of people's willingness to delay claiming social security benefits for a lump sum
T2  - SAFE working paper series ; No. 84
N2  - 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.
T3  - SAFE working paper - 84 
KW  - Annuity
KW  - lump sum
KW  - Social Security
KW  - delayed retirement
KW  - lifetime income
KW  - pension
Y1  - 2015
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/37101
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-371013
UR  - http://ssrn.com/abstract=2567341
PB  - SAFE
CY  - Frankfurt am Main
ER  -