UM12-01: Technological Progress and the Earnings of Older Workers

This proposal seeks to use SSA’s Continuous Work History Sample (CWHS) data to study the effect of technological progress on the earnings for workers of different ages, in particular, older workers nearing retirement. Prior work by Laitner and Stolyarov used…

UM12-02: Tax Elasticity of Labor Earnings for Older Individuals

This paper studies the impact of income and payroll taxes on intensive and extensive labor supply decisions for workers ages 55-74 using the Health and Retirement Study. The literature provides little guidance about the responsiveness of this population to tax…

UM12-03: Accounting for Trends in Labor Force Behavior by Age: Common or Age-Specific Explanations?

The goal of the project is to study long-run labor force participation (LFP) trends of older and younger workers in a unified framework to determine the importance of common, relative to age-specific, factors. The analysis would develop a set of…

UM12-04: Behavioral Effects of Social Security Policies on Benefit Claiming, Retirement and Saving

This paper specifies three behavioral variants of a structural model of retirement and saving to bring predicted Social Security claiming rates closer to the rates observed in the data. The model, estimated with Health and Retirement Study data, is used…

UM12-05: New Analysis of HRS Data on Intergenerational Transfers

The life-cycle model of household behavior forms the basis for most economic analysis of Social Security, private pensions, and retirement. This project seeks to extend the usefulness of the life-cycle model by considering the role of middle-class inheritances and bequests.…

UM12-06: Expectations about Social Security and Retirement Planning: The Role of Uncertainty and the Impact of Economic Shocks

Forming realistic expectations about future Social Security benefits is critical to successful retirement planning.  We propose to use new panel data on Social Security expectations to (i) assess the degree of individuals’ uncertainty about their future Social Security benefits and…

UM12-07: The Effects of Increases in the Normal Retirement Age when Age Discrimination Protections are Stronger: Evidence from the Hiring Side

Policy changes intended to delay retirements of older workers and extend their work lives may run up against demand-side barriers from age discrimination, and supply-side barriers owing to rising physical challenges of work as people age.  We study three questions. …

UM12-08: Trading Off Delayed Social Security Benefits for a Lump-Sum: Impacts on Work and Retirement Behavior, Saving, and Well-Being

Social Security benefits are currently provided as a lifelong benefit stream, though some workers would be willing to trade a portion of their annuity streams in exchange for a lump sum amount. This paper explores whether allowing people to receive…

UM12-09: The Interplay of Wealth, Retirement Decisions, Policy and Economic Shocks

We develop a model of health investments and consumption over the life cycle where health affects longevity, provides flow utility, and retirement is endogenous. We develop a rich, numerical life-cycle model to study the complex interrelationship between health and wealth…

UM12-10: Mismeasurement of Pensions Before and After Retirement: The Mystery of the Disappearing Pensions with Implications for the Importance of Social Security as a Source of Retirement Support

A review of the literature suggests that when pension values are measured by the wealth equivalent of promised DB pension benefits and DC balances for those approaching retirement, pensions account for more support in retirement than is suggested when their…