Social Security and the Retirement and Savings Behavior of Low Income Households

TitleSocial Security and the Retirement and Savings Behavior of Low Income Households
Publication TypeReport
Year of Publication2005
Authorsvan der Klaauw, W, Wolpin, KI
InstitutionPenn Institute for Economic Research, University of Pennsylvania
Call Numberwp_2005_05-020.pdf
KeywordsConsumption and Savings, Social Security
Abstract

In this paper, we develop and estimate a model of retirement and savings incorporating limited borrowing, stochastic wage offers, health status and survival, social security benefits, Medicare and employer provided health insurance coverage, and intentional bequests. The model is estimated on sample of relatively poor households from the first three waves of the Health and Retirement Study (HRS), for whom we would expect social security income to be of particular importance. The estimated model is used to simulate the responses to several counterfactual experiments corresponding to changes in social security rules. These include changes in benefit levels, in the payroll tax, in the social security earnings tax and in early and normal retirement ages.

Notes

RDA

URLhttp://www.econ.upenn.edu/Centers/pier/Archive/05-020.pdf
Endnote Keywords

Retirement Saving/Social Security

Endnote ID

15070

Citation Key5624