@article {11373,
	title = {The Impact of Growing Health and Mortality Inequalities on Lifetime Social Security Payouts},
	number = {MRDRC WP 2020-412},
	year = {2020},
	institution = {Michigan Retirement and Disability Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {The prevalence of obesity, diabetes, and other health problems has increased in recent
decades in the United States, and there is a growing gap between the health and longevity of
individuals with high socioeconomic status (SES) and low SES. These trends likely have
implications for Social Security{\textquoteright}s financial position in the coming decades. Because high-SES
individuals tend to receive higher annual benefits and live longer, increases in health and
mortality inequalities may result in increases in aggregate Social Security payouts. This paper
uses data from the Health and Retirement Study, and a microsimulation model of health,
mortality, and Social Security benefits, to forecast lifetime Social Security benefits of the 1934 to
1959 birth cohorts in the U.S. We compare alternative assumptions about the future course of
mortality. We find that accounting for health and mortality inequalities is important. In a baseline
model that ignores trends in mortality inequalities, we estimate that lifetime Social Security
benefits would grow by 26\% in real terms between the 1934 and 1959 birth cohorts due to
increasing benefit levels and improvements in average mortality. When we account for mortality
inequalities, we find an increase of 28\% to 38\% in average lifetime benefits, depending on the
assumptions of the model. We also forecast lifetime benefits using the alternative assumption
that improvements in population mortality will slow for younger birth cohorts.},
	keywords = {health, mortality inequalities, Social Security},
	url = {https://mrdrc.isr.umich.edu/publications/papers/pdf/wp412.pdf},
	author = {P{\'e}ter Hudomiet and Michael D Hurd and Susann Rohwedder}
}
@article {9343,
	title = {Changes in Spending and Labor Supply in Response to a Social Security Benefit Cut: Evidence from Stated Choice Data.},
	journal = {Journal of the Economics of Ageing},
	volume = {10},
	year = {2017},
	pages = {34-50},
	abstract = {We investigate how individuals in the U.S. expect to adjust their labor force participation and savings if Social Security benefits were cut by 30 percent. Respondents were asked directly what they would do under this scenario. Using the resulting stated choice data we find that respondents would on average reduce spending by 18.2 percent before retirement and 20.4 percent after retirement. About 34.1\% of respondents state they would definitely work longer and they would postpone claiming Social Security by 1.1 years. We investigate how working longer and claiming Social Security later would compensate partially for the loss in benefits among the individuals who are currently working, under the assumption that individuals retire and claim at the same time. Individuals would increase their Social Security benefits from the post-reform level due to additional earnings entering the benefit calculation and a smaller early claiming penalty (or higher delayed claiming credit). As a result, the Social Security benefit people would receive would drop on average by 21 rather than 30 percent. Still, the net financial loss, even after accounting for additional earnings, is sizeable for individuals in the lowest wealth tertile.},
	keywords = {Employment and Labor Force, Financial literacy, Social Security},
	issn = {2212-828X},
	doi = {10.1016/j.jeoa.2017.09.001},
	author = {Delavande, Adeline and Susann Rohwedder}
}
@article {9152,
	title = {Living longer, working longer},
	journal = {Commentary (The RAND Blog)},
	year = {2016},
	publisher = {The RAND Corporation},
	address = {Santa Monica, CA},
	keywords = {Employment and Labor Force, Social Security},
	url = {https://www.rand.org/blog/2016/08/living-longer-working-longer.html},
	author = {Michael D Hurd and Susann Rohwedder}
}
@article {5655,
	title = {The Impact of Misperceptions about Social Security on Saving and Well-Being},
	year = {2006},
	institution = {The University of Michigan, Michigan Retirement Research Center},
	abstract = {Earlier research suggests that many people in their fifties and early sixties are not well informed about their Social Security entitlements. This paper investigates the effect of deviations between predicted and realized Social Security benefits on several measures of well-being in retirement, such as the change in consumption expenditures at retirement, a self-assessed measure of how retirement years compare to the years before retirement, and whether the individual is worried about having enough income to get by in retirement. The analysis is based upon US data from the Health and Retirement Study, following individuals over a long time period from their fifties into retirement. We find clear evidence that people who over estimated their Social Security benefits are worse off according to several measures of well being in retirement. This relationship seems to be more pronounced for respondents who claimed benefits earlier than anticipated than for those who were simply misinformed.},
	keywords = {Net Worth and Assets, Social Security},
	url = {http://www.mrrc.isr.umich.edu},
	author = {Susann Rohwedder and Arthur H.O. vanSoest}
}
