@article {5542,
	title = {Annuities and Retirement Satisfaction},
	number = {DRU-3021},
	year = {2003},
	institution = {RAND Corporation},
	address = {Santa Monica, CA},
	abstract = {This paper analyzes pre-retirement expectations and post-retirement satisfaction, in particular their association with the degree to which retirees  financial resources are in the form of annuities. Using the 1992-2000 Health and Retirement Study (HRS), we find that most retirees are very satisfied with their overall situation, but the degree of satisfaction varies substantially with retirees  characteristics. In particular, people in better health and with more financial resources tend to be more satisfied. Holding constant the present value of retirement resources and other factors, we find that retirees who can finance more of their consumption in retirement from pension annuities (vs. Social Security benefits and accumulated savings) are more satisfied. Retirees with lifelong annuities also tend to maintain their level of satisfaction during retirement, whereas those without tend to become less satisfied over time. We find the very same patterns with alternative depression-related measures of well-being in retirement. The findings have important implications for the well-being of future American retirees, who are increasingly reliant on DC pension plans rather than traditional DB.},
	keywords = {Expectations, Net Worth and Assets, Retirement Planning and Satisfaction, Social Security},
	url = {https://www.rand.org/pubs/drafts/DRU3021.html},
	author = {Panis, Constantijn}
}
@article {5500,
	title = {Workers Who Take Early Social Security Retirement Benefits},
	year = {2002},
	note = {RDA 2000-010},
	institution = {Washington, DC, RAND Labor and Population Program; Prepared for the Social Security Administration},
	abstract = {The objectives of this analysis are to shed light on the differences between workers who take early Social Security retirement benefits and those that postpone claiming, and to identify the types of individuals that would be particularly vulnerable to an increase in the Early Entitlement Age (EEA) above its current level of age 62.  Generally speaking, we find workers who accept early retirement benefits are less likely to be college educated, less likely to be in management positions or to be professionals and more likely to have left the labor force before age 62.  There are no large differences in financial wealth between Takers and Postponers, except for in pension wealth.  Takers are much less likely to be covered by a pension plan and have lower pension wealth than Postponers.  Moreover, while quite healthy on average, Takers are more likely to be in poorer health than workers who postpone benefits.  This difference is particularly important for understanding the impact of raising the EEA.  Individuals with a limited ability to continue working past age 62 due to health problems may experience substantial welfare losses in case of an increase in the EEA.  Among a particularly vulnerable group of Takers, those in poor health and without pension entitlement, we find that more than half have a physically demanding job.  These workers are particularly likely to apply for DI benefits in case of an increase of the EEA, which would add to rather than reduce total Social Security outlays.},
	keywords = {Retirement Planning and Satisfaction, Social Security},
	author = {Julie M Zissimopoulos and Panis, Constantijn and Michael D Hurd}
}
