@article {8217,
	title = {Effects of social security policies on benefit claiming, retirement and saving},
	journal = {Journal of Public Economics},
	volume = {129},
	year = {2015},
	note = {Export Date: 9 September 2015},
	pages = {51-62},
	publisher = {129},
	abstract = {An enhanced version of a structural model jointly explains benefit claiming, wealth and retirement, including reversals from states of lesser to greater work. The model is estimated with Health and Retirement Study data. Alternative beliefs about the future of Social Security affect claiming behavior. Effects of three potential policies are also examined: increasing the early entitlement age, increasing the full retirement age, and eliminating the payroll tax for seniors. Predicted responses to increasing the full entitlement age are sensitive to beliefs.   2015 Elsevier B.V.},
	keywords = {Consumption and Savings, Event History/Life Cycle, Health Conditions and Status, Methodology, Pensions, Retirement Planning and Satisfaction, Social Security},
	doi = {10.1016/j.jpubeco.2015.07.005},
	url = {http://www.scopus.com/inward/record.url?eid=2-s2.0-84939170804andpartnerID=40andmd5=5f9a5d50350fd2d4594bc7142c636dc6},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@article {5949,
	title = {Effects of Social Security Policies on Benefit Claiming, Retirement and Saving},
	year = {2013},
	institution = {Cambridge, MA, National Bureau of Economic Research},
	abstract = {An enhanced version of a structural model jointly explains benefit claiming, wealth and retirement, including reversals from states of lesser to greater work. The model includes stochastic returns on assets. Estimated with Health and Retirement Study data, it does a better job of predicting claiming than previous versions. Alternative beliefs about the future of Social Security affect predicted outcomes. Effects of three potential policies are also examined: increasing the early entitlement age, increasing the full retirement age, and eliminating the payroll tax for seniors. Predicted responses to increasing the full entitlement age are sensitive to beliefs.},
	keywords = {Consumption and Savings, Healthcare, Public Policy, Retirement Planning and Satisfaction, Social Security},
	url = {http://www.nber.org/papers/w19071},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@article {5907,
	title = {The Effects of Changes in Women s Labor Market Attachment on Redistribution Under the Social Security Benefit Formula},
	number = {WP 2011-248},
	year = {2011},
	institution = {Michigan Retirement and Disability Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {Studies using data from the early 1990s suggested that while the progressive Social Security benefit formula succeeded in redistributing benefits from individuals with high earnings to individuals with low earnings, it was much less successful in redistributing benefits from households with high earnings to households with low earnings. Wives often earned much less than their husbands. As a result, much of the redistribution at the individual level was effectively from high earning husbands to their own lower earning wives. In addition, spouse and survivor benefits accrue disproportionately to women from high income households. Both factors mitigate redistribution at the household level.   This paper compares outcomes for the earlier cohort with those of a cohort born twelve years later. With greater growth in women{\textquoteright}s earnings, the aim of the study is to see whether, after the recent growth in two earner households, and the growth in women{\textquoteright}s labor market activity and earnings, the Social Security system now fosters somewhat more redistribution from high to low earning households.   We use data from the Health and Retirement Study to study a population consisting of members of households with at least one person age 51 to 56 in either 1992 or in 2004. We use four different measures of redistribution: the ratio of the present value of benefits to taxes for households arrayed by decile of covered earnings; the fraction of total Social Security benefits redistributed from households with high earnings to those with low earnings; the share of total benefits paid to members of each cohort redistributed from households falling in the highest deciles of earners to those with lower covered earnings; and the rate of return to Social Security taxes for members with different amounts of covered earnings.   Considering differences in earnings between cohorts, women enjoyed a more rapid growth of labor force participation, hours of work and covered earnings than men. This increased the redistribution of Social Security benefits among households. Nevertheless, a considerable gap remains between the labor market activities and earnings of women versus men. As a result, the Social Security system remains much less successful in redistributing benefits from households with high covered earnings to those with lower covered earnings than in redistributing benefits from individuals with high covered earnings to those with lower covered earnings.},
	keywords = {Employment and Labor Force, Income, Pensions, Social Security, Women and Minorities},
	url = {https://deepblue.lib.umich.edu/bitstream/handle/2027.42/86250/wp248.pdf?sequence=1},
	author = {Alan L Gustman and Thomas L. Steinmeier and N. Tabatabai}
}
@article {6696,
	title = {Employer Provided Pension Data in the NLS Mature Women{\textquoteright}s Survey and in the Health and Retirement Study},
	journal = {Research in Labor Economics},
	volume = {19},
	year = {2000},
	note = {RDA 1996-005},
	pages = {215-252},
	publisher = {19},
	keywords = {Consumption and Savings, Employment and Labor Force, Income, Methodology, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@inbook {5144,
	title = {Evaluating Pension Entitlements},
	booktitle = {Forecasting Retirement Needs and Retirement Wealth},
	year = {2000},
	note = {RDA 1996-005; Revision of Pension Research Council Working Paper 98-20 ProCite field 8 : eds.},
	pages = {309-326},
	publisher = {University of Pennsylvania Press},
	organization = {University of Pennsylvania Press},
	chapter = {12},
	address = {Philadelphia},
	keywords = {Net Worth and Assets, Pensions, Public Policy},
	url = {https://pensionresearchcouncil.wharton.upenn.edu/publications/books/forecasting-retirement-needs-and-retirement-wealth/},
	author = {Alan L Gustman and Olivia S. Mitchell and Andrew A. Samwick and Thomas L. Steinmeier},
	editor = {Olivia S. Mitchell and Hammond, B. and Rappaport, A.}
}
@article {10853,
	title = {Effects of pensions on savings: analysis with data from the health and retirement study},
	journal = {Carnegie-Rochester Conference Series on Public Policy},
	volume = {50},
	year = {1999},
	pages = {271 - 324},
	abstract = {This paper examines the composition and distribution of total wealth for a cohort of 51- to 61-year olds from the Health and Retirement Study (HRS), and the role of pensions in forming retirement wealth. Pension coverage is widespread, covering two-thirds of households and accounting for one-quarter of accumulated wealth. Social security benefits account for another quarter of total wealth. As calculated from earnings records, the present discounted value of social security benefits is less than the present value of taxes paid. Earlier than many expected, social security is already a poor investment on average for this cohort on the verge of retirement. When pensions and social security are included, wealth accumulated by the HRS population to date is substantial. At their expected retirement date, using only the wealth accumulated by their mid-fifties, the HRS household with median replacement rate could finance a fixed, nominal two-thirds joint and survivor annuity replacing 79 percent of last earnings, and a real annuity replacing 52 percent of last earnings. Replacement rates for median earners are higher. Additional savings made over the seven years remaining until retirement will raise those replacement rates by about a fifth. When measured against a standard of adequacy based on average yearly earnings over the worklife, with adjustments made for the absence of preretirement savings, children, taxes, work-related expenses and other factors, these replacement rates appear adequate. Lifetime earnings are measured for each individual in the HRS from social security earnings records augmented by self-reported earnings histories. When pensions and social security are counted in total wealth, the ratio of wealth to lifetime earnings declines from very high levels in the bottom ten percent of the earnings distribution, remains at roughly 40 percent from the 25th through 95th percentile of the lifetime earnings distribution, and then falls to 32 percent for those in the top five percent of the earnings distribution. This result is consistent with the predictions of a simple, stripped-down life-cycle model. Also consistent is a finding that the ratio of wealth to lifetime earnings is no higher for those with pensions than for those without pensions. However, heterogeneity is quite important. Real estate and business wealth are a larger share of total wealth for those without pensions, reflecting the importance of self-employment in wealth accumulation. Multivariate regressions relating total wealth to pension coverage and pension value, which standardize for sources of heterogeneity, suggest that pensions cause very limited displacement of other wealth, if any. Pensions add to total wealth by at least half the value of the pension, and in most estimates by a good deal more. These findings are not consistent with a simple life-cycle explanation for savings. They also raise questions about whether pensions are fundamentally a tax avoidance device, allowing substitution of pension for nonpension savings.},
	isbn = {0167-2231},
	doi = {10.1016/S0167-2231(99)00030-5},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@article {5381,
	title = {Employer Provided Pension Data in the NLS Mature Women{\textquoteright}s Survey and in the Health and Retirement Study},
	year = {1999},
	institution = {National Bureau of Economics Research},
	abstract = {We compute pension wealth from employer provided pension plan descriptions matched to respondent surveys to the National Longitudinal Survey of Mature Women (NLS-MW) and the Health and Retirement Study (HRS). These calculations provide detailed information on the level and distribution of pension wealth and a variety of incentives from pensions. Differences between the pensions of men and women are largely explained by differences in earnings. However, there also are differences in the shapes of the pension accrual profiles of defined benefit plans that are likely to reflect tenure of women. Pension coverage is lower in the NLS-MW than in the HRS. As a result, wealth is lower in the NLS-MW than in the HRS. But the difference in coverage is not due to the effects of pension matching. Pension values for covered respondents are similar between the NLS-MW and HRS surveys. Systematic differences between the surveys in the rate at which pensions were matched do not have a major effect on findings as to the levels and distributions of pension wealth between the surveys.},
	keywords = {Consumption and Savings, Employment and Labor Force, Income, Methodology, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@article {5379,
	title = {Effects of Pensions on Savings:  Analysis with Data from the Health and Retirement Study},
	number = {6681},
	year = {1998},
	note = {RDA 1996-005 ProCite field 8 : Dartmouth College and NBER; TX Tech U},
	institution = {NBER},
	address = {Cambridge},
	abstract = {This paper examines the composition and distribution of total wealth for a cohort of 51- to 61-year olds from the Health and Retirement Study (HRS), and the role of pensions in forming retirement wealth.  Pension coverage is widespread, covering two-thirds of households and accounting for one-quarter of accumulated wealth. Social security benefits account for another quarter of total wealth.  As calculated from earnings records, the present discounted value of social security benefits is less than the present value of taxes paid. Earlier than many expected, social security is already a poor investment on average for this cohort on the verge of retirement. When pensions and social security are included, wealth accumulated by the HRS population to date is substantial. At their expected retirement date, using only the wealth accumulated by their mid-fifties, the HRS household with median replacement rate could finance a fixed, nominal two-thirds joint and survivor annuity replacing 79 percent of last earnings, and a real annuity replacing 52 percent of last earnings. Replacement rates for median earners are higher. Additional savings made over the seven years remaining until retirement will raise those replacement rates by about a fifth. When measured against a standard of adequacy based on average yearly earnings over the worklife, with adjustments made for the absence of preretirement savings, children, taxes, work-related expenses and other factors, these replacement rates appear adequate.  Lifetime earnings are measured for each individual in the HRS from social security earnings records augmented by self-reported earnings histories. When pensions and social security are counted in total wealth, the ratio of wealth to lifetime earnings declines from very high levels in the bottom ten percent of the earnings distribution, remains at roughly 40 percent from the 25th through 95th percentile of the lifetime earnings distribution, and then falls to 32 percent for those in the top five percent of the earnings distribution.  This result is consistent with the predictions of a simple, stripped-down life-cycle model. Also consistent is a finding that the ratio of wealth to lifetime earnings is no higher for those with pensions than for those without pensions. However, heterogeneity is quite important.  Real estate and business wealth are a larger share of total wealth for those without pensions, reflecting the importance of self-employment in wealth accumulation.  Multivariate regressions relating total wealth to pension coverage and pension value, which standardize for sources of heterogeneity, suggest that pensions cause very limited displacement of other wealth, if any. Pensions add to total wealth by at least half the value of the pension, and in most estimates by a good deal more.  These findings are not consistent with a simple life-cycle explanation for savings. They also raise questions about whether pensions are fundamentally a tax avoidance device, allowing substitution of pension for nonpension savings.},
	keywords = {Adult children, Consumption and Savings, Employment and Labor Force, Income, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction, Social Security},
	url = {https://www.nber.org/papers/w6681.pdf},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
