TY - RPRT T1 - What Happened to Late Boomers’ Retirement Wealth? Y1 - 2023 A1 - Chen, Anqi A1 - Alicia H. Munnell A1 - Quinby, Laura D. KW - Great Recession KW - late boomers KW - Retirement KW - Wealth AB - The brief’s key findings are: Late Boomers have less retirement wealth than earlier cohorts, including surprisingly low 401(k) assets. To explain this drop, the analysis explored both changing demographics and labor market experiences. The results show that part of the drop is due to a decline in the share of Late Boomers who are White, married, and have college degrees. The main factor, though, is that Late Boomers saw a weakening in the link between work and wealth due to the Great Recession. The Great Recession story is a bit of good news for younger cohorts, as some of the downward pressure on their wealth holdings should abate. JF - Issue in Brief PB - Center for Retirement Research at Boston College CY - Chestnut Hill, MA UR - https://crr.bc.edu/what-happened-to-late-boomers-retirement-wealth/ ER - TY - RPRT T1 - Do Households Save More When the Kids Leave? Take Two Y1 - 2022 A1 - Andrew G. Biggs A1 - Anqi Chen A1 - Alicia H. Munnell KW - consumption KW - Income KW - Saving AB - When kids leave home, parents consume less but they don’t save more. So where is the money going? The analysis looks at three ways to square the circle: define saving more broadly: parents could be paying down debt faster; define consumption more broadly: they could be assisting grown children; and define income more precisely: they could be earning less than before. The results support the third explanation: when kids leave, parents work and earn less. But the results also show that consumption still declines relative to income without any rise in net worth, so this study does not fully resolve the puzzle. JF - Briefs PB - Center for Retirement Research at Boston College CY - Chestnut Hill, MA UR - https://crr.bc.edu/briefs/do-households-save-more-when-the-kids-leave-take-two/ ER - TY - RPRT T1 - How Does COVID-Induced Early Retirement Compare to the Great Recession? Y1 - 2022 A1 - Chen, Anqi A1 - Liu, Siyan A1 - Alicia H. Munnell KW - COVID-19 KW - Early retirement KW - Great Recession KW - Pandemic AB - In early 2020, the COVID Recession seemed like it would result in an increase in early Social Security claiming, similar to the Great Recession. However, pretty quickly the COVID Recession turned out to be quite different. It was spurred by a health crisis, potentially increasing the likelihood of early claiming among older workers and accompanied by a quick recovery in the stock market followed by rapidly-rising prices that could enable many with assets to retire early. On the other hand, the unprecedented expansion and generosity of unemployment insurance (UI) offered a way for lower-paid workers to stay in the labor force. The following analysis, using data from the Health and Retirement Study (HRS), compares how the claiming pattern changed in the recession years 2008-2010 from the expansion years 2004-2006 with how the pattern changed in the recession year 2020 from the expansion years 2016-2018. JF - Working Papers PB - Center for Retirement Research at Boston College CY - Newton, MA UR - https://crr.bc.edu/working-papers/how-does-covid-induced-early-retirement-compare-to-the-great-recession/ ER - TY - RPRT T1 - Social Security Claiming: COVID-19 vs. Great Recession. Y1 - 2022 A1 - Alicia H. Munnell A1 - Chen, Anqi A1 - Liu, Siyan KW - COVID-19 KW - Great Recession KW - Social Security claiming AB - The brief’s key findings are: In early 2020, many thought the COVID crisis – like the Great Recession – might force many workers to claim Social Security early. But the COVID economy turned out very different, with robust growth in the stock market and substantial unemployment relief. The analysis compared the relative impacts of the two recessions on early claiming by earnings group and found that: During COVID, the booming stock market induced early claiming among workers with retirement assets; while the generous unemployment benefits decreased early claiming for many lower-paid workers. Overall, the latter effect more than cancelled out the former, so COVID actually led to a slight decline in early claiming. JF - Issue in Brief PB - Center for Retirement Research at Boston College CY - Chestnut Hill, MA UR - https://crr.bc.edu/briefs-social-security/social-security-claiming-covid-19-vs-great-recession/ ER - TY - RPRT T1 - Social Security Claiming: COVID-19 vs. Great Recession Y1 - 2022 A1 - Chen, Anqi A1 - Liu, Siyan A1 - Alicia H. Munnell KW - COVID-19 KW - Great Recession KW - Social Security claiming AB - In early 2020, many thought the COVID crisis – like the Great Recession – might force many workers to claim Social Security early.But the COVID economy turned out very different, with robust growth in the stock market and substantial unemployment relief. The analysis compared the relative impacts of the two recessions on early claiming by earnings group and found that: During COVID, the booming stock market induced early claiming among workers with retirement assets ;while the generous unemployment benefits decreased early claiming for many lower-paid workers. Overall, the latter effect more than cancelled out the former, so COVID actually led to a slight decline in early claiming. JF - Briefs PB - Center for Retirement Research at Boston College CY - Newton, MA UR - https://crr.bc.edu/briefs/social-security-claiming-covid-19-vs-great-recession/ ER - TY - RPRT T1 - Will Survivors of the First Year of the COVID-19 Pandemic Have Lower Mortality? Y1 - 2022 A1 - Gal Wettstein A1 - Gok, Nilufer A1 - Anqi Chen A1 - Alicia H. Munnell KW - COVID-19 KW - Mortality AB - The mortality burden of the COVID-19 pandemic was particularly heavy among older adults, racial and ethnic minorities, and those with underlying health conditions. These groups are known to have higher mortality rates than others even in the absence of COVID. Using data from the 2019 American Community Survey, the 2018 Health and Retirement Study, and the 2020 National Vital Statistics System, this paper estimates how much lower the overall mortality rate will be for those who lived through the acute phase of the early pandemic after accounting for this selection effect of those who died from COVID. Such selection may have implications for life insurance and annuity premiums, as well as assessments of the financial standing of Social Security – if the selection is large enough to substantially alter projected survivor mortality. The paper found that: 10-year mortality rates, absent direct COVID deaths and long COVID, will likely be lower in 2021 than anticipated in 2019.However, these differences are small, ranging from a decline of 0.4 percentage points for people in their 60s to 1 percentage point for those in their 90s.The small difference is in spite of the fact that COVID mortality was, indeed, very selective, with mortality declines exceeding half the maximum possible declines, holding total COVID deaths constant, for every age group. The policy implications of the findings are: That declines in mortality due to COVID selection likely will not impact overall population mortality substantially enough to affect Social Security cost projections.Any impact of selection effects on Social Security costs will likely be swamped by ongoing mortality increases directly attributable to acute and long COVID. JF - Working Papers PB - Center for Retirement Research at Boston College CY - Newton, MA UR - https://crr.bc.edu/working-papers/will-survivors-of-the-first-year-of-the-covid-19-pandemic-have-lower-mortality/ ER - TY - RPRT T1 - The Consequences of Current Benefit Adjustments for Early and Delayed Claiming Y1 - 2021 A1 - Andrew G. Biggs A1 - Anqi Chen A1 - Alicia H. Munnell KW - interest rates KW - Life Expectancy KW - Social Security claiming AB - Workers have the option of claiming Social Security retirement benefits at any age between 62 and 70, with later claiming resulting in higher monthly benefits. These higher monthly benefits reflect an actuarial adjustment designed to keep lifetime benefits equal, for an individual with average life expectancy, regardless of when benefits are claimed. The actuarial adjustments, however, are decades old. Since then, interest rates have declined; life expectancy has increased; and longevity improvements have been much greater for high earners than low earners. This paper explores how changes in longevity and interest rates have affected the fairness of the actuarial adjustment over time and how the disparity in life expectancy affects the equity across the income distribution. It also looks at the impact of these developments on the costs of the program and the progressivity of benefits. JF - Center for Retirement Research at Boston College Working Papers PB - Center for Retirement Research at Boston College CY - Boston, MA UR - https://crr.bc.edu/working-papers/the-consequences-of-current-benefit-adjustments-for-early-and-delayed-claiming/ ER - TY - JOUR T1 - Do Households Increase Their Savings When the Kids Leave Home? JF - The Journal of Retirement Y1 - 2021 A1 - Irena Dushi A1 - Alicia H. Munnell A1 - Geoffrey T. Sanzenbacher A1 - Anthony Webb A1 - Anqi Chen KW - children KW - consumption KW - Households KW - Savings AB - Much of the disagreement over whether households are adequately prepared for retirement reflects differences in assumptions regarding the extent to which consumption declines when the kids leave home. If consumption declines substantially when the kids leave home, as some life-cycle models of retirement saving assume, households need to achieve lower replacement rates in retirement and need to accumulate less wealth. Using administrative tax data from the Health and Retirement Study (HRS), as well as the Survey of Income and Program Participation (SIPP), this article investigates whether household consumption declines when kids leave the home and, if so, by how much. Because consumption data are noisy and savings is the flip side of consumption, this article examines whether savings in 401(k) plans increase when the kids leave home. The article also investigates alternative methods of saving, including non-401(k) savings and increased mortgage payments. VL - 9 IS - 2 ER - TY - RPRT T1 - Do Retirees Want to Consume More, Less, or the Same as They Age? Y1 - 2021 A1 - Anqi Chen A1 - Alicia H. Munnell KW - consumption KW - Retirees AB - The conventional view is that retirees prefer steady consumption as they age, but research focusing on new retirees tends to show a sharp drop right at retirement. This study looks at consumption over longer periods and explores whether wealth and health constraints might cause retirees to consume less than they prefer. The findings confirm that, for households as a whole, consumption does decline. However, these declines are at least partly driven by constraints, because households that are wealthier and healthier have relatively flat consumption. JF - Briefs PB - Center for Retirement Research at Boston College CY - Newton, MA UR - https://crr.bc.edu/briefs/do-retirees-want-to-consume-more-less-or-the-same-as-they-age/ ER - TY - RPRT T1 - How Do Households Adjust Their Earnings, Saving, and Consumption After Children Leave? Y1 - 2021 A1 - Andrew G. Biggs A1 - Anqi Chen A1 - Alicia H. Munnell KW - children KW - consumption KW - Earnings KW - Household KW - Savings AB - Whether parents adjust their consumption after their children leave home has important implications for our understanding of retirement income adequacy. Prior studies have found that parents reduce consumption after their children become independent, allowing them to save more for retirement. Other studies, however, have found that savings for retirement does not increase. If households are both consuming less but not saving more after the children leave, where are the resources going? The project examines three ways to reconcile these seemingly inconsistent results: 1) parents may be saving by paying down debt faster, 2) parents may still be providing financial support to their grown children, and 3) parents may be adjusting their labor. JF - CRR Working Paper PB - Center for Retirement Research at Boston College CY - Newton, MA UR - https://crr.bc.edu/working-papers/how-do-households-adjust-their-earnings-saving-and-consumption-after-children-leave/ ER - TY - CONF T1 - How Do Households Adjust Their Saving After Children Leave Home? T2 - Retirement and Disability Research Consortium 23rd Annual Meeting Y1 - 2021 A1 - Andrew G. Biggs A1 - Anqi Chen A1 - Alicia H. Munnell KW - children KW - Households KW - Savings AB - Whether parents adjust their savings and consumption after their children leave home has important implications for our understanding of retirement adequacy. Life-cycle savings studies suggest that people are saving optimally (Scholz and Seshadri 2006, 2008). On the other hand, studies based on the assumption of steady consumption over the working years conclude that many households will end up unprepared for retirement (Mitchell and Moore 1998; Munnell, Orlova, and Webb 2013). Assumptions about how consumption changes after children leave have an important effect on estimates of retirement preparedness. Munnell, Rutledge, and Webb (2014) show that differences in the treatment of children explain about half of the difference in the estimates of the percent of households with inadequate savings. Several studies have tried to examine empirically which of these two theories better describes household behavior once children leave but have not answered the question. Biggs (2019), for example, found that parents decrease their consumption more than non-parent households at older ages, suggesting that parents may be increasing their savings. At the same time, Dushi et al. (2016), using W-2 tax data, found that parents did not increase their 401(k) contributions after their children became financially independent. If households are both consuming less but not saving more after their children leave, the question that arises is where are the resources going? One potential way to square the circle is recognizing that 401(k) accounts are not the only way for households to save; parents could be saving by paying down their mortgage or other forms of debt after their children leave home. Another possible explanation is that typical measures of consumption do not capture all the ways that households expend their resources – parents could continue to provide financial support for their children by helping with down payments or paying off student loans. A broader definition of consumption that includes financial transfers might suggest that parents are not reducing consumption after children leave. Finally, parents may also opt for more leisure, and, as a result earn less after their children become independent, which could produce a decline in consumption and no increase in saving. Reconciling the seemingly conflicting findings will help shed light on whether household are saving enough for retirement. JF - Retirement and Disability Research Consortium 23rd Annual Meeting PB - Center for Financial Security, University of Wisconsin-Madison CY - Virtual Event UR - https://cfsrdrc.wisc.edu/files/2021-RDRC-Meeting-Booklet.pdf#page=7 ER - TY - RPRT T1 - What Level of Long-Term Services and Supports Do Retirees Need? Y1 - 2021 A1 - Belbase, Anek A1 - Anqi Chen A1 - Alicia H. Munnell KW - Long-term services and supports AB - The brief’s key findings are: Many retirees are concerned about the risk of requiring substantial long-term care as they age, but the likelihood is unclear. This analysis, using two decades of data from the Health and Retirement Study, classifies the severity of care needs, accounting for both intensity and duration. The results suggest about one-fifth of retirees will need no support at all and about one-quarter will have severe needs, with the rest facing low to moderate needs. The demographic patterns are as expected: those who are married, better educated, white, or in better health have more manageable needs. Subsequent briefs will explore the resources available to meet care needs and the types of people most at risk of facing unmet needs. JF - Center for Retirement Research at Boston College Briefs PB - Center for Retirement Research at Boston College CY - Chestnut Hill, MA UR - https://crr.bc.edu/briefs/what-level-of-long-term-services-and-supports-do-retirees-need/ ER - TY - RPRT T1 - How Much Taxes Will Retirees Owe on Their Retirement Income? Y1 - 2020 A1 - Anqi Chen A1 - Alicia H. Munnell KW - Retirement KW - Taxes AB - To evaluate their retirement resources, households approaching retirement will examine their Social Security statements, defined benefit pensions, defined contribution balances, and other financial assets. However, many households may forget that not all of these resources belong to them; they will need to pay some portion to federal and state government in taxes. It is unclear, however, just how large the tax burden is for the typical retired household and for households with different income levels. This project aims to shed light on the tax burdens that retirees face by estimating lifetime taxes for a group of recently retired households. The project uses data from the Health and Retirement Study (HRS) linked to administrative earnings to determine Social Security benefits and administrative records on state of residence to estimate state tax liabilities. Income is then projected over the expected retirement of each household. Federal and state taxes, are estimated with TAXSIM, for each household on its reported and projected income. JF - Center for Retirement Research at Boston College Working Papers PB - Center for Retirement Research at Boston College CY - Boston UR - https://crr.bc.edu/working-papers/how-much-taxes-will-retirees-owe-on-their-retirement-income/ ER - TY - RPRT T1 - Why Do Late Boomers Have So Little Retirement Wealth? Y1 - 2020 A1 - Anqi Chen A1 - Wenliang Hou A1 - Alicia H. Munnell KW - Retirement wealth KW - Social Security AB - Over the last 40 years, the retirement system has shifted from defined benefit plans to defined contribution plans, primarily 401(k)s and Individual Retirement Accounts (IRAs). This shift has been accompanied by a decline in Social Security benefits relative to pre-retirement earnings as the program’s Full Retirement Age has moved from 65 to 67. Thus, the expected pattern when examining retirement wealth across cohorts is relatively less wealth from defined benefit plans and Social Security and much more from 401(k)s and IRAs. However, the numbers for the most recent cohort in the Health and Retirement Study – the Late Boomers – show not only the predicted declines in defined benefit plans and Social Security but also an unexpected drop in 401(k)/IRA assets. This drop is alarming given that Late Boomers, who were ages 51-56 in 2016, would have spent the majority of their careers in a defined contribution world. This brief is a first pass at trying to explain why this younger cohort has less in 401(k)/IRA assets than older cohorts had at the same age and what that means for the future of retirement security. The discussion proceeds as follows. The first section identifies the cohorts that are examined and the calculation of retirement wealth. The second section identifies a turn in the fortunes of Late Boomers during the Great Recession, when a significant share stopped working. But lack of employment does not explain the whole problem, so the third section follows working households and finds that after the Great Recession they had lower earnings, less 401(k) participation, and flat 401(k) balances, ending up well below earlier cohorts. A look at more recent cohorts offers a mixed picture for the future. The final section concludes that the Late Boomers’ low 401(k)/IRA wealth can be explained by particularly high levels of unemployment during the Great Recession and more reliance on lower-paid jobs when they re-entered the labor market. Why they were so hard hit, wh JF - Center for Retirement Research at Boston College PB - Center for Retirement Research at Boston College CY - Boston UR - https://crr.bc.edu/wp-content/uploads/2020/02/IB_20-4.pdf ER - TY - RPRT T1 - How much income do retirees actually have? Evaluating the evidence from five national datasets. Y1 - 2018 A1 - Anqi Chen A1 - Alicia H. Munnell A1 - Geoffrey T. Sanzenbacher KW - Finances KW - Income KW - Retirement Planning and Satisfaction AB - Recent research by Bee and Mitchell (2017) has refocused attention on the fact that the Current Population Survey (CPS) underestimates retirement income. In the wake of this study, some observers have questioned whether other surveys more frequently used by retirement researchers also understate retirement income and, if so, whether prior research suggesting that many households are unprepared for retirement is accurate. This paper addresses both questions by examining retirement income data from the CPS and four other surveys: 1) the Survey of Consumer Finances (SCF); 2) the Health and Retirement Study (HRS); 3) the Panel Survey of Income Dynamics (PSID); and 4) the Survey of Income and Program Participation (SIPP). The paper compares the income measures from each survey to administrative data from tax and Social Security records, both in aggregate and across the income distribution. It then uses a common measure of retirement income adequacy, the replacement rate, to assess overall household preparedness for retirement. JF - Center for Retirement Research at Boston College Working Paper Series PB - Center for Retirement Research at Boston College CY - Chestnut Hill, MA UR - http://crr.bc.edu/wp-content/uploads/2018/11/wp_2018-14__.pdf ER - TY - RPRT T1 - Do Households Save More When the Kids Leave Home? Y1 - 2016 A1 - Alicia H. Munnell A1 - Irena Dushi A1 - Geoffrey T. Sanzenbacher A1 - Anthony Webb A1 - Anqi Chen KW - 401(k) KW - Family KW - Family Characteristics AB - Kids are expensive. As a result, when children become financially independent, parents often have a substantial amount of extra money on hand. In this case, they have two basic choices: spend more on themselves or increase their saving for retirement. What they actually do is an open question. PB - Center for Retirement Research at Boston College UR - https://crr.bc.edu/briefs/do-households-save-more-when-the-kids-leave-home/ ER - TY - RPRT T1 - Does Socioeconomic Status Lead People to Retire Too Soon? Y1 - 2016 A1 - Alicia H. Munnell A1 - Anthony Webb A1 - Anqi Chen KW - Retirement KW - socioeconomic status AB - Working longer is a powerful lever to enhance retirement security. Individuals, on average, are healthier, live longer, and face less physically demanding jobs, so they should be able to extend the number of years worked. But averages are misleading when differences in health, job prospects, and life expectancy have widened between individuals with low and high socioeconomic status (SES). Thus, a single prescription for all no longer seems appropriate. Rather, it is important to know: 1) how long individuals in different SES groups have to work to maintain their preretirement standard of living; 2) how long they plan to work; and 3) what explains any gap between the two. PB - Center for Retirement Research at Boston College UR - https://crr.bc.edu/briefs/does-socioeconomic-status-lead-people-to-retire-too-soon/ ER - TY - RPRT T1 - How Much Longer Do People Need to Work? Y1 - 2015 A1 - Alicia H. Munnell A1 - Anthony Webb A1 - Anqi Chen KW - Consumption and Savings KW - Demographics KW - Employment and Labor Force KW - Health Conditions and Status KW - Retirement Planning and Satisfaction AB - Working longer is a powerful lever to enhance retirement security. Individuals should be able to extend the number of years they work because, on average, they are healthier, live longer, and face less physically demanding jobs. But averages are misleading when discrepancies in health, job prospects, and life expectancy have widened between individuals with low and high socioeconomic status (SES). To understand the magnitude of the problem, this paper, using data from the Health and Retirement Study (HRS), specifies how much longer households in each SES quartile would need to work to maintain their pre-retirement standard of living and compares those optimal retirement ages with their planned retirement ages to calculate a retirement gap. It then uses regression analysis to explore whether the gaps reflect poor circumstances or poor planning that is, the extent to which the retirement gap results from health, employment, and marital shocks that occur before the HRS interview but too late for the household to adjust saving (between ages 50 and 58), as opposed to a gap resulting from inadequate foresight. The analysis shows that households in lower-SES quartiles have larger retirement gaps, and this pattern remains true even after controlling for late-career shocks. In short, the most vulnerable have the largest retirement gaps, and these gaps arise from poor planning rather than late-career shocks. PB - Boston, Center for Retirement Research at Boston College U4 - retirement planning/labor Force Participation/retirement security/retirement security/socioeconomic Status/Standard of living/Standard of living/health shocks ER - TY - RPRT T1 - To What Extent Does SES Status Lead People to Retire Too Soon? Y1 - 2015 A1 - Alicia H. Munnell A1 - Anqi Chen A1 - Anthony Webb KW - Retirement KW - socioeconomic status AB - Working longer is a powerful lever to enhance retirement security. Individuals should be able to extend the number of years they work because, on average, they are healthier, live longer, and face less physically demanding jobs. But averages are misleading when discrepancies in health, job prospects, and life expectancy have widened between individuals with low and high socioeconomic status (SES). To understand the extent of disparities across SES groups, this paper uses data from the Health and Retirement Study (HRS) to identify the retirement gap – the difference between how much longer each household would need to work to maintain their pre-retirement standard of living and their planned retirement age. The analysis shows that households in lower-SES quartiles have larger retirement gaps than their higher-SES counterparts, even after controlling for household characteristics and late-career shocks. This same group has seen little improvement in health and life expectancy and faces poor job prospects. In short, retirement shortfalls for the most vulnerable may not be able to be bridged by working longer, and other solutions will be needed. PB - Center for Retirement Research at Boston College UR - https://crr.bc.edu/working-papers/how-much-longer-do-people-need-to-work/ ER - TY - RPRT T1 - Do Income Taxes Affect the Progressivity of Social Security? Y1 - 2012 A1 - Norma B Coe A1 - Karamcheva, Zhenya A1 - Richard W Kopcke A1 - Alicia H. Munnell KW - Income taxes KW - Social Security AB - Policymakers have designed Social Security to be a progressive retirement program that replaces a larger share of monthly earnings for low- and middleincome workers than for high earners. However, previous research has found that, although the Disability Insurance (DI) component of Social Security is very progressive, the Old-Age and Survivors Insurance (OASI) component may be less progressive than intended. One reason is that high earners tend to live longer than low earners. Since Social Security pays an annuity that lasts throughout retirement, it benefits high earners with greater longevity. Social Security’s progressivity may also be JF - Center for Retirement Research at Boston College Briefs PB - Center for Retirement Research at Boston College CY - Boston, MA UR - https://crr.bc.edu/briefs/do-income-taxes-affect-the-progressivity-of-social-security/ ER - TY - RPRT T1 - How Does the Personal Income Tax Affect the Progressivity of OASI Benefits? Y1 - 2011 A1 - Norma B Coe A1 - Karamcheva, Zhenya A1 - Richard W Kopcke A1 - Alicia H. Munnell KW - Methodology KW - Public Policy KW - Social Security AB - This study calculates the impact of federal income taxes on the progressiveness of the Old Age and Survivors Insurance (OASI) program. It uses the Health and Retirement Study (HRS) data linked with the Social Security Earnings Records to estimate OASI contributions and benefits for individuals and households, before and after income taxes, for three birth cohorts. It uses two measures of progressivity: redistribution by decile (the difference between the share of total benefits received and the share of total taxes paid) and effective progression (the change in the Gini coefficient). Under both measures, the results without the income tax confirm previous findings: Social Security is progressive on an individual basis, but that progressivity is dramatically cut when one calculates it on a household basis. Adding income taxes could make the program either more or less progressive. On the one hand, the tax treatment of contributions makes the system even less progressive than generally reported. On the other hand, the taxation of benefits makes it more progressive. The net result is that adding the personal income tax to the analysis makes Social Security more progressive than without taxes, on both the individual and household bases. Importantly, however, the impact of taxation on redistribution increases significantly among younger cohorts. Under current law, the Social Security system becomes more progressive over time. JF - Center for Retirement Research at Boston College Working Papers PB - Center for Retirement Research at Boston College CY - Boston, MA UR - https://crr.bc.edu/working-papers/how-does-the-personal-income-tax-affect-the-progressivity-of-oasi-benefits/ N1 - Copyright - Copyright Social Science Research Network Dec 2011 Language of summary - English ProQuest ID - 913272802 Last updated - 2012-01-02 Place of publication - Rochester Corporate institution author - Coe, Norma B; Karamcheva, Zhenya; Kopcke, Richard; Munnell, Alicia DOI - 2551228401; 66534181; 79688; 10.2139/ssrn.1970311; 1970311 U4 - Public policy/social security/Gini coefficient/taxation/income tax ER - TY - RPRT T1 - Should We Raise Social Security's Earliest Eligibility Age? Y1 - 2004 A1 - Alicia H. Munnell A1 - Meme, Kevin B. A1 - Natalia A. Jivan A1 - Kevin E. Cahill KW - Social Security AB - Social Security’s Earliest Eligibility Age (EEA) allows one to claim reduced benefits as early as age 62. For full benefits, individuals must wait until the Normal Retirement Age (NRA), which was traditionally 65 but is gradually increasing to 67. So, Americans have a choice to make when they reach their early 60s: claim a reduced Social Security benefit right away or delay until some further date and receive a larger benefit. The reduction for claiming benefits early is designed to be actuarially fair, i.e. monthly benefits are lowered by an amount that offsets the longer period for which they will be received. The total amount that the average person can expect to receive over his or her lifetime thus does not depend on when benefits are claimed… JF - Center for Retirement Research at Boston College Briefs PB - Center for Retirement Research at Boston College CY - Boston UR - https://crr.bc.edu/briefs/should-we-raise-social-securitys-earliest-eligibility-age/ U4 - Social Security ER - TY - RPRT T1 - How Has the Shift to 401(k)s Affected the Retirement Age? Y1 - 2003 A1 - Alicia H. Munnell A1 - Kevin E. Cahill A1 - Natalia A. Jivan KW - Pensions KW - Retirement Planning and Satisfaction PB - Boston College, Center for Retirement Research UR - http://www.bc.edu/centers/crr/ U4 - Retirement Behavior/defined contribution pension plans ER -