TY - RPRT T1 - Retirement, Saving, Benefit Claiming and Solvency Under a Partial System of Voluntary Personal Accounts Y1 - 2005 A1 - Alan L Gustman A1 - Thomas L. Steinmeier KW - Consumption and Savings KW - Net Worth and Assets KW - Social Security AB - This paper is based on a structural model of retirement and saving, estimated with data for a sample of married men in the Health and Retirement Study. The model simulates how various features of a system of personal Social Security accounts jointly affects retirement, saving, the choice of whether benefits are taken as an annuity or lump sum, taxes paid and the course of benefits with age. Among our findings: Under a system of partial personal accounts, the fraction of 62 year olds at full time work would decline by about 22 percent compared to retirements under the current benefit formula. If the current system were replaced completely by personal accounts, the fraction at full time work would decline by about a third. If all benefits from personal accounts could be taken as a lump sum, the fraction not retired at age 62 would fall by about 5 percentage points compared to a system where there is mandatory annuitization of benefits. Unless annuitization is mandatory, there would be substantial diversion of benefits to age 62, reducing benefits received in one s 70s and 80s by 20 percent or more. JF - Michigan Retirement Research Center Publication PB - Michigan Retirement Research Center, University of Michigan CY - Ann Arbor, MI UR - https://mrdrc.isr.umich.edu/pubs/retirement-saving-benefit-claiming-and-solvency-under-a-partial-system-of-voluntary-personal-accounts-2/ U4 - Retirement Saving/Social Security/Annuities ER - TY - RPRT T1 - Retirement and the Stock Market Bubble Y1 - 2002 A1 - Alan L Gustman A1 - Thomas L. Steinmeier KW - Consumption and Savings KW - Net Worth and Assets KW - Retirement Planning and Satisfaction AB - This paper specifies and estimates a structural dynamic stochastic model of the way individuals make retirement and saving choices in an uncertain world, and applies that model to analyze the effects of the stock market bubble on retirement behavior. The model includes individual variation both in retirement preferences and in time preferences. Estimates are based on information covering the period 1992 through 2000 from the Health and Retirement Study (HRS), a panel survey of retirement age respondents and their spouses. The extraordinary returns in the stock market in the late 1990's, which more than doubled stock prices and unexpectedly increased the value of a mixed portfolio by nearly 60 percent, increased retirement for the HRS sample of workers by over 3 percentage points by the turn of the century and would have decreased the average retirement age by about a quarter of a year if it had not been interrupted. The subsequent decline in the market, which very nearly wiped out the gains that had been made during the preceding surge, effectively neutralized the effect of the preceding stock market gains on retirement. The effects of the bubble were to increase retirement as long as the bubble continued, but any continuing effects of the bubble after its end will probably be minimal. JF - NBER Working Paper PB - The National Bureau of Economic Research CY - Cambridge, MA N1 - RDA U4 - Retirement Behavior/Retirement Saving/Stock Market ER - TY - JOUR T1 - Retirement and Wealth JF - Social Security Bulletin Y1 - 2001 A1 - Alan L Gustman A1 - Thomas L. Steinmeier KW - Net Worth and Assets KW - Retirement Planning and Satisfaction AB - This article analyzes the relationship between retirement and wealth. Using data from the first four waves of the longitudinal Health and Retirement Study—a cohort of individuals born from 1931 to 1941—we estimate reducedform retirement and wealth equations. Our results show that those who retire earlier do not necessarily save more and that even if one’s primary interest is in the relationship between Social Security policy and the decision to retire, it is important to incorporate saving behavior and other key decisions into the analysis. PB - 64 VL - 64 UR - https://www.ssa.gov/policy/docs/ssb/v64n2/v64n2p66.pdf IS - 2 N1 - RDA 1996-005; Revision of NBER WP 8229 U4 - Wealth/Retirement ER -