Tag: Social Security benefit
The brief’s key findings are: While Social Security beneficiaries received no COLA this year, they are still ahead of the game. The reason is that they received a larger-than-usual COLA in 2009, which took effect right after prices dropped due to the economic crisis. But individuals who turned 62 in 2009 are not so lucky…
Abstract We build a general equilibrium model with endogenous saving, labor force participation, work hours and Social Security benefit claiming, in which overlapping generations of individuals face income, survival, and health expenditure risks in incomplete markets. We use the model to study the impact of three Social Security reforms: reductions in benefits and payroll taxes,…
