Tag: Social Security incentives
The increase in the average retirement age has been driven by those with more education. Today, male college graduates retire about three years later than high school graduates (see Figure). While the story is more complicated for women because of the dramatic change in their labor force participation rates over the latter half of t…
Abstract In 1995, the Social Security Administration started sending out the annual Social Security Statement. It contains information about the worker’s estimated benefits at the ages 62, 65, and 70. I use this unique natural experiment to analyze the retirement and claiming decision-making. First, I find that, despite the previous availability of information, the Statement…
