Tag: Social Security
Abstract The paper examines why most individuals claim Social Security benefits before the full retirement age. Early claiming results in a substantial reduction in pension income, yet many people claim as early as possible, age 62, or soon thereafter. Since delaying claiming is equivalent to purchasing additional annuity income, this behavior is consistent with t…
States and localities are paying less for benefits than in the past. In a recent editorial, The Wall Street Journal reports on state and local pension liabilities as a percentage of state GDP and concludes that politicians have made excessive pension promises. In fact, pension costs are going up, but the question is whether t…
