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The Implications of Career Lengths for Social Security

February 18, 2008
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Working Paper by Melissa M. Favreault and C. Eugene Steuerle

Abstract

While growing fiscal pressures and increasing life expectancy have prompted calls to raise retirement ages so that lifetime benefits would be concentrated in older ages, some fear that this change—without other adjustments—might harm long-career, lower-wage workers. Tying retirement benefit eligibility to years of service might protect lower-wage workers if they tend to start their careers relatively early and work more years prior to retirement than higher-wage workers.  But higher disability rates and greater employment volatility could offset lower-wage workers’ early labor force starts, and lead to fewer total years of service completed.  Using survey data matched to administrative earnings records, we describe variation in work histories for current and near retirees by gender, education, and other important characteristics. We find that years of service are not likely to provide an effective way to protect the lowest-wage workers. Among other reasons, men and women with the least education also work the least.

Social Security sign in a garden
Social Security sign in a garden
Author(s)
Headshot of Melissa M. Favreault
Melissa M. Favreault
Headshot of C. Eugene Steuerle
C. Eugene Steuerle
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Executive Summary
Citation

Favreault, and C. Eugene Steuerle. 2008. "The Implications of Career Lengths for Social Security" Working Paper 2008-5. Chestnut Hill, MA: Center for Retirement Research at Boston College.

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Associated Project(s)
  • BC07-03
Topics
Social Security
Publication Type
Working Paper
Publication Number
WP#2008-5
Sponsor
U.S. Social Security Administration
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