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The effects of subjective survival on retirement and Social Security claiming

✍ Scribed by Michael D. Hurd; James P. Smith; Julie M. Zissimopoulos

Publisher
John Wiley and Sons
Year
2004
Tongue
English
Weight
129 KB
Volume
19
Category
Article
ISSN
0883-7252

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✦ Synopsis

Abstract

According to the life‐cycle model, mortality risk will influence both retirement and the desire to annuitize wealth. We estimate the effect of subjective survival probabilities on retirement and on the claiming of Social Security benefits because delayed claiming is equivalent to the purchase of additional Social Security annuities. We find that those with very low subjective probabilities of survival retire earlier and claim earlier than those with higher subjective probabilities, but the effects are not large. The great majority of workers claim as soon as they are eligible. Copyright Β© 2004 John Wiley & Sons, Ltd.

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