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People who delay claiming Social Security receive higher lifelong benefits upon retirement. We survey individuals on their willingness to delay claiming later, if they could receive a lump sum in lieu of a higher annuity payment. Using a moment-matching approach, we calibrate a lifecycle model...
Persistent link: https://www.econbiz.de/10011584824
Many Americans claim Social Security benefits early, though this leaves them with lower benefits throughout retirement. We build a lifecycle model that closely tracks claiming patterns under current rules, and we use it to predict claiming delays if, by delaying benefits, people received a lump...
Persistent link: https://www.econbiz.de/10012113838
People who delay claiming Social Security receive higher lifelong benefits upon retirement. We survey individuals on their willingness to delay claiming later, if they could receive a lump sum in lieu of a higher annuity payment. Using a moment-matching approach, we calibrate a lifecycle model...
Persistent link: https://www.econbiz.de/10012062081
one from voluntary participation. Regressions of the participation decision suggest that a high level of household wealth …
Persistent link: https://www.econbiz.de/10011281656
This paper specifies and estimates a structural life cycle model of retirement and wealth that explains the peaks in …
Persistent link: https://www.econbiz.de/10014032995
A structural life cycle model of retirement and wealth attributes retirement peaks at both ages 62 and 65 to Social …
Persistent link: https://www.econbiz.de/10014028096
plans appear as potential mechanisms driving the wealth effect. …
Persistent link: https://www.econbiz.de/10015407743
non-monetary aspects evolves over changing wealth levels. Wages do not perfectly compensate individuals for differential … utility of jobs in a labour market with informational frictions. Changes in wealth may then affect preferences for different … increase with wealth shocks. Duration models are estimated based on the reduced form of a search model. Wealth may play an …
Persistent link: https://www.econbiz.de/10010233993
Preferences over jobs depend on wages and non-wage aspects. Variation in wealth may change the importance of income as … a motivation for working. Higher wealth levels may make good non-wage characteristics relatively more important. This … work in itself") is found to increase significantly after large windfall wealth gains in British panel data. Thus, wealth …
Persistent link: https://www.econbiz.de/10011452266
Persistent link: https://www.econbiz.de/10001675876