Restructuring Social Security: How Will Retirement Ages Respond?
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Fields, Gary S.; Mitchell, Olivia S.
[Excerpt] Budgetary pressures on the Social Security system have increased in recent years, prompting a variety of proposals to restructure the U.S. retirement income program. Most of these proposals ignore the possibility that the retirement patterns of older workers are likely to respond to changes in the incentives to retire. This chapter presents two important pieces of information for policymakers. First, we provide previously unavailable evidence on how changes in the structure of Social Security benefits would alter the economic incentives to retire at different ages. Second, we compute how retirement patterns would change in response to altered incentives to work at later ages.
Social Security; retirement; retirement patterns; work incentives
Required Publisher Statement: Fields, G. S. "Restructuring Social Security: How Will Retirement Ages Respond?" with Olivia S. Mitchell, in Steven Sandell, ed., The Problem Isn't Age: Work and Older Americans. Copyright © 1987 by the author(s). All rights reserved. Reproduced with permission of ABC-CLIO, LLC, Santa Barbara, CA.