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Two decades of Social Security claiming

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Publicado en:Journal of Pension Economics & Finance vol. 24, no. 1 (Jan 2025), p. 31-47
Autor principal: Slavov, Sita Nataraj
Publicado:
Cambridge University Press
Materias:
Social Security Administration
Drug overdose
Retirement
Delayed
Life expectancy
Age
Social security
Mortality
Adjustment
Subsets
Federal Reserve monetary policy
Inflation
Central banks
Interest rates
Present value
Behavior modification
Mortality rates
Acceso en línea:Citation/Abstract
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Resumen:Twenty years ago, the adjustment to monthly Social Security benefits for early or delayed claiming was, on average, roughly actuarially fair, although some subsets of individuals could gain from delay. Since then, delaying claiming has become much more attractive thanks to three factors: a more generous delayed retirement credit, improvements in mortality, and historically low real interest rates. In this article, I examine how these three factors influence optimal claiming behavior. I also discuss empirical patterns of claiming across individuals and over time, as well as explanations for these patterns. I argue that although many people appear to claim suboptimally early, this behavior may be changing as information spreads about the importance of the claiming decision. Finally, I discuss policy toward claiming and the impact that an increase in strategic claiming could have on Social Security's finances.
ISSN:1474-7472
1475-3022
DOI:10.1017/S1474747223000239
Fuente:ABI/INFORM Global