Optimal social security claiming behavior under lump sum incentives : theory and evidence

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<title>Optimal social security claiming behavior under lump sum incentives</title>
<subTitle>: theory and evidence</subTitle>
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<namePart>Maurer, Raimond H.</namePart>
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<abstract displayLabel="Summary">Many Americans claim Social Security benefits early, though this e aves them with lower monthly payments throughout retirement. We build a lifecycle model that closely tracks claiming patterns under rules, and we use it to predict claiming delays if, by delaying benefits, people were to receive a lump sum instead of an annuity. We predict that current early claimers would defer claiming by a year given actuarially fair lump sums, and the predictions conform with respondents' answers to a strategic survey about the lump sum. In other words, such a reform could provide an avenue for encouraging delayed retirement without benefit cuts or tax increases. Moreover, many people would still defer claiming even for smaller lump sums.</abstract>
<note type="statement of responsibility">Raimond Maurer...[et al.]</note>
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<topic>Seguridad Social</topic>
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<topic>Pensiones</topic>
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<topic>Anualidad variable</topic>
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<topic>Encuestas</topic>
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<topic>Jubilación</topic>
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<title>The Journal of risk and insurance</title>
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<publisher>Nueva York : The American Risk and Insurance Association, 1964-</publisher>
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<identifier type="issn">0022-4367</identifier>
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<text>01/03/2021 Volumen 88 Número 1 - marzo 2021 , p. 5-27</text>
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