The Effect of Social Security on Early Retirement

17 Pages Posted: 15 Feb 2001 Last revised: 25 Jul 2021

See all articles by Michael J. Boskin

Michael J. Boskin

Stanford University - The Hoover Institution on War, Revolution and Peace; National Bureau of Economic Research (NBER)

Michael D. Hurd

RAND Corporation; State University of New York at Stony Brook - College of Arts and Science - Department of Economics; National Bureau of Economic Research (NBER)

Date Written: September 1977

Abstract

Our purpose in the present study is to analyze a new and rich body of data on the elderly to study the supply side of the effect of social security on the early retirement decision. Toward this end, section 2 presents a brief description of some previous studies of retirement behavior. While each in its own way has been suggestive, each also (including one by one of the current authors) has its own set of problems. Section 3 details the analytical framework of the present study. We propose several types of data from which one could obtain complementary information on the labor supply behavior of the elderly, and three approaches to analyzing a given body of data. We then propose a new way of estimating retirement behavior. Section 4 discusses the data used in this study: the Social Security Administration's Retirement History Survey. Section 5 reports our empirical results, estimates of probability of early retirement and early semiretirement equations. Section 6 concludes with a brief discussion of some of the implications of the study and suggestions for future research.

Suggested Citation

Boskin, Michael J. and Hurd, Michael D., The Effect of Social Security on Early Retirement (September 1977). NBER Working Paper No. w0204, Available at SSRN: https://ssrn.com/abstract=260398

Michael J. Boskin (Contact Author)

Stanford University - The Hoover Institution on War, Revolution and Peace ( email )

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National Bureau of Economic Research (NBER)

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Michael D. Hurd

RAND Corporation ( email )

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State University of New York at Stony Brook - College of Arts and Science - Department of Economics ( email )

Stony Brook, NY 11794
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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