Social Security Expectations and Retirement Savings Decisions

54 Pages Posted: 17 Jan 2002 Last revised: 30 Jul 2002

See all articles by Jeff Dominitz

Jeff Dominitz

Carnegie Mellon University - H. John Heinz III School of Public Policy and Management; RAND Corporation

Charles F. Manski

Northwestern University - Department of Economics; National Bureau of Economic Research (NBER)

Jordan Heinz

Independent

Date Written: January 2002

Abstract

Retirement savings decisions should depend on expectations of Social Security retirement income. Persons may be uncertain of their future Social Security benefits for several reasons, including uncertainty about their future labor earnings, the formula now determining social security benefits, and the future structure of the Social Security system. To learn how Americans perceive their benefits, we have elicited Social Security expectations from respondents to the Survey of Economic Expectations. We have also performed a more intensive face-to-face survey on a small sample of respondents. This paper presents the empirical findings. It also illustrates how data on expectations may help predict how Social Security policy affects retirement savings.

Suggested Citation

Dominitz, Jeff and Manski, Charles F. and Heinz, Jordan Mitchell, Social Security Expectations and Retirement Savings Decisions (January 2002). NBER Working Paper No. w8718, Available at SSRN: https://ssrn.com/abstract=297344

Jeff Dominitz

Carnegie Mellon University - H. John Heinz III School of Public Policy and Management ( email )

Pittsburgh, PA 15213-3890
United States

RAND Corporation ( email )

1776 Main Street
P.O. Box 2138
Santa Monica, CA 90407-2138
United States

Charles F. Manski (Contact Author)

Northwestern University - Department of Economics ( email )

2003 Sheridan Road
Evanston, IL 60208
United States
847-491-8223 (Phone)
847-491-7001 (Fax)

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Jordan Mitchell Heinz

Independent

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