The Social Security Benefits Timing Decision: A Model for Lower-Income Recipients

32 Pages Posted: 28 Nov 2004

See all articles by James E. Williamson

James E. Williamson

San Diego State University - College of Business Administration

Francine J. Lipman

University of Nevada, Las Vegas - William S. Boyd School of Law

Abstract

Selecting the best age to begin social security benefits is an important election for lower-income individuals. These individuals are especially vulnerable to the timing and magnitude of critical cash flow. Unfortunately, the decision models and measures being used by individuals to analyze financial decisions, including the social security benefits timing decision, often are the same measures that have been developed to guide large business organizations in their financial decisions. Because of significant differences in economic flexibility, size, life cycle, mission, goals, as well as other attributes, large organization models may not fit the needs of lower-income individuals. However, lower-income individuals do need to focus on key strategic measures when making financial decisions. Therefore, new measures specifically designed to meet the unique needs of lower-income individuals should be developed. This paper illustrates one approach by measuring the quality-value of marginal social security benefit dollars for lower-income retirees and their families.

Keywords: Social Security benefits, low-income beneficiaries

JEL Classification: H31, H53, H55, I31, J14, J26

Suggested Citation

Williamson, James E. and Lipman, Francine J., The Social Security Benefits Timing Decision: A Model for Lower-Income Recipients. , . Available at SSRN: https://ssrn.com/abstract=613642 or http://dx.doi.org/10.2139/ssrn.613642

James E. Williamson (Contact Author)

San Diego State University - College of Business Administration ( email )

School of Accountancy
San Diego, CA 92182-8230
United States
619-594-6021 (Phone)

HOME PAGE: http://www.sdsu.edu

Francine J. Lipman

University of Nevada, Las Vegas - William S. Boyd School of Law ( email )

4505 South Maryland Parkway
Box 451003
Las Vegas, NV 89154
United States

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