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Social Security Programs and Retirement around the WorldReforms and Retirement Incentives$
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Axel Börsch-Supan and Courtney C. Coile

Print publication date: 2021

Print ISBN-13: 9780226674100

Published to Chicago Scholarship Online: September 2021

DOI: 10.7208/chicago/9780226674247.001.0001

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The Evolution of Retirement Incentives in the US

The Evolution of Retirement Incentives in the US

Chapter:
(p.435) 12 The Evolution of Retirement Incentives in the US
Source:
Social Security Programs and Retirement around the World
Author(s):

Courtney C. Coile

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226674247.003.0012

Employment rates of older men and women in the U.S. have been rising for the past several decades. Over the same period, there have been significant changes in Social Security and private pensions, which may have contributed to this trend. In this study, we examine how the financial incentive to work at older ages has evolved since 1980 as a result of changes in Social Security and private pensions. We find that the implicit tax on work after age 65 has dropped by about 15 percentage points for a typical worker as a result of Social Security reforms; incorporating the change in private pensions, the decline is larger. We provide suggestive evidence that the evolution of retirement incentives has affected retirement behavior.

Keywords:   older workers, United States, pension reform, Social Security, incentives, earnings, benefits, employment, implicit tax, working longer

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