In Debt and Approaching Retirement: Claim Social Security or Work Longer?

2018 ◽  
Vol 108 ◽  
pp. 401-406 ◽  
Author(s):  
Barbara A. Butrica ◽  
Nadia S. Karamcheva
Keyword(s):  
Older Adults ◽  
Social Security ◽  
Labor Force ◽  
Social Security Benefit ◽  
Older Americans ◽  
The Past ◽  
Using Data ◽  
Social Security Benefits ◽  
To Receive ◽  
Retirement Study

Over the past couple of decades, older Americans have become considerably more leveraged. This paper considers whether household debt affects the timing of retirement and Social Security benefit claiming. Using data from the Health and Retirement Study, we find that older adults with debt are more likely to work and less likely to receive Social Security benefits than those who are debt-free. Indebted adults are also more likely to delay fully retiring from the labor force and claiming their benefits. Among the sources of debt, mortgages have a stronger impact on older adults' behavior than do other sources of debt.

Late Career Job Loss and Retirement Behavior of Couples

2016 ◽  
Vol 39 (1) ◽  
pp. 7-28 ◽  
Author(s):  
Ajin Lee
Keyword(s):  
Social Security ◽  
Job Loss ◽  
Health And Retirement Study ◽  
Budget Constraints ◽  
Unexpected Earnings ◽  
Retirement Behavior ◽  
Using Data ◽  
Social Security Benefits ◽  
The Impact ◽  
Retirement Study

This article argues that wealth uncertainty influences when couples choose to retire. Using data from the Health and Retirement Study, I show that wives delay retirement when their husbands retire following a job loss. This effect is stronger when husbands are the primary earners, and couples are relatively poorer. This provides evidence of intra-household insurance that mitigates the impact of an unexpected earnings shock. I find that wives tend to delay retirement only until they become eligible for social security. This suggests that social security benefits can relax households’ budget constraints and allow wives to join their husbands in retirement.

scholarly journals Marital Biography, Social Security Receipt, and Poverty

2016 ◽  
Vol 39 (1) ◽  
pp. 86-110 ◽  
Author(s):  
I-Fen Lin ◽  
Susan L. Brown ◽  
Anna M. Hammersmith
Keyword(s):  
Social Security ◽  
Well Being ◽  
Diverse Range ◽  
Never Married ◽  
Poverty Status ◽  
And Gender ◽  
Using Data ◽  
Social Security Benefits ◽  
To Receive ◽  
Economic Well Being

Increasingly, older adults are unmarried, which could mean a larger share is at risk of economic disadvantage. Using data from the 2010 Health and Retirement Study, we chart the diverse range of marital biographies, capturing marital sequences and timing, of adults who are age eligible for Social Security and examine three indicators of economic well-being: Social Security receipt, Social Security benefit levels, and poverty status. Partnereds are disproportionately likely to receive Social Security and they enjoy relatively high Social Security benefits and very low poverty levels. Among singles, economic well-being varies by marital biography and gender. Gray divorced and never-married women face considerable economic insecurity. Their Social Security benefits are relatively low, and their poverty rates are quite high (over 25%), indicating Social Security alone is not sufficient to prevent these women from falling into poverty. By comparison, gray widoweds are the most advantaged singles.

scholarly journals From Snapshots to Movies: The Association Between Retirement Sequences and Aging Trajectories in Limitations to Perform Activities of Daily Living

2018 ◽  
Vol 31 (2) ◽  
pp. 293-321 ◽  
Author(s):  
Ariel Azar ◽  
Ursula M. Staudinger ◽  
Andrea Slachevsky ◽  
Ignacio Madero-Cabib ◽  
Esteban Calvo
Keyword(s):  
Older Adults ◽  
Activities Of Daily Living ◽  
Labor Force ◽  
Daily Living ◽  
Full Time ◽  
Conventional Model ◽  
Older Americans ◽  
Part Time ◽  
Matching Models ◽  
Retirement Study

Objective: This study analyzes the dynamic association between retirement sequences and activities of daily living (ADLs) trajectories between ages 60 and 70. Method: Retirement sequences previously established for 7,880 older Americans from the Health and Retirement Study were used in hierarchical linear and propensity score full matching models, analyzing their association with ADL trajectories. Results: Sequences of partial retirement from full- or part-time jobs showed higher baseline and slower decline in ADL than sequences characterized by early labor force disengagement. Discussion: The conventional model in which people completely retire from a full-time job at normative ages and the widely promoted new conventional model of late retirement are both associated with better functioning than early labor force disengagement. But unconventional models, where older adults keep partially engaged with the labor force are also significantly associated with better functioning. These findings call attention to more research on potential avenues to simultaneously promote productive engagement and health later in life.

Bezpieczeństwo socjalne imigrantów w Polsce na przykładzie miasta Gdańska

2018 ◽  
Vol 16 (16) ◽  
pp. 165-183
Author(s):  
Joanna Rosłon-Żmuda
Keyword(s):  
Social Security ◽  
Financial Support ◽  
European Countries ◽  
Good Chance ◽  
Social Security Benefit ◽  
International Protection ◽  
The Republic ◽  
Polish Law ◽  
Social Security Benefits ◽  
To Receive

According to Polish law, immigrants seeking international protection in Poland are eligible to receive social help either at immigrants centers or outside, in the forms of social security benefits for covering costs of staying in the Republic of Poland. The amount of social security benefit in Poland is relatively low, therefore many immigrants seek a better place for themselves in wealthier European countries. Proposed by Gdańsk authorities modal solutions concerning social help for immigrants are based on integration and assimilation processes which are worth noting. Model of Immigrants Integration with the verbal and financial support offered by governmental administration have a good chance of bringing multiple benefits both for the Polish community as well as the Polish industry.

scholarly journals Reduced access to care among older American adults during CoVID-19 pandemic: results from a prospective cohort study

2020 ◽  
Author(s):  
Ashis Kumar Das ◽  
Devi Kalyan Mishra ◽  
Saji Saraswathy Gopalan
Keyword(s):  
Older Adults ◽  
Social Security ◽  
Access To Care ◽  
Daily Living ◽  
Routine Care ◽  
Current Evidence ◽  
Multivariable Logistic Regression Model ◽  
Social Security Benefits ◽  
Retirement Study ◽  
Preexisting Conditions

AbstractBackgroundDue to preexisting conditions, older adults are at higher risk of COVID-19 related severe complications. Current evidence is limited on access to care for older adults during the COVID-19 pandemic.ObjectivesTo examine the extent of reduced access to care among older American adults during the COVID-19 pandemic, identify predictors and reasons of reduced access.Materials and methodsUsing publicly available data from the COVID-19 module (interim release) of the Health and Retirement Study, we undertook descriptive analyses of older adults stratified by sex, age group, race, education, marital status, employment, receipt of social security benefits, health insurance, number of limitations in activities of daily living and pre-existing conditions. Associations between reduced access to care and predictors were estimated using a multivariable logistic regression model.ResultsAbout 30% of respondents delayed or avoided care during the pandemic. Reduced access was more likely to be reported by respondents that were female, younger, educated, not receiving social security benefits, with limitations in daily activities and three preexisting conditions. In terms of the reasons, the majority of the respondents (45.9%) reported that their visit was either cancelled or rescheduled by the provider; 13.9% thought they could wait, 10.9% could not get an appointment, 9.1% found it unaffordable, and 7.4% were afraid to visit the provider. Respondents reported of reduced access to doctor’s visits, surgery, prescription filling, and dental care.ConclusionsWe suggest urgent attention on improving access to care for older adults during the pandemic. For nonemergency conditions and routine care that can be delivered virtually, telehealth services can be strengthened. Additionally, health messaging can reemphasize that neglecting medical care might lead to increased morbidity and mortality among older adults from preexisting illnesses.

scholarly journals Older peoples' willingness to delay social security claiming

2020 ◽  
pp. 1-16
Author(s):  
Raimond Maurer ◽  
Olivia S. Mitchell
Keyword(s):  
Social Security ◽  
Older Persons ◽  
Current System ◽  
Work Requirement ◽  
Lump Sum ◽  
Average Household Income ◽  
Time Work ◽  
Part Time ◽  
Social Security Benefits ◽  
Retirement Study

Abstract We have designed and implemented an experimental module in the 2014 Health and Retirement Study to measure older persons' willingness to defer claiming of Social Security benefits. Under the current system’ status quo where delaying claiming boosts eventual benefits, we show that 46% of the respondents would delay claiming and work longer. If respondents were instead offered an actuarially fair lump sum payment instead of higher lifelong benefits, about 56% indicate they would delay claiming. Without a work requirement, the average amount needed to induce delayed claiming is only $60,400, while when part-time work is stipulated, the amount is slightly higher, $66,700. This small difference implies a low utility value of leisure foregone, of under 20% of average household income.

scholarly journals A Friend in Need? Exploring the Influence of Disease and Disability Onset on the Number of Close Friends Among Older Adults

2019 ◽  
Vol 74 (8) ◽  
pp. e119-e124 ◽  
Author(s):  
Kenzie Latham-Mintus
Keyword(s):  
Older Adults ◽  
Heart Disease ◽  
Panel Data ◽  
Daily Living ◽  
Change Score ◽  
Network Activation ◽  
Life Threatening ◽  
Lagged Dependent Variable ◽  
Using Data ◽  
Retirement Study

Abstract Objectives This research examines whether onset of life-threatening disease (i.e., cancer, lung disease, heart disease, or stroke) or activities of daily living disability influences the reported number of close friends. Method Using data from the Health and Retirement Study (HRS; 2006–2012), this research capitalizes on panel data to assess changes in number of close friends over a 4-year period. Lagged dependent variable (LDV) and change score (CS) approaches were used. Results Both the LDV and CS models provide evidence that onset of life-threatening disease was associated with reporting more friends 4 years later. In particular, onset of cancer was associated with reporting more close friends. Discussion This research provides evidence of the network activation hypothesis following onset of life-threatening disease among older adults.

scholarly journals Functional Hearing Loss and Social Engagement Among Medicare Beneficiaries

2019 ◽  
Vol 76 (1) ◽  
pp. 195-200 ◽  
Author(s):  
Aishwarya Shukla ◽  
Thomas K M Cudjoe ◽  
Frank R Lin ◽  
Nicholas S Reed
Keyword(s):  
Older Adults ◽  
Hearing Loss ◽  
Social Engagement ◽  
Social Activity ◽  
Medicare Beneficiaries ◽  
Cross Sectional ◽  
The Past ◽  
Hearing Ability ◽  
Nationally Representative ◽  
Using Data

Abstract Objectives Hearing loss is common in older adults and limits communication. We investigated the independent association between functional hearing loss and social engagement in a nationally representative sample of older adults. Methods Using data from the 2015 Medicare Current Beneficiaries Survey, we modeled the cross-sectional association between self-reported hearing ability and limitation in social activity over the past month using multivariable logistic regression. Results The majority of the study population was female (54.8%) and non-Hispanic white (74.3%). Participants (40.4%) reported “a little trouble” hearing and 7.4% reported “a lot of trouble” hearing. Those who reported any trouble hearing had higher odds of limited social engagement in the past month. After adjustment for demographic, clinical, and functional covariates, those who reported “a lot of trouble” hearing had 37% higher odds of limited social activity in the past month compared to those with normal hearing. Discussion These results suggest that hearing loss may be an important risk factor for limited social engagement and downstream negative health consequences, independent of other disability and health conditions.

Does it pay to delay social security?

2013 ◽  
Vol 13 (2) ◽  
pp. 121-144 ◽  
Author(s):  
JOHN B. SHOVEN ◽  
SITA NATARAJ SLAVOV
Keyword(s):  
Social Security ◽  
Interest Rates ◽  
Real Interest Rate ◽  
Mortality Rates ◽  
Present Value ◽  
Actuarial Fairness ◽  
Low Interest Rates ◽  
Social Security Benefits ◽  
To Receive ◽  
Mortality Improvements

AbstractSocial Security benefits may be commenced at any time between ages 62 and 70. As individuals who claim later can, on average, expect to receive benefits for a shorter period, an actuarial adjustment is made to the monthly benefit to reflect the age at which benefits are claimed. We investigate the actuarial fairness of that adjustment in light of recent improvements in mortality and historically low interest rates. We show that delaying is actuarially advantageous for a large number of people, even for individuals with mortality rates that are twice the average. At real interest rates closer to their historical average, singles with mortality that is substantially greater than average do not benefit from delay, although primary earners with high mortality can still improve the present value of the household's benefits through delay. We also investigate the extent to which the actuarial advantage of delay has grown since the early 1960s, when the choice of when to claim first became available, and we decompose this growth into three effects: (1) the effect of changes in Social Security's rules, (2) the effect of changes in the real interest rate, and (3) the effect of changes in life expectancy. Finally, we quantify the extent to which the gains from delay can be expected to increase in the future as a result of mortality improvements.

Redistribution under the Social Security benefit formula at the individual and household levels, 1992 and 2004

2012 ◽  
Vol 12 (1) ◽  
pp. 1-27 ◽  
Author(s):  
ALAN L. GUSTMAN ◽  
THOMAS L. STEINMEIER ◽  
NAHID TABATABAI
Keyword(s):  
Social Security ◽  
Labor Force Participation ◽  
Social Security Benefit ◽  
Household Level ◽  
Individual Level ◽  
The Social ◽  
High Earning ◽  
Using Data ◽  
The Individual ◽  
Over Time

AbstractStudies using data from the early 1990s suggested that while the progressive Social Security benefit formula succeeded in redistributing benefits from individuals with high earnings to individuals with low earnings, it was much less successful in redistributing benefits from households with high earnings to households with low earnings. Wives often earned much less than their husbands. As a result, much of the redistribution at the individual level was effectively from high earning husbands to their own lower earning wives. In addition, spouse and survivor benefits accrue disproportionately to women from high income households. Both factors mitigate redistribution at the household level. It has been argued that with the increase in the labor force participation and earnings of women, Social Security now should do a better job of redistributing benefits at the household level. To be sure, when we compare outcomes for a cohort with a household member age 51 to 56 in 1992 with those from a cohort born twelve years later, redistribution at the household level has increased over time. Nevertheless, as of 2004 there still is substantially less redistribution of benefits from high to low earning households than from high to low earning individuals.

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