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Key Findings Details

Projecting Behavioral Responses to the Next Generation of Retirement Policies
by Alan L. Gustman and Thomas L. Steinmeier
WP 2007-153
  • From age 62 through full retirement age, the earnings test reduces full-time work by married men by about four percentage points, or by about ten percent of married men at full-time work.
  • Abolishing a minimum hours constraint on employment would induce more than twice as many people to enter partial retirement as would leave full-time work.
  • If all benefits from personal accounts could be taken as a lump sum, the fraction not retired at age 62 would fall by about 5 percentage points compared to a system where there is mandatory annuitization of benefits.