How Sticky Is Retirement Behavior in the United States?

• 成果类型: Article
• 署名作者: Deshpande, Manasi; Fadlon, Itzik; Gray, Colin
• 署名单位: University of Chicago; National Bureau of Economic Research; University of California System; University of California San Diego
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_01151
• 发表日期: 2024-03
• 页码: 370-383
• 关键词: neighborhoods; impacts

摘要

We study how increases in the U.S. Social Security full retirement age (FRA) affect benefit-claiming behavior and retirement behavior separately. Using long panels of Social Security administrative data, we implement complementary research designs of a traditional cohort analysis and a regression-discontinuity design. We find that while claiming ages strongly and immediately shift in response to increases in the FRA, retirement ages exhibit persistent stickiness at the old FRA of 65. We use several strategies to explore the likely mechanisms behind the stickiness in retirement, and we find suggestive evidence that employers play a role in workers' responses to the FRA.