THE PERCEIVED BUDGET CONSTRAINT UNDER SOCIAL-SECURITY - EVIDENCE FROM REENTRY BEHAVIOR

• 成果类型: Article
• 署名作者: REIMERS, C; HONIG, M
• 署名单位: City University of New York (CUNY) System
• 刊物名称: JOURNAL OF LABOR ECONOMICS
• ISSN/ISSBN: 0734-306X
• DOI: 10.1086/298322
• 发表日期: 1993
• 页码: 184-204
• 关键词: Retirement

摘要

If, as is usually assumed, older individuals face a continuous choice of work hours without fixed costs or take account of the actuarial adjustment of Social Security benefits postponed as a result of the earnings test, the earnings limit should not affect their labor supply before age 65. We test, and reject, these assumptions by estimating the hazard function for labor market reentry after retirement, using white men in the Retirement History Survey. We find that the earnings limit does affect reentry and that older men behave myopically, responding to current benefits rather than to Social Security wealth. Several policy implications follow.