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The Labor Supply Effects Of The Social Security Earnings Test
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Book Synopsis The Labor Supply Effects of the Social Security Earnings Test by : Leora Friedberg
Download or read book The Labor Supply Effects of the Social Security Earnings Test written by Leora Friedberg and published by . This book was released on 1999 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Social Security earnings test reduces benefits at a 33-50% rate once earnings pass a threshold amount - among the highest marginal tax rates in the economy. Previous research dismissed the importance of the earnings test but failed to take advantage of three changes in the earnings test rules in order to identify its impact. Each change applied to some age groups and not others - which make them useful for identifying the effect of tax rules on the labor supply of working beneficiaries. Beneficiaries in the Current Population Survey satisfy the strongest prediction: many keep their earnings just below the exempt amount, and this bunching shifts with the earnings test rule changes. The rule changes are then incorporated into an econometric model of labor supply to identify income and substitution elasticities. The resulting elasticity estimates suggest considerable deadweight loss suffered by working beneficiaries. Simulations predict a substantial boost to labor supply from eliminating the earnings test, and at a minimal fiscal cost. However, a slight decrease in labor supply is predicted from the recently legislated increase in the exempt amount
Book Synopsis Does the Social Security Earnings Test Affect Labor Supply and Benefits Receipt? by : Jonathan Gruber
Download or read book Does the Social Security Earnings Test Affect Labor Supply and Benefits Receipt? written by Jonathan Gruber and published by . This book was released on 2000 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Social Security earnings test, a version of which still applies to those ages 62-64, reduces immediate payments to beneficiaries whose labor income exceeds a given threshold. Although benefits are subsequently increased to compensate for any such reduction, the earnings test is typically perceived as a tax on working. As a result, it is considered by many to be an important disincentive to paid work for older Americans. Yet there is little evidence to suggest an economically significant effect of the earnings test on hours of work, and almost no research on the effect of the test on the decision to work at all. We investigate these issues using the significant changes in the structure of the earnings test over the past 25 years, using data over the past 25 years, using data over the 1973-1998 period from the March Supplement to the Current Population Survey (CPS), which provide large samples of observations on the elderly. Our analysis suggests two major conclusions. First, the earnings test exerts no robust influence on the labor supply decisions of men. Neither graphical analyses of breaks in labor supply trends, nor regression estimates that control for underlying trends in labor supply by age group, reveal any significant impact of changes in earnings test parameters on aggregate employment, hours of work, or earnings for men. For women, there is more suggestive evidence that the earnings test is affecting labor supply decisions. Second, loosening the earnings test appears to accelerate benefits receipt among the eligible population, lowering benefits levels, and heightening concerns about the standard of living of these elderly at very advanced ages. Our findings suggest some cause for caution before rushing to remove the earnings test at younger ages.
Download or read book Wera Hans von (1933-?). written by and published by . This book was released on 1953 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Zeitungsausschnitte.
Book Synopsis Early Retirement, Labor Supply, and Benefit Withholding by : Hugo Benitez-Silva
Download or read book Early Retirement, Labor Supply, and Benefit Withholding written by Hugo Benitez-Silva and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The labor supply and benefit claiming incentives provided by the early retirement rules of the Social Security Old Age benefits program are of growing importance as the Normal Retirement Age (NRA) increases to 67, the labor force participation of Older Americans rises, and a variety of reforms to the Social Security system are considered. Any reform needs to take into account the effects and rationale of the Social Security Earnings Test and the Actuarial Adjustment Factor. We describe these incentives, and analyze benefit withholding patterns using data from the Master Beneficiary Files of the Social Security Administration, and present descriptive and exploratory evidence on the determinants of benefit withholding using data from the Health and Retirement Survey. We then investigate the importance of the Earnings Test limits for work and claiming behavior using a dynamic life-cycle model of labor supply, benefit claiming, and withholding. We use the latter framework to compare the consequences of a number of changes to the Earnings Test provision for the labor supply behavior and earnings of older Americans.
Book Synopsis Social Security Earnings Test, Labor Supply Distortions, and Foregone Payroll Tax Revenue by : Anthony J. Pellechio
Download or read book Social Security Earnings Test, Labor Supply Distortions, and Foregone Payroll Tax Revenue written by Anthony J. Pellechio and published by . This book was released on 1980 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Social Security Earnings Test, Labor Supply Distortions, and Foregone Payroll Tax Revenues by :
Download or read book The Social Security Earnings Test, Labor Supply Distortions, and Foregone Payroll Tax Revenues written by and published by . This book was released on 1978 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study the social security earnings test is shown to have a significant effect empirically on the labor supply of retirement aged men. A rich data file from the Social Security Administration containing accurate benefit information provides a cross- section sample of 65-70 year old married men who worked some amount for empirical investigation. The data pertain to 1972. The results indicate that eliminating the earnings test would increase labor supply by 151 annual hours and payroll tax revenue by $31 per individual in the sample. The way in which the earnings test is relaxed is important also. Raising the exempt amount increased labor supply while lowering the tax rate did not. This follows from analyzing labor supply decisions over a nonlinear earnings-tested budget constraint. An econometric technique was developed for consistently estimating labor supply over nonlinear budget constraints. This technique conveniently summarized the budget constraint in an expected value calculation.
Book Synopsis Social Security, Benefit Claiming, and Labor Force Participation by : Selahattin Imrohoroglu
Download or read book Social Security, Benefit Claiming, and Labor Force Participation written by Selahattin Imrohoroglu and published by DIANE Publishing. This book was released on 2011 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a print on demand edition of a hard to find publication. A general equilibrium model of overlapping generations that incorporates endogenous saving, labor force participation, work hours, and Social Security (SS) benefit claims. Three SS reforms are studied: 1) a reduction in benefits and payroll taxes; 2) an increase in the earliest retirement age, to 64 from 62; and 3) an increase in the normal retirement age, to 68 from 66. A 50% cut in the scope of the current system significantly raises asset holdings and the labor input, through higher participation of older workers, and reduces the shortfall of the SS budget. Increasing the normal retirement age also raises saving and the labor supply, but the effects are smaller. Postponing the earliest retirement age has only a negligible effect. Charts and tables.
Book Synopsis Changes in the Social Security Earnings Test Penalty in 1990 and Its Effects on the Labor Supply Behavior of Elderly Men Aged 65 to 69 by : Stephen D. Rubb
Download or read book Changes in the Social Security Earnings Test Penalty in 1990 and Its Effects on the Labor Supply Behavior of Elderly Men Aged 65 to 69 written by Stephen D. Rubb and published by . This book was released on 1997 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Select Committee on Aging. Subcommittee on Retirement Income and Employment Publisher : ISBN 13 : Total Pages :200 pages Book Rating :4.:/5 (327 download)
Book Synopsis Social Security Earnings Test by : United States. Congress. House. Select Committee on Aging. Subcommittee on Retirement Income and Employment
Download or read book Social Security Earnings Test written by United States. Congress. House. Select Committee on Aging. Subcommittee on Retirement Income and Employment and published by . This book was released on 1980 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Social Security Earnings Test, Labor Supply Distortions, and Foregone Payroll Tax Revenue by : Anthony J. Pellechio
Download or read book The Social Security Earnings Test, Labor Supply Distortions, and Foregone Payroll Tax Revenue written by Anthony J. Pellechio and published by . This book was released on 1978 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effects of a Change in the Social Security Earnings Test on the Japanese Elderly Male Labor Supply by :
Download or read book The Effects of a Change in the Social Security Earnings Test on the Japanese Elderly Male Labor Supply written by and published by . This book was released on 2017 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effects of a Change in the Social Security Earnings Test on the Japanese Elderly Male Labor Supply by : Koyo Miyoshi
Download or read book The Effects of a Change in the Social Security Earnings Test on the Japanese Elderly Male Labor Supply written by Koyo Miyoshi and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Labor Supply Responses to Marginal Social Security Benefits by : Jeffrey B. Liebman
Download or read book Labor Supply Responses to Marginal Social Security Benefits written by Jeffrey B. Liebman and published by . This book was released on 2008 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: A key question for Social Security reform is whether workers currently perceive the link on the margin between the Social Security taxes they pay and the Social Security benefits they will receive. We estimate the effects of the marginal Social Security benefits that accrue with additional earnings on three measures of labor supply: retirement, hours, and labor earnings. We develop a new approach to identifying these incentive effects by exploiting five provisions in the Social Security benefit rules that generate discontinuities in marginal benefits or non-linearities in marginal benefits that converge to discontinuities as uncertainty about the future is resolved. We find clear evidence that individuals approaching retirement (age 52 and older) respond to the Social Security tax-benefit link on the extensive margin of their labor supply decisions: we estimate that a 10 percent increase in the net-of-tax share reduces the two-year retirement hazard by a statistically significant 2.1 percentage points from a base rate of 15 percent. The evidence with regards to labor supply responses on the intensive margin is more mixed: we estimate that the elasticity of hours with respect to the net-of-tax share is 0.41 and statistically significant, but we do not find a statistically significant earnings elasticity.
Book Synopsis Simulating Aggregate and Distributional Effects of Various Plans for Modifying the Retirement Earnings Test by : David Pattison (Writer on old age pensions)
Download or read book Simulating Aggregate and Distributional Effects of Various Plans for Modifying the Retirement Earnings Test written by David Pattison (Writer on old age pensions) and published by . This book was released on 1990 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Labor Supply Responses to Marginal Social Security Benefits by : Jeffrey B. Liebman
Download or read book Labor Supply Responses to Marginal Social Security Benefits written by Jeffrey B. Liebman and published by . This book was released on 2010 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: A key question for Social Security reform is whether workers currently perceive the link on the margin between the Social Security taxes they pay and the Social Security benefits they will receive. We estimate the effects of the marginal Social Security benefits that accrue with additional earnings on three measures of labor supply: retirement, hours, and labor earnings. We develop a new approach to identifying these incentive effects by exploiting five provisions in the Social Security benefit rules that generate discontinuities in marginal benefits or non-linearities in marginal benefits that converge to discontinuities as uncertainty about the future is resolved. We find clear evidence that individuals approaching retirement (age 52 and older) respond to the Social Security tax-benefit link on the extensive margin of their labor supply decisions: we estimate that a 10 percent increase in the net-of-tax share reduces the two-year retirement hazard by a statistically significant 2.1 percentage points from a base rate of 15 percent. The evidence with regards to labor supply responses on the intensive margin is more mixed: we estimate that the elasticity of hours with respect to the net-of-tax share is 0.41 and statistically significant, but we do not find a statistically significant earnings elasticity.
Book Synopsis New Evidence on Earnings and Benefit Claims Following Changes in the Retirement Earnings Test in 2000 by : Jae Song
Download or read book New Evidence on Earnings and Benefit Claims Following Changes in the Retirement Earnings Test in 2000 written by Jae Song and published by . This book was released on 2006 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides estimates of the effects of removing the earnings test, for persons aged 65-69. Uses a Social Security Administration (SSA) data set that covers the period from four years before and after its introduction in 2000. Examines implications for the labour force participation rate near 65 and beyond.
Book Synopsis Social Security Reform and Labor Supply by : Thomas L. Steinmeier
Download or read book Social Security Reform and Labor Supply written by Thomas L. Steinmeier and published by . This book was released on 1985 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A structural life-cycle retirement model with an improved specification over previous models is used to analyze and compare the long-run labor supply effects of the rules for Social Security in place in 1972,1977 and 1983, and for an actuarially fair system. The effects of separate provisions from the 1983 amendments are examined. These include the raising of the normal retirement age to 67, the increase in the delayed retirement credit to 8 percent, and the lowering of the reduction rate for earnings over the test amount to one dollar for every three dollars of earnings
