Keywords: Social security, labor supply, aging, retirement
Abstract: This paper presents estimates of the impact of Social Security's Delayed Retirement Credit
on the employment rates of older men. The credit raises lifetime social security benefit
payments for recipients who delay receiving benefits after age 65 and offers a rare and
important test of whether labor supply incentives built in to the program can promote
work at older ages. The results suggest that the increased incentives raised employment
among workers over age 65. In addition, the recent increases in social security's Normal
Retirement Age also appear to be pushing up labor supply.
Full paper (904 KB PDF)
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Last update: November 9, 2006