The effects of changes in social security’s delayed retirement credit: Evidence from administrative data
Journal of Public Economics · 2023 · Mark Duggan、Irena Dushi、Sookyo Jeong、Gina Li
中文摘要
延迟退休抵免（DRC）会提高在完全退休年龄（FRA）之后申领福利的主要受益人的老年和遗属保险（OASI）退休职工月度福利。多年来，DRC一直设定为每年3.0%（每月0.25%）。1983年《社会保障法》修正案将这一精算调整幅度提高一倍以上，至每年8.0%，并随时间逐步实施。本文利用美国社会保障署（SSA）的行政数据，估计这一政策变化对个人申领行为和劳动供给的影响。鉴于DRC后续提高期间恰逢SSA其他政策发生变化，我们重点考察DRC增幅的前半段，即从3.0%提高至5.5%。我们的研究结果表明，DRC的提高导致男性延迟申领社会保障福利增加，并有力地表明，这一影响在终身收入较高者中更大；由于其预期寿命更长，他们延迟申领的经济激励也更强。此外，流动性约束在个人对DRC提高的响应中发挥重要作用。我们没有发现女性的申领行为发生变化的证据，也没有发现男性或女性的劳动供给发生变化的证据。
Abstract
The delayed retirement credit (DRC) increases monthly OASI (Old Age and Survivors Insurance) retired worker benefits for primary beneficiaries who claim after their full retirement age (FRA). For many years, the DRC was set at 3.0 percent per year (0.25 percent monthly). The 1983 amendments to Social Security more than doubled this actuarial adjustment to 8.0 percent per year, with the changes phased in gradually over time. In this paper, we use administrative data from the Social Security Administration (SSA) to estimate the effect of this policy change on individual claiming behavior and labor supply. We focus on the first half of the DRC increase (from 3.0 to 5.5 percent) given changes in other SSA policies that coincided with the later increases. Our findings demonstrate that the increase in the DRC led to an increase in delayed claiming of Social Security benefits among men and strongly suggest that the effects were larger for those with higher lifetime incomes, who would have a greater financial incentive to delay given their longer life expectancies. Furthermore, liquidity constraints play an important role in responsiveness to DRC increases. We do not find evidence of changes to the claiming behavior of women or to labor supply for either men or women.