Key Findings Details
The Effect of Social Security Information on the Labor Supply and Savings of Older Americans
Philip Armour and Michael Lovenheim
- Older male workers changed their work behavior strongly after receiving their projected retirement benefit from the Social Security Administration, compared to similar workers who didn’t receive a Social Security statement.
- Those who were working at or more than 40 hours a week left second jobs and switched to part-time; those working less than 10 hours per week started full-time work.
- After receiving a second, updated statement, people changed their work behavior toward what it had been before receiving a statement.
- Women reacted similarly, but less extremely.