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Key Findings Details

The Effect of Social Security Information on the Labor Supply and Savings of Older Americans
Philip Armour and Michael Lovenheim
WP 2016-361

  • 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.

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