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dc.contributor.authorButrica, Barbara A.en_US
dc.contributor.authorSmith, Karen E.en_US
dc.contributor.authorSteuerle, C. Eugeneen_US
dc.date.accessioned2010-05-14T11:08:27Z-
dc.date.available2010-05-14T11:08:27Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/31515-
dc.description.abstractThe choice of retirement age is the most important portfolio choice most workers will make. Drawing on the Urban Institute's Dynamic Simulation of Income model (DYNASIM3), this report examines how delaying retirement for nondisabled workers would affect individual retiree benefits, the solvency of the Social Security trust fund, and general revenues. The results suggest that delaying retirement by itself does not generate enough additional revenue to make Social Security solvent by 2045. Benefit cuts or supplementary funding sources will be necessary to achieve solvency. However, the size of the benefit cuts or tax increases could be minimized if individuals worked longer. This additional work also substantially increases worker's retirement well-being. Lower-income workers, to the extent they can work longer, have the most to gain from their additional labor. Policy changes that encourage work at older ages will substantially improve both economic and personal well-being in the future.en_US
dc.language.isoengen_US
dc.publisherThe Levy Economics Inst. of Bard College Annandale-on-Hudson, NYen_US
dc.relation.ispartofseriesWorking papers // The Levy Economics Institute 463en_US
dc.subject.jelJ26en_US
dc.subject.jelH6en_US
dc.subject.jelI3en_US
dc.subject.ddc330en_US
dc.subject.keywordRetirementen_US
dc.subject.keywordSocial Securityen_US
dc.subject.keywordtaxesen_US
dc.subject.keywordfederal deficiten_US
dc.subject.keywordretirement well-beingen_US
dc.titleWorking for a good retirementen_US
dc.typeWorking Paperen_US
dc.identifier.ppn570159121en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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