Do Retirees Want Constant, Increasing, or Decreasing Consumption?

Chen, Anqi; Munnell, Alicia H.; Research, Boston College Center for Retirement

doi:10.2139/ssrn.3979740

SSRN Journal

2021

DOI: 10.2139/ssrn.3979740

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Do Retirees Want Constant, Increasing, or Decreasing Consumption?

Anqi Chen

Alicia H. Munnell

Boston College Center for Retirement Research

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2023

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“… 2 Calculations are based on Annual Statistical Supplements from the SSA (2011, 2020), excluding disability conversions. As Chen and Munnell (2021) point out, given shifts in the population and decisions over time, this analysis overstates claiming early. In 2019, about 33% of claimants were 62 years old, but only about 25% of those eligible at age 62 actually claimed.…”

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confidence: 99%

What Motivates Social Security Claiming Age Intentions? Testing Behaviorally Informed Interventions Alongside Individual Differences

Greenberg¹,

Hershfield²,

Shu³

et al. 2023

Journal of Marketing Research

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Choosing when to claim Social Security Administration (SSA) benefits is an important decision for older Americans’ financial health. While past work has examined heterogeneity in claiming decisions, relatively little research has systematically tested the psychological factors that predict early or delayed SSA claiming or the effectiveness of theory-driven interventions meant to help with the claiming decision. A pre-registered experiment and three replications examined the extent to which intended claiming age is a function of theory-driven interventions, individual difference measures, and relevant interactions between interventions and individual differences. The interventions that increased intended claiming age were those that suggest that delayed claiming may be the right choice (i.e., injunctive norms, information about the commonality of regret), those that highlight the financial benefits from delayed claiming (i.e., gains framing, focus on benefits to the future self), and those that guide preference construction through selfreflection (i.e., focus on right-tail longevity, reason generation). In addition, intertemporal discounting, subjective life expectancy, and perceived ownership of SSA benefits predicted intended claiming age. This research advances our understanding of which retirees will decide to claim earlier or later and offers practical insights for policy-makers, financial planners, and consumer finance organizations.

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confidence: 99%

What Motivates Social Security Claiming Age Intentions? Testing Behaviorally Informed Interventions Alongside Individual Differences

Greenberg¹,

Hershfield²,

Shu³

et al. 2023

Journal of Marketing Research

View full text Add to dashboard Cite

show abstract

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Do Retirees Want Constant, Increasing, or Decreasing Consumption?

Cited by 1 publication

References 16 publications

What Motivates Social Security Claiming Age Intentions? Testing Behaviorally Informed Interventions Alongside Individual Differences

What Motivates Social Security Claiming Age Intentions? Testing Behaviorally Informed Interventions Alongside Individual Differences

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