The Behavioral and Consumption Effects of Social Security Changes

Abstract

is to produce first-class research and forge a strong link between the academic community and decision-makers in the public and private sectors around an issue of critical importance to the nation's future. To achieve this mission, the Center sponsors a wide variety of research projects, transmits new findings to a broad audience, trains new scholars, and broadens access to valuable data sources.

Optimal Retirement Age and Lower Bound on Interest Rate

“…Hosseini (2015) finds that mandatory annuitization in the Social Security results in a crowding out effect and the welfare gain is thus small. Hou and Sanzenbacher (2021) find that Black and Hispanic households have less than half the retirement wealth of White households and this discrepancy would have been higher but for Social Security. The rise in retirement wealth inequality is also corroborated by Sebastian et al (2016).…”