| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22853 |
| 来源ID | Working Paper 22853 |
| Leaving Big Money on the Table: Arbitrage Opportunities in Delaying Social Security | |
| Gila Bronshtein; Jason Scott; John B. Shoven; Sita N. Slavov | |
| 发表日期 | 2016-11-28 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Recent research has documented that delaying the commencement of Social Security benefits increases the expected present value of retirement income for most people. Despite this research, the vast majority of individuals claim Social Security at or before full retirement age. Claiming Social Security early is not necessarily a mistake, as delaying Social Security commencement requires forgoing current income in exchange for future income. The decision to claim early could therefore rationally be driven by liquidity constraints, mortality concerns, bequest motives, a high time discount rate, or a variety of other preference related factors. However, for some individuals, delaying Social Security offers a significant arbitrage opportunity because they can defer Social Security and have higher income in all future years. Arbitrage exists for most primary earners who either purchase a retail-priced annuity or opt for a defined benefit annuity when a lump sum payout is offered, while forgoing the opportunity to defer Social Security. These individuals are essentially buying an expensive annuity when a cheaper one is available, and their decision to claim Social Security early is almost certainly a mistake. The magnitude of the mistake can reach up to approximately $250,000. |
| 主题 | Microeconomics ; Households and Firms ; Public Economics ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w22853 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580527 |
| 推荐引用方式 GB/T 7714 | Gila Bronshtein,Jason Scott,John B. Shoven,et al. Leaving Big Money on the Table: Arbitrage Opportunities in Delaying Social Security. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22853.pdf（563KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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