NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Retirement Incentives: The Interaction between Employer-Provided Pensions, Social Security, and Retiree Health Benefits

Robin L. Lumsdaine, James H. Stock, David A. Wise

NBER Working Paper No. 4613*
Issued in January 1994
NBER Program(s):   AG    LS    PE

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Proposed changes in the U.S. Social Security provisions include increasing the normal retirement age from 65 to 67 and changing from 3% to 8% the increase in benefits for each year that retirement is delayed after normal retirement. The paper considers the interaction between these changes and the provisions of employer-provided pension plans. For persons with an employer-provided defined benefit plan, the conclusion is that the Social Security changes will have little effect on labor force participation, but that changes in the firm plan - like increasing the early retirement age - would have very large effects on labor force participation.

*Published: This paper was subsequently published as Retirement Incentives: The Interaction between Employer-Provided Pensions, Social Security, and Retiree Health Benefits, Robin L. Lumsdaine, James H. Stock, David A. Wise, in NBER book The Economic Effects of Aging in the United States and Japan (1996)

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