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Will Boomers Delay Social Security?
A 1983 reform to Social Security is now in full swing for baby boomers: they must wait at least until their 66th birthday to claim their full pension benefits. But is the gradual increase in the program’s so-called full retirement age – it was 65 for prior generations – having any effect on when boomers retire? Why people decide to retire when they do is complicated, and economists have tried for years to understand this….
The researchers found that a one-year increase in Switzerland’s full retirement age, or FRA, for women is associated with a half-year delay in when women retire and when they claim their full government pensions….Studies of U.S. behavior have found a similar response to increases in the Social Security FRA. To the extent the Swiss findings support this, it means workers have more time to prepare financially for retirement. Read more…
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