Abstract
The 2000–2006 waves of Health and Retirement Study data were used to estimate the effects of human capital characteristics and income sources on women’s timing of receipt of Social Security retirement benefits. Using logistic regression, the likelihood of early election of benefits was increased by earnings regardless of marital status; and, for married women, by husband’s age being greater than wife’s, and by other income. For married women, education decreased the likelihood of electing early benefits. For unmarried women, IRA/annuity income reduced the likelihood of early receipt of benefits. Using multinomial logistic regression, the likelihood of combinations of expected and actual benefit receipt options were estimated. A greater percentage of married, compared to unmarried, women expected and elected early benefits.
This is a preview of subscription content, log in via an institution to check access.
Similar content being viewed by others
References
Becker, G. (1964). Human capital. New York: Columbia University Press.
Becker, G. (1965). A theory of the allocation of time. Economic Journal, 75(299), 493–517. Retrieved from http://www.jstor.org/stable/2228949.
Becker, G. (1967). Human capital and the personal distribution of income: An analytical approach. Ann Arbor: University of Michigan Press.
Becker, G. (1973). A theory of marriage: Part I. Journal of Political Economy, 81(4), 813–846. http://www.jstor.org/stable/1831130.
Becker, G. (1974). A theory of marriage: Part II. Journal of Political Economy, 82(2), S11–S26. Retrieved from http://www.jstor.org/stable/1829987.
Becker, G. (1981). A treatise on the family. Cambridge: Harvard University Press.
Becker, G. (1985). Human capital, effort, and the sexual division of labor. Journal of Labor Economics, 3(1), S33–S58. Retrieved from http://www.jstor.org/stable/2534997.
Becker, G., & Chiswick, B. R. (1966). Education and the distribution of earnings. The American Economic Review, 56(2), 358–369. Retrieved from http://www.jstor.org/stable/1821299.
Becker, G., Landes, E. M., & Michael, R.T. (1977). An economic analysis of marital instability. Journal of Political Economy, 85(6), 1153–1189. Retrieved from http://www.jstor.org/stable/1837421.
Becker, G., & Lewis, H. G. (1973). On the interaction between the quantity and quality of children. Journal of Political Economy, 81(2), S279–S288. Retrieved from http://www.jstor.org/stable/1837421.
Burkhauser, R., Couch, K., & Phillips, J. (1996). Who takes early Social Security benefits? The economic and health characteristics of early beneficiaries. The Gerontologist, 36(6), 789–799. doi:10.1093/geront/36.6.789.
Butrica, B., & Iams, H. (1999). Projecting retirement income of future retirees with panel data: Results from the modeling income in the near term project. Social Security Bulletin, 62(4), 3–8. Retrieved from www.ssa.gov/policy/docs/ssb/v62n4/v62n4p3.pdf.
Clark, R., Burkhauser, R., Moon, M., Quinn, J., Smeeding, T., et al. (2004). The economics of an aging society. Malden: Blackwell Publishing.
Economic Report of the President. (2008). Appendix B Table B-1. Gross domestic product, 1959–2007. Retrieved from http://www.gpoaccess.gov/eop/tables08.html.
Fullerton, H. (1999, December). Labor force participation: 75 years of change, 1950–98 and 1998–2025. Monthly Labor Review, 3–12. Retrieved from http://www.bls.gov/mlr/1999/12/art2abs.htm.
Gendell, M. (1998, August). Trends in retirement age in four countries, 1965–95. Monthly Labor Review, 20–29. Retrieved from http://www.bls.gov/opub/mlr/1998/08/art2abs.htm.
Ghez, G., & Becker, G. (1975). The allocation of time and goods over the life Cycle. New York: Columbia University Press for the National Bureau of Economic Research.
Hartmann, H., & Lee, S. (2003). Social Security: The largest source of income for both women and men in retirement (IWPR #D455). Washington, DC: Institute for Women’s Policy Research. Retrieved from http://www.iwpr.org/publications/pubs/social-security-the-largest-source-of-income-for-both-women-and-men-in-retirement-2.
Hurd, M., & Smith, J. (2002). The effects of subjective survival on retirement and Social Security claiming (working paper no. 2002–021). Ann Arbor: University of Michigan Retirement Research Center. Retrieved from http://www.mrrc.isr.umich.edu/publications/index_abstract.cfm?ptid=1&pid=75.
Mahaney, J., & Carlson, P. (2008). Rethinking Social Security claiming in a 401(k) world. In J. Ameriks & O. S. Mitchell (Eds.), Recalibrating retirement spending and saving (pp. 141–167). Oxford: Oxford University Press.
McNamara, T., O’Grady-LeShane, R., & Williamson, J. (2003). The role of marital history, early retirement benefits, and the economic status of women. Chestnut Hill: Center for Retirement Research at Boston College. Retrieved from http://crr.bc.edu/working-papers/the-role-of-marital-history-early-retirement-benefits-and-the-economic-status-of-women/.
Mincer, J. (1958). Investment in human capital and personal income distribution. Journal of Political Economy, 66, 281–302. Retrieved from http://www.jstor.org/stable/1827422.
Munnell, A., & Soto, M. (2005). Why do women claim Social Security benefits so early? Chestnut Hill: Center for Retirement Research at Boston College. Retrieved from http://crr.bc.edu/briefs/why-do-women-claim-social-security-benefits-so-early/.
Munnell, A., & Zhivan, N. (2006). Earnings and women’s retirement security. Chestnut Hill: Center for Retirement Research at Boston College. Retrieved from http://crr.bc.edu/wp-content/uploads/2006/06/wp_2006-121.pdf.
Richardson, D. (2008). Social Security: Factors affecting the decision of “When to Begin” benefits. Trends and issues. New York: TIAA-CREF Institute. Retrieved from http://www.tiaa-crefinstitute.org/institute/research/trends_issues/ti_socialsecurity_1208.html.
Schultz, T. W. (1961). Investment in human capital. The American Economic Review, 51(1), 1–17. Retrieved from http://www.jstor.org/stable/1818907.
US Department of Labor, Bureau of Labor Statistics. (2011). Labor force statistics from the current population survey. Retrieved from http://data.bls.gov/cgi-bin/surveymost.
US Social Security Administration. (2004). Income of the aged chartbook. Retrieved from http://www.ssa.gov/policy/docs/chartbooks/income_aged/2004/.
US Social Security Administration. (2007). Retirement benefits. Retrieved from http://www.ssa.gov/pubs/10035.html.
US Social Security Administration. (2008a). OASDI benefits in current-payment status. Retrieved from http://www.ssa.gov/policy/docs/statcomps/oasdi_monthly/2007-11/table03.pdf.
US Social Security Administration. (2008b). When to start receiving retirement benefits. Retrieved from http://www.socialsecurity.gov/pubs/10147.html.
US Social Security Administration. (2009a). Delayed retirement credits. Retrieved from http://www.ssa.gov/retire2/delayret.htm.
US Social Security Administration. (2009b). Historical background and development of social security. Retrieved from http://www.ssa.gov/history/briefhistory3.html.
US Social Security Administration. (2009c). Social Security basic facts. Retrieved from http://www.ssa.gov/pressoffice/factsheets/basicfact-alt.pdf.
US Social Security Administration. (2013). Statement of Carolyn W. Colvin, acting commissioner of Social Security, on payments to same-sex couples. Retrieved from http://www.ssa.gov/pressoffice/pr/doma-statement-pr.html.
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
About this article
Cite this article
Gillen, M., Heath, C.J. Women’s Timing of Receipt of Social Security Retirement Benefits. J Fam Econ Iss 35, 362–375 (2014). https://doi.org/10.1007/s10834-013-9374-z
Published:
Issue Date:
DOI: https://doi.org/10.1007/s10834-013-9374-z