How Social Security Reform Affects Retirement and Pension Claiming
研究发现提高法定退休年龄一年会导致养老金申领和退休延迟超出预期，而提高延迟申领的回报则使延迟幅度小于预期，揭示了参考依赖和损失厌恶等行为机制。
A reform increasing the full retirement age (FRA) by one year leads to larger than expected delays in pension claiming and retirement, while making late claiming more lucrative leads to a smaller than expected delay in pension claiming. Survey evidence shows people view the FRA as the “normal” retirement age and prefer to couple pension claiming and retirement decisions together, even though these two decisions are not coupled through social security provisions. Two mechanisms are at work: reference dependence with loss aversion in pension claiming, and spillovers from pension claiming on retirement choices. The FRA increase leads to large government savings.