Fewer Social Security Benefits, More Work

COLUMBUS, Ohio, May 11 (UPI) — U.S. Social Security changes in the 1980s have pushed men to stay in the workforce longer, researchers found.

The study, published in The Journal of Human Resources, found that from 2001 to 2005 men ages 55-69 in the workplace rose from 54.6 percent to 59.2 percent.

Study co-authors David Blau of Ohio State University and Ryan Goodstein of the Federal Deposit Insurance Corp. said the decline in the generosity of Social Security benefits for workers who retire in their 60s has been the leading cause of delayed retirement in older men.

“Older individuals don’t get the same level of Social Security benefits when they retire as they once did, and that has been one reason why a significant number of men continue to work longer than they otherwise might have,” Blau said in a statement.

“Average U.S. retirement ages had been declining for decades, so a turnaround like we saw beginning in the late ’80s is a significant change — it’s clear that changes in Social Security benefits played a major role in that turnaround.”

The findings suggested fewer benefits induce people to work longer, the study said.

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