Research and Analysis by Melissa A. Z. Knoll

Behavioral and Psychological Aspects of the Retirement Decision
from Social Security Bulletin, Vol. 71 No. 4 (released November 2011)
by Melissa A. Z. Knoll

The majority of research dealing with the retirement decision has focused on the health and wealth aspects of retirement. Research in the areas of judgment and decision making and behavioral economics suggests that there may be a number of behavioral factors that influence the retirement decision as well. This review highlights such factors and offers a unique perspective on potential determinants of retirement behavior, including anchoring and framing effects, affective forecasting, hyperbolic discounting, and the planning fallacy. The author describes findings from previous research, as well as draws novel connections between existing decision-making research and the retirement decision.

Incentivizing Delayed Claiming of Social Security Retirement Benefits Before Reaching the Full Retirement Age
from Social Security Bulletin, Vol. 74 No. 4 (released November 2014)
by Melissa A. Z. Knoll and Anya Olsen

Claiming Social Security retirement benefits before the full retirement age (FRA) results in permanently lower benefits, while delaying claiming permanently increases benefits. This article uses Modeling Income in the Near Term data to determine the socioeconomic characteristics of individuals who claim at various ages. The authors then describe a number of novel approaches aimed at encouraging individuals to delay claiming in the months and years before reaching their FRA. Lastly, the authors model one of those approaches to examine how a 1-year delay in claiming affects benefits and poverty in the future.

Measures of Health and Economic Well-Being Among American Indians and Alaska Natives Aged 62 or Older in 2030
Research and Statistics Note No. 2012-02 (released February 2012)
by Amy Dunaway-Knight, Melissa A. Z. Knoll, Dave Shoffner, and Kevin Whitman

This Research and Statistics Note uses Modeling Income in the Near Term (MINT) projections to provide an overview of the demographic, health, and economic characteristics of the American Indian and Alaska Native (AIAN) population aged 62 or older in 2030. MINT projects that the AIAN population will fare worse than the overall aged population in 2030 according to measures of health status, work limitation status, disability status, lifetime earnings, per capita Social Security benefits, per capita income, per capita wealth, and poverty.

The Role of Behavioral Economics and Behavioral Decision Making in Americans' Retirement Savings Decisions
from Social Security Bulletin, Vol. 70 No. 4 (released November 2010)
by Melissa A. Z. Knoll

This article outlines findings from the judgment and decision making (JDM) and behavioral-economics literatures that highlight the many behavioral impediments to saving that individuals may encounter on their way to financial security. It discusses how behavioral and psychological issues, such as self-control, emotions, and choice architecture can help policymakers understand which factors, aside from purely economic ones, may affect individuals' savings behavior.