Problem
Analyze how each of the following hypothetical policy changes would affect people's decision to retire. Would the change induce people to retire sooner or later? Explain your reasoning.
(a) An increase in the age at which one can receive full Social Security benefi ts (currently age 66 to 67, depending on the year in which a person was born)
(b) A decrease in the fraction (currently 75 percent) of full benefi ts that one can receive if retirement occurs at age 62
(c) An increase in the Medicare eligibility age from its current level of 65 (d) An increase to 100 percent from its current 85 percent in the maximum fraction of Social Security benefi ts that is subject to the federal income tax.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.