Maurer, RaimondMitchell, Olivia SRogalla, RalphSchimetschek, Tatjana2023-05-232023-05-232014-10-012019-06-26https://repository.upenn.edu/handle/20.500.14332/43513This paper investigates whether exchanging the Social Security delayed retirement credit, currently paid as an increase in lifetime annuity benefits, for a lump sum would induce later claiming and additional work. We show that people would voluntarily claim about half a year later if the lump sum were paid for claiming any time after the Early Retirement Age, and about two-thirds of a year later if the lump sum were paid only for those claiming after their Full Retirement Age. Overall, people will work one-third to one-half of the additional months, compared to the status quo. Those who would currently claim at the youngest ages are likely to be most responsive to the offer of a lump sum benefit.Opinions and conclusions expressed herein are solely those of the authors and do not represent the opinions or policy of SSA, any agency of the Federal Government, or any other institution with which the authors are affiliated. ©2014 Maurer, Mitchell, Rogalla, Schimetschek. All rights reserved.Annuitylump sumSocial Securitydelayed retirementlifetime incomepensionEconomicsWorking Paper