Retirement differences among the respondents to the retirement history survey.

Recent studies have simulated the effect of changes in the Social Security system on the retirement age of married White men. The retirement decision for single people, Blacks, and women, however, may differ from those of married White men. This study used data for respondents to the Retirement History Survey and found that estimated retirement equations for married Black men and single White women are significantly different from the retirement equation estimated for married White men. Blacks and single White women have substantially lower retirement wealth than married White men, and their Social Security wealth makes up a larger portion of their total wealth. As a consequence, their retirement responses to the changes in the Social Security system are also likely to differ from those of married White men. We found that, relative to married White men, the wealth and substitution responses to the increase in the normal retirement age for Social Security benefit acceptance are larger for single White men, single Black men, and single White women. The results suggest that estimates of the retirement responses of married men to changes in Social Security or pensions are not necessarily representative of the retirement responses of the population as a whole.