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Improving Information for Social Policy Decisions -- The Uses of Microsimulation Modeling: Volume II, Technical Papers (1991)

Chapter: Interactions Between Pension and Social Security Eligibility and Retirement in PRISM

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Suggested Citation:"Interactions Between Pension and Social Security Eligibility and Retirement in PRISM." National Research Council. 1991. Improving Information for Social Policy Decisions -- The Uses of Microsimulation Modeling: Volume II, Technical Papers. Washington, DC: The National Academies Press. doi: 10.17226/1853.
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Page 130

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DYNASIM2 AND PRISM: EXAMPLES OF DYNAMIC MODELING 130 TABLE 3 Determinants of Major Events Simulated by PRISM Event or Characteristic Variables Used to Determine Event Simulation of Longitudinal Histories Demographic events Death Disability status, age, sex, years of disability Disability Onset Age, sex Recovery Age, sex, years of disability Divorce Age of husband and wife Marriage Age, sex, previous marital status Mate matching Age of male, age of female Birth Marital status, age, number of children, employment status last year Labor force events Hours worked per year Hours last year, age, sex, marital status, education, composite of hours in previous 3 years, female with young children, female divorced or widowed this year, receiving pension or social security income Wage rate Age, sex, whether changed job this year, whether unemployed this year Job change Hours worked, age, years on job Industry Age, education, previous industry, full- or part-time status Pension characteristics Pension coverage Age, industry, full- or part-time status, wage rate Pension plan assignment Industry, multi- or single employer plan in 1979, hourly or salaried status Retirement Pension acceptance Age, sex (conditional on eligibility) Social security acceptance Age, sex (conditional on eligibility) Individual retirement accounts Adoption Age, family earnings, pension coverage Contributions Sex, marital status, family earnings SOURCE: Kennell and Sheils (1986). Inte ractions Between Pension and Social Security Eligibility and Retirement in PRISM Individuals who become eligible for social security are selected to accept social security on the basis of probabilities that depend on age and sex. (Based on these probabilities, a majority of individuals will retire at age 65.) All individuals who become eligible for a private pension accept their pension at the normal plan retirement age, generally 65. Data on the labor force participation of the elderly indicate that individuals who have accepted retirement income are likely

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This volume, second in the series, provides essential background material for policy analysts, researchers, statisticians, and others interested in the application of microsimulation techniques to develop estimates of the costs and population impacts of proposed changes in government policies ranging from welfare to retirement income to health care to taxes.

The material spans data inputs to models, design and computer implementation of models, validation of model outputs, and model documentation.

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