"[Proposed reforms to the retirement earnings test ('RET')] meant to encourage working at older ages could also cause earlier benefit claiming. [This study analyzes] the complete repeal of the earnings test for beneficiaries aged 60 or older ... [and finds] that beneficiaries affected by RET repeal would generally receive significantly higher benefits when they are younger than the full retirement age ('FRA'), and somewhat lower benefits after reaching FRA. RET repeal would not significantly change individuals' lifetime benefits and [the authors] find no significant changes in the overall poverty rate under either scenario.... [A]ssumed behavioral responses -- particularly the benefit claiming change -- have a bigger effect on lifetime benefits than the RET policy change itself."

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