A. Greenberg, Hal E. Hershfield, S. Shu, Stephen A. Spiller
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EXPRESS: What Motivates Social Security Claiming Age Intentions? Testing Behaviorally-Informed Interventions Alongside Individual Differences
Choosing when to claim Social Security Administration (SSA) benefits is an important decision for older Americans’ financial health. While past work has examined heterogeneity in claiming decisions, relatively little research has systematically tested the psychological factors that predict early or delayed SSA claiming or the effectiveness of theory-driven interventions meant to help with the claiming decision. A pre-registered experiment and three replications examined the extent to which intended claiming age is a function of theory-driven interventions, individual difference measures, and relevant interactions between interventions and individual differences. The interventions that increased intended claiming age were those that suggest that delayed claiming may be the right choice (i.e., injunctive norms, information about the commonality of regret), those that highlight the financial benefits from delayed claiming (i.e., gains framing, focus on benefits to the future self), and those that guide preference construction through selfreflection (i.e., focus on right-tail longevity, reason generation). In addition, intertemporal discounting, subjective life expectancy, and perceived ownership of SSA benefits predicted intended claiming age. This research advances our understanding of which retirees will decide to claim earlier or later and offers practical insights for policy-makers, financial planners, and consumer finance organizations.
期刊介绍:
JMR is written for those academics and practitioners of marketing research who need to be in the forefront of the profession and in possession of the industry"s cutting-edge information. JMR publishes articles representing the entire spectrum of research in marketing. The editorial content is peer-reviewed by an expert panel of leading academics. Articles address the concepts, methods, and applications of marketing research that present new techniques for solving marketing problems; contribute to marketing knowledge based on the use of experimental, descriptive, or analytical techniques; and review and comment on the developments and concepts in related fields that have a bearing on the research industry and its practices.