Recent studies of retirement have recognized the importance of pension plans and social security on the retirement decisions. A pension system that is neutral with respect to the timing of benefits encourages or discourages the acceptance of these benefits and subsequent job separation at any particular age only to the extent that any asset…

Using a time series analysis to test the net empirical importance of the substitution and wealth effects associated with social security on the market of work of younger men, it was found that hours per week worked would have fallen off since 1936 without the present social security system. (Author)