We investigate how individuals in the U.S. expect to adjust their labor force participation and savings if Social Security benefits were cut by 30 percent. Respondents were asked directly what they would do under this scenario. Using the resulting stated choice data we find that respondents would on average reduce spending by 18.2 percent before retirement and 20.4 percent after retirement. About 34.1% of respondents state they would definitely work longer and they would postpone claiming Social Security by 1.1 years. We investigate how working longer and claiming Social Security later would compensate partially for the loss in benefits among the individuals who are currently working, under the assumption that individuals retire and claim at the same time. Individuals would increase their Social Security benefits from the post-reform level due to additional earnings entering the benefit calculation and a smaller early claiming penalty (or higher delayed claiming credit). As a result, the Social Security benefit people would receive would drop on average by 21 rather than 30 percent. Still, the net financial loss, even after accounting for additional earnings, is sizeable for individuals in the lowest wealth tertile.

中文翻译：

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削减社会保障福利后支出和劳动力供给的变化：来自陈述选择数据的证据。

我们调查了如果社会保障福利削减了30％，美国个人期望如何调整其劳动力参与和储蓄。直接询问受访者在这种情况下会做什么。使用得出的既定选择数据，我们发现受访者平均将退休前的支出减少18.2％，退休后将减少20.4％。约34.1％的受访者表示，他们肯定会工作更长的时间，并将申领社会保险的时间推迟1.1年。我们研究了假设工作人员同时退休和提出要求，那么延长工作时间并要求以后获得社会保障将如何部分补偿当前正在工作的人员所遭受的福利损失。由于额外的收入进入了福利计算，并且较轻的早期索偿罚款（或较高的延迟索偿信用额），个人将从改革后的水平增加其社会保障福利。结果，人们将获得的社会保障福利将平均下降21％，而不是30％。尽管如此，即使是在考虑了额外收入之后，净财务损失对于处于最低财富三分位数的个人而言也是相当大的。