We investigate the impact of the Social Security Annual Earnings Test (AET) on the employment decisions of older Americans. The AET reduces Social Security benefits by one dollar for every two dollars earned above the exempt amount. Using a differences-in-differences design, we find that the employment rate of those predicted to become subject to the AET decreases substantially relative to those not predicted to become subject to it. The point estimates suggest that the AET reduces the employment rate of Americans aged 63-64 by at least 1.2 percentage points.

中文翻译：

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社会保障收入测试的就业效应

我们调查了社会保障年度收入测试 (AET) 对美国老年人就业决策的影响。每赚取超过免税金额的两美元，AET 就会减少一美元的社会保障福利。使用差异中的差异设计，我们发现预计会受到 AET 影响的人的就业率相对于不会受到影响的人来说大幅下降。点估计表明，AET 将 63-64 岁美国人的就业率降低了至少 1.2 个百分点。