Well, in fact, I think the key consideration is the scaling back of benefits. So I think the marginal effect has much more to do with whether, if I get an extra dollar of income, I am putting benefits in jeopardy. Again, if you have a pension that you're now having to take income out of while you're working, depending on the marginal effective rate, it could be such that there's a disincentive for you to work, which is why I think coordination is key.
On May 29th, 2012. See this statement in context.