After thinking about this, I realized I left out the liability that the 45 year old worker has in social security payments remaining, so the wealth effect will

After thinking about this, I realized I left out the liability that the 45 year old worker has in social security payments remaining, so the wealth effect will be smaller than the above. Also for young workers (who are often poor) the social security wealth effect may be negative since they pay over many years and receive in the distant future, making the original articles premise stronger.