Newsletter

Reforming Social Security to Save Social Security

Abstract: The biggest social safety net in the United States is the Social Security program, which provides retirement benefits totaling almost $900 billion to 54 million individuals. It is a concern for all but the wealthiest, then, that Social Security faces insolvency: The U.S. Social Security Administration predicts that in 2020, the costs of the program will exceed its income. This suggests it is critical for policymakers to evaluate whether there is a path for social security reform that will improve people?s welfare both before and after retirement while restoring the program?s solvency.

Keywords: social security; Income; retirement;

https://doi.org/10.21033/cfl-2019-419

Bibliographic Information

Provider: Federal Reserve Bank of Chicago

Part of Series: Chicago Fed Letter

Publication Date: 2019

Order Number: 419