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Federal Reserve Bank of Chicago
Chicago Fed Letter
Reforming Social Security to Save Social Security
Abdoulaye Ndiaye
Lisa Camner McKay
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.


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Abdoulaye Ndiaye & Lisa Camner McKay, "Reforming Social Security to Save Social Security" , Federal Reserve Bank of Chicago, Chicago Fed Letter, number 419, 2019.
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Keywords: Income; retirement; social security
DOI: 10.21033/cfl-2019-419
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