Headlines about "Social Security - reform"

Gathered from the web by the editors at BenefitsLink.com.
[Opinion] March Is Women's History Month -- and the Winter of Our Retirement Discontent
"[F]or millions of women their retirement years are not a pretty picture at all.... What are the answers? The most important one is to increase Social Security, not cut it. Consider these facts: [1] Fifty-six percent of Social Security recipients age 62 and older are women. [2] Women make up 68 percent of recipients age 85 and older. [3] Social Security provides at least 90 percent of income for almost half of women 65 and older. [4] The average Social Security benefit for women is just over $13,000 per year. With more than 10 percent of women over the age of 65 living in poverty in 2012, cuts to Social Security would make this rate even worse." (Pension Rights Center)

Social Security Reform Options (PDF)
40 pages. Excerpt: "There are numerous potential reforms that could address Social Security's financial problems. Options within the current defined-benefit structure include increasing the tax rate, reducing benefits by changing the benefit formula, reducing benefits by changing the way they are automatically adjusted for inflation, reducing benefits to dependents, changing the way trust fund assets are invested, and raising the age at which unreduced benefits are paid. Alternatively, the system could be fundamentally changed so that all or some of the benefits are paid from individual accounts. This report presents the committee's analysis of these and other options, without the endorsement of any particular change." (American Academy of Actuaries Social Security Committee)

Actuarial Aspects of Raising the Social Security Retirement Age (PDF)
"Benefits of Raising the Retirement Age: Strengthens Social Security ... Compensates for increased longevity ... Preserves the current benefit formula ... Increases labor force participation ... Preserves intergenerational equity." (American Academy of Actuaries)

Evaluating Social Security Reforms in the Age of Budget Deficits (PDF)
"[A] long-run balanced budget for Social Security could also be achieved with slightly less than the current tax rate and by making two benefit reforms: gradually raising the retirement age for workers who become eligible for benefits in 2023 and after, and making the benefit formula less generous for higher earning workers.... [B]oth the current program with the taxes necessary to close its financing gap (the baseline program) and the reformed program produce comparable net results for workers across birth years and across income classes." (National Center for Policy Analysis)

[Opinion] The Top Five Reasons Congress Should Reform Social Security in 2014
"Social Security has spent more than it received in taxes for each of the past four years.... Social Security will run an average deficit of 12 percent over the next decade.... While technically considered solvent, Social Security is already adding to the federal deficit.... Without reform, Social Security benefits drop 23 percent by 2033.... Payroll taxes would have to rise by one-third to cover the 2033 shortfall." (The Heritage Foundation)

CBO Provides Additional Information About the 2013 Long-Term Projections for Social Security (PDF)
27 pages. Excerpt: "The shortfalls for Social Security that CBO is currently projecting are larger than those the agency projected a year ago.... This year, rather than using the Social Security trustees' projections of life expectancy (as done for earlier analyses), CBO used its own, which incorporate faster growth of that measure than the Social Security trustees anticipate.... Of the 1.4 percentage-point increase in the 75-year imbalance, a higher projection of life expectancy accounts for 0.6 percentage points, a higher projection of the disability incidence rate accounts for 0.1 percentage point, reductions in income tax rates enacted in January 2013 ... account for 0.4 percentage points, and other factors ... account for 0.4 percentage points." (Congressional Budget Office)

[Opinion] Speech by Pension Rights Center Policy Director Karen Friedman to the Texas Municipal Retirement System (November 19, 2013)
"From our perspective, the attacks on Social Security, Medicare, public plans, and private plans are part of a wholesale assault on the idea of collective social institutions and shared risk. Those who ultimately wish to privatize Social Security and voucherize Medicare also want to turn guaranteed pension plans into do-yourself savings accounts -- with the risks and responsibilities shouldered entirely by individuals.... The Pension Rights Center believes there has to be a counterweight to the do-it-yourself savings society, where all the risks and responsibilities have been shifted onto individuals. We have been part of a national movement to push for retirement security for all, promoting a vision of shared responsibility to ensure that all working people, whether in government or in the private sector, can retire with decency." (Pension Rights Center)

Can Expanding Social Security Solve the Retirement Crisis?
"[W]hile conservatives worried about deficits argue for Social Security cuts, a group of progressive economists, policy experts, labor leaders and politicians ... met [recently] to argue not only that Social Security can address retirement inequality -- but that it is by far the most logical available platform for addressing the problem, due to its risk pooling and progressive approach to income distribution.... [T]hese experts made the case that Social Security should be expanded -- not cut." (Reuters)

Here Come the Three Horsemen of the Retirement Apocalypse
"The nation's retirement system consists of a patchwork of programs that include Social Security, 401(k) plans, IRAs, Keoghs, traditional pensions and federal thrift savings. Each of these has served a specific need or group. But in many cases, these programs have evolved into something they were never intended to be." (TIME)

Substantial Health and Economic Returns from Delayed Aging May Warrant a New Focus for Medical Research
"The economic value of delayed aging is estimated to be $7.1 trillion over fifty years. In contrast, addressing heart disease and cancer separately would yield diminishing improvements in health and longevity by 2060 -- mainly due to competing risks. Delayed aging would greatly increase entitlement outlays, especially for Social Security. However, these changes could be offset by increasing the Medicare eligibility age and the normal retirement age for Social Security." (Health Affairs)

[Opinion] Comments of National Academy of Social Insurance to House Ways and Means Committee on Chained CPI and Other Benefit Adjustments (PDF)
"The chained CPI would result in substantial benefit cuts for beneficiaries, especially as they grow older. Older beneficiaries rely more heavily on Social Security than do younger beneficiaries. NASI's public opinion research finds that, given a range of policy options, Americans prefer to gradually raise Social Security taxes and to improve benefits slightly for vulnerable groups." (National Academy of Social Insurance [NASI])

Flexible Pension Take-Up in Social Security
"[The authors] consider a change from a payout scheme in which benefits start at the fixed statutory retirement age to a scheme where benefits start at the flexible effective retirement age. This flexible pension take-up is combined with actuarial adjustments of pension benefits for early or late retirement." (Yvonne Adema, Jan Bonenkamp, and A. C. Meijdam, via SSRN)

An Actuarial Perspective on the 2013 Social Security Trustees Report (PDF)
"The trust fund is projected to run out of assets during 2033, and if reform is not implemented by that date, benefits will have to be reduced by about one-fourth thereafter.... The unfunded obligation over the valuation period, as a percent of the gross domestic product (GDP), remained unchanged at 0.9 percent and increased from 2.50 percent to 2.57 percent of taxable earnings over the same period. To eliminate the projected deficit (using best estimate assumptions), some combination of an immediate increase of 2.66 percentage points in the payroll tax rate or an immediate decrease of 16.5 percent of benefits for all current and future beneficiaries is required." (American Academy of Actuaries)

[Opinion] Social Security is Healthy Compared to Public Sector Pensions
"Not only are the financial adjustments necessary to fix Social Security far easier to implement than what it's going to take to rescue public sector pensions, but the sheer size of the public sector pension liability is actually bigger than the total liability for the entire Social Security fund. It is imperative that American voters understand this fact." (California Public Policy Center)

Cypen & Cypen Newsletter for June 13, 2013
Article titles include: [1] BNY Mellon Pension Summary; [2] 2013 Income Study Is Bad News for Most Americans; [3] Implications of Long-term Pay Freezes for States, Localities; and [4] Status of the Social Security and Medicare Programs. (Cypen & Cypen)

Social Security and the 2001 Reform of the Railroad Retirement Program (PDF)
"The experience of the reformed Railroad Retirement program has lessons for initiatives that would invest Social Security assets in equities ... The adjustment mechanism should address surpluses as well as shortfalls, and cannot be expected to provide a complete solution to the problem of risk.... While introduced in response to the use of equity investments, the adjustment mechanism would respond to any shock, not just financial shocks. Had such a mechanism always been in place, it would have raised taxes or cut benefits, in response to the demographic shocks that created the program's current long-term funding shortfall." (Center for Retirement Research at Boston College)

The History of Reforming the Railroad Retirement System
"The government's Railroad Retirement program is a clear anomaly in the U.S. economic landscape. The program taxes employers and workers in a specific private-sector industry to provide pensions to workers in that industry. Like Social Security, Railroad Retirement had been funded on a pay-as-you-go basis, with Trust Fund assets invested in government bonds. In the 1990s, however, the carriers and unions developed a proposal for reforming the program that involved investing Railroad Retirement assets in equities, similar to private-sector pension funds." (Center for Retirement Research at Boston College)

[Opinion] A Guide to the 2013 Social Security Trustees Report
"Social Security faces a large and increasingly immediate financing shortfall necessitating prompt legislative corrections.... The shortfall facing Social Security as a whole arises primarily from demographic factors interacting with the program's benefit formula and financing method.... We are running out of time to fix Social Security's finances without abandoning its historical financing structure." (Social Security/Medicare Trustee Charles Blahous, via Committee on Ways and Means, U.S. House of Representatives)

[Opinion] Opening Statement at Hearing on How Social Security Protects the Benefits of Those Who Cannot Protect Themselves
"Today there are almost 6 million representative payees who manage $72 billion in benefits each year for 8.4 million beneficiaries. Over the past ten years, the number of people needing a representative payee has grown by 20 percent and will only continue to grow as people live longer.... Clearly Social Security must do better. The agency must rise to the challenge of doing what's right to protect the benefits of those who cannot protect themselves, today, and in the future." (Rep. Sam Johnson, Subcommittee on Social Security, Committee on Ways and Means, U.S. House of Representatives)

Social Security's Unfunded Obligation Rises by $1 Trillion
"U.S. taxpayers now owe $12.3 trillion to pay scheduled benefits -- in addition to what Social Security can hope to collect from payroll taxes -- over the 75-year horizon. That's $98,517 for every household in America today.... But even this figure excludes $2.7 trillion in IOUs owed to the Social Security trust fund, and adding it in brings the total unfunded obligation to $12.3 trillion." (The Heritage Foundation)

Retirement Confidence Hurting as Entitlements Face Fiscal Challenges
"Saving and preparing for retirement has become an increasingly difficult task for Americans today. With Social Security and Medicare forming the base of almost every American's retirement plan, the programs' long-term fiscal challenges, as have been reported annually by their trustees for some time, compound the uncertainty and further diminish retirement confidence." (Insured Retirement Institute)

Social Security Disability Insurance: Action Needed to Address Finances for 8.8 Million Disabled Workers and Those to Come (PDF)
"Currently, 8.8 million disabled workers ... receive Social Security Disability Insurance (DI) benefits.... A temporary reallocation of part of Social Security's 6.2% tax rate from the Old-Age and Survivors Insurance trust fund to the DI trust fund would ensure that both funds can pay full benefits until 2033, after which scheduled taxes would cover about 75% of scheduled benefits.... Alternatively, a 0.2% increase in the tax rate for DI would make DI solvent for the next 75 years." (National Academy of Social Insurance)

Social Security Board of Trustees Says Projected Trust Fund Exhaustion Three Years Sooner Than Last Year
"The combined assets of the Old-Age and Survivors Insurance and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2033, unchanged from last year, with 77 percent of benefits still payable at that time. The DI Trust Fund will become depleted in 2016, also unchanged from last year's estimate, with 80 percent of benefits still payable." (Social Security Administration)

[Official Guidance] Text of the 2013 Social Security Trustees Report (PDF)
254 pages. "The Trustees project that the asset reserves of the OASI Trust Fund and of the combined OASI and DI Trust Funds will be adequate over the next 10 years under the intermediate assumptions. However, the projected reserves of the DI Trust Fund decline steadily from 85 percent of annual cost at the beginning of 2013 until the trust fund reserves are depleted in 2016. At the time reserves are depleted, continuing income to the DI Trust Fund would be sufficient to pay 80 percent of scheduled DI benefits. The DI Trust Fund does not satisfy the short-range test of financial adequacy." (The Board of Trustees, Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds)

Long-Term Strategy Needed by Social Security Administration to Address Key Management Challenges
"SSA has ongoing planning efforts, but they do not address the long-term nature of these management challenges. For example, SSA is finalizing a service delivery plan, but it only includes detailed plans for the next 5 years and focuses on existing initiatives rather than articulating specific long-term strategies for the agency's service delivery model. Its current strategic plan also largely describes the continuation, expansion, or enhancement of ongoing activities, rather than proposing broad changes to address emerging issues." (U.S. Government Accountability Office)

Social Security Disability Insurance: Action Needed to Address Finances
"A temporary reallocation of part of Social Security's 6.2% tax rate from the OASI trust fund to the DI trust fund would ensure that both funds can pay full benefits until 2033. After that, in the absence of further action by Congress in the meantime, scheduled taxes would cover about 75% of scheduled benefits." (National Academy of Social Insurance)

[Opinion] Time Again to Raise the Age for Full Social Security Retirement Benefits (PDF)
"A generation ago, the 1983 Social Security Amendments, a bipartisan accord, was adopted to keep Social Security solvent by, among other things, raising the full retirement age -- the earliest age at which an individual can receive unreduced old-age benefits. Thirty years later, Americans are living even longer, and it is time again to consider the options for making the program solvent." (American Academy of Actuaries)

[Opinion] Testimony of Actuaries Before House Committee on Proposed Adjustments to Social Security Benefits (PDF)
"While the American Academy of Actuaries advocates for inclusion of an increase in full retirement age in efforts to restore Social Security's long-term actuarial balance, it has not endorsed any one proposal as there are several approaches that can make this adjustment. Increasing the retirement age can contribute significantly to stemming the impact of the program's inadequate financing as a result of the demographic trend of increased longevity and help put the program back on track toward actuarial balance." (American Academy of Actuaries)

[Opinion] Testimony of Urban Institute Before the House Ways and Means Committee Subcommittee on Social Security
"Reform of the Social Security benefit structure should proceed on the basis of principles and goals related to adequacy, protections in old age, encouragement of work to protect the tax base on which programs like this depend, and equal justice under the law for those equally situated. Many features of current law violate basic principles of public finance without promoting other worthy goals in an effective or well-targeted manner. In his testimony before the House Ways and Means Subcommittee on Social Security, Gene Steuerle lays out how to go beyond the types of options put forward by many proposals under consideration to achieve such reform." (Urban Institute)

[Opinion] Social Security Benefits and COLAs: Protecting Against Inflation
"Adopting the chained CPI (Consumer Price Index) in Social Security to more accurately account for changes in the cost of living is a small first step toward fixing a broken program that is currently accelerating its own demise by paying excess benefits.... One reason the system is in trouble is that the Social Security Administration is paying cost-of-living adjustments (COLAs) based on an outdated and inaccurate index that overstates changes in the cost of living." (The Heritage Foundation)

[Opinion] Social Security Benefits and the Impact of the Chained CPI
"The current debate over adopting a new measure of inflation has many beneficiaries worried that their benefits would be cut. To the contrary, their benefits would still rise under the new measure, and benefit increases would more accurately reflect changes in the cost of living. The current index used to compute cost-of-living-adjustments, like Social Security's cost-of-living adjustment, is outdated and inaccurate, and it often overstates the rise in the cost of living." (The Heritage Foundation)

Are Millennials Ready for Social Security Reform?
"[M]illennials are getting an early start on retirement saving ... First, they have watched their baby boomer parents struggle to prepare for retirement.... Second, this age group is not relying heavily on the solvency of Social Security. In fact, less than half of those surveyed plan on relying on public programs for retirement income." (National Center for Policy Analysis)

Exchanging Delayed Social Security Benefits for Lump Sums: Could This Incentivize Longer Work Careers?
"This paper explores whether allowing people to receive a lump sum as a payment for delayed retirement rather than as an addition to their lifetime Social Security benefits might induce them to work longer.... [The] base case indicates that workers given the chance to receive their delayed retirement credit as a lump sum payment would boost their average retirement age by 1.5-2 years. This will interest policymakers seeking to reform the Social Security system without raising costs or cutting benefits, while enhancing the incentives to delay retirement." (University of Michigan Retirement Research Center)

GAO Report: Preliminary Observations on Key Management Challenges of the Social Security Administration
"In this statement, GAO discusses initial observations from its ongoing review and describes (1) key management challenges SSA faces in meeting its mission-related objectives and (2) the extent to which SSA's planning efforts address these challenges.... This work is ongoing and GAO has no recommendations at this time. GAO plans to issue its final report in June 2013." (U.S. Government Accountability Office)

Entitlement Reform and Retirement Benefits
"A change in the [Social Security Retirement Age] presents an explicit challenge for DB plans, because those plans generally premise their benefit on a normal retirement age. It also presents an implicit challenge for account-based designs like cash balance or DC plans, at least to the extent the plan design focuses on enabling a participant to accumulate an adequate benefit at some assumed 'retirement age.'" (October Three)

Chained CPI: Social Security Friend or Foe?
"President Obama's budget proposes to use the chained CPI as a more accurate way of setting the annual inflation increases for Social Security benefits. It is not a cure-all for the program's long-term funding challenge but would, by itself, eliminate about a fifth of that gap. It does so, however, by cutting benefits to most recipients." (U.S.News and World Report)

[Opinion] Unexpected Praise for Australia's Private Social Security System
"Probably the most sobering comparison is to look at a chart of how much private wealth has been created in Superannuation accounts and then look at a chart of the debt that we face for Social Security. To be blunt, the Aussies are kicking our butts." (Cato Institute)

Differences Between the Traditional CPI and the Chained CPI
"The traditional versions of the CPI are based on spending patterns from a point in the past, and so do not fully incorporate the effects of consumers' substitution between various goods and services when their relative prices change.... The chained CPI-U provides a more accurate estimate of changes in the cost of living from one month to the next by using market baskets from both months, thus 'chaining' the two months together." (Congressional Budget Office Blog)

[Opinion] CBO Testimony: Using the Chained CPI to Index Social Security, Other Federal Programs, and the Tax Code for Inflation
"The chained CPI grows more slowly than the traditional CPI does: an average of about 0.25 percentage points more slowly per year over the past decade. As a result, using that measure to index benefit programs would reduce federal spending for Social Security, federal employees' pensions, Medicare, Medicaid, and various other programs.... If all uses of the traditional CPI in mandatory programs and the tax code were switched to the chained CPI starting in calendar year 2014, mandatory spending would be reduced by a total of $216 billion between fiscal years 2014 and 2023, and federal revenues would be increased by $124 billion." (Congressional Budget Office)

What Would Be the Effect on the Deficit of Using the Chained CPI to Index Benefit Programs and the Tax Code?
"CBO and the staff of the Joint Committee on Taxation estimate that switching to the chained CPI-U on a governmentwide basis starting in calendar year 2014 would reduce the deficit by a total of $340 billion over the next 10 years. Such a change would decrease federal spending on mandatory programs (direct spending) by $216 billion and increase federal revenues by $124 billion over the fiscal year 2014-2023 period." (Congressional Budget Office)

[Opinion] How to Rescue Retirement: It's Simple, and It's Not Chained CPI
"Unfortunately, the two sides in this so-called debate are 'cut' and 'cut more' ... Yet none of these positions are rooted in the reality of the collapsing U.S. retirement system. Obama's approach toward Social Security not only is wrong in its diagnosis and prescriptions, but it will be disastrous in its consequences.... A more realistic assessment reveals that the solution to America's retirement crisis lies in the opposite direction -- expanding Social Security, not cutting it." (In These Times / Institute for Public Affairs)

[Opinion] Obama's Budget Tees Up Retirement Program
"One of the best ways to shore up Social Security, and to address larger debt issues, is by gradually reducing rates of growth. Chained CPI does just that. Other, more noticeable options for bolstering the retirement program include raising the eligibility age and increasing Social Security taxes." (USA TODAY)

How Obama's Budget Impacts Retirement Savers
"Chained CPI.... New retirement account limits.... Automatic IRAs.... Close the Medicare Part D donut hole sooner.... Higher premiums for high income Medicare beneficiaries.... New Medicare co-pays." (U.S.News and World Report)

Public Still Unwilling to Cut Entitlement Benefits to Reduce Deficit
"[T]he public continues to say it is more important to keep Social Security and Medicare benefits as they are than to take steps to reduce the budget deficit. There has been little change in these opinions over the past two years. A [recent] survey found that 55% of Americans put the priority on keeping Social Security and Medicare benefits as they are over reducing the deficit. These majorities run across all age groups. In comparison, about a third (34%) say taking steps to reduce the deficit is more important." (Pew Research Center)

Will You Be 'Chained' to a Smaller Check in Retirement?
"If Congress were to approve it, the change would directly affect the wallets of current -- as well as future -- recipients of Social Security. So what is this different formula? Here are some answers about the politically charged proposal that would affect nearly all Americans who are -- or plan to be -- retired." (National Public Radio)

[Opinion] Increasing Social Security Benefits is Not the Answer
"What do you do with a program that's unsustainable and about to start hemorrhaging cash? ... Ezra Klein ... argues that because one of Social Security's crises is 'It's not generous enough to counteract the sorry state of retirement savings nationwide' the solution should be 'We need to make Social Security much more generous.' ... Klein's policy flight of fancy avoids the biggest crisis facing Social Security: It's not sustainable unless reformed." (U.S. Chamber of Commerce)

[Opinion] Expansion of Social Security: A Plan to Increase Retirement Security
"Retirement security is often thought of as three-legged 'stool' consisting of Social Security, employer retirement plans, and private savings. Social Security has been far more stable and successful than the other two legs of the stool. The reliance on these other legs of the system has resulted in a retirement security crisis for most Americans, shifting costs and risks onto individuals, even as the benefits of these programs go overwhelmingly to upper-income earners.... Instead of compounding failure by expanding private benefits, a category that includes rapidly-disappearing defined benefit pensions, employer-provided 401(k)s and individual retirement accounts (IRAs), we should substantially expand the successful, purely public Social Security program." (New America Foundation)

[Opinion] Lifting the Social Security Wage Base Cap: The People's Choice for the People's Pension
"Social Security, the most transparently self-financed program of the federal government, is not increasing our budget deficit. The most recent trustees' report shows sufficient funds to pay full benefits until 2033.... If we wanted to adopt a cautious policy measure that would eliminate the shortfalls predicted 20 years down the road, we could eliminate the cap on earned income subject to Social Security taxes[.]" (Nancy Folbre in The New York Times)

Obama Budget Would Cut Entitlements in Exchange for Tax Increases
"White House officials said ... that Obama's budget would cut Medicare and Social Security and ask for less tax revenue than he has previously sought.... Obama proposed changing the cost-of-living calculation for Social Security in a way that will reduce benefits for most recipients, a key Republican request that he had earlier embraced only as part of a compromise." (The Washington Post)

[Opinion] Social Security Reform: Does Privatization Still Make Sense?
"Personal accounts will not improve the program's solvency directly, but would help generate new resources by strengthening the link between 'contributions' and benefits, thereby reducing dislocations of individual labor-supply choices. At a minimum, personal accounts could be an effective mechanism for sequestering from government spending additional resources intended to reduce Social Security's unfunded obligations." (Cato Institute, via SSRN)

[Opinion] Individuals on Disability Are Enmeshed in the Safety Net
"Disability is like Hotel California: You can sign up anytime you like (if you have a qualifying condition), but you can (almost) never leave. One economist, cited in the story, points out that fewer than 1 percent of the disabled have returned to the workforce in the past two years." (The Heritage Foundation)

[Opinion] Disability Benefits: America's $124 Billion Secret Welfare Program
"Imagine for a moment that Congress woke up one morning, realized that the United States was suffering from a paralyzing long-term unemployment crisis, and, in a moment of progressive pique, decided to create a welfare program aimed at middle-aged, blue-collar workers.... [It] turns out there already is a 'de facto welfare program' for those struggling Americans. The problem is, instead of getting the unemployed back on their feet, it pays them to give up work for good." (The Atlantic)

[Opinion] Is the Social Security Disability Insurance Program Essentially a Welfare Program?
"The surge in the numbers of Americans who are now living off of Social Security's disability insurance program is troublesome. But it reflects the harsh reality of an ongoing jobs crisis that is leaving millions of people unemployed or under-employed, barely scraping by, desperate to find work or better jobs.... But what really worries [the author] is that even those Americans who are working and managing to save something on the side, their retirement dreams are evaporating, and many of them will likely have to enroll in this 'de facto welfare program' before they reach retirement age." (Pension Pulse)

[Opinion] Five Ways to Reform Social Security Disability Insurance
"Put a mandate on it.... Higher taxes for employers who produce disabled workers.... Try a few approaches, expand what works.... Ease the phase-out.... Longer waiting period." (The Washington Post)

[Opinion] Americans Bracing for a Retirement Crisis?
"[G]iven the looming retirement crisis, [the author thinks] it's high time the United States does the unthinkable -- expand Social Security to bolster retirement benefits for all Americans and adopt the same management and governance standards as the Canada Pension Plan Investment Board and other large Canadian public pension plans. But don't think that Canada's retirement system is vastly superior to the U.S. system." (Pension Pulse)

[Opinion] Delaying Retirement Helps the Economy and Older Americans
"The normal retirement age should gradually rise to 68 for workers born in or after 1959 and the early retirement age should rise to 65 for workers born in or after 1964. Then, both should be indexed to increases in longevity. Those whose health won't allow them to continue working up until those ages would have access to a reformed disability system until qualifying for Social Security's regular benefit." (The Heritage Foundation)

[Opinion] Yes, Raising the Retirement Age Would Be Bad for the Poor -- No, That Doesn't Mean It's Unfair
"The moral argument against a higher retirement age rests on the assumption that poor people die young because they are poor. While it is true that life expectancy correlates with income, it is important to remember that correlation is not the same as causation." (The Washington Post)

Modeling Behavioral Responses to Eliminating the Retirement Earnings Test
"[Proposed reforms to the retirement earnings test ('RET')] meant to encourage working at older ages could also cause earlier benefit claiming. [This study analyzes] the complete repeal of the earnings test for beneficiaries aged 60 or older ... [and finds] that beneficiaries affected by RET repeal would generally receive significantly higher benefits when they are younger than the full retirement age ('FRA'), and somewhat lower benefits after reaching FRA. RET repeal would not significantly change individuals' lifetime benefits and [the authors] find no significant changes in the overall poverty rate under either scenario.... [A]ssumed behavioral responses -- particularly the benefit claiming change -- have a bigger effect on lifetime benefits than the RET policy change itself." (Social Security Bulletin, via SSRN)

[Opinion] Five Ways to Fix Social Security
"Here are five potential Social Security changes, and how much of the budget shortfall they would address: Increase Social Security taxes.... Lift the payroll tax cap.... Raise the retirement age.... Means-test.... Change the cost-of-living adjustment." (U.S.News and World Report)

Business CEOs Call for Raising Social Security Retirement Age
"The Business Roundtable's plan would protect those 55 and older from cuts, but younger workers would face significant changes. The plan unveiled earlier this month would result in smaller annual benefit increases for all Social Security recipients. Initial benefits for wealthy retirees would also be smaller. Medicare recipients would be able to enroll in the traditional program or in private plans that could adjust premiums based on age and health status." (Times-Standard)


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