Although Social Security (SS) remains a crucial benefit for millions of seniors, the program was designed to serve an American society of 75 years ago. Much has changed since its inception: Americans are living longer, womenAis participation in the labor force has significantly increased, and with a rise in the divorce rate, household composition has changed. In addition, the labor force is growing more slowly and the nature of work and compensation has altered in ways that affect workersAi ability to save for retirement. This report outlines the challenges currently facing SSAis retirement program and highlights options for addressing program solvency, benefit adequacy, and retirement income security for economically vulnerable groups. Illustrations.Old-Age, Survivors, and Disability Insurance (OASDI)athe two Social Security programsaOld-Age and Survivors ... context of Social Security, a system of financing in which contributions that workers make in a given year fund the payments to ... Payroll Taxatax imposed on some or all of workersa#39; earnings that can be imposed on employers, employees, or both. ... This amount, which is based on the workera#39;s average indexed monthly earnings (AIME), is also used to calculate benefitsanbsp;...
|Title||:||Social Security Modernization: Options to Address Solvency and Benefit Adequacy|
|Publisher||:||DIANE Publishing - 2010-10|