Social Security is the federal governmentAis largest single program, and as the U.S. population grows older in the coming decades, its cost is projected to increase more rapidly than its revenues. It is projected that under current law, resources dedicated to the program will become insufficient to pay full benefits in 2039. Long-run sustainability for the program could be attained through various combinations of raising taxes and cutting benefits; such changes would also affect the Social Security taxes paid and the benefits received by various groups of people. This study examines a variety of approaches to changing Social Security. Charts and tables.Of that amount, $960 would be attributable to the 160 quarters of coverage and $750 would be 15 per cent of the AIME. ... Social Securitya#39;s total outlays would decline by 5 percent in 2040 under this option, or by 0.3 percentage points of GDP ... for many years yet had low average annual earnings and thus would receive low Social Security benefits under current law. ... This option would restructure the primary insurance amount used in calculating the special minimum benefit, basing itanbsp;...
|Title||:||Social Security Policy Options|
|Publisher||:||DIANE Publishing - 2010-11-01|