Policy Options and Long-Term Projections for Social Security

서명/저자사항

Policy Options and Long-Term Projections for Social Security

개인저자

Harmon, Juanita

형태사항

1 online resource (220 pages)

총서사항

Retirement Issues, Plans and Lifestyles

ISBN

9781634854443

주기사항

POLICY OPTIONS AND LONG-TERM PROJECTIONS FOR SOCIAL SECURITY -- POLICY OPTIONS AND LONG-TERM PROJECTIONS FOR SOCIAL SECURITY -- Library of Congress Cataloging-in-Publication Data -- CONTENTS -- PREFACE -- Chapter 1: SOCIAL SECURITY POLICY OPTIONS, 2015* -- SUMMARY -- What are the Prospects for Social Security's Finances? -- What Effects Might Certain Changes to Social Security Have Over the Long Term? -- THE SOCIAL SECURITY PROGRAM -- Benefits -- Funding -- Trust Funds -- SOCIAL SECURITY PROJECTIONS -- An Aging Population -- Rising Cost of Benefits -- Slow Growth in Revenues -- Solvency Measures -- CHANGING SOCIAL SECURITY -- Payroll Taxes -- Benefit Formula -- ASSESSING OPTIONS FOR CHANGING SOCIAL SECURITY -- Scope of the Options -- CBO's Analytical Methods -- Effects of the Options on the System's Finances -- Effects of the Options on Payroll Taxes Paid and Benefits Received by Various Groups -- Effects of the Options on Work and Saving -- OPTIONS THAT WOULD CHANGE THETAXATION OF EARNINGS -- Option 1: Increase the Payroll Tax Rate by 1 Percentage Point -- Option 2: Increase the Payroll Tax Rate by 2 Percentage Points Over 10 Years -- Option 3: Increase the Payroll Tax Rate by 3 Percentage Points Over 60 Years -- Option 4: Raise the Taxable Maximum to Cover 90 Percent of Earnings -- Option 5: Raise the Taxable Maximum to Cover 90 Percent of Earnings -- Do Not Increase Benefits -- Option 6: Eliminate the Taxable Maximum -- Option 7: Tax Covered Earnings above the Taxable Maximum -- Create a Two-Component System for Calculating the PIA -- Option 8: Tax Covered Earnings above the Taxable Maximum -- Do Not Increase Benefits -- Option 9: Tax Covered Earnings above the Taxable Maximum at 4 Percent -- Do Not Increase Benefits -- Option 10: Tax Covered Earnings above 250,000 at 4 Percent -- Do Not Increase Benefits. OPTIONS THAT WOULD CHANGE THE BENEFIT FORMULA -- Option 11: Raise from 35 to 40 the Years of Earnings Included in the AIME -- Option 12: Index Earnings in the AIME Formula to Prices -- Option 13: Apply the Social Security Benefit Formula to Individual Years of Earnings -- Option 14: Reduce All PIA Factors by 15 Percent -- Option 15: Reduce the Top PIA Factor to 10 Percent -- Option 16: Reduce All PIA Factors by 0.5 Percent Annually -- Option 17: Index Initial Benefits to Changes in Longevity -- Option 18: Implement Pure Price Indexing of Initial Benefits -- Option 19: Implement Progressive Price Indexing of Initial Benefits for the Top 70 Percent of Earners -- Option 20: Implement Progressive Price Indexing of Initial Benefits for the Top 50 Percent of Earners -- Option 21: Index the Bend Points in the PIA Formula to Prices -- Option 22: Add an Additional Bend Point to the PIA Formula and Reduce the PIA Factors -- Option 23: Increase the First Bend Point in the PIA Formula by 15 Percent -- Option 24: Replace the Current PIA Formula With a New Two-Part Formula -- OPTIONS THAT WOULD RAISE THE FULLRETIREMENT AGE -- Option 25: Raise the FRA to 68 -- Option 26: Raise the FRA to 70 -- Option 27: Increase the FRA by One Month Per Birth Year -- Option 28: Increase the FRA and the EEA by One Month per Birth Year -- OPTIONS THAT WOULD CHANGE COST-OF-LIVING ADJUSTMENTS -- Option 29: Base COLAs on the Chained CPI-U -- Option 30: Base COLAs on the Chained CPI-U and Increase Benefits 20 Years After Initial Eligibility -- Option 31: Base COLAs on the CPI-E -- Option 32: Reduce COLAs for People with Higher PIAs -- OPTIONS THAT WOULD CHANGE BENEFITS FORSPECIFIC GROUPS -- Option 33: Introduce a New Poverty-Related Minimum Benefit -- Option 34: Create an Alternative Benefit for Spouses of Deceased Workers -- Option 35: Limit the Survivors' Benefit. Option 36: Reduce the Spousal Benefit -- APPENDIX A: THE DISABILITY INSURANCEPROGRAM'S FINANCES -- Outlook for Program Finances -- Effects of This Report's Options -- Other Policy Options for the DI Program -- APPENDIX B: ACTUARIAL FAIRNESS OF SOCIALSECURITY BENEFITS -- APPENDIX C: EFFECTS OF THE POLICY OPTIONS ON THE ACTUARIAL BALANCE OF THE OLD-AGE AND SURVIVORS INSURANCE AND DISABILITY INSURANCE TRUST FUNDS, INDIVIDUALLY AND COMBINED -- APPENDIX D: DISTRIBUTIONAL EFFECTS OF OPTIONS WITH SIMILAR EFFECTS ON THE SYSTEM'S FINANCES -- GLOSSARY -- Chapter 2: CBO'S 2015 LONG-TERM PROJECTIONS FOR SOCIAL SECURITY: ADDITIONAL INFORMATION* -- NOTES -- SUMMARY AND INTRODUCTION -- SCHEDULED AND PAYABLE BENEFITS -- QUANTIFYING UNCERTAINTY -- CHANGES IN CBO'S LONG-TERMSOCIAL SECURITY PROJECTIONS SINCE 2014 -- Spending and Revenues Measured Relative to Taxable Payroll -- Spending and Revenues Measured Relative to Gross Domestic Product -- Revised Measure of the Replacement Rate for Social Security Benefits -- Related CBO Analyses -- THE SYSTEM'S FINANCES -- THE DISTRIBUTION OF BENEFITS AND PAYROLL TAXES -- APPENDIX:CBO'S PROJECTIONS OF DEMOGRAPHIC VARIABLES -- Fertility -- Mortality -- Immigration -- Disability -- DEFINITIONS -- End Notes -- End Notes for Appendix -- Chapter 3: SOCIAL SECURITY: WHAT WOULD HAPPEN IF THE TRUST FUNDS RAN OUT?* -- SUMMARY -- INTRODUCTION -- THE SOCIAL SECURITY TRUST FUNDS -- How the Trust Funds Work -- Trust Fund Receipts -- Trust Fund Expenditures -- Annual Surpluses and Deficits -- Trust Fund Solvency -- Historical Trust Fund Operations -- Cash-Flow Surpluses and Deficits -- Near-Insolvency in the Early 1980s -- Social Security Financial Projections -- Trust Fund Ratio -- LEGAL BACKGROUND ON TRUST FUND INSOLVENCY -- The Antideficiency Act -- Legal Entitlement to Social Security Benefits. What Happens to Benefits in the Case of Insolvency? -- WHAT IF CONGRESS WAITS TO ACT? -- Benefit Cut Scenario -- Size of Benefit Cuts -- Replacement Rates -- Real Benefit Levels -- Payroll Tax Increase Scenario -- Size of Payroll Tax Rate Increases -- Impact of Payroll Tax Increases -- CONCLUSION -- End Notes -- INDEX -- Blank Page

주제어

Social security--United States

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