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How Effective Is Redistribution Under The Social Security Benefit Formula
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Book Synopsis How Effective is Redistribution Under the Social Security Benefit Formula? by : Alan L. Gustman
Download or read book How Effective is Redistribution Under the Social Security Benefit Formula? written by Alan L. Gustman and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses earnings histories from the Social Security Administration, linked to the survey responses for participants in the Health and Retirement Study, to investigate redistribution under the current social security benefit formula. As advertised, own benefits are significantly redistributed from individuals with high to those with low lifetime earnings. However, redistribution is roughly halved when spouse and survivor benefits are taken into account and redistribution is measured among families. When families are arrayed by total earnings during years when both spouses are engaged in substantial work, there is very little redistribution from families with high to low earnings capacity. Reprinted from Journal of Public Economics, Volume 82, Gustman and Steinmeier, How Effective is Redistribution Under the Social Security Benefit Formula?, pp. 1-28, 2001, with permission from Elsevier Science.
Book Synopsis Redistribution in the Current U.S. Social Security System by : Jeffrey B. Liebman
Download or read book Redistribution in the Current U.S. Social Security System written by Jeffrey B. Liebman and published by . This book was released on 2001 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: Because its benefit formula replaces a greater fraction of the lifetime earnings of lower earners than of higher earnings, Social Security is generally thought to be progressive, providing However, much of the intra-cohort redistribution in the U.S. Social Security system is related to factors other than lifetime income. Social Security transfers income from people with low life expectancies to people with high life expectancies, from single workers and from married couples with substantial earnings by the secondary earner to married one-earner couples, and from people who work for more than 35 years to those who concentrate their earnings in 35 or fewer years. This paper studies the redistribution accomplished in the retirement portion of the current U.S. Social Security system using a microsimulation model built around a match of the 1990 and 1991 Surveys of Income and Program Participation to Social Security administrative earnings and benefit records. The model simulates the distribution of internal rates of returns, net transfers, and lifetime net tax rates from Social Security that would have been received by members of the 1925 to 1929 birth cohorts if they had lived under current Social Security rules for their entire lives. The paper finds that annual income-related transfers from Social Security are only 5 to 9 percent of Social Security benefits paid, or $19 to $34 billion, at 2001 aggregate benefits levels, when taxes and benefits are discounted at the cohort rate of return of 1.29 percent. At higher discount rates, Social Security appears to be more redistributive by some measures, and less redistributive by others. Because much of the redistribution that occurs through Social Security is not related to income, the range of transfers received at a given level of lifetime income is quite wide. For example, 19 percent of individuals in the top lifetime income quintile receive net transfers that are greater than the average transfer for people in the lowest lifetime income quintile.
Book Synopsis Income Redistribution and the Social Security Program by : Nancy Wolff
Download or read book Income Redistribution and the Social Security Program written by Nancy Wolff and published by . This book was released on 1987 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Distributional Aspects of Social Security and Social Security Reform by : Martin Feldstein
Download or read book The Distributional Aspects of Social Security and Social Security Reform written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-11-01 with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social security is the largest and perhaps the most popular program run by the federal government. Given the projected increase in both individual life expectancy and sheer number of retirees, however, the current system faces an eventual overload. Alternative proposals have emerged, ranging from reductions in future benefits to a rise in taxrevenue to various forms of investment-based personal retirement accounts. As this volume suggests, the distributional consequences of these proposals are substantially different and may disproportionately affect those groups who depend on social security to avoid poverty in old age. Together, these studies persuasively show that appropriately designed investment-based social security reforms can effectively reduce the long-term burden of an aging society on future taxpayers, increase the expected future income of retirees, and mitigate poverty rates among the elderly.
Book Synopsis Income Redistribution from Social Security by : Don Fullerton
Download or read book Income Redistribution from Social Security written by Don Fullerton and published by A E I Press. This book was released on 2005-05-01 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Security reform is high on the agenda of the Bush administration's second term and partial privatization of the program is now a serious possibility. Critics charge that this reform proposal is not fair because it would leave low-income workers with less retirement income. Yet the measurement of income redistribution from partial privatization depends on the amount of redistribution in the current system. Most people assume that Social Security redistributes income from rich to poor since its benefit formula favors low-income recipients. However, many other factors affect the nature of income transfers through the program. Recent studies have found that the current system is not very progressive and may actually be regressive?redistributing from poor to rich. This monograph provides valuable information about income redistribution from the current system that will be useful to both opponents and proponents of Social Security reform.
Book Synopsis Privatizing Social Security by : Martin Feldstein
Download or read book Privatizing Social Security written by Martin Feldstein and published by University of Chicago Press. This book was released on 2008-04-15 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social security is facing enormous fiscal pressure in the face of an aging population, there has been relatively little published on the fundamentals of essential reform through privatization. Privatizing Social Security fills this void by studying the methods and problems involved in shifting from the current system to one based on mandatory saving in individual accounts. "Timely and important. . . . [Privatizing Social Security] presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts. . . . An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans." —Library Journal "[A] high-powered collection of essays by top experts in the field."—Timothy Taylor, Public Interest
Book Synopsis Redistribution Under the Current Social Security System by : Kathryn L. Moore
Download or read book Redistribution Under the Current Social Security System written by Kathryn L. Moore and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article describes how the current Social Security system redistributes income. It begins by describing the role Social Security has played in lifting the elderly, and particularly women, minorities, and lower-income workers, out of poverty. It then analyzes how four elements of the current system: (1) the method by which benefits are paid; (2) the progressive benefit formula; (3) disability benefits; and (4) auxiliary benefits, affect these groups.
Book Synopsis The effects of changes in women's labor market attachment on redistribution under the social security benefit formula by : Alan L. Gustman
Download or read book The effects of changes in women's labor market attachment on redistribution under the social security benefit formula written by Alan L. Gustman and published by . This book was released on 2011 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studies using data from the early 1990s suggested that while the progressive Social Security benefit formula succeeded in redistributing benefits from individuals with high earnings to individuals with low earnings, it was much less successful in redistributing benefits from households with high earnings to households with low earnings. Wives often earned much less than their husbands. As a result, much of the redistribution at the individual level was effectively from high earning husbands to their own lower earning wives. In addition, spouse and survivor benefits accrue disproportionately to women from high income households. Both factors mitigate redistribution at the household level. This paper compares outcomes for the earlier cohort with those of a cohort born twelve years later. The aim of the study is to see whether, after the recent growth in two earner households, and the growth in women's labor market activity and earnings, the Social Security system now fosters somewhat more redistribution from high to low earning households. The analysis is based on data from the Health and Retirement Study and includes members of households with at least one person age 51 to 56 in either 1992 or in 2004. As expected, women enjoyed a more rapid growth of labor force participation, hours of work and covered earnings than men. This increased the redistribution of Social Security benefits among households. Nevertheless, a considerable gap remains between the labor market activities and earnings of women versus men. As a result, the Social Security system remains much less successful in redistributing benefits from households with high covered earnings to those with lower covered earnings than in redistributing benefits from individuals with high covered earnings to those with lower covered earnings.
Book Synopsis Social security reform proposals could have a variety of effects on distribution of benefits and payroll taxes : testimony before the Special Committee on Aging, U.S. Senate by :
Download or read book Social security reform proposals could have a variety of effects on distribution of benefits and payroll taxes : testimony before the Special Committee on Aging, U.S. Senate written by and published by DIANE Publishing. This book was released on with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Role of the Replacement Rate in the Design of the Social Security Benefit Structure by : Dean R. Leimer
Download or read book The Role of the Replacement Rate in the Design of the Social Security Benefit Structure written by Dean R. Leimer and published by . This book was released on 1979 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Understanding SSI (Supplemental Security Income) by :
Download or read book Understanding SSI (Supplemental Security Income) written by and published by DIANE Publishing. This book was released on 1998-03 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication informs advocates & others in interested agencies & organizations about supplemental security income (SSI) eligibility requirements & processes. It will assist you in helping people apply for, establish eligibility for, & continue to receive SSI benefits for as long as they remain eligible. This publication can also be used as a training manual & as a reference tool. Discusses those who are blind or disabled, living arrangements, overpayments, the appeals process, application process, eligibility requirements, SSI resources, documents you will need when you apply, work incentives, & much more.
Book Synopsis The Effects of Changes in Women'n Labor Market Attachment on Redistribution Under the Social Security Benefit Formula by : Alan L. Gustman
Download or read book The Effects of Changes in Women'n Labor Market Attachment on Redistribution Under the Social Security Benefit Formula written by Alan L. Gustman and published by . This book was released on 2011 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Public Finance and Public Policy by : Jonathan Gruber
Download or read book Public Finance and Public Policy written by Jonathan Gruber and published by Macmillan. This book was released on 2005 with total page 806 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapters include: "Income distribution and welfare programs", "State and local government expenditures" and "Health economics and private health insurance".
Book Synopsis A Challenge to Social Security by : Richard V. Burkhauser
Download or read book A Challenge to Social Security written by Richard V. Burkhauser and published by . This book was released on 1982 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Challenge to Social Security.
Book Synopsis Retooling Social Security for the 21st Century by : C. Eugene Steuerle
Download or read book Retooling Social Security for the 21st Century written by C. Eugene Steuerle and published by The Urban Insitute. This book was released on 1994 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: Study of the Social Security debate arguing that Social Security needs reform and offering a blueprint for implementing them to meet today's and tomorrow's needs.
Author :National Academies of Sciences, Engineering, and Medicine Publisher :National Academies Press ISBN 13 :030931710X Total Pages :243 pages Book Rating :4.3/5 (93 download)
Book Synopsis The Growing Gap in Life Expectancy by Income by : National Academies of Sciences, Engineering, and Medicine
Download or read book The Growing Gap in Life Expectancy by Income written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2015-09-17 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. population is aging. Social Security projections suggest that between 2013 and 2050, the population aged 65 and over will almost double, from 45 million to 86 million. One key driver of population aging is ongoing increases in life expectancy. Average U.S. life expectancy was 67 years for males and 73 years for females five decades ago; the averages are now 76 and 81, respectively. It has long been the case that better-educated, higher-income people enjoy longer life expectancies than less-educated, lower-income people. The causes include early life conditions, behavioral factors (such as nutrition, exercise, and smoking behaviors), stress, and access to health care services, all of which can vary across education and income. Our major entitlement programs - Medicare, Medicaid, Social Security, and Supplemental Security Income - have come to deliver disproportionately larger lifetime benefits to higher-income people because, on average, they are increasingly collecting those benefits over more years than others. This report studies the impact the growing gap in life expectancy has on the present value of lifetime benefits that people with higher or lower earnings will receive from major entitlement programs. The analysis presented in The Growing Gap in Life Expectancy by Income goes beyond an examination of the existing literature by providing the first comprehensive estimates of how lifetime benefits are affected by the changing distribution of life expectancy. The report also explores, from a lifetime benefit perspective, how the growing gap in longevity affects traditional policy analyses of reforms to the nation's leading entitlement programs. This in-depth analysis of the economic impacts of the longevity gap will inform debate and assist decision makers, economists, and researchers.
Book Synopsis Individual retirement arrangements (IRAs) by : United States. Internal Revenue Service
Download or read book Individual retirement arrangements (IRAs) written by United States. Internal Revenue Service and published by . This book was released on 1990 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt:
