Social Security

Retirement Prospects for the Millennials: What is the Early Prognosis?

Various policy developments and long-term economic, social, and demographic trends raise worrisome questions about the financial security of future retirees. An erosion in employer-sponsored defined benefit pension coverage and the increase in Social Security’s full retirement age could shrink future benefits. Stagnating employment and earnings for men could threaten future retirement security, because retirement benefits […]

Modernizing Social Security: Caregiver Credits

Women still tend to work fewer years and earn less than men, which leads to less income in retirement. One reason is that women are often still the main family caregiver. Traditionally, Social Security has recognized this role by providing spousal and widow benefits for married women. Today, however, many women are not eligible for […]

Replacement Rates for Hypothetical Retired Workers

Adequacy and equity of Social Security benefits are major policy considerations for the program. One measure of adequacy is the percentage of pre-retirement earnings that Social Security benefits replace, or the “replacement rate”. The numerator of this replacement rate is well established as the Social Security benefit. One indicator of equity is the degree of […]

Medicare and Social Security: What you paid compared with what you get

Earlier this week, we published a story and several charts showing that average government spending on each elderly person is $26,355, compared to $11,822 for each child. Almost immediately, readers wrote to condemn us for overlooking what they considered a key issue. “Your statements as to expenditures on the elderly is specious at best, and at the […]

The Impact Of Social Security Income On Cognitive Function At Older Ages

Prior literature has documented a positive association between income and cognitive function at older ages, however, the extent to which this association represents causal effects is unknown. In this study, we use an exogenous change in Social Security income due to amendments to the Social Security Act in the 1970s to identify the causal impact […]