Expanding Social Security Benefits All Workers

Teresa Ghilarducci, Siavash Radpour and Anthony Webb ()

No 2020-02, SCEPA policy note series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School

Abstract: Social Security provides insurance against the risk of outliving one's wealth that is valuable to low and high earners alike. Both low and high earners would benefit from Social Security expansion. We propose expanding Social Security by allowing workers to buy extra Social Security benefits. We propose defaulting workers into revenue neutral “Catch-Up†contributions. Starting at age 50, workers would contribute an additional 3.1% of salary. The typical worker would receive additional benefits of $226 a month at retirement.

Keywords: Social Security; Retirement; Catch-Up; Benefits; Savings; Wealth; Older Workers (search for similar items in EconPapers)
JEL-codes: D63 E21 H55 J26 J32 (search for similar items in EconPapers)
Pages: 6 pages
Date: 2020-03
New Economics Papers: this item is included in nep-age, nep-ias and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:epa:cepapn:2020-02

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