THE PROBLEMS OF PENSION SYSTEMS MODERNIZATION AT THE SECOND–THIRD DECADES (IN US)

L. F. Lebedeva ()

International Trade and Trade Policy, 2020, issue 3

Abstract: The article examines the transformation of US social security trust funds in view of pension benefits guarantees. It is pointed out main approaches to solving the growing gap between the volume of payroll taxes and outlays for each year. According to the Social Security Board of Trustees, the asset reserves are expected to be exhausted in the fourth decade of the current century and future retirees could face problems with retirement benefits. Meanwhile, it’s an important point of each candidate’s agenda before presidential elections. One of the approaches for keeping the financial stability of the Social Security Act till the end of the current century and beyond is raise payroll taxes. But this proposal is not popular among republicans. President D. Trump's position on Social Security is not to increase payroll taxes or the age of retirement, but to stimulate economic growth which make it possible to collect more payroll taxes for Social Security system. At the same time the key priority of D. Trump’s administration in the field of strengthening retirement security in America is development of individual pension plans.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:acl:journl:y:2020:id:385

DOI: 10.21686/2410-7395-2020-3-5-15

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