Reforming Social Security to Save Social Security

Lisa Camner McKay and Abdoulaye Ndiaye

Chicago Fed Letter, 2019, No 419

Abstract: The biggest social safety net in the United States is the Social Security program, which provides retirement benefits totaling almost $900 billion to 54 million individuals. It is a concern for all but the wealthiest, then, that Social Security faces insolvency: The U.S. Social Security Administration predicts that in 2020, the costs of the program will exceed its income. This suggests it is critical for policymakers to evaluate whether there is a path for social security reform that will improve people?s welfare both before and after retirement while restoring the program?s solvency.

Keywords: social security; Income; retirement (search for similar items in EconPapers)
Date: 2019
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DOI: 10.21033/cfl-2019-419

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