Lifespan Inequality and Social Security Reform

John Jones and John Mullin

Richmond Fed Economic Brief, 2020, vol. 20, issue 12, 4 pgs.

Abstract: What does lifespan inequality mean for Social Security reform? Using a life-cycle model in which the rich tend to outlive the poor, the researchers analyze how various reforms affect the trade-off between distributing lifetime Social Security benefits more equally and encouraging society's most productive members to work longer. They find that social welfare is maximized when benefits are independent of lifetime earnings, the payroll tax cap remains near its current level, and benefits are made less dependent on the age at which they are initially claimed.

Keywords: Economic; Growth; and; Fiscal; Policy (search for similar items in EconPapers)
Date: 2020
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