How Would the President's Fiscal Commission's Social Security Proposals Affect Future Beneficiaries?

Melissa Favreault and Nadia Karamcheva

Project Reports from Urban Institute, Program on Retirement Policy

Abstract: Using the Dynamic Simulation of Income Model, we project how Social Security benefits and payroll taxes would change were Congress to enact the National Commission on Fiscal Responsibility and Reform's proposal. We show benefits at several points in time and relative to pre-retirement income, a low-income standard, and lifetime payroll tax contributions. The proposal's projected effects are particularly deep relative to current law scheduled for those reaching retirement in several decades. Projected benefit reductions relate closely to lifetime earnings: Lower earners are largely shielded, higher earners face significant reductions. Projections are sensitive to workers' assumed responses to certain proposal provisions.

Keywords: president's fiscal commission; Bowles-Simpson; Social Security reform (search for similar items in EconPapers)
Pages: 48 pages
Note: Creation-date:2011-12
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