Job Market Monitor
Social Security
Social Security and Life-Expectancy Gap in US – Benefits that men earning $20,000 or $80,000 could expect to receive
A study led by Stanford University economist Raj Chetty, showed that life expectancy differed for the top 1% and bottom 1% of the income distribution by 15 years for men and by 10 years for women. Now, a new study from the Government Accountability Office shows the dramatic effect this is having on Social Security. To show the effect of … Continue reading
Social Security in US – What if we were to recast it as true insurance?
What if we were to recast regular Social Security as true insurance? Insurance is something that pays out only when things go wrong. If you don’t have a car crash, or your house doesn’t burn down, you don’t get your premiums back later in life. What you do get is protection and peace of mind. … Continue reading
Social Security in US – More people claim at their first opportunity
More people claim at their first opportunity More people claim Social Security at age 62, the earliest opportunity to get benefits, than any other age, according to a study of Social Security data by the Center for Retirement Research at Boston College. Few people wait beyond full retirement age to claim By contrast, only a … Continue reading
US – Protecting Social Security and reducing unemployment, poverty, and the federal budget deficit as most important pool says
With mixed views of the national economy and their own financial situation, Americans want priority given to several different economic problems. In the latest poll conducted by The Associated Press-NORC Center for Public Affairs Research, the public sees protecting Social Security and reducing unemployment, poverty, and the federal budget deficit as most important to them … Continue reading
Retirement in US – Social Security provides most of the income for about half of households age 65 and older
Many retirees and workers approaching retirement have limited financial resources. About half of households age 55 and older have no retirement savings (such as in a 401(k) plan or an IRA). According to GAO’s analysis of the 2013 Survey of Consumer Finances, many older households without retirement savings have few other resources, such as a … Continue reading
Social Security Claims in US – A growing number are waiting until their mid-60s or later
With lower Social Security replacement rates, vanish- ing traditional pensions, and longer lifespans, many people will need to work longer to ensure a secure retirement. Working longer directly increases current income; it avoids the actuarial reduction in Social Security benefits; it allows people to contribute more to their 401(k) plans; and it shortens the period … Continue reading
Social Security in US – Rising wage inequality has eroded the finances of the system
This issue brief explores how rising wage inequality has affected the financial outlook of Social Security. We first provide a brief overview of Social Security’s funding structure and its current financial outlook based on the Social Security Administration’s, or SSA’s, most recent projections. Next, we highlight relevant wage trends that have impacted the trust funds’ … Continue reading
Social Security in US – 71 percent of the 59 million current recipients are retired workers
Social Security is the federal government’s largest single program. Of the 59 million people who currently receive Social Security benefits, about 71 percent are retired workers or their spouses and children, and another 10 percent are survivors of deceased workers; all of those beneficiaries receive payments through Old-Age and Survivors Insurance (OASI). The other 19 … Continue reading
US – 71 percent are adequately prepared for retirement RAND finds
While many believe that Americans are in terrible shape when it comes to being financially prepared for their “golden years,” new evidence indicates that the news may not be as dire as previously thought. Moving away from previous studies that focused on income replacement rates, a recent report from the RAND Corporation looks instead at … Continue reading
Disability Insurance in US / Five factors explain bulk of growth in rolls
Some 8.9 million disabled workers were collecting monthly DI benefits at the end of 2013,[1] roughly three times the 1980 figure of 2.9 million. Most of that growth stems from five, primarily demographic, factors. Population growth. The working-age population — conventionally defined as people aged 20 through 64 — grew by 43 percent between 1980 … Continue reading
US / It is more important to maintain spending on Social Security, Medicare and programs to help the poor than to reduce the deficit pool says
Nearly seven-in-ten (69%) say it is more important to maintain current Social Security and Medicare benefits than to reduce the deficit, while 59% prioritize keeping current levels of spending for programs that help the poor and needy over deficit reduction Continue reading
Long-Term Projections for Social Security in US / 58 M people currently receive Social Security benefits
Of those 58 million, about 70 percent are retired workers or their spouses and children, and another 11 percent are survivors of deceased workers; all of those beneficiaries receive payments through Old-Age and Survivors Insurance (OASI). The other 19 percent of beneficiaries are disabled workers or their spouses and children; they receive Disability Insurance (DI) benefits Continue reading
US Social Security / The real retirement age is 70
ue to increases in Social Security’s Delayed Retirement Credit, the effective retirement age is now 70, with monthly benefits reduced for earlier claiming Continue reading
US Long-Term Budget Outlook / Entitlement spending is growing writes CBO
Spending for Social Security, Medicare and Medicaid is growing and will continue to climb in the long-term Continue reading
Ageing, Social Security, and the Intergenerational Debate – An Overview
The ageing society debate is at the forefront of calls to reduce government deficits. The debate is driven by the proposition that national governments will not be able to afford to maintain the spending necessary to support the growing demands for medical care and pension support as populations age. At some points, the argument goes, … Continue reading
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