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Lifespan Inequality and Social Security Reform

Author

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  • John Bailey Jones
  • John Mullin

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.

Suggested Citation

  • John Bailey Jones & John Mullin, 2020. "Lifespan Inequality and Social Security Reform," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, vol. 20(12), pages 1-4., November.
    • Handle: RePEc:fip:fedreb:92719
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    File URL: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/economic_brief/2020/pdf/eb_20-12.pdf
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    Keywords

    Economic Growth and Fiscal Policy;

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