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Expanding Social Security Benefits All Workers

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Abstract

Social Security provides insurance against the risk of outliving one's wealth that is valuable to low and high earners alike. Both low and high earners would benefit from Social Security expansion. We propose expanding Social Security by allowing workers to buy extra Social Security benefits. We propose defaulting workers into revenue neutral “Catch-Up†contributions. Starting at age 50, workers would contribute an additional 3.1% of salary. The typical worker would receive additional benefits of $226 a month at retirement.

Suggested Citation

  • Teresa Ghilarducci & Siavash Radpour & Anthony Webb, 2020. "Expanding Social Security Benefits All Workers," SCEPA policy note series. 2020-02, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepapn:2020-02
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    File URL: https://www.economicpolicyresearch.org/images/Social_Security_Expansion_Catch_Up_Policy_Note_V8.pdf
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    More about this item

    Keywords

    Social Security; Retirement; Catch-Up; Benefits; Savings; Wealth; Older Workers;
    All these keywords.

    JEL classification:

    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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