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Retirement Reforms Are Necessary-So Is Strengthening Social Security

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Abstract

Social Security is the most essential and well-functioning part of the U.S. retirement system. Any reforms to federal retirement policy-while necessary and long overdue-must be built on the foundation of a protected and strengthened Social Security system. More than 60 percent of adults 65 and older receive most of their income from Social Security and all recipients benefit from the annuitized income the system provides. Despite calls to cut benefits and misleading claims about its finances, Social Security should be bolstered and expanded.

Suggested Citation

  • Owen Davis & Siavash Radpour & Teresa Ghilarducci, 2022. "Retirement Reforms Are Necessary-So Is Strengthening Social Security," SCEPA policy note series. 2022-02, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepapn:2022-02
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    File URL: https://www.economicpolicyresearch.org/images/Retirement_Project/Policy_Notes/2022/Dec_Social_Security/Social_Security_Policy_Note_Dec_2022.pdf
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    More about this item

    Keywords

    Social Security; low-income; Workers; Jobs; Unemployment; Risk; Older workers; retirement income; retirement; retirement savings;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • I14 - Health, Education, and Welfare - - Health - - - Health and Inequality
    • J62 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Job, Occupational and Intergenerational Mobility; Promotion
    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • J83 - Labor and Demographic Economics - - Labor Standards - - - Workers' Rights
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions

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