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Reforming Social Security to Save Social Security

Author

Listed:
  • Lisa Camner McKay
  • Abdoulaye Ndiaye

Abstract

The biggest social safety net in the United States is the Social Security program, which provides retirement benefits totaling almost $900 billion to 54 million individuals. It is a concern for all but the wealthiest, then, that Social Security faces insolvency: The U.S. Social Security Administration predicts that in 2020, the costs of the program will exceed its income. This suggests it is critical for policymakers to evaluate whether there is a path for social security reform that will improve people?s welfare both before and after retirement while restoring the program?s solvency.

Suggested Citation

  • Lisa Camner McKay & Abdoulaye Ndiaye, 2019. "Reforming Social Security to Save Social Security," Chicago Fed Letter, Federal Reserve Bank of Chicago.
    • Handle: RePEc:fip:fedhle:00108
    DOI: 10.21033/cfl-2019-419
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