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National Saving and Social Security Reform

Author

Listed:
  • Andrew Eschtruth

    (Center for Retirement Research at Boston College)

  • Robert Triest

    (Center for Retirement Research at Boston College)

Abstract

Saving is a critical component of both retirement security for individuals and the long-term growth of the nation’s economy. Current trends in Social Security, 401(k) plans, and personal saving suggest that individuals will need to save more to ensure that they can enjoy a comfortable retirement. The federal government can also contribute to the nation’s saving by reducing or eliminating its budget deficit. Increased saving by either individuals or the government, of course, means less consumption today. But, by providing more money for investment, additional saving boosts productivity and long-term economic growth. Currently, policymakers are discussing possible changes to Social Security that could have significant implications for both the retirement security of today’s workers and for national saving. This Just the Facts examines how various Social Security reforms could affect saving.

Suggested Citation

  • Andrew Eschtruth & Robert Triest, 2005. "National Saving and Social Security Reform," Just the Facts jtf_18, Center for Retirement Research.
  • Handle: RePEc:crr:jusfac:jtf_18
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    File URL: http://crr.bc.edu/briefs/national-saving-and-social-security-reform/
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    More about this item

    Keywords

    saving; investment; social security reform;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • H5 - Public Economics - - National Government Expenditures and Related Policies

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