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Comparing the Impacts of Social Security Benefit Reductions on the Income Distribution of the Elderly

Author

Listed:
  • Pfau, Wade Donald

Abstract

Benefit reductions will likely be a part of the eventual Social Security reform in the United States. This research attempts to quantify the intragenerational and intergenerational impacts of different benefit reduction proposals on the incomes of the elderly. Reforms include across-the-board benefit cuts, price indexing, and reductions to the cost-of-living adjustment. Restoring the projected seventy-five year balance for the Trust Fund through benefit reductions will significantly lower benefits, though the impacts vary by type of reform. Nonetheless, the savings for the Social Security Trust Fund will exceed the accompanying increases in the poverty gap, leaving room to provide minimal income guarantees.

Suggested Citation

  • Pfau, Wade Donald, 2006. "Comparing the Impacts of Social Security Benefit Reductions on the Income Distribution of the Elderly," MPRA Paper 19033, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:19033
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    File URL: https://mpra.ub.uni-muenchen.de/19033/1/MPRA_paper_19033.pdf
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    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Special Report: Retirement Income Planning (December 2011 JFP)
      by Wade Pfau in Pensions, Retirement Planning, and Economics Blog on 2012-01-19 14:15:00

    Citations

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    Cited by:

    1. Pfau, Wade Donald, 2007. "Reforming Social Security: Issues and Challenges for Personal Retirement Accounts," MPRA Paper 19034, University Library of Munich, Germany.
    2. Patricia Peinado & Felipe Serrano, 2011. "A Dynamic Analysis of the Effect of Social Security Reform on Spanish Widow Pensioners," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(5), pages 759-771, December.
    3. Giang, Thanh Long & Pfau, Wade Donald, 2008. "Demographic Changes and Pension Finances in Vietnam," MPRA Paper 9931, University Library of Munich, Germany.

    More about this item

    Keywords

    Social Security; price indexing; cost-of-living adjustment; poverty; benefit reductions;

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household

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