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Social Security

Tuesday, May 20, 2014

A Response to Larry Kotlikoff

Larry Thompson, Founding Board Member, National Academy of Social Insurance

Larry Kotlikoff advocates replacing the current defined-benefit [Fixing Social Security, May 20, 2014], mostly-pay-as-you-go Social Security system with a system of funded individual accounts financed by mandatory contributions. This general approach was first adopted by Chile almost 35 years ago, and soon became popular among that set of economists most enamored with the universal superiority of markets as a mechanism for allocating resources. In the latter half of the 1990s, the approach was promoted internationally by the World Bank.

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Posted on May 20, 2014  |  14 comments  |  Add your comment
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Tuesday, May 20, 2014

Fixing Social Security

Laurence J. Kotlikoff, Boston University

Social Security is America's most cherished public policy program and one of the most successful. Today, and for several decades before, Social Security accounts for 55% of the annual income of U.S. households headed by adults ages 65 and older. The improved financial strength of our seniors has helped preserve a viable standard of living for many of them. In addition, it has reduced the financial and emotional stress of families trying to support multiple generations.

But past success is a poor yardstick for measuring the current viability of a social insurance program. Moreover, failure to identify current issues with Social Security and offer solutions can leave Congress under-informed and under pressure to produce a “quick fix.” No good can come of that.

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Posted on May 20, 2014  |  1 comment  |  Add your comment
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Wednesday, February 26, 2014

Social Security: Making the Most of Your Biggest Retirement Asset

Virginia P. Reno, National Academy of Social Insurance

The National Academy of Social Insurance joins more than 1,000 organizations nationwide during America Saves Week, February 24-28, with a public education initiative to help Americans boost their financial security. 

The Academy’s new toolkit, When to Take Social Security: It Pays to Wait, explains how waiting to take Social Security retirement benefits, if you can, will increase your monthly benefit by as much as 76 percent. Key messages are:

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Posted on February 26, 2014  |  3 comments  |  Add your comment
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Wednesday, November 27, 2013

A Thought for Thanksgiving: Thanks for Social Insurance

Jasmine V. Tucker, National Academy of Social Insurance

In September, the Census Bureau released the official poverty figures for 2012, which showed that 46.4 million Americans (15%) lived in poverty last year. Three vitally important social insurance programs, Social Security, unemployment insurance (UI), and workers' compensation, and a related program, Supplemental Security Income (SSI), kept the poverty rate from being much higher. Last year, these four programs worked together to keep nearly 26 million Americans above the federal poverty level, which was roughly $12,000 for a non-elderly adult living alone and $23,300 for two non-elderly adults and two children.

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Wednesday, October 30, 2013

What You Need to Know About Social Security’s 2014 COLA

Elisa Walker, National Academy of Social Insurance

The Social Security Administration announced today that beneficiaries will see a 1.5% cost-of-living adjustment (COLA) beginning in their January 2014 checks. Benefits are automatically adjusted to keep up with the cost of living.

Key points:

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Posted on October 30, 2013  |  1 comment  |  Add your comment
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