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Author : United States. Congress. Senate. Committee on Finance. Subcommittee on Social Security and Family Policy
Publisher : Unknown
Page : 184 pages
File Size : 54,5 Mb
Release : 1993
Category : Business & Economics
ISBN : STANFORD:36105063181627
Author : United States. Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds
Publisher : Unknown
Page : 16 pages
File Size : 46,5 Mb
Release : 1963
Category : Old age pensions
ISBN : UCAL:B4810094
Author : United States. Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds
Publisher : Unknown
Page : 256 pages
File Size : 42,6 Mb
Release : 2013
Category : Social security
ISBN : UCR:31210023846148
Author : William Morton,Wayne Liou
Publisher : Createspace Independent Publishing Platform
Page : 24 pages
File Size : 40,8 Mb
Release : 2017-10-09
Category : Electronic
ISBN : 1978092148
The Social Security program pays monthly cash benefits to retired or disabled workers and their family members and to the family members of deceased workers. Program income and outgo are accounted for in two separate trust funds authorized under Title II of the Social Security Act: the Federal Old-Age and Survivors Insurance (OASI) Trust Fund and the Federal Disability Insurance (DI) Trust Fund. Projections show that the OASI fund will remain solvent until 2035, whereas the DI fund will remain solvent until 2028, meaning that each trust fund can pay benefits scheduled under current law in full and on time up to that point. Following the depletion of trust fund reserves (2028 for DI and 2035 for OASI), continuing income to each fund is projected to cover 93% of DI scheduled benefits and 75% of OASI scheduled benefits. The two trust funds are legally distinct and do not have authority to borrow from each other. However, Congress has authorized the shifting of funds between OASI and DI in the past to address shortfalls in a particular fund. Therefore, this CRS report discusses the operations of the OASI and DI trust funds on a combined basis, referring to them collectively as the Social Security trust funds. On a combined basis, the trust funds are projected to remain solvent until 2034. Following depletion of combined trust fund reserves at that point, continuing income is projected to cover 77% of scheduled benefits. Social Security is financed by payroll taxes paid by covered workers and their employers, federal income taxes paid by some beneficiaries on a portion of their benefits, and interest income from the Social Security trust fund investments. Social Security tax revenues are invested in U.S. government securities (special issues) held by the trust funds, and these securities earn interest. The tax revenues exchanged for the U.S. government securities are deposited into the General Fund of the Treasury and are indistinguishable from revenues in the General Fund that come from other sources. Because the assets held by the trust funds are U.S. government securities, the trust fund balance represents the amount of money owed to the Social Security trust funds by the General Fund of the Treasury. Funds needed to pay Social Security benefits and administrative expenses come from the redemption or sale of U.S. government securities held by the trust funds. The Social Security trust funds represent funds dedicated to pay current and future Social Security benefits. However, it is useful to view the trust funds in two ways: (1) as an internal federal accounting concept and (2) as the accumulated holdings of the Social Security program. By law, Social Security tax revenues must be invested in U.S. government obligations (debt instruments of the U.S. government). The accumulated holdings of U.S. government obligations are often viewed as being similar to assets held by any other trust on behalf of the beneficiaries. However, the holdings of the Social Security trust funds differ from those of private trusts because (1) the types of investments the trust funds may hold are limited and (2) the U.S. government is both the buyer and seller of the investments. This report covers how the Social Security program is financed and how the Social Security trust funds work.
Author : United States. Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds
Publisher : Unknown
Page : 20 pages
File Size : 45,9 Mb
Release : 1996
Category : Medicare
ISBN : IND:30000121045748
Author : United States. Congress. Senate. Committee on Finance. Subcommittee on Social Security and Family Policy
Publisher : Unknown
Page : 184 pages
File Size : 51,6 Mb
Release : 1993
Category : Business & Economics
ISBN : PSU:000021075551
Author : Congressional Research Service
Publisher : CreateSpace
Page : 60 pages
File Size : 43,5 Mb
Release : 2015-01-09
Category : Political Science
ISBN : 1507543336
Social Security Disability Insurance (SSDI) provides benefits to nonelderly workers with certain disabilities and their eligible dependents. As in Old-Age and Survivors Insurance (OASI)—Social Security's retirement program—SSDI benefits are based on a worker's past earnings. To qualify, individuals must have worked and paid Social Security taxes for a certain number of years and be unable to engage in substantial gainful activity (SGA) due to a severe mental or physical impairment that is expected to last for at least one year or result in death. In 2015, the monthly SGA earnings limit for most individuals is $1,090. In general, disabled workers must be unable to do any kind of substantial work that exists in the national economy, taking into account age, education, and work experience. Recently, some Members of Congress and the public have expressed concern over the growth in the SSDI program. Between 1980 and 2013, the number of disabled workers and their dependents more than doubled, rising from 4.7 million to 11.0 million. This increase has placed pressure on the Disability Insurance (DI) trust fund, from which SSDI benefits are paid. Over the same period, spending on benefits increased by more than 50%, from 0.54% of gross domestic product (GDP) in 1980 to 0.84% of GDP in 2013. Without legislative action, the DI trust fund is projected to be depleted by the end of 2016. After that, ongoing tax revenues would be sufficient to pay about 80% of scheduled benefits. Most researchers agree that changes in the demographic characteristics of the working-age population account for a large share of the growth in the number of individuals on SSDI. Demographic changes consist of (1) the aging of the baby boomers, (2) the influx of women into the labor force, and (3) the overall growth in the working-age population. However, there is considerable disagreement among researchers over how much non-demographic factors contributed to the growth. Non-demographic factors include (1) changes in opportunities for work and compensation (e.g., slow wage growth for low-skilled workers and high unemployment), (2) changes in federal policy that made it easier for some people to qualify as disabled, and (3) the rise in the full retirement age for unreduced Social Security retirement benefits. In general, people who support higher spending on SSDI focus on changes in the demographic characteristics of workers. In contrast, individuals who want to limit program spending typically focus on the effect of changes in the economic incentives to apply for SSDI and legislative changes to the program's eligibility criteria. To assist lawmakers in addressing the sustainability of the program, this report provides an overview of proposals to manage the long-term growth in the SSDI rolls. Most of the proposals focus on reducing the inflow (enrollment) of new beneficiaries into the program. These proposals involve (1) tightening eligibility criteria, (2) improving the administration of the program, and (3) providing incentives for employers to help keep employees working when they become disabled. On the other hand, some of the proposals seek to increase the outflow (termination) of beneficiaries from the program. These proposals entail (1) providing stronger incentives for beneficiaries who can work to return to the labor force, and (2) increasing the number of periodic continuing disability reviews, which stop benefits for people found to be no longer disabled. This report does not examine options to reduce benefit levels or increase program revenues.
Author : United States. National Commission on Social Security Reform
Publisher : Unknown
Page : 298 pages
File Size : 49,8 Mb
Release : 1983
Category : Disability insurance
ISBN : UOM:35128000854883
Author : Theodore J. Sarenski
Publisher : John Wiley & Sons
Page : 192 pages
File Size : 47,5 Mb
Release : 2020-06-30
Category : Business & Economics
ISBN : 9781119737346
The long-term future of the American Social Security system which provides retirement, disability, and survivor benefits to millions, is uncertain. This is triggering big concerns for many workers who are paying into the system and need to make decisions about their retirement. This book features real-world situations around Social Security and Medicare to help financial professionals provide better advise to their clients on their personal financial plans. Key topics include: What Medicare will and will not do Managing Medicare gaps Analyzing the wide menu of Social Security benefits Social Security benefits for workers and families: retirement, survivor, disability, and death benefit Tax impact of Social Security premiums and benefits Impact of the 3.8 percent Medicare surtax on investment income Recent changes to the Medicare law
Author : John Weber
Publisher : Open Road Media
Page : 96 pages
File Size : 40,6 Mb
Release : 2018-12-11
Category : Business & Economics
ISBN : 9781504057141
Completely updated, expert advice on making the most important financial decision of your life. When it comes to Social Security benefits, the first question most people facing retirement asks is, when do I start? Age 62? Given the changing laws and the overwhelming number of core rules and codicils, the answer is, there is no single best answer for everybody. This comprehensive—and comprehensible—book functions both as a primer and to dispel many of the common misconceptions people have about Social Security: what it really is, how it works, and how to get the most from the greatest “investment” you ever made. Best of all, editor John Weber does all the work for you. Sifting through thousands of pages of SSA publications, he narrows down the hundred most important and frequently asked questions about Social Security. He also unscrambles just as many pages of head-scratching answers and lays them all out in clear, concise, and useful language to guide you toward maximizing your retirement benefits in the simplest way possible. From enrollment to payday, this invaluable book will help you make the most informed decisions about securing the comfortable and stress-free future you deserve.
Author : United States
Publisher : Unknown
Page : 94 pages
File Size : 46,7 Mb
Release : 1999
Category : Debts, Public
ISBN : UCR:31210024928705
Author : United States. Congress. Senate. Committee on Finance
Publisher : Unknown
Page : 192 pages
File Size : 50,7 Mb
Release : 2015
Category : Disability insurance
ISBN : STANFORD:36105050680680
Author : Anonim
Publisher : Unknown
Page : 412 pages
File Size : 42,5 Mb
Release : 1997
Category : Electronic
ISBN : UCR:31210011110804
Author : Jed Graham
Publisher : Bloomsbury Publishing USA
Page : 217 pages
File Size : 43,9 Mb
Release : 2009-12-22
Category : Political Science
ISBN : 9780313381706
This intriguing book introduces the first Social Security reform proposal tailored to meet the nation's fiscal challenges and care for an aging population. Tackling one of the most difficult and divisive issues facing America today, A Well-Tailored Safety Net: The Only Fair and Sensible Way to Save Social Security seeks to transform the political debate over Social Security reform by introducing the first proposal tailored to meet both the nation's fiscal challenges and the responsibility of caring for an aging population. As the first batch of 77 million baby boomers begins to collect its social security benefits in the midst of the explosion of national debt from economic recovery expenditures, Social Security reform becomes increasingly urgent. Jed Graham takes apart each of the current leading proposals and shows how all of them fall short by the key criteria of affordability, effectiveness, and fairness. Graham proposes a bold new approach that would erase more debt than any other proposal, yet avoid benefit cuts in very old age, when people can least afford them. Short on actuary speak and long on common sense, A Well-Tailored Safety Net makes the Social Security debate accessible to general readers. At the same time, it advances innovative solutions with such command of analytic detail and ideological impartiality as to merit serious study by legislators and policymakers.
Author : National Research Council,Division of Behavioral and Social Sciences and Education,Committee on Population,Division on Engineering and Physical Sciences,Board on Mathematical Sciences and Their Applications,Committee on the Long-Run Macroeconomic Effects of the Aging U.S. Population
Publisher : National Academies Press
Page : 230 pages
File Size : 55,6 Mb
Release : 2013-01-10
Category : Social Science
ISBN : 9780309261968
The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.