In a Forbes column, Dan Doonan writes that there are pragmatic solutions to shore up Social Security’s financing. Two approaches that deserve particular consideration: addressing the “tax max” issue and increasing contributions.
Whatever the solution, policymakers must act now. If we get to 2033 without action, retirees across the board will see a 24 percent cut in their benefits. Retirees are depending on that income to pay their bills and likely have few alternative sources of income. It would be disastrous for many seniors and throw even more into poverty.
New Research Finds Social Security Has a Strong Economic Impact
New research from the National Institute on Retirement Security finds that Social Security benefits play a powerful role in supporting the U.S. economy.
Is America’s Retirement System Failing Future Retirees?
In a Forbes column, NIRS Executive Director Dan Doonan writes that as America ages and income inequality deepens, concerns about retirement security are mounting. Some voices, however, indicate that retirement concerns are exaggerated, relying on data indicating that older Baby Boomers have largely fared well in retirement. But new research published in The Journal of Retirement […]
