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

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  • Pfau, Wade D.

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 75–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 D., 2006. "Comparing the Impacts of Social Security Benefit Reductions on the Income Distribution of the Elderly," National Tax Journal, National Tax Association;National Tax Journal, vol. 59(2), pages 195-210, June.
    • Handle: RePEc:ntj:journl:v:59:y:2006:i:2:p:195-210
    DOI: 10.17310/ntj.2006.2.01
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    Cited by:

    1. 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.
    2. Giang, Thanh Long & Pfau, Wade Donald, 2008. "Demographic Changes and Pension Finances in Vietnam," MPRA Paper 9931, University Library of Munich, Germany.
    3. Pfau, Wade Donald, 2007. "Reforming Social Security: Issues and Challenges for Personal Retirement Accounts," MPRA Paper 19034, University Library of Munich, Germany.

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