HCBE Faculty Articles

Title

The Reality of Social Security: If Reform Doesn't Happen, What Must Each of Us Do?

Document Type

Article

Date

2014

Publication Title

Journal of Accounting & Finance

ISSN or ISBN

2158-3625

Volume

14

Issue

2

First Page

124

Last Page

134

Description

This article examined what a hypothetical wage-earner in America should do to prepare for probable reductions in Social Security benefits that will result from the political and legislative gridlock that has characterized Washington. Retirement scenarios were constructed, varying (1) the number of years until the current retirement age of 67, (2) current wage level, and (3) yield on retirement savings. In light of the sobering results, scenarios for retirement at age 70 were investigated. The results also speak to the viability of proposals for the privatization of Social Security. Along with other proposals for Social Security reform, privatization is discussed.

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