|
Social Security
&Other
Public Pension Issues
Also see our sites on Private
Pension Issues, Trade Unions and Pension Issues
and World Pension Issues
Report: Bridging the Social Security Divide: Lessons From Abroad (June 2008)
As the world population continues to age, many countries have changed their Social Security plans. However, the US system has remained unchanged for almost 25 years. The authors suggest increasing the payroll tax, decreasing social security benefits, and creating a study commission to come up with ways to change the system. Interestingly, the authors would not require high-income citizens to pay the same percentage of their income into Social Security that the poorer citizens do. Clearly, US citizens support Social Security and must seek changes that require all to pay a fair percentage into the system.
Report: Why Not a "Super Simple" Saving Plan for the United States? (May 2008)
Many US families have little or no financial assets to fund their retirement.
This paper suggests a new low-cost, easily administered plan of increasing the growth in retirement savings resembling the pension reform plan implemented in the United Kingdom. US citizens will have to review such plans carefully to assure that funding schemes benefit retirees rather than the private insurance “providers.” Perhaps enhancing public Social Security that requires no “profits” to be skimmed off the top would be
a fairer approach.
Retirement Money Worries Mount for Workers (May 20, 2008)
Americans are worried that they might not have enough money for retirement concludes a study sponsored by the Society of Actuaries. Rising prices of health care, food and energy and inflation have driven concern across the country. The survey found that many people are going to work indefinitely or retiring later to in response to their financial anxieties.
Pension Fund Sees First-Quarter Losses (May 19, 2008)
Washington's public employee pension funds dropped to $63.1 billion in the first quarter of the year. Last year, the 21 percent return on investment was the best in the nation, making this year's drop even more striking. "The market's down. And it looks to me like the country's in a little slump. But we're long-term investors and the market will come back," says George Matsen, the former head of the Washington Federation of State Employees.
Ways to Deal with Illinois' Huge Pension Debt Problem (May 19, 2008)
The State of Illinois has the biggest pension debt in the country and a lot of ideas are circulating in the government on how to deal with the issue. The article provides a comprehensive overview of pros and cons of different solutions to the pension problem including the State's borrowing money, increasing income tax or implementing a new benefit plan.
Insurers Faulted as Overloading Social Security (April 1, 2008)
The US Social Security system is struggling with the paper work required to verify applications for disability benefits. Officials blame insurance companies for most of the wasted effort because the companies deny claims and send them back to Social Security, slowing the whole process. The definition of “disability” is in question, resulting in long waits for those who have legitimate claims and need the financial assistance to which they are entitled, either from Social Security or from insurance company payouts.
The
Non-Financial Keys to Retiring Comfortably and Successfully (March 11, 2008)
According to Bill Bryan from the organization, Next Dance, which offers
coaching for pre-retirees, there are different keys to a successful
retirement. The first is to know yourself and what you like to do. It is
also important to know what activities your spouse enjoys, and how you can
spend time together. Social networking and connections are crucial.
Report: Who is Ready for Retirement, How Ready, and How Can We Know? (January 2008)
The report AARP Public Policy Institute examines various studies on retirees' income adequacy, especially the baby boomers. Will they have enough money to live on? While some will not have sufficient funds, others will be inadequately prepared and yet others will be unwilling to leave the work force. The report concludes that it is neither too late for the government nor the private sector to educate “boomers” about their realistic options for the future.
Report: Employer-Sponsored Pensions: A Primer
(January 2008)
The Urban Institute report describes pension plans, defines differences between Defined Contribution (DC) and Defined Benefits (DB) plans and distinct public policy issues associated with the plans. The researchers present a timely analysis of employer-sponsored pensions and raise questions on financial security of future retirees.
Report:
Planning and Financial Literacy: How Do Women Fare? (January 2008)
The research shows that US older women have very low levels of
financial literacy. In addition, women tend to be more vulnerable to
old-age poverty due to their longer longevity. These alarming findings
raise concerns about the ability of women to do retirement planning
calculations and make sound investment decisions for and during
retirement.
Report:
Why Have Some States Introduced Defined Contribution Plans? (January 2008)
Recently, some State governments have adopted a defined contribution plan
that offers their employees the chance to invest their pension monies in
financial instruments, taking a risk—either to gain or lose— in the
market. In analyzing the results, it appears that Republican Party control
of the State government influences adoption of such plans over the defined
benefit pension plans. The reader will be surprised that about 30% of
State workers have no Social Security coverage.
Report: Retirement Annuity and Employment-Based Pension Income, Among Individuals Age 50 Over: 2006 (January 2008)
This first study by the Washington-based Employee Benefit Research Institute analyzes the correlation between demographic variables, such as age, education, marital status, etc. and the likelihood of a worker receiving a retirement annuity and/or employment-based pension income. The second study finds that total spending of public and private employers for major employee benefit programs went up 50% in the last 7 years. Health costs are growing fast and are likely to soon outstrip retirement and become the major source of benefits expense.
Report: What the Public Really Wants...on Retirement Security (January 2008)
Not having enough money for retirement is at the top of Americans' economic concerns. The recent Gallup poll revealed that 56% of Americans are very worried about their retirement income and only 53% of non-retirees expect to have enough funds to live comfortably when they retire. The report analyzes Americans' views on financial support in retirement, Bush's Social Security campaign and ways to eliminate the widespread economic anxiety.
Treasury
Plans Social Security Debit Card (January 8, 2008)
The US Treasury continues to move toward
electronic payments of Social Security and plans to encourage recipients
to sign up for the Social Security debit card in April. Debit cards will provide a cheaper and safer way for cash
withdrawals. Although there
are cardholder fees associated with the card, the Treasury claims the new
method will help to avoid financial security issues such as identity theft
and lost or stolen checks.
|
