@article {5399, title = {Social Security Reform: Implications of Raising the Retirement Age}, year = {1999}, institution = {Washington, DC, U.S. General Accounting Office}, abstract = {Question: How might increases to the Social Security retirement age affect the solvency of the Old-Age Survivors Insurance, Disability Insurance, and Supplemental Security Income programs? Finding: Raising the Social Security early or full eligibility retirement ages could improve the OASDI balance sheet by reducing benefits paid out and increasing payroll taxes collected as well as contribute to economic growth as workers staying in the labor force for longer. However, this could lead to higher unemployment at younger ages and increases in applications for DI and SSI (among those who for health reasons are not able to stay in the labor force longer). Some portions of the population (e.g., less-healthy older workers and those in blue-collar occupations) may encounter difficulties remaining in the labor force. Recommendation: There is a need for greater understanding through further research on how to prevent effects of any changes from falling disproportionately on already-vulnerable populations.}, keywords = {Employment and Labor Force, Public Policy, Retirement Planning and Satisfaction, Social Security}, url = {https://www.gao.gov/products/GAO/HEHS-99-112}, author = {United States General Accounting Office} } @article {5348, title = {Social Security Reform: Implications for Women s Retirement Income}, year = {1997}, institution = {Washington, DC, U.S. General Accounting Office}, abstract = {Question: evaluate (1) why women s benefits are lower than men s under the current Social Security system, (2) the possible differential effects on women of the new privatization reform proposals, and (3) what can be done to minimize the possibly negative effect on women of certain elements of the Social Security reform proposals. Finding: Using the NIA-funded Health and Retirement Study, as well as citing some research conducted by NIA-funded grantees, GAO noted that women s Social Security benefits are often lower than men s due to lower wages and fewer years in the workforce. Some of the proposals to reform Social Security by shifting responsibility of saving for retirement to individuals via accounts funded as a proportion of their salary could make the difference between men s and women s benefits worse. For example, greater risk aversion among women could lead to lower investment returns; further, women could face substantially lower benefits (and hence a lower likelihood of retirement income adequacy) if annuitization formulae take their longer life expectancy into account. Recommendation: Improve information about investment objectives and financial planning to reduce differences in investment strategy and improve retirees ability to manage their assets. Consider mandatory annuitization to reduce the possibility of individuals outliving their savings. Use unisex lifetables to ensure those with comparable savings at retirement have comparable monthly benefits.}, keywords = {Employment and Labor Force, Retirement Planning and Satisfaction, Social Security, Women and Minorities}, author = {United States General Accounting Office} }