New paper: “Modernizing Social Security: An Overview”

Modernizing Social Security: An Overview

by Alicia H. Munnell and Andrew D. Eschtruth

IB#18-9

The brief’s key findings are:

• Many policy experts support targeted changes to Social Security benefits for vulnerable groups, such as caregivers, widows, the very old, and low earners
• Several of these changes have been endorsed by bipartisan groups, which indicates the potential for widespread support.
• Such changes, by themselves, would raise Social Security’s long-term deficit.
• But if the cost increases were offset by reducing other benefits, Social Security could be modernized in a way that is both effective and cost-neutral.
• Further briefs in this series will evaluate the policy options for specific groups in more detail, including potential offsets to cover the costs.

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