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Research report

Preparing for Retirement Reforms

Potential Consequences for Saving, Work, and Retirement Plans

Karen E. Smith, C. Eugene Steuerle
October 4, 2021
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Abstract

This study uses the Urban Institute’s Dynamic Simulation of Income Model to project the share of Social Security beneficiaries whose retirement incomes fall below 75 percent of preretirement income, a common benchmark for a secure retirement. Absent significant Social Security reforms, we project the share of beneficiaries with inadequate retirement income will rise from 26 to 45 percent between 2020 and 2090. We show that working longer, saving more, and adding well-targeted minimum benefits to a bipartisan Social Security reform proposal could increase the share of beneficiaries with adequate retirement income by 19 percentage points, eliminate poverty at older ages, increase overall retirement incomes, and bolster government finances.

Research Area

Individual Taxes Payroll taxes
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Meet the Experts

  • Karen E. Smith
    Senior Fellow
  • C. Eugene Steuerle
    Institute Fellow and Richard B. Fisher Chair
Research report

New Evidence on The Effect of The TCJA On the Housing Market

Robert McClelland, Livia Mucciolo, Safia Sayed
March 30, 2022
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