Cohort Specific Measures Of Lifetime Social Security Taxes And Benefits

This paper develops estimates of lifetime money's worth and redistributional outcomes under the Old Age and Survivors Insurance (OASI) program for all past, present, and future birth cohorts affected by the program through the cohort born in 2100. The estimates presented in this study incorporate a comprehensive accounting of all OASI taxes and benefits and blend historical administrative data with tax and benefit projections. Projected taxes and benefits are consistent with the detailed intermediate economic and demographic assumptions underlying the 2002 Trustees Report and extended beyond the Trustees Report projection period using an approach consistent with the Trustees Report assumptions. The qualitative conclusions reached in this analysis should be unaffected by the relatively minor changes in key economic and demographic assumptions that characterize subsequent Trustees Reports.

Studies the balance between social security taxes and benefits over workers' entire lifetimes.

Covers the 75-year period of Social Security (SS) spanning 2009 to 2083. Contents: (1) Finances of the SS Program: Projected Outlays and Revenues Over the Next 75 Years; Uncertainty of Projections of SS¿s Finances; Outlays and Revenues; Trust Fund Ratio; (2) Dist. of SS Taxes and Benefits: First-Year Benefits; First-Year Replacement Rates; Lifetime Benefits; Lifetime Payroll Taxes and Lifetime Benefits for Workers, Dependents, and Survivors; (3) Demographic and Econ. Assumptions: Interest, Inflation, and Unemploy. for 2020 and Later; Assumptions Underlying Projections of GDP and Earnings. Append.: Changes in Long-Term SS Projections Since 8/08; Differences Between Long-Term SS Projections and Those of the SS Trustees. Illus.