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1、CHAPTER11SocialSecurityCopyright?2010bytheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinSocialSecurityExpenditures(1939-2007)Source:SocialSecurityTrustees[2008].WhyHaveSocialSecurity?ConsumptionSmoothingandtheAnnuityMarketHowSocialSecurityworksAnnuityConsumptionsmoothingAdverseSel
2、ectionandtheAnnuityMarketAsymmetricinformationAdverseselectionOtherJustificationsLackofforesightandpaternalismMoralhazardEconomizeondecision-makingandadministrativecostsIncomeRedistributionImprovetheEconomicStatusoftheAgedFullyFundedPlanPeriod1Period2Period3Period4contributebenefitscontributebe
3、nefitscontributebenefitsTheGreatestGenerationTheBabyBoomGenerationGenerationXWorkRetireDeadUnbornWorkWorkRetireStill DeadDeadChildhoodChildhoodRetireEachgeneration’sbenefitsbasedondepositsitmadeduringworkinglifeplusaccumulatedinterestPeriod1Period2Period3Period4TheGreatestGenerationTheBabyBoomG
4、enerationGenerationXWorkRetireDeadUnbornWorkWorkRetireStill DeadDeadChildhoodChildhoodRetirecontributebenefitscontributebenefitscontributebenefitsbenefitsPayAsYouGo(orUnfunded)System0Eachgeneration’sbenefitscomefromtaxpaymentsmadebycurrentworkersPeriod1Period2Period3Period4TheGreatestGeneration
5、TheBabyBoomGenerationGenerationXWorkRetireDeadUnbornWorkWorkRetireStill DeadDeadChildhoodChildhoodRetirecontributebenefitscontributebenefitscontributebenefitsbenefitsToday’sPartiallyFundedSystem0BabyBoomersandGenXarealsocontributingtotheirownretirementExplicitTransfersBenefitsfordependentsandsu
6、rvivors(1939)SupplementalSecurityIncomeBenefitsHowtocalculatebenefitsAIME(AverageIndexedMonthlyEarnings)–averagemonthlyearningsin35highestpaidyearsWagesindexedforinflationCeilingonAIME–uptotaxceiling0BenefitStructureIfAIME<$711?PIA=.90*AIMEIf$711$4
7、288?PIA=.90*$711+.32*($4288-$711)+.15*(AIME-$4288)AdjustmentsAnnualinflationadjustmentAgeatwhichbenefitisdrawnNormalretirementageEarlyretirement–benefitreduced5/9thofonepercentamonthforfirst36monthsprecedingnormalretirementageLate
