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Social Security Reform (CRS Report for Congress)

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Release Date Revised May 1, 2006
Report Number IB98048
Authors Dawn Nuschler, Domestic Social Policy Division
Source Agency Congressional Research Service
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Summary:

President Bush highlighted Social Security reform as a priority during his second term. Although the President has not presented a detailed plan for reform, he has put forth guidelines for Congress to consider in the development of legislation to create personal accounts within a program in need of ‘wise and effective reform.’ The President has acknowledged that other changes would be needed to address the system’s projected long-range funding shortfall. In recent years, ideas for reform have ranged from relatively minor changes to the current pay-as-you-go social insurance system to a redesigned pro- gram based on personal savings and investments modeled after IRAs and 401(k)s. Currently, the Social Security system is generating surplus revenues. However, its board of trustees reports that, under its intermediate (or mid-range) projections, the trust funds would be depleted in 2040. At that point, an estimated 74% of benefits would be payable with incoming receipts. On average, over the next 75 years, the trustees project that the system’s costs would be 15% higher than its income. By 2080, projected costs would be 40% higher than income. The primary reason is demographic: the post-World War II baby boomers will begin retiring in 2008 and life expectancy is projected to increase. Between 2010 and 2030, the number of people age 65 and older is projected to grow by 76%. In contrast, the number of workers supporting the system is projected to grow by 6%.
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