Social security benefits (1 - 10 of 29 items) in Custom Date Range
401(K) PLANS: DOL Could Take Steps to Improve Retirement Income Options for Plan Participants
GAO-16-433: Published: Aug 9, 2016. Publicly Released: Sep 8, 2016.
Workers relying in large part on their 401(k) plan in retirement may not always have a feasible way to make their savings last throughout retirement. Responses to GAO’s non-generalizable questionnaire from 11 401(k) plan record keepers—entities that manage participant account data and transactions for plans—showed that most plans covered by the questionnaire had not adopted products and serv...
Retirement Security: Shorter Life Expectancy Reduces Projected Lifetime Benefits for Lower Earners
GAO-16-354: Published: Mar 25, 2016. Publicly Released: Apr 4, 2016.
The increase in average life expectancy for older adults in the United States contributes to challenges for retirement planning by the government, employers, and individuals. Social Security retirement benefits and traditional defined benefit (DB) pension plans, both key sources of retirement income that promise lifetime benefits, are now required to make payments to retirees for an increasing num...
Retirement Income: Ensuring Income throughout Retirement Requires Difficult Choices
GAO-11-400: Published: Jun 7, 2011. Publicly Released: Jul 1, 2011.
As life expectancy increases, the risk that retirees will outlive their assets is a growing challenge. The shift from defined benefit (DB) pension plans to defined contribution (DC) plans also increases the responsibility for workers and retirees to make difficult decisions and manage their pension and other financial assets so that they have income throughout retirement. GAO was asked to review (...
Retirement Income: Challenges for Ensuring Income throughout Retirement
GAO-10-632R: Published: Apr 28, 2010. Publicly Released: May 4, 2010.
As the life expectancy of Americans continues to increase, the risk that retirees will outlive their assets is a growing challenge. Today, couples both aged 62 have a 47 percent chance that at least one of them will live to their 90th birthday. In addition to the risk of outliving ones' assets, the sharp declines in financial markets and home equity during the last few years and the continued incr...
Highlights of a GAO Forum: Engaging and Retaining Older Workers
GAO-07-438SP: Published: Feb 28, 2007. Publicly Released: Feb 28, 2007.
In the future, older Americans are expected to be a larger share of the U.S. population, live longer, and spend more years in retirement than previous generations, and by 2025 labor force growth is expected to be less than a fifth of what it is today. Without major increases in productivity or immigration, low labor force growth will ultimately lead to slower economic and federal revenue growth. T...
Social Security Reform: Implications for Private Pensions
HEHS-00-187: Published: Sep 14, 2000. Publicly Released: Sep 14, 2000.
Pursuant to a congressional request, GAO provided information on the interactions between Social Security and private pensions, focusing on the: (1) primary linkages between Social Security and private pensions and the way they interact to provide retirement income for workers and families; (2) effects of traditional Social Security reforms on the structure of employer-sponsored pension plans thro...
State Pension Plans: Similarities and Differences Between Federal and State Designs
GGD-99-45: Published: Mar 19, 1999. Publicly Released: Mar 19, 1999.
GAO provided information on the: (1) design components of retirement programs that states offer to their general employees and compared them to the design components of the two principal retirement programs for federal employees; and (2) changes states have considered and made to their retirement programs.GAO noted that: (1) all states used two or more of the four design components, but few of the...
Social Security: Different Approaches for Addressing Program Solvency
HEHS-98-33: Published: Jul 22, 1998. Publicly Released: Aug 21, 1998.
Pursuant to a congressional request, GAO provided information on issues related to social security financing, focusing on: (1) the various perspectives that underlie the current solvency debate; (2) the reform options within the current program structure; (3) the issues that might arise if social security were restructured to include individual retirement accounts; and (4) the likely impacts on na...
Social Security: Implications of Extending Mandatory Coverage to State and Local Employees
HEHS-98-196: Published: Aug 18, 1998. Publicly Released: Aug 18, 1998.
Pursuant to a congressional request, GAO examined the implications of extending mandatory social security coverage to all newly hired state and local employees, focusing on: (1) the implications of mandatory coverage for the Social Security Program and for public employers, employees, and pension plans; and (2) potential legal or administrative problems associated with implementing mandatory cover...
Social Security: Mandating Coverage for State and Local Employees
T-HEHS-98-127: Published: May 21, 1998. Publicly Released: May 21, 1998.
Pursuant to a congressional request, GAO discussed extending mandatory Social Security coverage to all newly hired state and local government employees, focusing on: (1) the implications of mandating such coverage for the Social Security program, public employers, newly hired employees, and the affected pension plans; and (2) potential legal and administrative issues associated with implementing m...