Income maintenance programs (1 - 10 of 49 items) in Custom Date Range
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...
Social Security: Options to Protect Benefits for Vulnerable Groups When Addressing Program Solvency
GAO-10-101R: Published: Dec 7, 2009. Publicly Released: Dec 7, 2009.
For over 70 years, Social Security has been the foundation of retirement income for American workers and their families and has been instrumental in reducing poverty among the elderly. The Congressional Research Service estimates that if Social Security benefits did not exist, an estimated 44 percent of all elderly people would be poor today. Still, some people who receive Social Security retireme...
Social Security: Societal Changes Add Challenges to Program Protections
GAO-05-706T: Published: May 17, 2005. Publicly Released: May 17, 2005.
Before Social Security was enacted in 1935, at least half of those 65 and older in the United States were financially dependent upon others, including family members and public assistance. Today, the elderly's dependency on public assistance has dropped to a fraction of its depression-era levels, and poverty rates among this group are now lower than for the population as a whole. However, Social S...
Social Security: Long-Term Challenges Warrant Early Action
GAO-05-303T: Published: Feb 3, 2005. Publicly Released: Feb 3, 2005.
Social Security is the foundation of the nation's retirement income system, helping to protect the vast majority of American workers and their families from poverty in old age. However, it is much more than a retirement program and also provides millions of Americans with disability insurance and survivors' benefits. Over the long term, as the baby boom generation retires and as Americans continue...
Social Security: Distribution of Benefits and Taxes Relative to Earnings Level
GAO-04-747: Published: Jun 15, 2004. Publicly Released: Jun 15, 2004.
Under the current Social Security benefit formula, retired workers receive benefits that equal about 50 percent of pre-retirement earnings for a low-wage worker but only about 30 percent for a relatively high-wage worker. Factors other than earnings also influence the distribution of benefits, including the program's provisions for disabled workers, spouses, children, and survivors. Changes in the...
Social Security: Reform Proposals Could Have a Variety of Effects on Distribution of Benefits and Payroll Taxes
GAO-04-872T: Published: Jun 15, 2004. Publicly Released: Jun 15, 2004.
Under the current Social Security benefit formula, retired workers can receive benefits at age 65 that equal about 50 percent of preretirement earnings for an illustrative low-wage worker but only about 30 percent for an illustrative high-wage worker. Factors other than earnings also influence the distribution of benefits, including the program's provisions for disabled workers, spouses, children,...
Social Security: Issues in Evaluating Reform Proposals
GAO-02-288T: Published: Dec 10, 2001. Publicly Released: Dec 10, 2001.
This testimony discusses the long-term viability of the Social Security program. Social Security's Trust Funds will not be exhausted until 2038, but the trustees now project that the program's cash demands on the rest of the federal government will begin much sooner. Aiming for sustainable solvency would increase the chance that future policymakers would not have to face these difficult questions...
Social Security: Program's Role in Helping Ensure Income Adequacy
GAO-02-62: Published: Nov 30, 2001. Publicly Released: Nov 30, 2001.
Before Social Security, being old often meant being poor. Today, dependency on public assistance has dropped to a fraction of its Depression-era levels, and poverty rates among the elderly are now lower than for the population as a whole. At the same time, Social Security has become the single largest source of retirement income for more than 90 percent of persons aged 65 and older. Automatic adju...
Social Security Reform: Implications of Raising the Retirement Age
HEHS-99-112: Published: Aug 27, 1999. Publicly Released: Aug 27, 1999.
Pursuant to a congressional request, GAO provided information on the potential costs and benefits associated with higher retirement ages, focusing on: (1) Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds and the Supplemental Security Income (SSI) program; (2) the labor market for older workers; and (3) vulnerable population groups such as blue-collar workers and min...