GAO’s reports and testimonies give Congress, federal agencies, and the public timely, fact-based, non-partisan information that can improve government operations and save taxpayers billions of dollars.
In the 21st century our nation faces a growing fiscal imbalance. A demographic shift will begin to affect the federal budget in 2008 as the first baby boomers become eligible for Social Security benefits. This shift will increase as spending for federal health and retirement programs swells.
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.
Many proposals have been offered to restructure the U.S. Social Security system to include individual retirement savings accounts. However, some key proposals would make participation in the accounts voluntary rather than mandatory.
Pursuant to a congressional request, GAO: (1) examined the estimates of social security's implicit rates of return for different birth years, earning levels, household configurations, and other demographic groupings; (2) examined rates of return available on private market investments; and (3) discussed...
Pursuant to a legislative requirement, GAO reviewed the Social Security Administration's (SSA) new rule on Old-age, Survivors, and Disability Insurance and Supplemental Social Security Income for the aged, blind, and disabled.