Media coverage could induce people to grab their benefits early, but don’t lead to more saving, experiment shows
The 2021 Trustees Report projects that Social Security’s Old-Age and Survivors Insurance program faces a long-term financing shortfall and that the trust fund will deplete its reserves in little more than a decade, after which payroll tax revenues will cover only about three-quarters of scheduled benefits.
To answer the question, a recent study used an online experiment with participants from the AmeriSpeak panel maintained at the University of Chicago. The participants, who were ages 21-61 and either in the labor force or fully insured for Social Security benefits, were interviewed in June 2021 when the COVID-19 crisis was receding. In general, the survey elicited a very high response rate.
“Social Security faces a long-term financing shortfall. The Social Security program provides retirement and survivors insurance benefits to workers and their families. Workers earn these benefits by paying into the system during their working years. The Social Security Trustees Report projects that the trust fund will deplete its reserves in 2034, at which point ongoing program revenues are projected to be sufficient to cover about three-quarters of current-law benefits.
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