Retirement Trsut Funds & SSA

THE ACTUARIAL STATUS OF THE RETIREMENT

During the first term of the Reagan Administration, the federal goverment tumbled to the fact that the baby boom generation would one day become eligible for social security retirement benefits. When a closer look was taken, it was discovered that the retirement funds would not likely be able to remain solvent when the baby boomers retired, unless changes were made to the system. As a consequence, a new contribution structure was developed, which the Administration and the

2 Congress assured the American public would provide for the fiscal integrity of the retirement trust funds to a point at least midway through the next century.

The new contribution structure suited the Reagan Administration to a tee, because it enabled the federal government to increase

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another, and, perhaps, stronger argument for the elimination of the earnings test. The demographics of the American population is rapidly changing with respect to age. The population, in the aggregate, is aging. In the early years of the next century, the focus may not be on making more jobs available for younger workers. Rather, the emphasis may be on providing the workers required, regardless of age, for the available jobs. In such a situation, any disincentive to work would be counter productive. There is also a moral problem with the earnings test. Social security contributions by individuals are not a tax, as most people think of them. They are, rather, payments into a trust fund. The contributions made by employers may be viewed as a tax on employers; however, the funds paid in are contributions for individual workers based on their employment earnings. Thus, morally, individuals are entitled to receive the social security pension benefits for which they made contributions, regardless of any continued employment earnings. THE FEDERAL BUDGET DEFICIT, AND SOCIAL SECURITY RETIREMENT TRUST FUNDS Peter Grace (1989), a permanent gadfly in affairs dealing with efforts to curb federal spending, and to provide mor
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Approximate Word count = 2986
Approximate Pages = 12 (250 words per page)