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© 2005 SHRM SHRM Weekly Online Survey: March 8, 2005 Social Security Sample comprised of 298 randomly selected HR professionals. Analyzing 298 responses.

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Presentation on theme: "© 2005 SHRM SHRM Weekly Online Survey: March 8, 2005 Social Security Sample comprised of 298 randomly selected HR professionals. Analyzing 298 responses."— Presentation transcript:

1 © 2005 SHRM SHRM Weekly Online Survey: March 8, 2005 Social Security Sample comprised of 298 randomly selected HR professionals. Analyzing 298 responses of s sent, 1884 received (response rate = 15.9%). Fielded March 8-14, 2005; presentation generated on March 17, Margin of error is +/- 6%

2 © 2005 SHRM SHRM Weekly Online Survey: March 8, 2005 How should policy makers address the projected Social Security shortfall in 2042? (Check all that apply.)

3 © 2005 SHRM SHRM Weekly Online Survey: March 8, 2005 How should policy makers address the projected Social Security shortfall in 2042? (Check all that apply.) ChoiceCountPercent of Sample Raise the earned income on which the Social Security payroll tax is assessed % Allow for add-on individual private account investments % Mandate public employees to be covered by Social Security % Allow for carve-outs for individual private account investments % Adjust the formula for cost-of- living increases % Increase retirement age eligibility7926.5% Increase payroll contributions7224.2% Reduce guaranteed benefit amounts 155.0% Other (please specify):299.7%

4 © 2005 SHRM SHRM Weekly Online Survey: March 8, 2005 How should policy makers address the projected Social Security shortfall in 2042? (Other, please specify) When illegal immigrants are legalized they should be required to contribute on a sliding scale a portion in order to receive full benefits at retirement age. Use funds for Social Security purposes only There shouldn't be a shortfall -politicians are playing games Take the lid off 401k plans Take the current actual "surplus" of contributions and put it into a true Trust Fund and not spend it on other budget items as currently. Reduce benefits to extremely wealthy, allow private accounts as a partial option for those who choose it (like a deferred comp program), have government manage the money better. The money spent in IRAQ could have greatly helped the problem. Reduce benefit for wealthy Put SS taxes in BANK and use only for payment of benefits. Please note that 2018 is the key time rather than 2042, since that is when the income will be less than the outgo. Taxes will have to raise at that time to cover the needed benefits. The "Trust Fund" cannot be counted as it only exists as a concept. Place some of the SS contributions on the equity markets Means testing I've always believed that SS accounts should be like a bank account, in that the money you put in as an individual-over your lifetime, is what you should get out of it when you reach 'retirement' age. Involve the public in developing viable options. I don't think there is one solution, however, many. Institute some form of means testing Indexing against retirement income

5 © 2005 SHRM SHRM Weekly Online Survey: March 8, 2005 How should policy makers address the projected Social Security shortfall in 2042? (Other, please specify) cont’d Increase tax contribution percentage to those who earn over a certain amount (e.g., $100,000) If eligible for Gov. retirement, not able to collect on social security end too I have no idea I advocate giving a limited manner of choices but mandating that everyone have a plan that will assist them when retirement age is reached. People need to be willing to take responsibility for their personal future. Hire a successful fund manager to ensure that the monies being placed into the system are realizing optimum growth. Have the federal government pay back the money they have borrowed from the system and eliminate any government agency to borrow. With proper investments, the system will be come self sustaining through contributions and interest income from investments. Have people within a certain high income limit be excluded from receiving benefits. I remember seeing a TV program a long time ago. The couple was very well off and said they use the money to pay for their fee to the county club. fix deficits, lower defense spending and find money to cover shortfall explain to the American public that we will pay now are we will pay later. Either keep it as it is or stop the deductions all together....Government should not be allowed to mandate how we invest our own money. Don't spend surpluses to Social Security Create income ceiling for collecting benefits Consider means testing Cap benefits for wealthy

6 © 2005 SHRM SHRM Weekly Online Survey: March 8, 2005 Do you support or oppose keeping the Social Security program as close to the present system as possible?

7 © 2005 SHRM SHRM Weekly Online Survey: March 8, 2005 Do you support or oppose keeping the Social Security program as close to the present system as possible? ChoiceCount Percentage Answered Strongly support8026.8% Somewhat support % Somewhat oppose6622.1% Strongly oppose3210.7%


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