Today’s Lecture #23 Social Security

Slides:

Advertisements

Similar presentations

Highlights from the 2013 Social Security Trustees Report Chuck Blahous Public Trustee Social Security and Medicare.

Advertisements

Social Security POLS 21: The American Political System.

Lecture Sixteen: Social Insurance

The Future of Social Security Andrew B. Abel October 4, 2000.

Social Security: Solvency and Sustainability National Press Foundation Presented by Stephen C. Goss, Chief Actuary Social Security Administration, June.

Wednesday, April 21, Timeline2 TIMELINE 3:00-3:30PM Reception 3:30-4:15PMPresentation 4:15-5:15PMDiscussion.

1 Social Security Finances A Primer August 2008 National Academy of Social Insurance

1 Tax and Budget Issues Facing the Next President Jon Forman Alfred P. Murrah Professor of Law University of Oklahoma

Medicare November 1, By the end of this lecture, you should be able to: Explain who is covered by Medicare Explain what Medicare covers: Parts A.

Elaine Fultz, member, National Academy of Social Insurance October 2013.

KATHLEEN ROMIG SOCIAL SECURITY ADMINISTRATION Social Security 101.

1 Retirement Planning and Employee Benefits for Financial Planners Chapter 11: Social Security.

Robert Ricketts Frank M. Burke Chair in Taxation October 2010.

Social Security Includes a number of government programs designed to insure stability in income and standard of living Programs in Social Security: 1.Old.

The Government Budget: Prospects and Implications Andrew B. Abel March 13, 2000.

Chapter 14: Social Security & Medicare. Social Security Established in 1935 by President Roosevelt to protect economic well-being of the aged Today, over.

Social Security Includes a number of government programs designed to insure stability in income and standard of living Programs in Social Security: 1.Old.

Social Security:. Social Security: Details Social Security/Medicare – Fat Cat of federal budget Provides old age, survivors’ and disability insurance.

Group 6 Rafael Ramos Codeco Paul Yu Catherine Chien Can Baby Boomers Confidently Retire with Social Security in the US?

Employee Benefit Plans Joseph Applebaum, FSA October 4, 2002 Views expressed are those of the speaker and do not represent the views of the U.S. General.

Part 2 – US Social Security System from an International Perspective How similar or different is the Social Security system to that of other developed.

The Future of Social Security Amy Rehder Harris Tax Research and Program Analysis Section Iowa Department of Revenue (formerly of the Long Term Modeling.

SOCIAL SECURITY America’s largest social welfare program. Medicare and Medicaid combined are as large. Social Security is a self-financing program. It.

RISK MANAGEMENT FOR ENTERPRISES AND INDIVIDUALS Chapter 18 Social Security.

The Future of Social Security Amy Rehder Harris Tax Research and Program Analysis Section Iowa Department of Revenue (formerly of the Long Term Modeling.

Population Projections: Social Security Administration Alice Wade, Office of the Chief Actuary Population Projections: Social Security Administration Alice.

Reforming Public Pensions in the U.S. and the U.K.

The Social Security in Italy Project Communicate October 2006.

Tax Reform in an Era of Hyper- Deficits by Jon Forman Professor in Residence IRS Office of Chief Counsel (Room 3501; ) & Alfred P. Murrah Professor.

To Accompany “Economics: Private and Public Choice 10th ed.” James Gwartney, Richard Stroup, Russell Sobel, & David Macpherson Slides authored and animated.

Social Security Administration (SSA).  Social security is a social insurance program providing social protection, or protection against socially recognized.

Social Security Actuarial Status The 2014 Annual Report of the Board of Trustees of the OASI and DI Trust Funds Key Results under Intermediate Assumptions.

Social Security Origins: –New Deal Contributors: –Employee: 6.2% –Employer: 6.2% –Taxable Maximum: $90,000 –Contribute for 10 years to receive benefits.

Actuarial Status and Future Prospects for Social Security Discussion with Drake University and Iowa Actuaries Club Stephen C. Goss, Chief Actuary Social.

Ultimate Source of Funding in the United States, Presented by Cathy A. Cowan National Health Statistics Group Office of the Actuary Centers for.

Social Security: Where Are We? Where Are We Going? Melanie Griffin.

SOCIAL SECURITY: How It Works and How to Fix It Jon Forman Alfred P. Murrah Professor of Law September 22, 2005 available at

The Future of Tax Expenditures and Entitlements in the Era of Hyper-Deficits Tax Colloquium Dedman School of Law Southern Methodist University March 5,

Copyright (c) 2000 by Harcourt Inc. All rights reserved. Next page Slides to Accompany “Economics: Public and Private Choice 9th ed.” James Gwartney, Richard.

Medicare LECTURE 13. By the end of this lecture, you should be able to: Explain who is covered by Medicare Explain what Medicare covers: Parts A – D Explain.

OFFICE OF THE ACTUARY The Financial Status of Medicare July 14, 2014 Paul Spitalnic CMS Chief Actuary.

1 A presentation for the National Press Foundation September 19, 2007 Barbara D. Bovbjerg Director Education, Workforce, and Income Security Retirement.

Economic Crisis Federal Budgets and Public Policy May 15, 2009.

Today’s Lecture #24 Social Security What Goes In and What Goes Out? Financing Historical Development Benefits What You Can Expect.

The Future of Social Security Amy Rehder Harris Tax Research and Program Analysis Section Iowa Department of Revenue (formerly of the Long Term Modeling.

Social Security Financing October 16, By the end of today you should be able to: Explain how Social Security’s “pay as you go” financing works Describe.

SUSTAINABILITY OF NATIONAL PENSION SCHEMES

Lecture 23 Pension Plan Funding

“The Future of Social Security”

Withholding Taxes.

U.S. Social Security Administration Mortality Projections

POLITICS, DEFICITS, AND DEBT

Social Security Includes a number of government programs designed to insure stability in income and standard of living Programs in Social Security: Old.

SOA Annual Meeting 2005 Fertility Symposium

Learning Objectives Calculate Gross Pay, Employee Payroll Tax Deductions for Federal Income Tax Withholding, State Income Tax Withholding, FICA (OASDI,

Ms. Alltucker Accounting II

Social Security Actuarial Status

Longevity Trends and their Implications

Are Social Security and Medicare Solvent for the Future ?

Solvency Projections of the Medicare Part A Trust Fund,

Sustainability of Public Finance in the United States Sven H

Social Security Actuarial Status

Solvency Projections of the Medicare Part A Trust Fund,

Chicago Actuarial Association March 20, 2018 Workshops

The US Federal Budget <Your name, Ph.D.> <Audience>

Office of the Chief Actuary Social Security Administration

Preparing Payroll Records

Retirement Policy in the 21st Century

Asset Liability Management

Presentation transcript:

Today’s Lecture #23 Social Security Can We Afford to Keep This Promise? 2007 Trustees Report Actuarial Assumptions Financial Projections

Definitions OASI Old Age and Survivors’ Insurance (Pensions) DI Disability Insurance HI Hospital Insurance (Medicare Part A)

Beneficiaries OASI 40.5 million DI 8.6 million HI 44.1 million

2006 Experience (figures in billions of $) OASI DI HI Income 642.2 102.6 211.5 Outgo 461 94.5 191.9 Ending Assets 1844.3 203.8 305.4

Actuarial Projections - OASDI Projections are based on economic and demographic assumptions Low Cost Assumptions (I) Intermediate Cost Assumptions (II) High Cost Assumptions (III)

Social Security Administration Web Site http://www.ssa.gov/OACT/pubs.html Or use the hyperlink on the Fin 230 Website

Figures from Social Security Website 2007 OASDI Trustees Report – Summary http://www.ssa.gov/OACT/TRSUM/trsummary.html Chart A – OASI, DI, and HI Trust Fund Ratios – Summary Chart B – SS and Medicare Cost as a Percentage of GDP Chart C – Income and Cost Rates

Chart A – OASI, DI, and HI Trust Fund Ratios [Assets as a percentage of annual expenditures]

Chart B – Social Security and Medicare Cost as a Percentage of GDP

Chart C – Income and Cost Rates [Percentage of taxable payroll]

Figure IV.B2.-Number of OASDI Beneficiaries Per 100 Covered Workers

Social Security’s Impending Bankruptcy Based on Intermediate Cost Assumptions Medicare (HI) OASDI

Analysis of Actuarial Assumptions – Mortality Life Expectancy at Birth Year Male Female 1900 46.4 49.0 1910 50.1 53.6 1920 54.5 56.3 1930 58.0 61.3 1940 61.4 65.7 1950 65.6 71.1 1960 66.7 73.2 1970 67.2 74.9 1980 69.9 77.5 1990 71.8 78.9 2000 74.0 79.4 2001 74.1 79.5 2002 74.2 79.5 2003 74.4 79.6 2004 (Est.) 74.7 79.6 2005 (Est.) 74.8 79.6 2006 (Est.) 75.0 79.7

Your Actuarial Forecast Life Expectancy at Birth Year Male Female 2085

SSA Actuarial Assumptions – 2007 Life Expectancy at Birth Year Male Female I II III I II III 2085

[As a percentage of taxable payroll] Figure IV.B1.-Long-Range OASI and DI Annual Income Rates and Cost Rates [As a percentage of taxable payroll]

[Assets as a percentage of annual cost] Figure II.D7.-Long-Range OASDI Trust Fund Ratios Under Alternative Assumptions [Assets as a percentage of annual cost]

Tables from Social Security Website Table II.C1.-- Ultimate Demographic and Economic Assumptions Table V.A1.-- Principal Demographic Assumptions, Calendar Years, 1940-2085 Table V.B1 -- Principal Economic Assumptions