On July 10, 2013 I attend a seminar titled, "Demystifying Social Security: 2013 Summer Academy". This seminar sponsored by the National Academy of Social Insurance was an all day informational session for interns in the District. Focusing on Social Security basics, panelists from multiple different organizations clarified information most seem to know, then went waist-deep into reform options.
I was fortunate enough to attend this seminar on behalf of my company, The Charles Group. I was tasked with bringing back ideas for reform, so we could use this new information to help our clients create and support reform for Social Security. As the program is projected to run out by 2035, there is much debate on different options. As presented, reform can be split into three separate categories: increasing revenue, cutting benefits, and increasing care. Closing the financing gap was one of the biggest factors considered, and the presenting panelists all gave percentages on how well each alternative would do that.
In regards to increasing Social Security revenues, two options were presented: lifting the cap on taxable earnings and raising the Social Security tax rate.
In reducing benefits, three options were presented: means-testing Social Security, replacing the Cost of Living Adjustment (COLA) with an alternative like chained CPI, or raising the full retirement age.
In increasing benefits, the following options were debated: increasing COLA, increasing the special minimum benefit for workers in poverty, increase benefits for all beneficiaries, and providing caregiver credits.
Overall, I thought the seminar was a unique way to learn more about the topic and was useful for our client in attempting to select an alternative reform to support. When the alternatives were finished being presented, our tables were given the chance to come up with our own policy for reform. Our group decided that both cutting benefits and increasing taxes would be necessary, but had trouble agreeing on the best way to do it-- much like Congress I suppose!
-Matt Deptola
I was fortunate enough to attend this seminar on behalf of my company, The Charles Group. I was tasked with bringing back ideas for reform, so we could use this new information to help our clients create and support reform for Social Security. As the program is projected to run out by 2035, there is much debate on different options. As presented, reform can be split into three separate categories: increasing revenue, cutting benefits, and increasing care. Closing the financing gap was one of the biggest factors considered, and the presenting panelists all gave percentages on how well each alternative would do that.
In regards to increasing Social Security revenues, two options were presented: lifting the cap on taxable earnings and raising the Social Security tax rate.
In reducing benefits, three options were presented: means-testing Social Security, replacing the Cost of Living Adjustment (COLA) with an alternative like chained CPI, or raising the full retirement age.
In increasing benefits, the following options were debated: increasing COLA, increasing the special minimum benefit for workers in poverty, increase benefits for all beneficiaries, and providing caregiver credits.
Overall, I thought the seminar was a unique way to learn more about the topic and was useful for our client in attempting to select an alternative reform to support. When the alternatives were finished being presented, our tables were given the chance to come up with our own policy for reform. Our group decided that both cutting benefits and increasing taxes would be necessary, but had trouble agreeing on the best way to do it-- much like Congress I suppose!
-Matt Deptola
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