The Resource Distributional Effects of Means Testing Social Security : An Exploratory Analysis, Alan Gustman, Thomas Steinmeier, Nahid Tabatabai, (electronic resource:)

Distributional Effects of Means Testing Social Security : An Exploratory Analysis, Alan Gustman, Thomas Steinmeier, Nahid Tabatabai, (electronic resource:)

Label
Distributional Effects of Means Testing Social Security : An Exploratory Analysis
Title
Distributional Effects of Means Testing Social Security
Title remainder
An Exploratory Analysis
Statement of responsibility
Alan Gustman, Thomas Steinmeier, Nahid Tabatabai
Creator
Contributor
Subject
Language
eng
Summary
This paper examines the distributional implications of introducing additional means testing of Social Security benefits where proceeds are used to help balance Social Security's finances. Benefits of the top quarter of households ranked according to the relevant measure of means are reduced using a modified version of the Social Security Windfall Elimination Provision (WEP). The replacement rate in the first bracket of the benefit formula, determining the Primary Insurance Amount (PIA), would be reduced from 90 percent to 40 percent of Average Indexed Monthly Earnings (AIME). Four measures of means are considered: total wealth; an annualized measure of AIME; the wealth value of pensions; and a measure of average indexed lifetime W2 earnings. The empirical analysis is based on data from the Health and Retirement Study. These means tests would reduce total lifetime household benefits by 7 to 9 percentage points. We find that the basis for means testing Social Security makes a substantial difference as to which households have their benefits reduced, and that different means tests may have different effects on the benefits of families in similar circumstance. We also find that the measure of means used to evaluate the effects of a means test makes a considerable difference as to how one would view the effects of the means test on the distribution of benefits
Member of
http://library.link/vocab/creatorName
Gustman, Alan
Index
no index present
Literary form
non fiction
Nature of contents
dictionaries
http://library.link/vocab/relatedWorkOrContributorName
  • Steinmeier, Thomas
  • Tabatabai, Nahid
  • National Bureau of Economic Research
Series statement
NBER working paper series
Series volume
no. w20546
Target audience
specialized
Label
Distributional Effects of Means Testing Social Security : An Exploratory Analysis, Alan Gustman, Thomas Steinmeier, Nahid Tabatabai, (electronic resource:)
Instantiates
Publication
Note
October 2014
Control code
ssj0001355999
Dimensions
unknown
Form of item
online
Governing access note
Access restricted to subscribing institutions
Specific material designation
remote
System control number
(WaSeSS)ssj0001355999
System details
  • System requirements: Adobe [Acrobat] Reader required for PDF files
  • Mode of access: World Wide Web
Label
Distributional Effects of Means Testing Social Security : An Exploratory Analysis, Alan Gustman, Thomas Steinmeier, Nahid Tabatabai, (electronic resource:)
Publication
Note
October 2014
Control code
ssj0001355999
Dimensions
unknown
Form of item
online
Governing access note
Access restricted to subscribing institutions
Specific material designation
remote
System control number
(WaSeSS)ssj0001355999
System details
  • System requirements: Adobe [Acrobat] Reader required for PDF files
  • Mode of access: World Wide Web

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