Social Security Reform

Paper Summary:

This paper examines how, with the tax reforms and Social Security reforms, Americans are paying much more and are expecting much more from Social Security. It examines how the insurance companies are dealing with these reforms and adjusting their policies to suit these changes in the insurance market.

From the Paper:

"What began as a relatively modest social insurance program to ward off poverty in old age has become the largest and most expensive government program in the world, upon which millions of Americans depend for their retirement incomes (Congressional Institute 2003). What began as a tax of only two percent of wages now takes over twelve percent. As a result, Americans have less money to save on their own and expect much more from Social Security than they used to (Congressional Institute 2003)."

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