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Books > Social sciences > Sociology, social studies > Social welfare & social services > Welfare & benefit systems
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Funding Social Security - A Strategic Alternative (Hardcover)
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Funding Social Security - A Strategic Alternative (Hardcover)
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A serious consideration of the debate on social security reform
that is taking place in many countries around the world. Professor
Seidman advocates the concept of 'funded social security' as a
middle position between pay-as-you-go (PAYGO) social security and
privatized social security, and constitutes a politically strategic
alternative. His analysis covers two distinct components, fund
accumulation and portfolio diversification. The concept of funded
social security uses a mix of payroll taxes and portfolio
investment income to finance benefits. With funded social security,
the government contracts with private investment firms to manage
the portfolio of the social security trust fund. It is entirely a
defined-benefit plan without any individual defined-contribution
accounts; each retiree's benefit is linked by a legislated formula
to the retiree's own wage history. The benefit is an annuity - an
annual benefit that continues as long as the retiree (or spouse)
lives - and is automatically adjusted annually for inflation.
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