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Social Security’s Five OASI Inflation Indexing Problems [Dataset]
hdl:1902.1/13758
Version: 1 – Released: Thu Nov 26 05:32:20 EST 2009
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Data Citation Details
Study Global IDhdl:1902.1/13758
AuthorsMichael C. Lovell (Wesleyan University)
Production Date2009
Software Excel
DistributorEconomics: The Open-Access, Open-Assessment E-Journal Logo
Distributor ContactKorinna Werner-Schwarz (Kiel Institute for the World Economy), korinna.werner-schwarz@economics-ejournal.org
Distribution Date2009
Deposit DateOctober 19, 2009
Provenance
Abstract and Scope
Abstract

This paper examines five problems with the indexing procedures used by the Social Security Administration of the United States in taking inflation into account when calculating Old Age and Survivor Insurance (OASI) Benefits. Because of the commin-gling of unindexed with indexed earnings, a retiree born in 1930 who continued in a high earning career until age 75 receives an annual benefit more than $1,800 larger than would have been generated with full indexing. While the inflation indexing problems identified in this paper do not attract much attention in normal times, they can contribute to serious short-run financial instability for the OASI trust fund in periods of substantial inflation or deflation. They make the percentage increase in your inflation adjusted (CPI-W) benefit if you elect to postpone retirement and the start of OASI benefits depend in part on the pace of inflation. This paper explains how these problems could be resolved in a way that would not hurt and might help resolve Social Security’s longrun solvency problems

Abstract Date2009
KeywordsSocial security; Inflation; Indexing
Topic ClassificationH55 (JEL); E31 (JEL)
Related PublicationsMichael C. Lovell (2009). Social Security’s Five OASI Inflation Indexing Problems. Economics: The Open-Access, Open-Assessment E-Journal, Vol. 3, 2009-3. http://www.economics-ejournal.org/economics/journalarticles/2009-3
Time Period Covered1950 - 2008
Geographic CoverageUnited States
Kind of Dataaggregate data
Data Collection / Methodology
Time MethodTime series
Frequencymonthly
Data Availability
Number of Files 2
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"Social Security’s Five OASI Inflation Indexing Problems [Dataset]", hdl:1902.1/13758