Tag: national saving
Introduction Social Security traditionally has operated on a pay-as-you-go basis — that is, current taxes pay for current benefits. The 1977 and 1983 Amendments to the Social Security Act provided for a temporary departure from this approach — with the buildup of a significant trust fund. Currently the Social Security trust funds hold $1.7 trillion…
Introduction Saving is a critical component of both retirement security for individuals and the long-term growth of the nation’s economy. Current trends in Social Security, 401(k) plans, and personal saving suggest that individuals will need to save more to ensure that they can enjoy a comfortable retirement. The federal government can also contribute to t…
