Changing Social Security for future benefits discourages work, Andrew Biggs argues

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Anastasiia Chabaniuk

24.03.2026

Changing Social Security for future benefits discourages work, Andrew Biggs argues — Social Security change may cut work

Andrew Biggs discusses an economic perspective on Social Security reforms. He explains that a policy honoring accrued benefits while worsening the terms for future contributions can have negative effects on labor incentives.

Biggs notes that, in this scenario, workers may reduce their efforts first because their existing benefits are secure, and then again as the marginal value of future work declines due to changes in the deal.

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Biggs previously cited OECD data showing that U.S. top earners receive a 21 percent Social Security replacement rate, compared to 7 percent in other countries. The comparison highlighted specific differences in how high-income workers are treated under the system. The data offer further context to current discussions about potential reforms to future benefit structures.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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