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Andrew Biggs: Social Security benefits for wealthy reduce savings and economic growth

Andrew Biggs: Social Security benefits for wealthy reduce savings and economic growth
Social Security for wealthy slows growth

Andrew Biggs highlights how Social Security benefits for high-income individuals can have negative effects on the economy. He explains that when wealthy individuals pay high Social Security taxes and expect to receive equivalent benefits, they tend to save less, which can result in lower economic growth.

Biggs suggests that the structure of Social Security may discourage personal savings among the wealthy, which in turn impacts overall economic expansion.

Biggs has previously pointed out that high-income U.S. households with no poverty risk in old age collect 37% of Social Security and retirement tax benefits, according to his analysis in one report. He has also presented research challenging the idea that well-funded defined benefit pensions always return benefits equal to their costs in a conference discussion. These findings add context to his latest comments on the effects of Social Security design.

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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