Social Security, Tax Cuts, and the Future of Retirement with Andrew Biggs
In this episode, Susan Pendergrass speaks with Andrew G. Biggs, senior fellow at the American Enterprise Institute (AEI), about the current state and future of Social Security. They discuss the dangers of a proposed temporary elimination of taxes on Social Security benefits, which could harm the program’s finances and incentivize early retirement, an outcome that could undercut long-term retirement security. Biggs explains that this move would offset one of the greatest contributors to the success of America’s retirement system and worsen the funding gaps of Social Security. They also cover concerns about the sustainability of the program, the shift from pensions to 401(k) plans, and the need for sound public policy to address these challenges.
Check out Dr. Biggs’ Substack, Little-Known Facts, here: littleknownfacts.substack.com/
And his new book, The Real Retirement Crisis: Why (Almost) Everything You Know About the US Retirement System Is Wrong, here: www.aei.org/research-products/b…-retirement-crisis/
Timestamps:
00:00 Introduction to Social Security and Its Importance
01:57 Understanding Social Security’s Financial Future
04:31 Taxation of Social Security Benefits
08:11 The Shift from Pensions to 401(k)s
10:04 Proposals for Tax Cuts and Their Implications
15:51 The Impact of Temporary Tax Cuts on Retirement
17:43 The Future of Social Security and Policy Challenges
Produced by Show-Me Opportunity
