Social Security Redistribution by Education, Race, and Income: How Much and Why

Abstract

Newly available data from Social Security's Modeling Income in the Near Term model, version 2, makes it possible to assess how much Social Security redistributes to various income, gender, racial, and educational cohorts. This redistribution is measured on the basis of the individual's own earnings history, the extent to which benefits are received (whether earned on one's own record or not), and on a shared concept under which taxes and benefits are shared when spouses are both alive. This paper examines findings from the model and discusses the extent to which the progressive rate structure in the benefit formula offsets or does not offset the impact of mortality on the extent of redistribution.

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