Andrew Biggs is one of the most knowledgable analysts of Social Security out there. Just look at his resume!

Principal Deputy Commissioner, 2007; Deputy Commissioner for Policy, 2006–07; Associate Commissioner for Retirement Policy, 2003–06, Social Security Administration
Associate Director, National Economic Council, White House, 2005
Social Security Analyst, Cato Institute, 1999–2003
Staff Member, President’s Commission to Strengthen Social Security, 2001
Director of Research, Congressional Institute, 1998–99

So if Social Security is on your mind…as well it should be, you’ll want to watch this livestream….(read more)

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Andrew Biggs, a resident scholar at the American Enterprise Institute and a former principal deputy commissioner of the Social Security Administration, recently gave a talk on how to fix Social Security. As one of the leading experts on the topic, Biggs shared his insights on the challenges facing the program and offered potential solutions to ensure its long-term sustainability.

During his talk, Biggs emphasized the urgency of addressing the financial challenges facing Social Security. He pointed out that the program is currently facing a significant funding shortfall, which, if left unaddressed, could lead to benefit cuts for retirees in the future. According to Biggs, the longer the government waits to address these funding issues, the more difficult it will be to enact the necessary reforms without adversely affecting current and future beneficiaries.

One of the key solutions proposed by Biggs is raising the retirement age. He argued that increasing the age at which individuals can begin collecting full Social Security benefits would help alleviate the financial strain on the program. This proposal is based on the fact that people are living longer and healthier lives than when Social Security was first established, making it financially sustainable to adjust the retirement age accordingly.

In addition to raising the retirement age, Biggs also discussed the possibility of adjusting the way Social Security benefits are calculated. He suggested moving from the current wage-based system to a price-indexed system, which would slow the growth of benefits for higher-income individuals while ensuring that lower-income individuals receive adequate support. This approach, according to Biggs, would not only help in addressing Social Security’s financial challenges but also make the program more equitable.

Furthermore, Biggs emphasized the importance of encouraging personal savings and investment as a complementary solution to Social Security. He argued that individuals should take a more active role in planning for their retirement by saving and investing in personal retirement accounts. By empowering individuals to take more control over their financial future, the burden on Social Security would be alleviated, allowing the program to focus on providing a safety net for those who are unable to save adequately for retirement.

Overall, Andrew Biggs’ talk on how to fix Social Security sheds light on the complex challenges facing the program and offers potential solutions to ensure its long-term sustainability. By addressing issues such as raising the retirement age, adjusting benefit calculations, and encouraging personal savings and investment, Biggs provides valuable insights into how to reform Social Security to better serve current and future generations of retirees. It is essential for policymakers to consider these proposals and take proactive steps to secure the future of Social Security for all Americans.