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GAO-24-106778 1 (2023-11-30)

handle is hein.gao/gaopnp0001 and id is 1 raw text is: NOVEMBER 2023 GAO-24-106778 SOCIAL SECURITY SERIES PART 2: Criteria for Evaluating Reform Proposals Introduction Social Security is considered the bedrock of the U.S. retirement system, and many retirees rely on Social Security benefits for the majority of their income.? As we recently reported, Social Security's Old-Age and Survivors Insurance benefit program faces financial challenges and is projected to be unable to pay full scheduled benefits starting in 2033.2 At that point, if no action is taken, Social Security revenue is projected to be sufficient to pay retirees just 77 percent of their scheduled benefits. This report, the second in our series, outlines criteria that may help policymakers evaluate proposals for reforming Social Security to address its financial challenges. Our third and final report in the series will present options for reforming Social Security that have been proposed. Proposals to reform Social Security often combine several changes to the program in a comprehensive set, and those changes can interact with or offset one another. For example, some comprehensive proposals may include changes that enhance benefits for certain groups as well as changes that reduce benefits for other groups. The four criteria we present in this report are intended to be used to evaluate a comprehensive reform proposal, including the interactions between changes in a proposal:3 Financing Sustainable Solvency The extent to which a proposal achieves sustainable solvency and how it would affect the national economy and the federal budget. Considering Adequacy and Equity How a proposal addresses the goals of equity and income adequacy4 Modernizing the Program to Respond to Societal Changes The extent to which a proposal accounts for demographic, economic, and societal changes in recent decades5 Implementing and Administering Proposed Changes How readily a proposal could be implemented, administered, and explained to the publc. r- Source: GAO Social Security Reform Criteria; GAO (icons). I GAO-24-106778 GAO-24-106778 I Social Security Reform Series United States Government Accountability Office 1. S2. 3. 4.

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