When Social Security was created and signed into law in August of 1934 by President Franklin D. Roosevelt the intent was to help retirees stay out of poverty and provide a security during economic uncertainty. Now, almost 90 years later, Social Security is predicted to run out of money within the decade. While this isn’t the first time the Social Security program has faced this problem, the circumstances are much different than when taxation was introduced to the benefits under President Reagan.
To discuss the insolvency problem Social Security faces, an issue that could impact your retirement, Dave brings onto the show this week Andrew G. Biggs, senior fellow at the American Enterprise and Social Security expert.
During this episode you will learn:
- What Social Security insolvency is
- The issues the program will likely see within the next decade
- How these issues will impact many retirements
- And potential strategies and ways to address these issues
About Our Guest:
Andrew G. Biggs is a senior fellow at the American Enterprise Institute (AEI), where he studies Social Security reform, state and local government pensions, and public sector pay and benefits.
Before joining AEI, Biggs was the principal deputy commissioner of the Social Security Administration (SSA), where he oversaw SSA’s policy research efforts. In 2005, as an associate director of the White House National Economic Council, he worked on Social Security reform. In 2001, he joined the staff of the President’s Commission to Strengthen Social Security. Biggs has been interviewed on radio and television as an expert on retirement issues and on public vs. private sector compensation. He has published widely in academic publications as well as in daily newspapers such as The New York Times, The Wall Street Journal, and The Washington Post. He has also testified before Congress on numerous occasions. In 2013, the Society of Actuaries appointed Biggs co-vice chair of a blue-ribbon panel tasked with analyzing the causes of underfunding in public pension plans and how governments can securely fund plans in the future. In 2014, Institutional Investor Magazine named him one of the 40 most influential people in the retirement world. In 2016, he was appointed by President Obama to be a member of the financial control board overseeing reforms to Puerto Rico’s budget and the restructuring of the island’s debts.
Biggs holds a bachelor’s degree from Queen’s University Belfast in Northern Ireland, master’s degrees from Cambridge University and the University of London, and a PhD from the London School of Economics.
For more information on Social Security insolvency read Andrew Biggs’ article: What Does Social Security Insolvency Mean?
For more information on the risks facing your retirement, visit www.retirementriskadvisors.com.