Social Security: Why Action Should Be Taken Soon

A report by the Social Security Advisory Board

September 2005

             The Social Security Advisory Board issued this report to point out the many reasons why it is important for policymakers to act sooner rather than later to make the changes that are needed to restore to a state of solvency the Social Security program that plays a foundational role in assuring retirement security to the working men and women of America and to their families.  The report describes the background and current status of the program's finances and explains that the most significant challenge to it's financial soundness is the demographic changes that the Nation faces as the baby-boom generation enters its retirement years.  These changes will inexorably bring a substantial decline in the size of the workforce relative to the size of the beneficiary population.  The report recognizes that there are significant differences of opinion as to how best to restore the Social Security program to financial solvency and does not endorse any specific proposal or set of proposals.  However, it does point out and describe many individual provisions from which policymakers could craft a solution.  It also lists some 25 comprehensive proposals already put forth by members of Congress and other authors representing a wide variety of viewpoints.  Variations on the proposals described in this report and entirely different proposals are also possible.

              Earlier this year, the Board issued another report, Retirement Security: The Unfolding of a Predictable Surprise.  That report took a broader view of Social Security in the context of private pensions, savings, employment, and health programs-all of which must work together to meet the objective of enabling the citizens of this Nation to enjoy an adequate standard of living in their retirement years.

              These reports can be downloaded from this website using the following links.  Printed copies can also be ordered by telephone or email or by using the form below. (Other Board reports are also available on our publications page.)