Social Security Changes Could Transform Retirement Savings for Low-Income Households
The article explores how social security impacts the retirement and savings habits of low-income households. By analyzing data from the Health and Retirement Study, the researchers created a model that considers factors like health, wages, and social security benefits. They then ran simulations to see how changes in social security rules would affect these households. The findings show that alterations in benefit levels, payroll tax, and retirement ages can have significant impacts on the financial decisions of low-income families.