In times of economic distress, both individuals and localities can benefit from stable sources of income. While a large literature documents the benefits that individuals enjoy from guaranteed income such as Social Security, less attention has been given to the stabilizing force of Social...

Over the past two decades, the share of individuals claiming Social Security at the Early Eligibility Age has dropped and the average retirement age has increased. At the same time, Social Security rules have changed substantially, employer-sponsored retirement plans have shifted from defined...

Social Security's Trust Fund is projected to run out in 2034. As policymakers consider restoring financial balance to the program, one topic that may be discussed is how to structure any tax increases. Understanding why Social Security requires a higher payroll tax than a funded retirement...