Description: Longevity insurance benefits are deferred annuities that begin payment at advanced older ages, such as at age 82. With a longevity insurance benefit, the problem of asset decumulation with uncertain life expectancy is simplified. Instead of planning for an uncertain period, retirees can plan for the fixed period from the date of their retirement to the date at which they start receiving the longevity insurance benefit. Originally, Social Security was structured as a longevity insurance benefit program, with roughly 50 percent of those entering the workforce surviving to receive the benefits. Over time, however, as life expectancy has improved, Social Security benefits have slowly transformed into benefits that most people entering the work force ultimately receive. While adding longevity insurance as a new benefit when Social Security is already facing a financing deficit would be problematic, reintroduction of a longevity insurance benefit a s part of Social Security reform package that involved benefit cuts could be an important policy innovation.

Description: HI Trust Fund: Actuarial Methodology and Principal Assumptions from Pension Section News, October 1999, Issue No. 41.

Description: OASDI Trust Fund: Principal Economic and Demographic Assumptions from Pension Section News, October 2000, Issue No. 44.

Description: This article reveals the results of a survey by the Pension Section Research Team showing that U.S. Social Security reform is a diverse issue for actuaries. From Pension Section News, April 2006, No. 61.

Description: Estimates under Alternative II Assumption for Aged and Disabled Excluding End-Stage Renal Disease Enrollees from Pension Section News, November 1998, Issue No. 38.

Description: Article from Pension Section News, May 2007, No. 64, highlights a book by John Turner on international perspectives of individual accounts. In clear and concise language, Turner, a senior policy advisor at the AARP Public Policy Institute, explores the first-hand experience of other countries that have implemented, either partially or in full, aspects of social security reform that have been proposed for the U.S. system.

Description: President Bush is to be commended for making social security private account reform a top legislative priority, but the mixed defined-benefit/defined-contribution model that he has in mind has been criticized for transferring too much investment and longevity risk to account holders. In response, President Bush should consider an alternative approach to private account design - indexed benefit offsets - that would retain the existing defined-benefit model and eliminate this risk transfer. From Pension Section News, April 2005, Issue No. 58.

Description: Two letters to the editor of Pension Section News. Both letters are responses to David Langer's comments which were published in the January 2006 Pension Section News regarding Social Security and its financial projections. From Pension Section News, April 2006, No. 61.

Description: A letter to the editor regarding how the Social Security trustees project Social Security costs: Is it actuarial science or politics? From Pension Section News, January 2006, No. 60.

Description: The article describes an interactive game related to Social Security and how the user can play the game.