Overview

• A controversial proposal by economists Andrew Biggs and Alicia Munnell suggests limiting tax preferences for retirement savings plans to bolster Social Security funding.
• The plan, which aims to address Social Security's projected insolvency by 2033, has received criticism from various think tanks and financial experts.
• Critics argue that reducing tax benefits could discourage retirement savings, potentially harming future financial stability for individuals.
• Supporters believe the proposal could provide an immediate solution to Social Security's funding shortfall, ensuring its availability for future retirees.
• The debate highlights the challenge of balancing immediate funding needs for Social Security with the long-term goal of encouraging retirement savings.