Munnell on social secuitry reform

Alicia Munell summarizes the potential reforms to the old-age pension program of social security in the United States, that could have a large impact on the deficit: 1) index the full retirement age to improvements in longevity;  2) use a rule of indexation below inflation; 3) increase the earnings subject to the payroll tax to about $180,000 from $106,800 today; 4) tax premiums for group health insurance with payroll and income taxes. Probably, the list is not very different for any country aiming for a parametric reform of its national pension system.