🎉 Reimagining Social Security Book Cover & Exclusive Subscriber Chat

Available August 2025

We’re excited to announce that our book, Reimagining Social Security: Global Lessons for Retirement Policy Changes, will be released this August 12—two days before Social Security’s 90th anniversary. If you pre-order your copy from the Cato Institute, you will receive free shipping and be one of the first to hold it in your hands.

This book must be read by anyone interested in Social Security reform. It brings together experts from the US and abroad to examine successful Social Security reforms undertaken by other advanced countries. The examination provides a fresh perspective on how the US Social Security program can be fundamentally reformed. I finished the book with renewed optimism about the prospects for reform.

—John F. Cogan, Leonard and Shirley Ely Senior Fellow, Hoover Institution, and author, The High Cost of Good Intentions

The book cover above—featuring two crumbling columns—symbolizes the fragile state of the US Social Security system and the urgent need for reform. The looming threat of indiscriminate benefit cuts and rising shortfalls underscore the importance of proactive policy reform—now, not in eight years when the trust fund’s depletion would force congressional action. We should reinforce Social Security’s columns today, not wait for the system to collapse.

If you’re a paid subscriber to The Debt Dispatch, we’ll be hosting an exclusive online discussion in September to explore the book’s key findings in a small group setting. A limited number of spots are also available for congressional staff, federal agency personnel, and active Cato donors. Let us know which time(s) work best for you:

Not a paid subscriber yet? Consider upgrading today to support the Debt Dispatch and become part of our inner circle. We’ll be announcing more opportunities to engage with us on the book and related topics in the weeks ahead.

About the book

As Social Security reaches 90 years, the United States should rethink this old age income transfer program, so it is sustainable and effective for future generations and today’s retirees, without imposing undue debt burdens or excessive taxes on younger Americans. With the government projected to borrow more than $4 trillion to cover Social Security’s payroll tax deficit until the so-called trust fund balance is depleted by 2033, US policymakers should act now.

Reimagining Social Security: Global Lessons for Retirement Policy Changes offers a timely exploration of the paths forward, drawing on the experiences of Canada, Germany, New Zealand, and Sweden. By examining how these nations have navigated their own retirement policy challenges, this book provides the United States with a wealth of insights and innovative strategies to inform structural Social Security reforms within the context of the broader retirement landscape. The book includes perspectives from a diverse group of US and international experts who gathered in Washington, D.C., in May of 2024 for the Cato Social Security Symposium. Their conversations (included as transcripts in the book) highlight opportunities to modernize Social Security in ways that not only protect vulnerable seniors but also promote individual liberty, reduce work disincentives, and foster economic growth. This essential volume equips US legislators and policymakers with evidence-based strategies to rethink Social Security to better reflect the circumstances of 21st-century Americans.

Key reforms include:

• Prioritizing Anti-Poverty Protection – Social Security should focus on alleviating old-age poverty rather than replacing income. A flat-benefit pension like the New Zealand Superannuation (NZS) could offer effective antipoverty protection through lower-cost basic retirement benefits.

• Aligning Eligibility Ages with Life Expectancy – Many OECD nations, including Sweden, have adopted automatic adjustments to retirement ages to reflect longer life expectancies, improving program sustainability and protecting younger generations from rising tax burdens.

• Considering Automatic Stabilizers – Countries like Canada, Sweden, and Germany rely partially on automatic adjustments to correct for changing demographics and keep pension systems solvent without political delays.

• Enabling Private Savings – Universal savings accounts (USAs), modeled after Canada’s Tax-Free Savings Accounts, would empower workers to save for retirement and other priorities with greater flexibility.

Reimagining Social Security: Global Lessons for Retirement Policy Changes examines retirement systems based on the World Bank pension pillar framework and traces how they have evolved through reforms over time. It offers a cross-country comparison that explores how these systems balance financial sustainability, senior poverty alleviation, and personal autonomy in retirement planning. This comparison is based on key indicators—such as public pension spending as a share of GDP, senior poverty rates, and private retirement assets as a share of GDP. The book is a valuable contribution to the literature on retirement policy, providing insights into how countries address modern retirement challenges and informing potential pathways for reforming Social Security in the United States.