Yimeng Ying Explains the Insurance Value of Social Security

Yimeng Yin is a research economist at the Boston College Center for Retirement Research. Prior to joining the Center, Yin worked as an economic researcher at the Center for Policy Research at the Rockefeller College of Public Affairs and Policy at the University of Albany.

Harry talks with Yimeng about the insurance value of Social Security, particularly focusing on its role in mitigating longevity risk. They discuss how Social Security acts as a form of lifetime annuity, providing a guaranteed stream of benefits that serves as insurance against the uncertainty of lifespan. Yin explains how their research incorporates insurance value into the evaluation of Social Security's benefits, highlighting its importance, especially for lower-income individuals and single recipients. They delve into the implications of their findings for policy makers, recommending a consideration of both progressivity and insurance value in Social Security reforms. Additionally, they discuss recommendations for individuals, emphasizing the importance of understanding longevity risk and considering tools like annuities for retirement planning. Throughout the conversation, topics such as progressivity, mortality rates across demographics, and the impact of Social Security reforms are addressed.

Topics Covered:

• Yimeng Yin's background and research focus (00:45)
• Discussion on the insurance value of Social Security (02:00)
• Incorporating insurance value into Social Security evaluation (03:00)
• Impact of longevity risk on individuals and Social Security (04:00)
• Gender and racial disparities in longevity risk (05:00)
• Patterns observed in insurance value across demographics (06:00)
• Factors affecting insurance value for couples and singles (07:00)
• Implications of research findings for policy makers (16:00)
• Recommendations for individuals considering Social Security benefits (19:00)
• Suggestions for further research and experts to consult (22:00)

More at https://crr.bc.edu/person/yimeng-yin/

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