Re:Jack Dorsey is giving Andrew Yang $5M to build the case f...
by jdc on Thursday May 21, 2020 @06:31PM
(#23266290)
I'm not in the US, so I know little about its social security programs. But isn't Social Security is one of many?
Also this paragraph from the linked article suggests that the 0.7% figure does not include means testing:
Indeed, universal participation and the absence of means-testing make Social Security very efficient to administer. Administrative costs amount to only 0.7 percent of annual benefits, far below the percentages for private retirement annuities. Means-testing Social Security would impose significant reporting and processing burdens on both recipients and administrators, undercutting many of those advantages while yielding little savings.
Also this paragraph from the linked article suggests that the 0.7% figure does not include means testing:
Indeed, universal participation and the absence of means-testing make Social Security very efficient to administer. Administrative costs amount to only 0.7 percent of annual benefits, far below the percentages for private retirement annuities. Means-testing Social Security would impose significant reporting and processing burdens on both recipients and administrators, undercutting many of those advantages while yielding little savings.