There is a concern that our social security is grossly under-funded and is expected to run out of money as the baby-boomers (the largest age cohort in our population comprising of people born between 1946 and 1964) continue to retire in record numbers. Currently the contributions to social security are: 6.2% OASDI: Employer +6.2%Employee Up to$128,400. 1.45% towards Medicare: Employer +Employee The proposed solutions available are one, all, or a combination of the following:Privatization of social security, either entirely or partially, as has been done in Australia, Chile and other countries. Increasing contribution limits from 6.2% per individual to a proposed higher percentage. Postponing the Eligibility Age for social security The social security administration has hired you to recommend to them a solution to reduce the risk of running out of social security from a behavioral economic perspective. From a behavioral economic standpoint make your recommendation using the behavioral economic tools learned in class. Justify how your recommendations will be more effective from a psychological standpoint. Explain how your proposed recommendation will be easier to implement. Think of applying some of the tools–default option, endowment effect, framing, salience, and other concept, that you have learned in the course so far to develop a proposed recommendation. There is no right or wrong answer for this. You will be evaluated based on how well you were able to apply some of the behavioral economic concepts into your proposed solution
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