The intra-generational redistributive effects of social security

This paper provides a quantitative evaluation of the intra--cohort redistributive elements of the United States social security system in the context of a computable general equilibrium model. I determine how the well--being of individuals that differ across {\sl gender, race} and {\sl education} is affected by government social security policy. I find that females, whites and non--college graduates stand less to gain (lose) from reductions (increases) in the size of social security than males, non--whites and college graduates, respectively. Differences in mortality risk and labor productivity translate into differences in the magnitudes of capital accumulation and labor supply distortions, that are responsible for the observed welfare difference between types. Results imply that the current program is lifetime progressive across gender and education, yet lifetime regressive across race.