Distributional Effects of Accelerating and Extending the Increase in the Full Retirement Age

by Glenn R. Springstead
Policy Brief No. 2011-01 (released January 2011)
Table equivalent for Chart 1. Average benefit change from current law, 2010–2080 (in percent)
Year FRA 68 FRA 70 Payable benefits
2010 0 0 0
2011 -0.1 -0.1 0
2012 -0.3 -0.3 0
2013 -0.5 -0.5 0
2014 -0.8 -0.8 0
2015 -1.2 -1.2 0
2016 -1.5 -1.5 0
2017 -1.8 -1.8 0
2018 -2.1 -2.1 0
2019 -2.9 -2.9 0
2020 -3.0 -3.0 0
2021 -3.1 -3.1 0
2022 -3.1 -3.1 0
2023 -3.0 -3.0 0
2024 -3.0 -3.0 0
2025 -3.0 -3.0 0
2026 -2.5 -2.5 0
2027 -2.5 -2.5 0
2028 -2.5 -2.5 0
2029 -2.6 -2.6 0
2030 -2.6 -2.6 0
2031 -2.7 -2.7 0
2032 -2.8 -2.8 0
2033 -2.8 -2.8 0
2034 -2.9 -2.9 0
2035 -3.0 -3.0 0
2036 -3.1 -3.1 0
2037 -3.3 -3.3 -16.9
2038 -3.4 -3.4 -23.8
2039 -3.5 -3.5 -23.6
2040 -3.6 -3.6 -23.3
2041 -3.7 -3.7 -23.1
2042 -3.8 -3.9 -22.8
2043 -4.2 -4.3 -22.6
2044 -4.3 -4.4 -22.3
2045 -4.4 -4.6 -22.1
2046 -4.6 -4.8 -22.0
2047 -4.6 -5.0 -21.8
2048 -4.7 -5.2 -21.7
2049 -4.8 -5.4 -21.6
2050 -4.9 -5.5 -21.4
2051 -5.0 -5.8 -21.4
2052 -5.0 -6.0 -21.3
2053 -5.1 -6.1 -21.3
2054 -5.1 -6.3 -21.4
2055 -5.2 -6.5 -21.4
2056 -5.2 -6.7 -21.5
2057 -5.3 -6.9 -21.6
2058 -5.3 -7.1 -21.7
2059 -5.3 -7.3 -21.8
2060 -5.3 -7.4 -21.9
2061 -5.3 -7.6 -22.0
2062 -5.4 -7.8 -22.1
2063 -5.4 -8 -22.2
2064 -5.4 -8.2 -22.4
2065 -5.4 -8.3 -22.5
2066 -5.4 -8.5 -22.7
2067 -5.4 -8.7 -22.8
2068 -5.4 -9.1 -23.0
2069 -5.4 -9.3 -23.2
2070 -5.4 -9.5 -23.3
2071 -5.4 -9.6 -23.5
2072 -5.4 -9.8 -23.7
2073 -5.4 -10.0 -23.9
2074 -5.4 -10.2 -24.1
2075 -5.4 -10.3 -24.3
2076 -5.4 -10.5 -24.5
2077 -5.4 -10.7 -24.7
2078 -5.4 -10.8 -25.0
2079 -5.4 -11.0 -25.2
2080 -5.4 -11.2 -25.4