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Benefit Formula Changes

Reconfigure the minimum benefit: For workers with 10 to 30 years of coverage (YOC = 4 quarters earned that year) set PIA up to 125% of the monthly poverty level

Projected effects on beneficiaries in 2070

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Table 1. Individual benefits 2070: Reconfigure MinBen versus Scheduled
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total 0% 0% 17%
Sex
Female 0% 0% 21%
Male 0% 0% 12%
Race/Ethnicity
Hispanic 0% 0% 23%
White 0% 0% 15%
Black 0% 0% 22%
Other 0% 0% 12%
Immigration
Immigrant 0% 0% 17%
Native Born 0% 0% 17%
Age
60–69 0% 0% 20%
70–79 0% 0% 17%
80–89 0% 0% 14%
90+ 0% 0% 9%
Marital Status
Never Married 0% 0% 21%
Married 0% 0% 18%
Divorced 0% 0% 16%
Widowed 0% 0% 12%
Education
Graduate 0% 0% 6%
Bachelor 0% 0% 8%
Associate 0% 0% 18%
High School 0% 0% 23%
Less than 12 Yrs 0% 0% 28%
Indiv. Income Quintile
$141,869+ 0% 0% 3%
$76,273 - $141,869 0% 0% 8%
$47,225 - $76,273 0% 0% 13%
$28,018 - $47,225 0% 0% 21%
$0-$28,018 0% 0% 40%
Hhld. Income Quintile
$234,849+ 0% 1% 6%
$125,659 - $234,849 0% 0% 10%
$74,813 - $125,659 0% 0% 15%
$41,558 - $74,813 0% 0% 21%
$0-$41,558 0% 0% 34%
Shared Earn. Quintile
$129,152+ 0% 0% 1%
$89,585 - $129,152 0% 0% 4%
$63,685 - $89,585 0% 0% 10%
$39,226 - $63,685 0% 0% 31%
$0-$39,226 0% 0% 39%
Benefit Type
Retired Worker 0% 0% 17%
Spousal & Worker 0% 6% 27%
Spousal Only 0% 0% 13%
Survivor & Worker 0% 0% 9%
Survivor Only 0% 0% 11%
Retired Disabled 0% 0% 19%
Disabled Worker 0% 0% 19%
Claiming Age
62 or younger 0% 0% 21%
63–66 0% 0% 14%
67 or older 0% 0% 8%
Quarters of Coverage
201+ 0% 0% 3%
161–200 0% 0% 12%
81–160 0% 1% 30%
0–80 0% 0% 6%
Own AIME Quintile
$11,030+ 0% 0% 0%
$7,326 - $11,030 0% 0% 0%
$5,076 - $7,326 0% 0% 1%
$2,910 - $5,076 2% 1% 54%
$0-$2,910 0% 1% 30%
Paying AIME Quintile
$12,519+ 0% 1% 2%
$8,545 - $12,519 0% 0% 2%
$6,145 - $8,545 0% 0% 1%
$3,923 - $6,145 0% 0% 30%
$0-$3,923 0% 0% 49%
Hhld. Benefit Quintile
$4,389+ 0% 1% 5%
$3,216 - $4,389 0% 0% 12%
$2,435 - $3,216 0% 0% 12%
$1,690 - $2,435 0% 0% 16%
$0-$1,690 0% 0% 40%
Adj. Gross Income
$181,671+ 0% 1% 6%
$123,969 - $181,671 0% 0% 10%
$82,014 - $123,969 0% 0% 13%
$1 - $82,014 0% 0% 21%
$0.00 0% 0% 26%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 11/28/2012
Note: This proposal is based on specifications received from outside the Social Security Administration, unless noted otherwise. It does not represent the views of the agency.
Table 5. Individual benefits 2070: Reconfigure MinBen versus Payable
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total 30% 0% 100%
Sex
Female 30% 0% 100%
Male 30% 0% 100%
Race/Ethnicity
Hispanic 30% 0% 100%
White 30% 0% 100%
Black 30% 0% 100%
Other 30% 0% 100%
Immigration
Immigrant 30% 0% 100%
Native Born 30% 0% 100%
Age
60–69 30% 0% 100%
70–79 30% 0% 100%
80–89 30% 0% 100%
90+ 30% 0% 100%
Marital Status
Never Married 30% 0% 100%
Married 30% 0% 100%
Divorced 30% 0% 100%
Widowed 30% 0% 100%
Education
Graduate 30% 0% 100%
Bachelor 30% 0% 100%
Associate 30% 0% 100%
High School 30% 0% 100%
Less than 12 Yrs 30% 0% 100%
Indiv. Income Quintile
$141,869+ 30% 0% 100%
$76,273 - $141,869 30% 0% 100%
$47,225 - $76,273 30% 0% 100%
$28,018 - $47,225 30% 0% 100%
$0-$28,018 30% 0% 100%
Hhld. Income Quintile
$234,849+ 30% 0% 100%
$125,659 - $234,849 30% 0% 100%
$74,813 - $125,659 30% 0% 100%
$41,558 - $74,813 30% 0% 100%
$0-$41,558 30% 0% 100%
Shared Earn. Quintile
$129,152+ 30% 0% 100%
$89,585 - $129,152 30% 0% 100%
$63,685 - $89,585 30% 0% 100%
$39,226 - $63,685 30% 0% 100%
$0-$39,226 30% 0% 100%
Benefit Type
Retired Worker 30% 0% 100%
Spousal & Worker 30% 0% 100%
Spousal Only 30% 0% 100%
Survivor & Worker 30% 0% 100%
Survivor Only 30% 0% 100%
Retired Disabled 30% 0% 100%
Disabled Worker 30% 0% 100%
Claiming Age
62 or younger 30% 0% 100%
63–66 30% 0% 100%
67 or older 30% 0% 100%
Quarters of Coverage
201+ 30% 0% 100%
161–200 30% 0% 100%
81–160 30% 0% 100%
0–80 30% 0% 100%
Own AIME Quintile
$11,030+ 30% 0% 100%
$7,326 - $11,030 30% 0% 100%
$5,076 - $7,326 30% 0% 100%
$2,910 - $5,076 33% 0% 100%
$0-$2,910 30% 0% 100%
Paying AIME Quintile
$12,519+ 30% 0% 100%
$8,545 - $12,519 30% 0% 100%
$6,145 - $8,545 30% 0% 100%
$3,923 - $6,145 30% 0% 100%
$0-$3,923 30% 0% 100%
Hhld. Benefit Quintile
$4,389+ 30% 0% 100%
$3,216 - $4,389 30% 0% 100%
$2,435 - $3,216 30% 0% 100%
$1,690 - $2,435 30% 0% 100%
$0-$1,690 30% 0% 100%
Adj. Gross Income
$181,671+ 30% 0% 100%
$123,969 - $181,671 30% 0% 100%
$82,014 - $123,969 30% 0% 100%
$1 - $82,014 30% 0% 100%
$0.00 30% 0% 100%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 11/28/2012
Note: This proposal is based on specifications received from outside the Social Security Administration, unless noted otherwise. It does not represent the views of the agency.
Table 2. Distribution of changes 2070: Reconfigure MinBen versus Scheduled
Characteristic % of Population With % Change of
-20%+ -10 to -19% -1 to -9% No change +1 to +9% +10 to +19% +20%+
Total 0% 0% 0% 83% 6% 5% 6%
Sex
Female 0% 0% 0% 79% 7% 6% 8%
Male 0% 0% 0% 88% 5% 3% 4%
Race/Ethnicity
Hispanic 0% 0% 0% 77% 8% 6% 9%
White 0% 0% 0% 85% 5% 4% 5%
Black 0% 0% 0% 78% 8% 6% 8%
Other 0% 0% 0% 88% 5% 3% 4%
Immigration
Immigrant 0% 0% 0% 83% 6% 5% 6%
Native Born 0% 0% 0% 83% 6% 5% 6%
Age
60–69 0% 0% 0% 80% 7% 5% 8%
70–79 0% 0% 0% 82% 6% 5% 6%
80–89 0% 0% 0% 85% 6% 4% 5%
90+ 0% 0% 0% 90% 4% 3% 3%
Marital Status
Never Married 0% 0% 0% 78% 7% 6% 8%
Married 0% 0% 0% 82% 7% 5% 6%
Divorced 0% 0% 0% 84% 6% 4% 6%
Widowed 0% 0% 0% 88% 5% 3% 4%
Education
Graduate 0% 0% 0% 93% 3% 2% 2%
Bachelor 0% 0% 0% 92% 4% 2% 2%
Associate 0% 0% 0% 82% 7% 5% 6%
High School 0% 0% 0% 77% 8% 6% 8%
Less than 12 Yrs 0% 0% 0% 71% 8% 7% 13%
Indiv. Income Quintile
$141,869+ 0% 0% 0% 96% 2% 1% 1%
$76,273 - $141,869 0% 0% 0% 92% 4% 2% 2%
$47,225 - $76,273 0% 0% 0% 86% 5% 3% 5%
$28,018 - $47,225 0% 0% 0% 79% 9% 6% 6%
$0-$28,018 0% 0% 0% 60% 12% 11% 17%
Hhld. Income Quintile
$234,849+ 0% 0% 1% 94% 3% 1% 2%
$125,659 - $234,849 0% 0% 0% 90% 4% 3% 3%
$74,813 - $125,659 0% 0% 0% 85% 6% 4% 5%
$41,558 - $74,813 0% 0% 0% 79% 8% 6% 8%
$0-$41,558 0% 0% 0% 66% 11% 9% 14%
Shared Earn. Quintile
$129,152+ 0% 0% 0% 99% 1% 0% 0%
$89,585 - $129,152 0% 0% 0% 96% 2% 1% 1%
$63,685 - $89,585 0% 0% 0% 90% 5% 3% 2%
$39,226 - $63,685 0% 0% 0% 69% 14% 10% 7%
$0-$39,226 0% 0% 0% 61% 9% 9% 20%
Benefit Type
Retired Worker 0% 0% 0% 82% 6% 5% 7%
Spousal & Worker 0% 0% 6% 67% 13% 8% 6%
Spousal Only 0% 0% 0% 87% 4% 5% 5%
Survivor & Worker 0% 0% 0% 91% 4% 3% 2%
Survivor Only 0% 0% 0% 89% 4% 3% 4%
Retired Disabled 0% 0% 0% 81% 7% 5% 7%
Disabled Worker 0% 0% 0% 81% 8% 4% 6%
Claiming Age
62 or younger 0% 0% 0% 79% 7% 6% 7%
63–66 0% 0% 0% 85% 5% 4% 5%
67 or older 0% 0% 0% 92% 3% 2% 2%
Quarters of Coverage
201+ 0% 0% 0% 97% 2% 1% 0%
161–200 0% 0% 0% 87% 6% 3% 3%
81–160 0% 0% 1% 69% 10% 8% 12%
0–80 0% 0% 0% 94% 2% 2% 2%
Own AIME Quintile
$11,030+ 0% 0% 0% 100% 0% 0% 0%
$7,326 - $11,030 0% 0% 0% 100% 0% 0% 0%
$5,076 - $7,326 0% 0% 0% 99% 1% 0% 0%
$2,910 - $5,076 0% 0% 1% 45% 24% 17% 13%
$0-$2,910 0% 0% 1% 70% 7% 6% 17%
Paying AIME Quintile
$12,519+ 0% 0% 1% 97% 2% 1% 0%
$8,545 - $12,519 0% 0% 0% 97% 1% 1% 1%
$6,145 - $8,545 0% 0% 0% 99% 1% 0% 0%
$3,923 - $6,145 0% 0% 0% 69% 22% 8% 1%
$0-$3,923 0% 0% 0% 51% 7% 13% 29%
Hhld. Benefit Quintile
$4,389+ 0% 0% 1% 94% 3% 2% 1%
$3,216 - $4,389 0% 0% 0% 87% 5% 4% 3%
$2,435 - $3,216 0% 0% 0% 88% 4% 3% 4%
$1,690 - $2,435 0% 0% 0% 84% 7% 4% 5%
$0-$1,690 0% 0% 0% 60% 11% 11% 18%
Adj. Gross Income
$181,671+ 0% 0% 1% 93% 3% 1% 2%
$123,969 - $181,671 0% 0% 0% 89% 5% 3% 3%
$82,014 - $123,969 0% 0% 0% 87% 5% 4% 4%
$1 - $82,014 0% 0% 0% 79% 7% 6% 8%
$0.00 0% 0% 0% 74% 9% 7% 10%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 11/28/2012
Note: This proposal is based on specifications received from outside the Social Security Administration, unless noted otherwise. It does not represent the views of the agency.
Table 6. Distribution of changes 2070: Reconfigure MinBen versus Payable
Characteristic % of Population With % Change of
-20%+ -10 to -19% -1 to -9% No change +1 to +9% +10 to +19% +20%+
Total 0% 0% 0% 0% 0% 0% 100%
Sex
Female 0% 0% 0% 0% 0% 0% 100%
Male 0% 0% 0% 0% 0% 0% 100%
Race/Ethnicity
Hispanic 0% 0% 0% 0% 0% 0% 100%
White 0% 0% 0% 0% 0% 0% 100%
Black 0% 0% 0% 0% 0% 0% 100%
Other 0% 0% 0% 0% 0% 0% 100%
Immigration
Immigrant 0% 0% 0% 0% 0% 0% 100%
Native Born 0% 0% 0% 0% 0% 0% 100%
Age
60–69 0% 0% 0% 0% 0% 0% 100%
70–79 0% 0% 0% 0% 0% 0% 100%
80–89 0% 0% 0% 0% 0% 0% 100%
90+ 0% 0% 0% 0% 0% 0% 100%
Marital Status
Never Married 0% 0% 0% 0% 0% 0% 100%
Married 0% 0% 0% 0% 0% 0% 100%
Divorced 0% 0% 0% 0% 0% 0% 100%
Widowed 0% 0% 0% 0% 0% 0% 100%
Education
Graduate 0% 0% 0% 0% 0% 0% 100%
Bachelor 0% 0% 0% 0% 0% 0% 100%
Associate 0% 0% 0% 0% 0% 0% 100%
High School 0% 0% 0% 0% 0% 0% 100%
Less than 12 Yrs 0% 0% 0% 0% 0% 0% 100%
Indiv. Income Quintile
$141,869+ 0% 0% 0% 0% 0% 0% 100%
$76,273 - $141,869 0% 0% 0% 0% 0% 0% 100%
$47,225 - $76,273 0% 0% 0% 0% 0% 0% 100%
$28,018 - $47,225 0% 0% 0% 0% 0% 0% 100%
$0-$28,018 0% 0% 0% 0% 0% 0% 100%
Hhld. Income Quintile
$234,849+ 0% 0% 0% 0% 0% 0% 100%
$125,659 - $234,849 0% 0% 0% 0% 0% 0% 100%
$74,813 - $125,659 0% 0% 0% 0% 0% 0% 100%
$41,558 - $74,813 0% 0% 0% 0% 0% 0% 100%
$0-$41,558 0% 0% 0% 0% 0% 0% 100%
Shared Earn. Quintile
$129,152+ 0% 0% 0% 0% 0% 0% 100%
$89,585 - $129,152 0% 0% 0% 0% 0% 0% 100%
$63,685 - $89,585 0% 0% 0% 0% 0% 0% 100%
$39,226 - $63,685 0% 0% 0% 0% 0% 0% 100%
$0-$39,226 0% 0% 0% 0% 0% 0% 100%
Benefit Type
Retired Worker 0% 0% 0% 0% 0% 0% 100%
Spousal & Worker 0% 0% 0% 0% 0% 1% 99%
Spousal Only 0% 0% 0% 0% 0% 0% 100%
Survivor & Worker 0% 0% 0% 0% 0% 0% 100%
Survivor Only 0% 0% 0% 0% 0% 0% 100%
Retired Disabled 0% 0% 0% 0% 0% 0% 100%
Disabled Worker 0% 0% 0% 0% 0% 0% 100%
Claiming Age
62 or younger 0% 0% 0% 0% 0% 0% 100%
63–66 0% 0% 0% 0% 0% 0% 100%
67 or older 0% 0% 0% 0% 0% 0% 100%
Quarters of Coverage
201+ 0% 0% 0% 0% 0% 0% 100%
161–200 0% 0% 0% 0% 0% 0% 100%
81–160 0% 0% 0% 0% 0% 0% 100%
0–80 0% 0% 0% 0% 0% 0% 100%
Own AIME Quintile
$11,030+ 0% 0% 0% 0% 0% 0% 100%
$7,326 - $11,030 0% 0% 0% 0% 0% 0% 100%
$5,076 - $7,326 0% 0% 0% 0% 0% 0% 100%
$2,910 - $5,076 0% 0% 0% 0% 0% 0% 100%
$0-$2,910 0% 0% 0% 0% 0% 0% 100%
Paying AIME Quintile
$12,519+ 0% 0% 0% 0% 0% 0% 100%
$8,545 - $12,519 0% 0% 0% 0% 0% 0% 100%
$6,145 - $8,545 0% 0% 0% 0% 0% 0% 100%
$3,923 - $6,145 0% 0% 0% 0% 0% 0% 100%
$0-$3,923 0% 0% 0% 0% 0% 0% 100%
Hhld. Benefit Quintile
$4,389+ 0% 0% 0% 0% 0% 0% 100%
$3,216 - $4,389 0% 0% 0% 0% 0% 0% 100%
$2,435 - $3,216 0% 0% 0% 0% 0% 0% 100%
$1,690 - $2,435 0% 0% 0% 0% 0% 0% 100%
$0-$1,690 0% 0% 0% 0% 0% 0% 100%
Adj. Gross Income
$181,671+ 0% 0% 0% 0% 0% 0% 100%
$123,969 - $181,671 0% 0% 0% 0% 0% 0% 100%
$82,014 - $123,969 0% 0% 0% 0% 0% 0% 100%
$1 - $82,014 0% 0% 0% 0% 0% 0% 100%
$0.00 0% 0% 0% 0% 0% 0% 100%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 11/28/2012
Note: This proposal is based on specifications received from outside the Social Security Administration, unless noted otherwise. It does not represent the views of the agency.
Table 3. Poverty 2070: Reconfigure MinBen versus Scheduled
Characteristic Poverty Rate # of Poor Change
Scheduled Option Diff
Total 1.2% 1.1% -0.1% -100,236
Sex
Female 1.6% 1.5% -0.1% -61,088
Male 0.7% 0.6% -0.1% -39,148
Race/Ethnicity
Hispanic 1.7% 1.5% -0.2% -34,687
White 0.8% 0.7% -0.1% -37,472
Black 2.2% 2.0% -0.2% -19,646
Other 1.2% 1.1% -0.1% -8,428
Immigration
Immigrant 1.5% 1.4% -0.1% -26,199
Native Born 1.1% 1.0% -0.1% -74,037
Age
60–69 1.5% 1.4% -0.1% -30,480
70–79 1.1% 1.0% -0.1% -41,480
80–89 0.9% 0.8% -0.1% -19,218
90+ 0.7% 0.5% -0.1% -9,056
Marital Status
Never Married 3.4% 3.1% -0.2% -33,745
Married 0.4% 0.4% 0.0% -15,389
Divorced 1.5% 1.3% -0.2% -40,728
Widowed 1.2% 1.1% -0.1% -10,372
Education
Graduate 0.2% 0.2% -0.1% -5,347
Bachelor 0.4% 0.4% 0.0% -4,334
Associate 0.6% 0.6% -0.1% -13,502
High School 1.7% 1.6% -0.1% -44,182
Less than 12 Yrs 3.6% 3.2% -0.4% -32,869
Indiv. Income Quintile
$141,869+ 0.0% 0.0% 0.0% 0
$76,273 - $141,869 0.0% 0.0% 0.0% 0
$47,225 - $76,273 0.0% 0.0% 0.0% 0
$28,018 - $47,225 0.0% 0.0% 0.0% 0
$0-$28,018 5.9% 5.4% -0.5% -100,236
Hhld. Income Quintile
$234,849+ 0.0% 0.0% 0.0% 0
$125,659 - $234,849 0.0% 0.0% 0.0% 0
$74,813 - $125,659 0.0% 0.0% 0.0% 0
$41,558 - $74,813 0.0% 0.0% 0.0% 0
$0-$41,558 5.9% 5.4% -0.5% -100,236
Shared Earn. Quintile
$129,152+ 0.0% 0.0% 0.0% 0
$89,585 - $129,152 0.0% 0.0% 0.0% 0
$63,685 - $89,585 0.0% 0.0% 0.0% 0
$39,226 - $63,685 0.1% 0.0% 0.0% -1,710
$0-$39,226 5.8% 5.3% -0.5% -98,525
Benefit Type
Retired Worker 1.1% 1.0% -0.1% -83,817
Spousal & Worker 0.1% 0.1% 0.0% -1,756
Spousal Only 2.4% 2.4% 0.0% 0
Survivor & Worker 0.3% 0.3% 0.0% -2,548
Survivor Only 5.0% 5.0% 0.0% 0
Retired Disabled 2.0% 1.9% -0.1% -8,213
Disabled Worker 2.3% 2.3% -0.1% -3,901
Claiming Age
62 or younger 1.8% 1.6% -0.2% -78,774
63–66 0.5% 0.5% -0.1% -21,461
67 or older 0.8% 0.8% 0.0% 0
Quarters of Coverage
201+ 0.0% 0.0% 0.0% 0
161–200 0.0% 0.0% 0.0% 0
81–160 0.7% 0.4% -0.3% -98,568
0–80 7.8% 7.7% 0.0% -1,667
Own AIME Quintile
$11,030+ 0.0% 0.0% 0.0% 0
$7,326 - $11,030 0.0% 0.0% 0.0% 0
$5,076 - $7,326 0.0% 0.0% 0.0% 0
$2,910 - $5,076 0.0% 0.0% 0.0% -1,522
$0-$2,910 5.8% 5.3% -0.5% -98,713
Paying AIME Quintile
$12,519+ 0.0% 0.0% 0.0% 0
$8,545 - $12,519 0.0% 0.0% 0.0% 0
$6,145 - $8,545 0.0% 0.0% 0.0% 0
$3,923 - $6,145 0.0% 0.0% 0.0% -1,756
$0-$3,923 5.8% 5.3% -0.5% -98,480
Hhld. Benefit Quintile
$4,389+ 0.0% 0.0% 0.0% 0
$3,216 - $4,389 0.0% 0.0% 0.0% 0
$2,435 - $3,216 0.0% 0.0% 0.0% 0
$1,690 - $2,435 0.0% 0.0% 0.0% 0
$0-$1,690 5.9% 5.3% -0.5% -100,236
Adj. Gross Income
$181,671+ 0.0% 0.0% 0.0% 0
$123,969 - $181,671 0.0% 0.0% 0.0% -1,710
$82,014 - $123,969 0.0% 0.0% 0.0% 0
$1 - $82,014 1.0% 0.9% -0.1% -12,240
$0.00 3.0% 2.8% -0.3% -86,285
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 11/28/2012
Note: This proposal is based on specifications received from outside the Social Security Administration, unless noted otherwise. It does not represent the views of the agency.
Table 7. Poverty 2070: Reconfigure MinBen versus Payable
Characteristic Poverty Rate # of Poor Change
Payable Option Diff
Total 2.3% 1.1% -1.2% -1,164,836
Sex
Female 3.0% 1.5% -1.5% -776,792
Male 1.5% 0.6% -0.9% -388,044
Race/Ethnicity
Hispanic 3.3% 1.5% -1.7% -357,096
White 1.5% 0.7% -0.8% -450,624
Black 4.6% 2.0% -2.5% -254,754
Other 2.1% 1.1% -1.0% -102,361
Immigration
Immigrant 3.0% 1.4% -1.6% -340,529
Native Born 2.1% 1.0% -1.1% -824,307
Age
60–69 2.9% 1.4% -1.4% -415,423
70–79 2.3% 1.0% -1.2% -449,590
80–89 1.9% 0.8% -1.1% -245,652
90+ 1.4% 0.5% -0.8% -54,169
Marital Status
Never Married 6.2% 3.1% -3.1% -416,874
Married 0.8% 0.4% -0.5% -226,009
Divorced 3.3% 1.3% -2.0% -379,468
Widowed 2.2% 1.1% -1.0% -142,483
Education
Graduate 0.7% 0.2% -0.6% -58,982
Bachelor 0.7% 0.4% -0.3% -75,363
Associate 1.7% 0.6% -1.1% -246,034
High School 3.3% 1.6% -1.7% -529,004
Less than 12 Yrs 6.1% 3.2% -2.8% -255,451
Indiv. Income Quintile
$141,869+ 0.0% 0.0% 0.0% 0
$76,273 - $141,869 0.0% 0.0% 0.0% 0
$47,225 - $76,273 0.0% 0.0% 0.0% 0
$28,018 - $47,225 0.0% 0.0% 0.0% 0
$0-$28,018 11.6% 5.4% -6.2% -1,164,836
Hhld. Income Quintile
$234,849+ 0.0% 0.0% 0.0% 0
$125,659 - $234,849 0.0% 0.0% 0.0% 0
$74,813 - $125,659 0.0% 0.0% 0.0% 0
$41,558 - $74,813 0.0% 0.0% 0.0% 0
$0-$41,558 11.6% 5.4% -6.2% -1,164,836
Shared Earn. Quintile
$129,152+ 0.0% 0.0% 0.0% -2,661
$89,585 - $129,152 0.0% 0.0% 0.0% 0
$63,685 - $89,585 0.0% 0.0% 0.0% 0
$39,226 - $63,685 0.2% 0.0% -0.2% -34,127
$0-$39,226 11.2% 5.3% -6.0% -1,128,047
Benefit Type
Retired Worker 2.2% 1.0% -1.2% -777,906
Spousal & Worker 0.5% 0.1% -0.4% -13,827
Spousal Only 4.0% 2.4% -1.6% -19,953
Survivor & Worker 0.8% 0.3% -0.5% -50,829
Survivor Only 6.5% 5.0% -1.5% -11,921
Retired Disabled 3.7% 1.9% -1.9% -162,397
Disabled Worker 4.9% 2.3% -2.6% -128,000
Claiming Age
62 or younger 3.5% 1.6% -1.8% -854,959
63–66 1.1% 0.5% -0.6% -261,761
67 or older 1.6% 0.8% -0.8% -48,114
Quarters of Coverage
201+ 0.0% 0.0% 0.0% 0
161–200 0.1% 0.0% -0.1% -24,867
81–160 2.1% 0.4% -1.7% -603,617
0–80 12.5% 7.7% -4.8% -536,351
Own AIME Quintile
$11,030+ 0.0% 0.0% 0.0% 0
$7,326 - $11,030 0.0% 0.0% 0.0% 0
$5,076 - $7,326 0.0% 0.0% 0.0% -1,669
$2,910 - $5,076 0.6% 0.0% -0.6% -110,797
$0-$2,910 10.9% 5.3% -5.6% -1,052,369
Paying AIME Quintile
$12,519+ 0.0% 0.0% 0.0% 0
$8,545 - $12,519 0.0% 0.0% 0.0% 0
$6,145 - $8,545 0.1% 0.0% -0.1% -10,475
$3,923 - $6,145 0.1% 0.0% -0.1% -22,696
$0-$3,923 11.3% 5.3% -6.0% -1,131,664
Hhld. Benefit Quintile
$4,389+ 0.0% 0.0% 0.0% 0
$3,216 - $4,389 0.0% 0.0% 0.0% 0
$2,435 - $3,216 0.0% 0.0% 0.0% 0
$1,690 - $2,435 0.0% 0.0% 0.0% 0
$0-$1,690 11.5% 5.3% -6.2% -1,164,836
Adj. Gross Income
$181,671+ 0.0% 0.0% 0.0% 0
$123,969 - $181,671 0.0% 0.0% 0.0% -1,710
$82,014 - $123,969 0.0% 0.0% 0.0% 0
$1 - $82,014 1.7% 0.9% -0.8% -126,773
$0.00 6.1% 2.8% -3.3% -1,036,351
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 11/28/2012
Note: This proposal is based on specifications received from outside the Social Security Administration, unless noted otherwise. It does not represent the views of the agency.
Table 4. Median Monthly Scheduled Benefit, 2070
Characteristic Wage-Adjusted (2012 $) Inflation-Adjusted (2012 $) Nominal (2070 $)
Total $1,016 $2,062 $9,821
Sex
Female $920 $1,867 $8,892
Male $1,131 $2,295 $10,929
Race/Ethnicity
Hispanic $879 $1,784 $8,495
White $1,084 $2,200 $10,478
Black $945 $1,917 $9,129
Other $1,051 $2,132 $10,156
Immigration
Immigrant $907 $1,840 $8,765
Native Born $1,046 $2,122 $10,105
Age
60–69 $966 $1,960 $9,337
70–79 $1,031 $2,093 $9,967
80–89 $1,033 $2,095 $9,979
90+ $1,076 $2,184 $10,401
Marital Status
Never Married $927 $1,881 $8,961
Married $991 $2,010 $9,575
Divorced $1,067 $2,165 $10,312
Widowed $1,121 $2,276 $10,838
Education
Graduate $1,297 $2,632 $12,534
Bachelor $1,231 $2,498 $11,897
Associate $1,000 $2,030 $9,669
High School $907 $1,841 $8,768
Less than 12 Yrs $759 $1,541 $7,339
Indiv. Income Quintile
$141,869+ $1,435 $2,911 $13,865
$76,273 - $141,869 $1,237 $2,510 $11,954
$47,225 - $76,273 $1,090 $2,211 $10,532
$28,018 - $47,225 $942 $1,912 $9,105
$0-$28,018 $625 $1,268 $6,039
Hhld. Income Quintile
$234,849+ $1,354 $2,747 $13,082
$125,659 - $234,849 $1,200 $2,435 $11,599
$74,813 - $125,659 $1,080 $2,192 $10,438
$41,558 - $74,813 $949 $1,926 $9,171
$0-$41,558 $699 $1,419 $6,757
Shared Earn. Quintile
$129,152+ $1,532 $3,109 $14,809
$89,585 - $129,152 $1,265 $2,568 $12,229
$63,685 - $89,585 $1,034 $2,098 $9,993
$39,226 - $63,685 $841 $1,707 $8,130
$0-$39,226 $588 $1,193 $5,682
Benefit Type
Retired Worker $1,032 $2,095 $9,978
Spousal & Worker $656 $1,331 $6,341
Spousal Only $440 $892 $4,251
Survivor & Worker $1,183 $2,400 $11,429
Survivor Only $850 $1,725 $8,217
Retired Disabled $1,010 $2,050 $9,765
Disabled Worker $1,001 $2,032 $9,678
Claiming Age
62 or younger $874 $1,773 $8,446
63–66 $1,154 $2,341 $11,148
67 or older $1,404 $2,849 $13,567
Quarters of Coverage
201+ $1,409 $2,858 $13,612
161–200 $1,167 $2,367 $11,274
81–160 $853 $1,731 $8,247
0–80 $555 $1,126 $5,361
Own AIME Quintile
$11,030+ $1,586 $3,218 $15,327
$7,326 - $11,030 $1,247 $2,531 $12,054
$5,076 - $7,326 $976 $1,979 $9,427
$2,910 - $5,076 $762 $1,545 $7,360
$0-$2,910 $551 $1,117 $5,320
Paying AIME Quintile
$12,519+ $1,590 $3,227 $15,370
$8,545 - $12,519 $1,317 $2,672 $12,728
$6,145 - $8,545 $1,052 $2,135 $10,168
$3,923 - $6,145 $831 $1,685 $8,027
$0-$3,923 $562 $1,141 $5,432
Hhld. Benefit Quintile
$4,389+ $1,390 $2,820 $13,429
$3,216 - $4,389 $1,179 $2,392 $11,392
$2,435 - $3,216 $1,285 $2,606 $12,414
$1,690 - $2,435 $976 $1,981 $9,434
$0-$1,690 $610 $1,237 $5,893
Adj. Gross Income
$181,671+ $1,354 $2,748 $13,087
$123,969 - $181,671 $1,202 $2,440 $11,619
$82,014 - $123,969 $1,112 $2,257 $10,749
$1 - $82,014 $897 $1,819 $8,665
$0.00 $833 $1,690 $8,050
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 11/28/2012
Note: This proposal is based on specifications received from outside the Social Security Administration, unless noted otherwise. It does not represent the views of the agency.
Table 8. Median Monthly Payable Benefit, 2070
Characteristic Wage-Adjusted (2012 $) Inflation-Adjusted (2012 $) Nominal (2070 $)
Total $780 $1,584 $7,542
Sex
Female $707 $1,434 $6,829
Male $868 $1,762 $8,393
Race/Ethnicity
Hispanic $675 $1,370 $6,524
White $833 $1,690 $8,047
Black $725 $1,472 $7,011
Other $807 $1,638 $7,800
Immigration
Immigrant $697 $1,413 $6,732
Native Born $803 $1,629 $7,761
Age
60–69 $742 $1,506 $7,171
70–79 $792 $1,607 $7,654
80–89 $793 $1,609 $7,664
90+ $827 $1,677 $7,988
Marital Status
Never Married $712 $1,445 $6,882
Married $761 $1,544 $7,354
Divorced $819 $1,663 $7,919
Widowed $861 $1,748 $8,323
Education
Graduate $996 $2,021 $9,626
Bachelor $945 $1,918 $9,137
Associate $768 $1,559 $7,426
High School $697 $1,414 $6,734
Less than 12 Yrs $583 $1,183 $5,636
Indiv. Income Quintile
$141,869+ $1,102 $2,236 $10,649
$76,273 - $141,869 $950 $1,928 $9,181
$47,225 - $76,273 $837 $1,698 $8,089
$28,018 - $47,225 $724 $1,468 $6,993
$0-$28,018 $480 $974 $4,638
Hhld. Income Quintile
$234,849+ $1,040 $2,110 $10,047
$125,659 - $234,849 $922 $1,870 $8,908
$74,813 - $125,659 $830 $1,683 $8,017
$41,558 - $74,813 $729 $1,479 $7,043
$0-$41,558 $537 $1,090 $5,189
Shared Earn. Quintile
$129,152+ $1,177 $2,388 $11,373
$89,585 - $129,152 $972 $1,972 $9,392
$63,685 - $89,585 $794 $1,611 $7,675
$39,226 - $63,685 $646 $1,311 $6,244
$0-$39,226 $452 $916 $4,364
Benefit Type
Retired Worker $793 $1,609 $7,663
Spousal & Worker $504 $1,022 $4,870
Spousal Only $338 $685 $3,264
Survivor & Worker $908 $1,843 $8,777
Survivor Only $653 $1,325 $6,311
Retired Disabled $776 $1,575 $7,499
Disabled Worker $769 $1,561 $7,432
Claiming Age
62 or younger $671 $1,362 $6,487
63–66 $886 $1,798 $8,562
67 or older $1,078 $2,188 $10,420
Quarters of Coverage
201+ $1,082 $2,195 $10,454
161–200 $896 $1,818 $8,659
81–160 $655 $1,330 $6,333
0–80 $426 $865 $4,117
Own AIME Quintile
$11,030+ $1,218 $2,471 $11,771
$7,326 - $11,030 $958 $1,944 $9,258
$5,076 - $7,326 $749 $1,520 $7,240
$2,910 - $5,076 $585 $1,187 $5,653
$0-$2,910 $423 $858 $4,086
Paying AIME Quintile
$12,519+ $1,221 $2,478 $11,804
$8,545 - $12,519 $1,011 $2,052 $9,775
$6,145 - $8,545 $808 $1,640 $7,809
$3,923 - $6,145 $638 $1,294 $6,165
$0-$3,923 $432 $876 $4,172
Hhld. Benefit Quintile
$4,389+ $1,067 $2,165 $10,313
$3,216 - $4,389 $905 $1,837 $8,749
$2,435 - $3,216 $987 $2,002 $9,534
$1,690 - $2,435 $750 $1,521 $7,245
$0-$1,690 $468 $950 $4,526
Adj. Gross Income
$181,671+ $1,040 $2,110 $10,051
$123,969 - $181,671 $923 $1,874 $8,924
$82,014 - $123,969 $854 $1,733 $8,255
$1 - $82,014 $689 $1,397 $6,654
$0.00 $640 $1,298 $6,183
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 11/28/2012
Note: This proposal is based on specifications received from outside the Social Security Administration, unless noted otherwise. It does not represent the views of the agency.