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Benefit Formula Changes

Price index the PIA formula: Protect the bottom 30% of workers from price indexing

Projected effects on beneficiaries in 2070

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Table 1. Individual benefits 2070: Prog Price Index (Shield30) versus Scheduled
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total -18% 78% 0%
Sex
Female -15% 73% 0%
Male -22% 83% 0%
Race/Ethnicity
Hispanic -12% 68% 0%
White -21% 83% 0%
Black -13% 70% 0%
Other -20% 78% 0%
Immigration
Immigrant -14% 69% 0%
Native Born -20% 80% 0%
Age
60–69 -16% 70% 0%
70–79 -19% 78% 0%
80–89 -19% 83% 0%
90+ -18% 88% 0%
Marital Status
Never Married -12% 66% 0%
Married -20% 79% 0%
Divorced -19% 78% 0%
Widowed -19% 83% 0%
Education
Graduate -28% 90% 0%
Bachelor -26% 88% 0%
Associate -18% 79% 0%
High School -13% 71% 0%
Less than 12 Yrs -4% 54% 0%
Indiv. Income Quintile
$141,869+ -31% 96% 0%
$76,273 - $141,869 -26% 92% 0%
$47,225 - $76,273 -21% 86% 0%
$28,018 - $47,225 -13% 78% 0%
$0-$28,018 0% 35% 0%
Hhld. Income Quintile
$234,849+ -30% 93% 0%
$125,659 - $234,849 -26% 90% 0%
$74,813 - $125,659 -20% 84% 0%
$41,558 - $74,813 -14% 76% 0%
$0-$41,558 0% 44% 0%
Shared Earn. Quintile
$129,152+ -35% 99% 0%
$89,585 - $129,152 -28% 97% 0%
$63,685 - $89,585 -19% 93% 0%
$39,226 - $63,685 -9% 75% 0%
$0-$39,226 0% 23% 0%
Benefit Type
Retired Worker -20% 78% 0%
Spousal & Worker -18% 94% 0%
Spousal Only -11% 62% 0%
Survivor & Worker -20% 90% 0%
Survivor Only -9% 64% 0%
Retired Disabled -11% 70% 0%
Disabled Worker -6% 58% 0%
Claiming Age
62 or younger -14% 72% 0%
63–66 -22% 84% 0%
67 or older -22% 77% 0%
Quarters of Coverage
201+ -30% 99% 0%
161–200 -24% 93% 0%
81–160 -10% 66% 0%
0–80 0% 41% 0%
Own AIME Quintile
$11,030+ -36% 100% 0%
$7,326 - $11,030 -27% 100% 0%
$5,076 - $7,326 -15% 100% 0%
$2,910 - $5,076 -1% 53% 0%
$0-$2,910 0% 34% 0%
Paying AIME Quintile
$12,519+ -36% 100% 0%
$8,545 - $12,519 -30% 100% 0%
$6,145 - $8,545 -20% 100% 0%
$3,923 - $6,145 -7% 87% 0%
$0-$3,923 0% 1% 0%
Hhld. Benefit Quintile
$4,389+ -32% 98% 0%
$3,216 - $4,389 -26% 91% 0%
$2,435 - $3,216 -24% 87% 0%
$1,690 - $2,435 -14% 82% 0%
$0-$1,690 0% 29% 0%
Adj. Gross Income
$181,671+ -31% 94% 0%
$123,969 - $181,671 -26% 91% 0%
$82,014 - $123,969 -22% 86% 0%
$1 - $82,014 -13% 69% 0%
$0.00 -8% 62% 0%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 03/30/2012
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: Prog Price Index (Shield30) versus Payable
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total 5% 40% 57%
Sex
Female 9% 33% 64%
Male 0% 48% 49%
Race/Ethnicity
Hispanic 14% 27% 71%
White 1% 45% 51%
Black 12% 32% 65%
Other 4% 43% 54%
Immigration
Immigrant 11% 32% 65%
Native Born 4% 42% 55%
Age
60–69 8% 40% 58%
70–79 4% 42% 55%
80–89 4% 40% 56%
90+ 6% 22% 70%
Marital Status
Never Married 13% 31% 66%
Married 4% 43% 54%
Divorced 4% 41% 56%
Widowed 5% 36% 60%
Education
Graduate -6% 60% 37%
Bachelor -4% 57% 40%
Associate 6% 38% 59%
High School 12% 28% 69%
Less than 12 Yrs 24% 18% 80%
Indiv. Income Quintile
$141,869+ -10% 73% 23%
$76,273 - $141,869 -4% 58% 37%
$47,225 - $76,273 2% 42% 54%
$28,018 - $47,225 12% 21% 75%
$0-$28,018 30% 2% 97%
Hhld. Income Quintile
$234,849+ -9% 68% 29%
$125,659 - $234,849 -4% 57% 40%
$74,813 - $125,659 3% 42% 54%
$41,558 - $74,813 11% 26% 71%
$0-$41,558 30% 5% 93%
Shared Earn. Quintile
$129,152+ -15% 86% 12%
$89,585 - $129,152 -6% 67% 27%
$63,685 - $89,585 4% 32% 62%
$39,226 - $63,685 18% 10% 87%
$0-$39,226 30% 2% 98%
Benefit Type
Retired Worker 3% 43% 54%
Spousal & Worker 5% 37% 60%
Spousal Only 15% 30% 68%
Survivor & Worker 3% 41% 55%
Survivor Only 17% 25% 73%
Retired Disabled 15% 24% 73%
Disabled Worker 21% 22% 76%
Claiming Age
62 or younger 11% 32% 65%
63–66 0% 48% 49%
67 or older 1% 46% 51%
Quarters of Coverage
201+ -9% 71% 25%
161–200 -1% 50% 46%
81–160 16% 24% 73%
0–80 30% 15% 84%
Own AIME Quintile
$11,030+ -17% 96% 3%
$7,326 - $11,030 -5% 73% 19%
$5,076 - $7,326 9% 9% 88%
$2,910 - $5,076 27% 6% 93%
$0-$2,910 30% 14% 84%
Paying AIME Quintile
$12,519+ -17% 90% 9%
$8,545 - $12,519 -9% 82% 14%
$6,145 - $8,545 3% 26% 65%
$3,923 - $6,145 20% 1% 99%
$0-$3,923 30% 0% 100%
Hhld. Benefit Quintile
$4,389+ -11% 73% 24%
$3,216 - $4,389 -3% 55% 41%
$2,435 - $3,216 -1% 52% 43%
$1,690 - $2,435 11% 14% 81%
$0-$1,690 30% 3% 96%
Adj. Gross Income
$181,671+ -10% 71% 26%
$123,969 - $181,671 -4% 57% 40%
$82,014 - $123,969 0% 47% 49%
$1 - $82,014 13% 26% 70%
$0.00 19% 18% 79%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 03/30/2012
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: Prog Price Index (Shield30) 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 48% 18% 11% 22% 0% 0% 0%
Sex
Female 41% 20% 13% 27% 0% 0% 0%
Male 56% 17% 10% 17% 0% 0% 0%
Race/Ethnicity
Hispanic 34% 21% 13% 32% 0% 0% 0%
White 54% 18% 11% 17% 0% 0% 0%
Black 39% 18% 14% 30% 0% 0% 0%
Other 50% 17% 11% 22% 0% 0% 0%
Immigration
Immigrant 39% 18% 12% 31% 0% 0% 0%
Native Born 50% 18% 11% 20% 0% 0% 0%
Age
60–69 45% 14% 11% 30% 0% 0% 0%
70–79 50% 17% 11% 22% 0% 0% 0%
80–89 50% 21% 12% 17% 0% 0% 0%
90+ 42% 33% 14% 12% 0% 0% 0%
Marital Status
Never Married 38% 16% 12% 34% 0% 0% 0%
Married 50% 17% 12% 21% 0% 0% 0%
Divorced 49% 18% 10% 22% 0% 0% 0%
Widowed 47% 24% 12% 17% 0% 0% 0%
Education
Graduate 68% 15% 7% 10% 0% 0% 0%
Bachelor 65% 15% 8% 12% 0% 0% 0%
Associate 47% 20% 12% 21% 0% 0% 0%
High School 36% 21% 15% 29% 0% 0% 0%
Less than 12 Yrs 23% 18% 13% 46% 0% 0% 0%
Indiv. Income Quintile
$141,869+ 81% 11% 4% 4% 0% 0% 0%
$76,273 - $141,869 68% 16% 8% 8% 0% 0% 0%
$47,225 - $76,273 53% 22% 11% 14% 0% 0% 0%
$28,018 - $47,225 32% 29% 18% 22% 0% 0% 0%
$0-$28,018 4% 13% 18% 65% 0% 0% 0%
Hhld. Income Quintile
$234,849+ 76% 12% 5% 7% 0% 0% 0%
$125,659 - $234,849 65% 16% 9% 10% 0% 0% 0%
$74,813 - $125,659 52% 20% 11% 16% 0% 0% 0%
$41,558 - $74,813 35% 26% 15% 24% 0% 0% 0%
$0-$41,558 9% 17% 18% 56% 0% 0% 0%
Shared Earn. Quintile
$129,152+ 91% 6% 1% 1% 0% 0% 0%
$89,585 - $129,152 79% 13% 5% 3% 0% 0% 0%
$63,685 - $89,585 48% 35% 10% 7% 0% 0% 0%
$39,226 - $63,685 17% 29% 28% 25% 0% 0% 0%
$0-$39,226 3% 7% 13% 77% 0% 0% 0%
Benefit Type
Retired Worker 51% 16% 10% 22% 0% 0% 0%
Spousal & Worker 47% 28% 20% 6% 0% 0% 0%
Spousal Only 36% 17% 9% 38% 0% 0% 0%
Survivor & Worker 53% 25% 11% 10% 0% 0% 0%
Survivor Only 32% 17% 14% 36% 0% 0% 0%
Retired Disabled 31% 21% 17% 30% 0% 0% 0%
Disabled Worker 27% 17% 14% 42% 0% 0% 0%
Claiming Age
62 or younger 39% 19% 13% 28% 0% 0% 0%
63–66 56% 18% 10% 16% 0% 0% 0%
67 or older 54% 14% 9% 23% 0% 0% 0%
Quarters of Coverage
201+ 80% 14% 4% 1% 0% 0% 0%
161–200 60% 22% 11% 7% 0% 0% 0%
81–160 31% 19% 15% 34% 0% 0% 0%
0–80 19% 11% 11% 59% 0% 0% 0%
Own AIME Quintile
$11,030+ 99% 1% 0% 0% 0% 0% 0%
$7,326 - $11,030 90% 9% 0% 0% 0% 0% 0%
$5,076 - $7,326 23% 64% 13% 0% 0% 0% 0%
$2,910 - $5,076 9% 7% 37% 47% 0% 0% 0%
$0-$2,910 18% 10% 7% 66% 0% 0% 0%
Paying AIME Quintile
$12,519+ 94% 5% 1% 0% 0% 0% 0%
$8,545 - $12,519 91% 7% 2% 0% 0% 0% 0%
$6,145 - $8,545 52% 45% 2% 0% 0% 0% 0%
$3,923 - $6,145 1% 35% 51% 13% 0% 0% 0%
$0-$3,923 0% 0% 0% 99% 0% 0% 0%
Hhld. Benefit Quintile
$4,389+ 81% 13% 5% 2% 0% 0% 0%
$3,216 - $4,389 64% 17% 10% 9% 0% 0% 0%
$2,435 - $3,216 62% 16% 8% 13% 0% 0% 0%
$1,690 - $2,435 28% 38% 16% 18% 0% 0% 0%
$0-$1,690 4% 8% 18% 71% 0% 0% 0%
Adj. Gross Income
$181,671+ 78% 11% 5% 6% 0% 0% 0%
$123,969 - $181,671 66% 16% 9% 9% 0% 0% 0%
$82,014 - $123,969 56% 19% 10% 14% 0% 0% 0%
$1 - $82,014 35% 21% 13% 31% 0% 0% 0%
$0.00 26% 21% 16% 38% 0% 0% 0%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 03/30/2012
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: Prog Price Index (Shield30) 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 9% 15% 15% 3% 14% 13% 31%
Sex
Female 6% 12% 15% 3% 15% 13% 36%
Male 13% 19% 16% 3% 13% 12% 24%
Race/Ethnicity
Hispanic 6% 9% 12% 3% 14% 15% 42%
White 11% 18% 17% 3% 14% 12% 25%
Black 7% 13% 12% 3% 12% 14% 39%
Other 12% 17% 14% 3% 12% 12% 30%
Immigration
Immigrant 8% 12% 12% 3% 12% 13% 40%
Native Born 10% 16% 16% 3% 14% 13% 28%
Age
60–69 18% 11% 10% 2% 10% 11% 38%
70–79 9% 20% 13% 3% 13% 12% 30%
80–89 1% 16% 23% 4% 16% 14% 26%
90+ 0% 2% 21% 8% 30% 18% 22%
Marital Status
Never Married 8% 12% 12% 3% 11% 12% 43%
Married 12% 16% 14% 3% 13% 12% 29%
Divorced 10% 17% 15% 3% 14% 12% 30%
Widowed 3% 12% 21% 5% 19% 15% 26%
Education
Graduate 19% 23% 18% 3% 13% 9% 15%
Bachelor 16% 22% 18% 3% 13% 9% 18%
Associate 7% 15% 16% 3% 15% 14% 30%
High School 5% 10% 13% 3% 14% 16% 39%
Less than 12 Yrs 3% 7% 8% 2% 12% 14% 55%
Indiv. Income Quintile
$141,869+ 24% 29% 21% 3% 11% 6% 7%
$76,273 - $141,869 15% 23% 20% 4% 15% 10% 13%
$47,225 - $76,273 6% 17% 19% 4% 17% 15% 22%
$28,018 - $47,225 1% 7% 13% 4% 20% 20% 35%
$0-$28,018 0% 0% 1% 1% 6% 13% 78%
Hhld. Income Quintile
$234,849+ 23% 26% 19% 3% 11% 8% 10%
$125,659 - $234,849 14% 23% 20% 3% 14% 10% 16%
$74,813 - $125,659 8% 16% 18% 4% 17% 13% 24%
$41,558 - $74,813 2% 9% 14% 3% 18% 18% 35%
$0-$41,558 0% 1% 4% 2% 9% 15% 69%
Shared Earn. Quintile
$129,152+ 33% 35% 18% 2% 7% 3% 2%
$89,585 - $129,152 10% 27% 30% 5% 15% 7% 6%
$63,685 - $89,585 3% 10% 19% 6% 29% 20% 14%
$39,226 - $63,685 1% 2% 7% 2% 15% 26% 46%
$0-$39,226 0% 1% 1% 0% 3% 8% 87%
Benefit Type
Retired Worker 11% 17% 15% 3% 13% 11% 30%
Spousal & Worker 7% 15% 15% 3% 20% 20% 20%
Spousal Only 10% 10% 10% 2% 13% 10% 45%
Survivor & Worker 6% 15% 20% 4% 21% 16% 18%
Survivor Only 4% 5% 15% 3% 13% 14% 45%
Retired Disabled 2% 9% 12% 3% 13% 18% 42%
Disabled Worker 7% 7% 8% 2% 10% 13% 53%
Claiming Age
62 or younger 7% 12% 13% 3% 13% 14% 38%
63–66 12% 18% 17% 3% 15% 12% 23%
67 or older 12% 18% 16% 3% 12% 9% 30%
Quarters of Coverage
201+ 20% 28% 23% 4% 13% 7% 4%
161–200 12% 19% 19% 4% 17% 14% 14%
81–160 4% 9% 11% 3% 13% 15% 46%
0–80 3% 5% 7% 1% 7% 9% 67%
Own AIME Quintile
$11,030+ 39% 41% 16% 1% 2% 0% 0%
$7,326 - $11,030 3% 25% 45% 8% 17% 2% 0%
$5,076 - $7,326 1% 2% 5% 4% 38% 46% 4%
$2,910 - $5,076 1% 2% 3% 1% 5% 9% 79%
$0-$2,910 3% 5% 6% 1% 7% 7% 70%
Paying AIME Quintile
$12,519+ 38% 36% 16% 2% 5% 2% 1%
$8,545 - $12,519 7% 39% 36% 5% 10% 3% 1%
$6,145 - $8,545 1% 1% 23% 9% 49% 15% 1%
$3,923 - $6,145 0% 0% 0% 0% 5% 43% 51%
$0-$3,923 0% 0% 0% 0% 0% 0% 100%
Hhld. Benefit Quintile
$4,389+ 23% 32% 19% 3% 11% 8% 5%
$3,216 - $4,389 14% 22% 19% 4% 14% 11% 17%
$2,435 - $3,216 7% 19% 26% 5% 15% 9% 19%
$1,690 - $2,435 2% 2% 11% 4% 27% 25% 29%
$0-$1,690 2% 0% 1% 0% 2% 10% 85%
Adj. Gross Income
$181,671+ 25% 27% 19% 3% 10% 7% 9%
$123,969 - $181,671 14% 24% 19% 4% 14% 10% 16%
$82,014 - $123,969 9% 19% 20% 4% 15% 13% 21%
$1 - $82,014 4% 9% 13% 3% 16% 14% 41%
$0.00 2% 6% 10% 3% 14% 16% 49%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 03/30/2012
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: Prog Price Index (Shield30) versus Scheduled
Characteristic Poverty Rate # of Poor Change
Scheduled Option Diff
Total 1.2% 1.2% 0.0% 12,814
Sex
Female 1.6% 1.6% 0.0% 7,296
Male 0.7% 0.7% 0.0% 5,518
Race/Ethnicity
Hispanic 1.7% 1.7% 0.0% 1,708
White 0.8% 0.8% 0.0% 8,331
Black 2.2% 2.2% 0.0% 2,774
Other 1.2% 1.2% 0.0% 0
Immigration
Immigrant 1.5% 1.5% 0.0% 0
Native Born 1.1% 1.1% 0.0% 12,814
Age
60–69 1.5% 1.5% 0.0% 4,522
70–79 1.1% 1.2% 0.0% 8,292
80–89 0.9% 0.9% 0.0% 0
90+ 0.7% 0.7% 0.0% 0
Marital Status
Never Married 3.4% 3.4% 0.0% 0
Married 0.4% 0.4% 0.0% 0
Divorced 1.5% 1.6% 0.1% 12,814
Widowed 1.2% 1.2% 0.0% 0
Education
Graduate 0.2% 0.2% 0.0% 0
Bachelor 0.4% 0.4% 0.0% 0
Associate 0.6% 0.7% 0.0% 6,583
High School 1.7% 1.7% 0.0% 6,230
Less than 12 Yrs 3.6% 3.6% 0.0% 0
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% 6.0% 0.1% 12,814
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% 6.0% 0.1% 12,814
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% 0.1% 0.0% 9,270
$0-$39,226 5.8% 5.8% 0.0% 3,544
Benefit Type
Retired Worker 1.1% 1.1% 0.0% 0
Spousal & Worker 0.1% 0.4% 0.2% 9,004
Spousal Only 2.4% 2.4% 0.0% 0
Survivor & Worker 0.3% 0.3% 0.0% 0
Survivor Only 5.0% 5.0% 0.0% 0
Retired Disabled 2.0% 2.0% 0.0% 3,809
Disabled Worker 2.3% 2.3% 0.0% 0
Claiming Age
62 or younger 1.8% 1.8% 0.0% 10,978
63–66 0.5% 0.5% 0.0% 1,835
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% 0.7% 0.0% 7,169
0–80 7.8% 7.8% 0.1% 5,645
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% 0
$0-$2,910 5.8% 5.9% 0.1% 12,814
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% 9,004
$3,923 - $6,145 0.0% 0.0% 0.0% 3,809
$0-$3,923 5.8% 5.8% 0.0% 0
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% 5.9% 0.1% 12,814
Adj. Gross Income
$181,671+ 0.0% 0.0% 0.0% 0
$123,969 - $181,671 0.0% 0.0% 0.0% 0
$82,014 - $123,969 0.0% 0.0% 0.0% 0
$1 - $82,014 1.0% 1.0% 0.0% 0
$0.00 3.0% 3.1% 0.0% 12,814
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 03/30/2012
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: Prog Price Index (Shield30) versus Payable
Characteristic Poverty Rate # of Poor Change
Payable Option Diff
Total 2.3% 1.2% -1.1% -1,051,785
Sex
Female 3.0% 1.6% -1.4% -708,407
Male 1.5% 0.7% -0.8% -343,377
Race/Ethnicity
Hispanic 3.3% 1.7% -1.6% -320,699
White 1.5% 0.8% -0.7% -404,819
Black 4.6% 2.2% -2.3% -232,333
Other 2.1% 1.2% -0.9% -93,932
Immigration
Immigrant 3.0% 1.5% -1.5% -314,329
Native Born 2.1% 1.1% -1.0% -737,455
Age
60–69 2.9% 1.5% -1.3% -380,420
70–79 2.3% 1.2% -1.1% -399,817
80–89 1.9% 0.9% -1.0% -226,434
90+ 1.4% 0.7% -0.7% -45,113
Marital Status
Never Married 6.2% 3.4% -2.8% -383,129
Married 0.8% 0.4% -0.4% -210,620
Divorced 3.3% 1.6% -1.7% -325,925
Widowed 2.2% 1.2% -0.9% -132,110
Education
Graduate 0.7% 0.2% -0.5% -53,634
Bachelor 0.7% 0.4% -0.3% -71,028
Associate 1.7% 0.7% -1.0% -225,947
High School 3.3% 1.7% -1.5% -478,591
Less than 12 Yrs 6.1% 3.6% -2.5% -222,582
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% 6.0% -5.6% -1,051,785
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% 6.0% -5.6% -1,051,785
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% 0.1% -0.1% -23,146
$0-$39,226 11.2% 5.8% -5.4% -1,025,977
Benefit Type
Retired Worker 2.2% 1.1% -1.1% -694,089
Spousal & Worker 0.5% 0.4% -0.1% -3,066
Spousal Only 4.0% 2.4% -1.6% -19,953
Survivor & Worker 0.8% 0.3% -0.5% -48,280
Survivor Only 6.5% 5.0% -1.5% -11,921
Retired Disabled 3.7% 2.0% -1.7% -150,374
Disabled Worker 4.9% 2.3% -2.6% -124,099
Claiming Age
62 or younger 3.5% 1.8% -1.6% -765,206
63–66 1.1% 0.5% -0.6% -238,464
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% 0.7% -1.4% -497,879
0–80 12.5% 7.8% -4.7% -529,038
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% -109,274
$0-$2,910 10.9% 5.9% -5.0% -940,841
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% 0.0% -1,470
$3,923 - $6,145 0.1% 0.0% -0.1% -17,130
$0-$3,923 11.3% 5.8% -5.5% -1,033,183
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% 5.9% -5.6% -1,051,785
Adj. Gross Income
$181,671+ 0.0% 0.0% 0.0% 0
$123,969 - $181,671 0.0% 0.0% 0.0% 0
$82,014 - $123,969 0.0% 0.0% 0.0% 0
$1 - $82,014 1.7% 1.0% -0.7% -114,533
$0.00 6.1% 3.1% -3.0% -937,252
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 03/30/2012
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: 03/30/2012
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: 03/30/2012
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.