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Benefit Formula Changes

Reduce the 90%, 32%, and 15% PIA factors to 69.2%, 24.6%, and 11.5% over a 28-year period

Projected effects on beneficiaries in 2050

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Table 1. Individual benefits 2050: PIA Factors to 69.2 24.6 11.5 versus Scheduled
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total -17% 89% 0%
Sex
Female -16% 89% 0%
Male -18% 90% 0%
Race/Ethnicity
Hispanic -18% 89% 0%
White -16% 91% 0%
Black -16% 81% 0%
Other -18% 91% 0%
Immigration
Immigrant -18% 91% 0%
Native Born -17% 89% 0%
Age
60–69 -22% 82% 0%
70–79 -18% 95% 0%
80–89 -11% 95% 0%
90+ -4% 74% 0%
Marital Status
Never Married -18% 85% 0%
Married -19% 92% 0%
Divorced -17% 91% 0%
Widowed -9% 85% 0%
Education
Graduate -17% 93% 0%
Bachelor -17% 93% 0%
Associate -16% 89% 0%
High School -16% 87% 0%
Less than 12 Yrs -19% 86% 0%
Indiv. Income Quintile
$118,077+ -15% 94% 0%
$63,076 - $118,077 -18% 93% 0%
$38,685 - $63,076 -18% 90% 0%
$23,078 - $38,685 -17% 87% 0%
$0-$23,078 -17% 83% 0%
Hhld. Income Quintile
$191,900+ -17% 93% 0%
$102,458 - $191,900 -18% 92% 0%
$60,945 - $102,458 -18% 91% 0%
$33,624 - $60,945 -16% 88% 0%
$0-$33,624 -15% 82% 0%
Shared Earn. Quintile
$106,162+ -17% 95% 0%
$74,636 - $106,162 -17% 94% 0%
$52,919 - $74,636 -17% 92% 0%
$32,782 - $52,919 -18% 88% 0%
$0-$32,782 -17% 77% 0%
Benefit Type
Retired Worker -20% 99% 0%
Spousal & Worker -18% 99% 0%
Spousal Only -19% 94% 1%
Survivor & Worker -10% 86% 0%
Survivor Only -11% 87% 0%
Retired Disabled -8% 69% 0%
Disabled Worker 0% 5% 0%
Claiming Age
62 or younger -16% 82% 0%
63–66 -18% 97% 0%
67 or older -16% 97% 0%
Quarters of Coverage
201+ -17% 98% 0%
161–200 -18% 95% 0%
81–160 -16% 85% 0%
0–80 -14% 73% 0%
Own AIME Quintile
$8,955+ -17% 95% 0%
$5,945 - $8,955 -17% 92% 0%
$4,095 - $5,945 -17% 89% 0%
$2,356 - $4,095 -17% 85% 0%
$0-$2,356 -17% 84% 0%
Paying AIME Quintile
$10,370+ -15% 94% 0%
$7,219 - $10,370 -16% 92% 0%
$5,128 - $7,219 -17% 91% 0%
$3,307 - $5,128 -18% 88% 0%
$0-$3,307 -18% 81% 0%
Hhld. Benefit Quintile
$3,486+ -19% 96% 0%
$2,564 - $3,486 -18% 93% 0%
$1,975 - $2,564 -15% 90% 0%
$1,382 - $1,975 -15% 86% 0%
$0-$1,382 -17% 82% 0%
Adj. Gross Income
$146,400+ -19% 95% 0%
$99,794 - $146,400 -18% 93% 0%
$66,090 - $99,794 -17% 92% 0%
$1 - $66,090 -17% 89% 0%
$0.00 -15% 84% 0%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 12/03/2012
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 2050: PIA Factors to 69.2 24.6 11.5 versus Payable
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total 5% 3% 68%
Sex
Female 6% 3% 70%
Male 4% 3% 65%
Race/Ethnicity
Hispanic 3% 4% 65%
White 6% 3% 69%
Black 6% 3% 70%
Other 4% 3% 67%
Immigration
Immigrant 4% 3% 68%
Native Born 5% 3% 68%
Age
60–69 0% 9% 25%
70–79 3% 1% 79%
80–89 13% 0% 100%
90+ 22% 0% 100%
Marital Status
Never Married 3% 4% 63%
Married 2% 4% 59%
Divorced 5% 3% 67%
Widowed 15% 1% 94%
Education
Graduate 5% 4% 69%
Bachelor 5% 4% 68%
Associate 6% 3% 69%
High School 6% 3% 69%
Less than 12 Yrs 2% 3% 59%
Indiv. Income Quintile
$118,077+ 7% 5% 72%
$63,076 - $118,077 4% 6% 64%
$38,685 - $63,076 4% 4% 65%
$23,078 - $38,685 5% 1% 70%
$0-$23,078 5% 1% 69%
Hhld. Income Quintile
$191,900+ 5% 5% 66%
$102,458 - $191,900 3% 5% 63%
$60,945 - $102,458 4% 4% 66%
$33,624 - $60,945 6% 2% 71%
$0-$33,624 7% 0% 75%
Shared Earn. Quintile
$106,162+ 5% 4% 69%
$74,636 - $106,162 5% 3% 69%
$52,919 - $74,636 5% 3% 67%
$32,782 - $52,919 4% 3% 67%
$0-$32,782 5% 2% 69%
Benefit Type
Retired Worker 2% 4% 58%
Spousal & Worker 3% 8% 63%
Spousal Only 2% 5% 67%
Survivor & Worker 14% 1% 89%
Survivor Only 12% 3% 88%
Retired Disabled 16% 0% 90%
Disabled Worker 27% 0% 99%
Claiming Age
62 or younger 6% 3% 68%
63–66 4% 4% 66%
67 or older 6% 1% 80%
Quarters of Coverage
201+ 5% 5% 68%
161–200 4% 3% 65%
81–160 6% 3% 68%
0–80 9% 2% 76%
Own AIME Quintile
$8,955+ 5% 4% 68%
$5,945 - $8,955 5% 3% 67%
$4,095 - $5,945 5% 3% 68%
$2,356 - $4,095 5% 3% 68%
$0-$2,356 5% 3% 68%
Paying AIME Quintile
$10,370+ 7% 3% 74%
$7,219 - $10,370 6% 3% 71%
$5,128 - $7,219 5% 3% 67%
$3,307 - $5,128 4% 4% 67%
$0-$3,307 3% 3% 61%
Hhld. Benefit Quintile
$3,486+ 2% 2% 64%
$2,564 - $3,486 4% 2% 67%
$1,975 - $2,564 8% 2% 73%
$1,382 - $1,975 8% 3% 72%
$0-$1,382 5% 7% 64%
Adj. Gross Income
$146,400+ 2% 6% 62%
$99,794 - $146,400 3% 5% 64%
$66,090 - $99,794 5% 4% 67%
$1 - $66,090 5% 4% 66%
$0.00 8% 0% 75%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 12/03/2012
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 2050: PIA Factors to 69.2 24.6 11.5 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 38% 37% 14% 11% 0% 0% 0%
Sex
Female 36% 36% 16% 11% 0% 0% 0%
Male 42% 38% 11% 10% 0% 0% 0%
Race/Ethnicity
Hispanic 42% 37% 10% 11% 0% 0% 0%
White 38% 37% 16% 9% 0% 0% 0%
Black 35% 35% 11% 19% 0% 0% 0%
Other 40% 39% 11% 9% 0% 0% 0%
Immigration
Immigrant 40% 40% 11% 9% 0% 0% 0%
Native Born 38% 36% 15% 11% 0% 0% 0%
Age
60–69 76% 4% 2% 18% 0% 0% 0%
70–79 37% 54% 4% 5% 0% 0% 0%
80–89 1% 64% 30% 5% 0% 0% 0%
90+ 0% 2% 72% 26% 0% 0% 0%
Marital Status
Never Married 43% 33% 9% 15% 0% 0% 0%
Married 49% 37% 5% 8% 0% 0% 0%
Divorced 40% 37% 14% 9% 0% 0% 0%
Widowed 8% 40% 38% 15% 0% 0% 0%
Education
Graduate 38% 40% 15% 7% 0% 0% 0%
Bachelor 39% 40% 15% 7% 0% 0% 0%
Associate 37% 37% 15% 11% 0% 0% 0%
High School 37% 36% 14% 13% 0% 0% 0%
Less than 12 Yrs 49% 30% 7% 14% 0% 0% 0%
Indiv. Income Quintile
$118,077+ 35% 39% 20% 6% 0% 0% 0%
$63,076 - $118,077 43% 35% 15% 7% 0% 0% 0%
$38,685 - $63,076 41% 36% 12% 10% 0% 0% 0%
$23,078 - $38,685 37% 38% 13% 13% 0% 0% 0%
$0-$23,078 37% 36% 10% 17% 0% 0% 0%
Hhld. Income Quintile
$191,900+ 41% 37% 15% 7% 0% 0% 0%
$102,458 - $191,900 44% 35% 13% 8% 0% 0% 0%
$60,945 - $102,458 41% 37% 13% 9% 0% 0% 0%
$33,624 - $60,945 36% 38% 14% 12% 0% 0% 0%
$0-$33,624 31% 37% 14% 18% 0% 0% 0%
Shared Earn. Quintile
$106,162+ 38% 40% 17% 4% 0% 0% 0%
$74,636 - $106,162 38% 40% 17% 6% 0% 0% 0%
$52,919 - $74,636 39% 39% 14% 8% 0% 0% 0%
$32,782 - $52,919 40% 36% 13% 12% 0% 0% 0%
$0-$32,782 37% 30% 9% 23% 0% 0% 0%
Benefit Type
Retired Worker 50% 40% 9% 1% 0% 0% 0%
Spousal & Worker 45% 47% 7% 1% 0% 0% 0%
Spousal Only 44% 46% 4% 5% 0% 0% 0%
Survivor & Worker 15% 36% 36% 14% 0% 0% 0%
Survivor Only 14% 44% 29% 13% 0% 0% 0%
Retired Disabled 13% 33% 23% 31% 0% 0% 0%
Disabled Worker 1% 2% 1% 95% 0% 0% 0%
Claiming Age
62 or younger 37% 31% 14% 18% 0% 0% 0%
63–66 42% 41% 14% 3% 0% 0% 0%
67 or older 29% 53% 16% 3% 0% 0% 0%
Quarters of Coverage
201+ 39% 42% 16% 2% 0% 0% 0%
161–200 43% 39% 14% 5% 0% 0% 0%
81–160 37% 34% 14% 15% 0% 0% 0%
0–80 29% 32% 13% 27% 0% 0% 0%
Own AIME Quintile
$8,955+ 39% 41% 15% 5% 0% 0% 0%
$5,945 - $8,955 40% 38% 15% 8% 0% 0% 0%
$4,095 - $5,945 38% 38% 13% 11% 0% 0% 0%
$2,356 - $4,095 37% 35% 13% 14% 0% 0% 0%
$0-$2,356 38% 34% 13% 15% 0% 0% 0%
Paying AIME Quintile
$10,370+ 32% 42% 20% 6% 0% 0% 0%
$7,219 - $10,370 35% 39% 18% 8% 0% 0% 0%
$5,128 - $7,219 40% 38% 13% 9% 0% 0% 0%
$3,307 - $5,128 40% 37% 10% 12% 0% 0% 0%
$0-$3,307 45% 29% 8% 19% 0% 0% 0%
Hhld. Benefit Quintile
$3,486+ 46% 44% 6% 4% 0% 0% 0%
$2,564 - $3,486 41% 40% 12% 7% 0% 0% 0%
$1,975 - $2,564 33% 37% 21% 10% 0% 0% 0%
$1,382 - $1,975 33% 34% 19% 14% 0% 0% 0%
$0-$1,382 41% 29% 13% 18% 0% 0% 0%
Adj. Gross Income
$146,400+ 46% 38% 11% 4% 0% 0% 0%
$99,794 - $146,400 43% 37% 12% 7% 0% 0% 0%
$66,090 - $99,794 40% 37% 15% 8% 0% 0% 0%
$1 - $66,090 39% 35% 14% 11% 0% 0% 0%
$0.00 31% 37% 16% 16% 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: 12/03/2012
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 2050: PIA Factors to 69.2 24.6 11.5 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 1% 1% 1% 29% 31% 20% 17%
Sex
Female 1% 1% 1% 27% 30% 21% 19%
Male 2% 1% 1% 31% 33% 18% 14%
Race/Ethnicity
Hispanic 1% 1% 1% 32% 34% 16% 15%
White 1% 1% 1% 28% 30% 22% 16%
Black 1% 1% 1% 27% 31% 17% 23%
Other 1% 1% 1% 30% 35% 17% 15%
Immigration
Immigrant 1% 1% 1% 29% 36% 19% 13%
Native Born 1% 1% 1% 29% 30% 20% 18%
Age
60–69 4% 3% 2% 66% 5% 2% 19%
70–79 0% 0% 1% 20% 67% 6% 7%
80–89 0% 0% 0% 0% 22% 65% 12%
90+ 0% 0% 0% 0% 0% 20% 79%
Marital Status
Never Married 2% 1% 1% 33% 30% 14% 18%
Married 2% 2% 1% 37% 36% 13% 10%
Divorced 1% 1% 1% 30% 32% 20% 15%
Widowed 0% 0% 0% 5% 22% 39% 33%
Education
Graduate 1% 1% 1% 27% 34% 22% 13%
Bachelor 2% 1% 1% 28% 34% 21% 13%
Associate 1% 1% 1% 28% 31% 21% 18%
High School 1% 1% 1% 28% 30% 20% 19%
Less than 12 Yrs 1% 1% 1% 38% 31% 11% 17%
Indiv. Income Quintile
$118,077+ 2% 2% 1% 23% 31% 25% 16%
$63,076 - $118,077 2% 2% 1% 30% 30% 21% 13%
$38,685 - $63,076 1% 1% 1% 32% 31% 18% 16%
$23,078 - $38,685 0% 0% 1% 29% 33% 19% 18%
$0-$23,078 0% 0% 1% 30% 32% 16% 21%
Hhld. Income Quintile
$191,900+ 2% 2% 1% 29% 32% 21% 13%
$102,458 - $191,900 2% 2% 1% 32% 31% 19% 13%
$60,945 - $102,458 1% 1% 1% 30% 32% 19% 14%
$33,624 - $60,945 1% 1% 1% 27% 32% 20% 18%
$0-$33,624 0% 0% 0% 25% 30% 20% 25%
Shared Earn. Quintile
$106,162+ 2% 1% 1% 27% 33% 24% 12%
$74,636 - $106,162 1% 1% 1% 28% 33% 23% 13%
$52,919 - $74,636 1% 1% 1% 29% 32% 21% 14%
$32,782 - $52,919 1% 1% 1% 31% 31% 19% 17%
$0-$32,782 1% 0% 1% 29% 28% 13% 27%
Benefit Type
Retired Worker 2% 2% 1% 38% 36% 17% 4%
Spousal & Worker 1% 1% 6% 29% 43% 17% 3%
Spousal Only 2% 1% 1% 27% 46% 13% 8%
Survivor & Worker 0% 0% 1% 10% 21% 36% 32%
Survivor Only 1% 1% 0% 9% 31% 30% 27%
Retired Disabled 0% 0% 0% 10% 24% 24% 43%
Disabled Worker 0% 0% 0% 1% 2% 1% 96%
Claiming Age
62 or younger 1% 1% 1% 29% 26% 17% 25%
63–66 2% 2% 1% 30% 35% 21% 9%
67 or older 0% 0% 1% 19% 45% 27% 9%
Quarters of Coverage
201+ 3% 2% 0% 27% 36% 24% 9%
161–200 1% 1% 0% 32% 34% 21% 10%
81–160 1% 1% 1% 29% 29% 18% 21%
0–80 1% 0% 1% 21% 27% 16% 33%
Own AIME Quintile
$8,955+ 2% 1% 0% 28% 34% 23% 11%
$5,945 - $8,955 1% 1% 1% 30% 32% 21% 14%
$4,095 - $5,945 1% 1% 1% 29% 32% 19% 17%
$2,356 - $4,095 1% 1% 1% 28% 29% 19% 20%
$0-$2,356 1% 1% 1% 29% 30% 17% 22%
Paying AIME Quintile
$10,370+ 2% 1% 1% 23% 32% 27% 15%
$7,219 - $10,370 1% 1% 1% 26% 31% 24% 15%
$5,128 - $7,219 1% 1% 1% 30% 33% 20% 14%
$3,307 - $5,128 1% 1% 1% 30% 33% 17% 16%
$0-$3,307 1% 1% 1% 35% 28% 11% 22%
Hhld. Benefit Quintile
$3,486+ 0% 1% 1% 34% 42% 16% 6%
$2,564 - $3,486 1% 1% 1% 31% 35% 20% 12%
$1,975 - $2,564 0% 1% 1% 26% 29% 24% 19%
$1,382 - $1,975 1% 1% 1% 25% 27% 22% 23%
$0-$1,382 4% 2% 1% 29% 24% 16% 24%
Adj. Gross Income
$146,400+ 3% 2% 1% 32% 35% 18% 9%
$99,794 - $146,400 2% 1% 1% 32% 34% 17% 13%
$66,090 - $99,794 2% 1% 1% 29% 31% 21% 15%
$1 - $66,090 1% 1% 1% 30% 29% 20% 17%
$0.00 0% 0% 0% 25% 30% 22% 23%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 12/03/2012
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 2050: PIA Factors to 69.2 24.6 11.5 versus Scheduled
Characteristic Poverty Rate # of Poor Change
Scheduled Option Diff
Total 1.9% 2.8% 0.9% 691,187
Sex
Female 2.4% 3.3% 0.9% 402,467
Male 1.3% 2.1% 0.8% 288,719
Race/Ethnicity
Hispanic 3.0% 4.3% 1.3% 184,693
White 1.2% 1.9% 0.7% 344,051
Black 3.9% 5.2% 1.2% 108,078
Other 2.2% 2.9% 0.8% 54,363
Immigration
Immigrant 2.9% 4.1% 1.2% 222,034
Native Born 1.6% 2.3% 0.7% 469,152
Age
60–69 2.4% 3.5% 1.0% 271,084
70–79 2.0% 3.1% 1.1% 338,253
80–89 1.4% 1.7% 0.4% 74,071
90+ 0.9% 1.0% 0.1% 7,777
Marital Status
Never Married 5.3% 7.5% 2.1% 191,144
Married 0.8% 1.2% 0.4% 162,590
Divorced 2.8% 4.1% 1.3% 209,779
Widowed 1.9% 2.7% 0.8% 127,673
Education
Graduate 0.6% 0.8% 0.2% 18,878
Bachelor 0.6% 0.8% 0.2% 43,789
Associate 1.3% 2.1% 0.8% 153,572
High School 2.6% 3.7% 1.1% 309,146
Less than 12 Yrs 6.3% 8.8% 2.5% 165,801
Indiv. Income Quintile
$118,077+ 0.0% 0.0% 0.0% 0
$63,076 - $118,077 0.0% 0.0% 0.0% 0
$38,685 - $63,076 0.0% 0.0% 0.0% 0
$23,078 - $38,685 0.0% 0.0% 0.0% 0
$0-$23,078 9.6% 13.9% 4.3% 691,187
Hhld. Income Quintile
$191,900+ 0.0% 0.0% 0.0% 0
$102,458 - $191,900 0.0% 0.0% 0.0% 0
$60,945 - $102,458 0.0% 0.0% 0.0% 0
$33,624 - $60,945 0.0% 0.0% 0.0% 0
$0-$33,624 9.6% 13.9% 4.3% 691,187
Shared Earn. Quintile
$106,162+ 0.0% 0.0% 0.0% 0
$74,636 - $106,162 0.0% 0.0% 0.0% 0
$52,919 - $74,636 0.0% 0.0% 0.0% 2,661
$32,782 - $52,919 0.1% 0.6% 0.4% 69,271
$0-$32,782 9.4% 13.2% 3.8% 619,255
Benefit Type
Retired Worker 1.8% 2.8% 1.0% 551,715
Spousal & Worker 0.5% 0.8% 0.3% 8,430
Spousal Only 5.1% 6.5% 1.4% 14,052
Survivor & Worker 0.5% 1.1% 0.6% 64,848
Survivor Only 7.0% 8.5% 1.5% 13,815
Retired Disabled 2.7% 3.2% 0.5% 36,025
Disabled Worker 4.3% 4.3% 0.1% 2,300
Claiming Age
62 or younger 3.0% 4.2% 1.2% 461,226
63–66 0.8% 1.3% 0.6% 199,560
67 or older 1.3% 1.8% 0.6% 30,400
Quarters of Coverage
201+ 0.0% 0.0% 0.0% 0
161–200 0.1% 0.3% 0.2% 59,977
81–160 1.4% 3.0% 1.5% 460,496
0–80 11.0% 12.8% 1.8% 170,713
Own AIME Quintile
$8,955+ 0.0% 0.0% 0.0% 0
$5,945 - $8,955 0.0% 0.0% 0.0% 0
$4,095 - $5,945 0.0% 0.0% 0.0% 2,493
$2,356 - $4,095 0.5% 1.8% 1.3% 210,165
$0-$2,356 9.0% 12.0% 3.0% 478,528
Paying AIME Quintile
$10,370+ 0.0% 0.0% 0.0% 0
$7,219 - $10,370 0.0% 0.0% 0.0% 1,273
$5,128 - $7,219 0.0% 0.0% 0.0% 5,462
$3,307 - $5,128 0.2% 0.6% 0.4% 61,299
$0-$3,307 9.3% 13.1% 3.8% 623,151
Hhld. Benefit Quintile
$3,486+ 0.0% 0.0% 0.0% 0
$2,564 - $3,486 0.0% 0.0% 0.0% 0
$1,975 - $2,564 0.0% 0.0% 0.0% 0
$1,382 - $1,975 0.0% 0.1% 0.0% 6,759
$0-$1,382 9.5% 13.7% 4.2% 684,428
Adj. Gross Income
$146,400+ 0.0% 0.0% 0.0% 2,300
$99,794 - $146,400 0.0% 0.0% 0.0% 618
$66,090 - $99,794 0.1% 0.1% 0.0% 3,112
$1 - $66,090 1.4% 1.8% 0.4% 58,363
$0.00 5.0% 7.4% 2.4% 626,793
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 12/03/2012
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 2050: PIA Factors to 69.2 24.6 11.5 versus Payable
Characteristic Poverty Rate # of Poor Change
Payable Option Diff
Total 3.5% 2.8% -0.7% -583,567
Sex
Female 4.1% 3.3% -0.8% -358,651
Male 2.7% 2.1% -0.6% -224,916
Race/Ethnicity
Hispanic 5.2% 4.3% -0.9% -120,982
White 2.4% 1.9% -0.5% -254,910
Black 7.1% 5.2% -1.9% -163,544
Other 3.6% 2.9% -0.6% -44,130
Immigration
Immigrant 4.9% 4.1% -0.8% -143,085
Native Born 3.1% 2.3% -0.7% -440,482
Age
60–69 4.3% 3.5% -0.8% -213,494
70–79 3.7% 3.1% -0.6% -181,571
80–89 2.5% 1.7% -0.7% -144,876
90+ 1.9% 1.0% -0.8% -43,626
Marital Status
Never Married 9.1% 7.5% -1.6% -145,477
Married 1.5% 1.2% -0.3% -128,835
Divorced 5.0% 4.1% -0.9% -144,671
Widowed 3.7% 2.7% -1.0% -164,583
Education
Graduate 0.8% 0.8% -0.1% -6,640
Bachelor 1.2% 0.8% -0.3% -57,781
Associate 2.9% 2.1% -0.8% -159,556
High School 4.7% 3.7% -0.9% -260,957
Less than 12 Yrs 10.3% 8.8% -1.5% -98,631
Indiv. Income Quintile
$118,077+ 0.0% 0.0% 0.0% 0
$63,076 - $118,077 0.0% 0.0% 0.0% 0
$38,685 - $63,076 0.0% 0.0% 0.0% 0
$23,078 - $38,685 0.0% 0.0% 0.0% 0
$0-$23,078 17.5% 13.9% -3.6% -583,567
Hhld. Income Quintile
$191,900+ 0.0% 0.0% 0.0% 0
$102,458 - $191,900 0.0% 0.0% 0.0% 0
$60,945 - $102,458 0.0% 0.0% 0.0% 0
$33,624 - $60,945 0.0% 0.0% 0.0% 0
$0-$33,624 17.5% 13.9% -3.6% -583,567
Shared Earn. Quintile
$106,162+ 0.0% 0.0% 0.0% 0
$74,636 - $106,162 0.0% 0.0% 0.0% 0
$52,919 - $74,636 0.1% 0.0% 0.0% -6,410
$32,782 - $52,919 1.1% 0.6% -0.6% -93,852
$0-$32,782 16.2% 13.2% -3.0% -483,304
Benefit Type
Retired Worker 3.1% 2.8% -0.3% -153,239
Spousal & Worker 0.9% 0.8% -0.1% -4,328
Spousal Only 7.9% 6.5% -1.4% -14,002
Survivor & Worker 1.6% 1.1% -0.5% -53,269
Survivor Only 10.4% 8.5% -1.9% -17,029
Retired Disabled 5.6% 3.2% -2.4% -178,157
Disabled Worker 8.2% 4.3% -3.9% -163,540
Claiming Age
62 or younger 5.4% 4.2% -1.2% -492,966
63–66 1.6% 1.3% -0.2% -81,534
67 or older 2.0% 1.8% -0.2% -9,066
Quarters of Coverage
201+ 0.0% 0.0% 0.0% -1,903
161–200 0.5% 0.3% -0.2% -46,737
81–160 3.7% 3.0% -0.7% -224,817
0–80 16.0% 12.8% -3.2% -310,108
Own AIME Quintile
$8,955+ 0.0% 0.0% 0.0% 0
$5,945 - $8,955 0.0% 0.0% 0.0% 0
$4,095 - $5,945 0.2% 0.0% -0.2% -29,934
$2,356 - $4,095 3.1% 1.8% -1.3% -212,961
$0-$2,356 14.1% 12.0% -2.1% -340,671
Paying AIME Quintile
$10,370+ 0.0% 0.0% 0.0% 0
$7,219 - $10,370 0.0% 0.0% 0.0% -3,605
$5,128 - $7,219 0.1% 0.0% -0.1% -8,896
$3,307 - $5,128 1.3% 0.6% -0.7% -121,143
$0-$3,307 15.9% 13.1% -2.8% -449,921
Hhld. Benefit Quintile
$3,486+ 0.0% 0.0% 0.0% 0
$2,564 - $3,486 0.0% 0.0% 0.0% 0
$1,975 - $2,564 0.0% 0.0% 0.0% 0
$1,382 - $1,975 0.2% 0.1% -0.1% -22,329
$0-$1,382 17.2% 13.7% -3.5% -561,237
Adj. Gross Income
$146,400+ 0.0% 0.0% 0.0% 0
$99,794 - $146,400 0.0% 0.0% 0.0% 0
$66,090 - $99,794 0.1% 0.1% 0.0% -2,317
$1 - $66,090 2.0% 1.8% -0.2% -28,744
$0.00 9.5% 7.4% -2.1% -552,505
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 12/03/2012
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, 2050
Characteristic Wage-Adjusted (2012 $) Inflation-Adjusted (2012 $) Nominal (2050 $)
Total $1,049 $1,706 $4,678
Sex
Female $958 $1,557 $4,269
Male $1,151 $1,872 $5,132
Race/Ethnicity
Hispanic $880 $1,432 $3,926
White $1,122 $1,825 $5,003
Black $935 $1,521 $4,170
Other $1,054 $1,713 $4,697
Immigration
Immigrant $909 $1,478 $4,053
Native Born $1,088 $1,770 $4,852
Age
60–69 $973 $1,582 $4,336
70–79 $1,036 $1,685 $4,621
80–89 $1,119 $1,820 $4,990
90+ $1,171 $1,905 $5,222
Marital Status
Never Married $937 $1,524 $4,179
Married $1,003 $1,631 $4,471
Divorced $1,070 $1,740 $4,770
Widowed $1,186 $1,928 $5,286
Education
Graduate $1,367 $2,224 $6,096
Bachelor $1,288 $2,095 $5,743
Associate $1,045 $1,700 $4,661
High School $930 $1,513 $4,148
Less than 12 Yrs $758 $1,233 $3,380
Indiv. Income Quintile
$118,077+ $1,454 $2,364 $6,481
$63,076 - $118,077 $1,292 $2,101 $5,759
$38,685 - $63,076 $1,124 $1,828 $5,013
$23,078 - $38,685 $975 $1,586 $4,347
$0-$23,078 $647 $1,053 $2,887
Hhld. Income Quintile
$191,900+ $1,387 $2,256 $6,185
$102,458 - $191,900 $1,232 $2,003 $5,491
$60,945 - $102,458 $1,111 $1,807 $4,953
$33,624 - $60,945 $991 $1,611 $4,416
$0-$33,624 $727 $1,183 $3,242
Shared Earn. Quintile
$106,162+ $1,570 $2,554 $7,001
$74,636 - $106,162 $1,300 $2,114 $5,797
$52,919 - $74,636 $1,070 $1,740 $4,770
$32,782 - $52,919 $876 $1,425 $3,907
$0-$32,782 $611 $993 $2,724
Benefit Type
Retired Worker $1,055 $1,716 $4,705
Spousal & Worker $671 $1,091 $2,991
Spousal Only $411 $668 $1,830
Survivor & Worker $1,237 $2,012 $5,517
Survivor Only $898 $1,460 $4,002
Retired Disabled $1,033 $1,680 $4,606
Disabled Worker $1,011 $1,644 $4,508
Claiming Age
62 or younger $899 $1,462 $4,009
63–66 $1,191 $1,937 $5,311
67 or older $1,475 $2,399 $6,576
Quarters of Coverage
201+ $1,409 $2,292 $6,283
161–200 $1,188 $1,932 $5,297
81–160 $877 $1,427 $3,912
0–80 $579 $942 $2,583
Own AIME Quintile
$8,955+ $1,600 $2,602 $7,133
$5,945 - $8,955 $1,273 $2,070 $5,676
$4,095 - $5,945 $993 $1,614 $4,426
$2,356 - $4,095 $778 $1,266 $3,471
$0-$2,356 $572 $931 $2,552
Paying AIME Quintile
$10,370+ $1,602 $2,606 $7,144
$7,219 - $10,370 $1,350 $2,196 $6,021
$5,128 - $7,219 $1,093 $1,778 $4,875
$3,307 - $5,128 $854 $1,388 $3,805
$0-$3,307 $575 $935 $2,564
Hhld. Benefit Quintile
$3,486+ $1,395 $2,269 $6,221
$2,564 - $3,486 $1,264 $2,055 $5,635
$1,975 - $2,564 $1,313 $2,135 $5,854
$1,382 - $1,975 $996 $1,620 $4,441
$0-$1,382 $624 $1,015 $2,784
Adj. Gross Income
$146,400+ $1,403 $2,281 $6,254
$99,794 - $146,400 $1,223 $1,988 $5,451
$66,090 - $99,794 $1,145 $1,862 $5,104
$1 - $66,090 $936 $1,522 $4,172
$0.00 $864 $1,406 $3,854
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 12/03/2012
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, 2050
Characteristic Wage-Adjusted (2012 $) Inflation-Adjusted (2012 $) Nominal (2050 $)
Total $821 $1,334 $3,658
Sex
Female $749 $1,218 $3,338
Male $900 $1,464 $4,013
Race/Ethnicity
Hispanic $689 $1,120 $3,070
White $878 $1,427 $3,912
Black $731 $1,189 $3,261
Other $824 $1,340 $3,673
Immigration
Immigrant $711 $1,156 $3,170
Native Born $851 $1,384 $3,794
Age
60–69 $761 $1,237 $3,391
70–79 $810 $1,318 $3,613
80–89 $875 $1,423 $3,902
90+ $916 $1,490 $4,084
Marital Status
Never Married $733 $1,192 $3,268
Married $784 $1,275 $3,496
Divorced $837 $1,361 $3,730
Widowed $927 $1,508 $4,134
Education
Graduate $1,069 $1,739 $4,767
Bachelor $1,007 $1,638 $4,491
Associate $818 $1,329 $3,645
High School $728 $1,183 $3,244
Less than 12 Yrs $593 $964 $2,643
Indiv. Income Quintile
$118,077+ $1,137 $1,849 $5,068
$63,076 - $118,077 $1,010 $1,643 $4,504
$38,685 - $63,076 $879 $1,430 $3,920
$23,078 - $38,685 $762 $1,240 $3,399
$0-$23,078 $506 $823 $2,257
Hhld. Income Quintile
$191,900+ $1,085 $1,764 $4,837
$102,458 - $191,900 $963 $1,566 $4,294
$60,945 - $102,458 $869 $1,413 $3,874
$33,624 - $60,945 $775 $1,260 $3,454
$0-$33,624 $569 $925 $2,535
Shared Earn. Quintile
$106,162+ $1,228 $1,997 $5,475
$74,636 - $106,162 $1,017 $1,653 $4,533
$52,919 - $74,636 $837 $1,361 $3,730
$32,782 - $52,919 $685 $1,115 $3,056
$0-$32,782 $478 $777 $2,130
Benefit Type
Retired Worker $825 $1,342 $3,679
Spousal & Worker $525 $853 $2,339
Spousal Only $321 $522 $1,431
Survivor & Worker $968 $1,574 $4,314
Survivor Only $702 $1,141 $3,129
Retired Disabled $808 $1,314 $3,602
Disabled Worker $791 $1,286 $3,525
Claiming Age
62 or younger $703 $1,144 $3,135
63–66 $932 $1,515 $4,153
67 or older $1,153 $1,876 $5,142
Quarters of Coverage
201+ $1,102 $1,792 $4,914
161–200 $929 $1,511 $4,142
81–160 $686 $1,116 $3,059
0–80 $453 $737 $2,020
Own AIME Quintile
$8,955+ $1,251 $2,035 $5,578
$5,945 - $8,955 $996 $1,619 $4,439
$4,095 - $5,945 $776 $1,263 $3,461
$2,356 - $4,095 $609 $990 $2,714
$0-$2,356 $448 $728 $1,995
Paying AIME Quintile
$10,370+ $1,253 $2,038 $5,587
$7,219 - $10,370 $1,056 $1,717 $4,708
$5,128 - $7,219 $855 $1,390 $3,812
$3,307 - $5,128 $667 $1,085 $2,976
$0-$3,307 $450 $731 $2,005
Hhld. Benefit Quintile
$3,486+ $1,091 $1,774 $4,865
$2,564 - $3,486 $988 $1,607 $4,407
$1,975 - $2,564 $1,027 $1,670 $4,577
$1,382 - $1,975 $779 $1,267 $3,473
$0-$1,382 $488 $794 $2,177
Adj. Gross Income
$146,400+ $1,097 $1,784 $4,891
$99,794 - $146,400 $956 $1,555 $4,263
$66,090 - $99,794 $895 $1,456 $3,991
$1 - $66,090 $732 $1,190 $3,262
$0.00 $676 $1,099 $3,014
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 12/03/2012
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.