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Retirement Age Increases

Increase the FRA from 67 at a rate of 1 month every 2 years starting in 2023

Projected effects on beneficiaries in 2070

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Table 1. Individual benefits 2070: Increase FRA versus Scheduled
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total -8% 82% 0%
Sex
Female -8% 81% 0%
Male -8% 82% 0%
Race/Ethnicity
Hispanic -8% 78% 0%
White -8% 84% 0%
Black -8% 73% 0%
Other -8% 84% 0%
Immigration
Immigrant -8% 81% 0%
Native Born -8% 82% 0%
Age
60–69 -11% 77% 0%
70–79 -9% 84% 0%
80–89 -6% 84% 0%
90+ -4% 80% 0%
Marital Status
Never Married -8% 80% 0%
Married -9% 86% 0%
Divorced -7% 82% 0%
Widowed -4% 67% 0%
Education
Graduate -8% 88% 0%
Bachelor -8% 87% 0%
Associate -8% 82% 0%
High School -8% 77% 0%
Less than 12 Yrs -8% 76% 0%
Indiv. Income Quintile
$141,869+ -8% 90% 0%
$76,273 - $141,869 -8% 86% 0%
$47,225 - $76,273 -8% 81% 0%
$28,018 - $47,225 -8% 76% 0%
$0-$28,018 -8% 75% 0%
Hhld. Income Quintile
$234,849+ -8% 90% 0%
$125,659 - $234,849 -9% 87% 0%
$74,813 - $125,659 -8% 82% 0%
$41,558 - $74,813 -8% 78% 0%
$0-$41,558 -7% 71% 0%
Shared Earn. Quintile
$129,152+ -9% 92% 0%
$89,585 - $129,152 -8% 88% 0%
$63,685 - $89,585 -8% 82% 0%
$39,226 - $63,685 -8% 78% 0%
$0-$39,226 -7% 67% 0%
Benefit Type
Retired Worker -9% 99% 0%
Spousal & Worker -9% 97% 0%
Spousal Only -8% 58% 0%
Survivor & Worker -2% 65% 0%
Survivor Only 0% 41% 0%
Retired Disabled 0% 10% 0%
Disabled Worker 0% 4% 0%
Claiming Age
62 or younger -7% 71% 0%
63–66 -9% 92% 0%
67 or older -8% 84% 0%
Quarters of Coverage
201+ -9% 97% 0%
161–200 -9% 88% 0%
81–160 -8% 75% 0%
0–80 -4% 60% 0%
Own AIME Quintile
$11,030+ -9% 93% 0%
$7,326 - $11,030 -8% 86% 0%
$5,076 - $7,326 -8% 80% 0%
$2,910 - $5,076 -8% 76% 0%
$0-$2,910 -7% 73% 0%
Paying AIME Quintile
$12,519+ -8% 90% 0%
$8,545 - $12,519 -8% 85% 0%
$6,145 - $8,545 -8% 81% 0%
$3,923 - $6,145 -8% 77% 0%
$0-$3,923 -8% 74% 0%
Hhld. Benefit Quintile
$4,389+ -9% 90% 0%
$3,216 - $4,389 -8% 86% 0%
$2,435 - $3,216 -7% 81% 0%
$1,690 - $2,435 -7% 76% 0%
$0-$1,690 -8% 76% 0%
Adj. Gross Income
$181,671+ -9% 91% 0%
$123,969 - $181,671 -9% 87% 0%
$82,014 - $123,969 -8% 85% 0%
$1 - $82,014 -8% 81% 0%
$0.00 -7% 73% 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: Increase FRA versus Payable
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total 19% 2% 98%
Sex
Female 19% 2% 98%
Male 18% 2% 98%
Race/Ethnicity
Hispanic 18% 2% 98%
White 19% 2% 98%
Black 19% 2% 98%
Other 18% 2% 98%
Immigration
Immigrant 19% 2% 98%
Native Born 19% 2% 98%
Age
60–69 15% 6% 93%
70–79 18% 0% 100%
80–89 21% 0% 100%
90+ 24% 0% 100%
Marital Status
Never Married 19% 2% 97%
Married 17% 2% 97%
Divorced 20% 2% 98%
Widowed 24% 0% 100%
Education
Graduate 19% 3% 97%
Bachelor 18% 2% 98%
Associate 19% 2% 98%
High School 19% 2% 98%
Less than 12 Yrs 18% 2% 98%
Indiv. Income Quintile
$141,869+ 19% 3% 96%
$76,273 - $141,869 18% 4% 96%
$47,225 - $76,273 18% 2% 98%
$28,018 - $47,225 19% 0% 100%
$0-$28,018 19% 0% 100%
Hhld. Income Quintile
$234,849+ 18% 3% 96%
$125,659 - $234,849 18% 3% 97%
$74,813 - $125,659 18% 2% 98%
$41,558 - $74,813 19% 1% 99%
$0-$41,558 20% 0% 100%
Shared Earn. Quintile
$129,152+ 18% 3% 97%
$89,585 - $129,152 18% 2% 97%
$63,685 - $89,585 19% 2% 98%
$39,226 - $63,685 19% 2% 98%
$0-$39,226 20% 1% 99%
Benefit Type
Retired Worker 17% 3% 97%
Spousal & Worker 17% 2% 98%
Spousal Only 19% 2% 98%
Survivor & Worker 27% 0% 100%
Survivor Only 30% 1% 99%
Retired Disabled 30% 0% 100%
Disabled Worker 30% 0% 100%
Claiming Age
62 or younger 20% 1% 99%
63–66 18% 3% 97%
67 or older 19% 1% 99%
Quarters of Coverage
201+ 18% 5% 95%
161–200 18% 2% 98%
81–160 19% 1% 99%
0–80 23% 1% 99%
Own AIME Quintile
$11,030+ 18% 3% 97%
$7,326 - $11,030 18% 2% 98%
$5,076 - $7,326 19% 2% 98%
$2,910 - $5,076 19% 2% 98%
$0-$2,910 20% 1% 99%
Paying AIME Quintile
$12,519+ 19% 2% 97%
$8,545 - $12,519 19% 2% 98%
$6,145 - $8,545 19% 2% 98%
$3,923 - $6,145 19% 2% 98%
$0-$3,923 18% 2% 98%
Hhld. Benefit Quintile
$4,389+ 17% 2% 98%
$3,216 - $4,389 18% 2% 98%
$2,435 - $3,216 19% 1% 99%
$1,690 - $2,435 20% 2% 98%
$0-$1,690 19% 4% 96%
Adj. Gross Income
$181,671+ 17% 4% 95%
$123,969 - $181,671 18% 3% 97%
$82,014 - $123,969 18% 2% 98%
$1 - $82,014 19% 2% 98%
$0.00 20% 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: 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: Increase FRA 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 2% 33% 47% 18% 0% 0% 0%
Sex
Female 2% 31% 48% 19% 0% 0% 0%
Male 3% 34% 45% 18% 0% 0% 0%
Race/Ethnicity
Hispanic 2% 36% 39% 22% 0% 0% 0%
White 2% 31% 51% 16% 0% 0% 0%
Black 2% 29% 42% 27% 0% 0% 0%
Other 3% 36% 46% 16% 0% 0% 0%
Immigration
Immigrant 2% 34% 45% 19% 0% 0% 0%
Native Born 2% 32% 47% 18% 0% 0% 0%
Age
60–69 8% 64% 6% 23% 0% 0% 0%
70–79 0% 34% 50% 16% 0% 0% 0%
80–89 0% 0% 83% 16% 0% 0% 0%
90+ 0% 0% 79% 20% 0% 0% 0%
Marital Status
Never Married 3% 32% 45% 20% 0% 0% 0%
Married 3% 42% 41% 14% 0% 0% 0%
Divorced 2% 27% 52% 18% 0% 0% 0%
Widowed 0% 6% 61% 33% 0% 0% 0%
Education
Graduate 3% 31% 53% 12% 0% 0% 0%
Bachelor 3% 33% 51% 13% 0% 0% 0%
Associate 2% 33% 46% 18% 0% 0% 0%
High School 2% 31% 44% 23% 0% 0% 0%
Less than 12 Yrs 2% 37% 37% 24% 0% 0% 0%
Indiv. Income Quintile
$141,869+ 4% 28% 58% 10% 0% 0% 0%
$76,273 - $141,869 5% 35% 46% 14% 0% 0% 0%
$47,225 - $76,273 2% 34% 44% 19% 0% 0% 0%
$28,018 - $47,225 0% 32% 44% 24% 0% 0% 0%
$0-$28,018 0% 34% 40% 25% 0% 0% 0%
Hhld. Income Quintile
$234,849+ 4% 34% 52% 10% 0% 0% 0%
$125,659 - $234,849 4% 37% 46% 13% 0% 0% 0%
$74,813 - $125,659 3% 34% 46% 18% 0% 0% 0%
$41,558 - $74,813 1% 31% 46% 22% 0% 0% 0%
$0-$41,558 0% 27% 44% 29% 0% 0% 0%
Shared Earn. Quintile
$129,152+ 3% 34% 55% 7% 0% 0% 0%
$89,585 - $129,152 3% 34% 51% 12% 0% 0% 0%
$63,685 - $89,585 2% 33% 47% 17% 0% 0% 0%
$39,226 - $63,685 2% 31% 44% 22% 0% 0% 0%
$0-$39,226 1% 31% 35% 33% 0% 0% 0%
Benefit Type
Retired Worker 3% 44% 52% 1% 0% 0% 0%
Spousal & Worker 2% 42% 53% 3% 0% 0% 0%
Spousal Only 2% 38% 17% 42% 0% 0% 0%
Survivor & Worker 0% 2% 63% 35% 0% 0% 0%
Survivor Only 1% 1% 40% 59% 0% 0% 0%
Retired Disabled 0% 0% 9% 90% 0% 0% 0%
Disabled Worker 0% 0% 3% 96% 0% 0% 0%
Claiming Age
62 or younger 1% 29% 41% 28% 0% 0% 0%
63–66 4% 38% 51% 8% 0% 0% 0%
67 or older 1% 22% 62% 16% 0% 0% 0%
Quarters of Coverage
201+ 6% 33% 58% 3% 0% 0% 0%
161–200 2% 36% 50% 12% 0% 0% 0%
81–160 1% 31% 43% 24% 0% 0% 0%
0–80 1% 27% 32% 40% 0% 0% 0%
Own AIME Quintile
$11,030+ 3% 34% 55% 7% 0% 0% 0%
$7,326 - $11,030 3% 34% 49% 14% 0% 0% 0%
$5,076 - $7,326 2% 32% 46% 20% 0% 0% 0%
$2,910 - $5,076 2% 31% 44% 24% 0% 0% 0%
$0-$2,910 2% 32% 39% 27% 0% 0% 0%
Paying AIME Quintile
$12,519+ 3% 29% 58% 10% 0% 0% 0%
$8,545 - $12,519 2% 32% 51% 15% 0% 0% 0%
$6,145 - $8,545 2% 32% 47% 19% 0% 0% 0%
$3,923 - $6,145 2% 33% 42% 23% 0% 0% 0%
$0-$3,923 2% 37% 35% 26% 0% 0% 0%
Hhld. Benefit Quintile
$4,389+ 2% 42% 46% 10% 0% 0% 0%
$3,216 - $4,389 2% 35% 49% 14% 0% 0% 0%
$2,435 - $3,216 1% 29% 51% 19% 0% 0% 0%
$1,690 - $2,435 2% 27% 47% 24% 0% 0% 0%
$0-$1,690 4% 31% 41% 24% 0% 0% 0%
Adj. Gross Income
$181,671+ 5% 38% 47% 9% 0% 0% 0%
$123,969 - $181,671 3% 37% 46% 13% 0% 0% 0%
$82,014 - $123,969 3% 33% 49% 15% 0% 0% 0%
$1 - $82,014 2% 31% 47% 19% 0% 0% 0%
$0.00 0% 27% 45% 27% 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: Increase FRA 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% 0% 1% 0% 0% 54% 44%
Sex
Female 1% 0% 1% 0% 0% 50% 47%
Male 1% 0% 1% 0% 0% 58% 40%
Race/Ethnicity
Hispanic 1% 0% 1% 0% 0% 56% 42%
White 1% 0% 1% 0% 0% 53% 44%
Black 1% 0% 0% 0% 0% 48% 49%
Other 1% 0% 1% 0% 0% 57% 40%
Immigration
Immigrant 1% 0% 1% 0% 0% 55% 43%
Native Born 1% 0% 1% 0% 0% 54% 44%
Age
60–69 3% 1% 2% 1% 1% 64% 28%
70–79 0% 0% 0% 0% 0% 74% 26%
80–89 0% 0% 0% 0% 0% 23% 77%
90+ 0% 0% 0% 0% 0% 0% 100%
Marital Status
Never Married 1% 0% 1% 0% 0% 52% 45%
Married 1% 0% 1% 0% 0% 67% 30%
Divorced 1% 0% 0% 0% 1% 47% 51%
Widowed 0% 0% 0% 0% 0% 18% 82%
Education
Graduate 1% 0% 1% 0% 0% 54% 43%
Bachelor 1% 0% 1% 0% 0% 56% 41%
Associate 1% 0% 1% 0% 0% 54% 43%
High School 1% 0% 1% 0% 0% 51% 47%
Less than 12 Yrs 1% 0% 1% 0% 0% 56% 42%
Indiv. Income Quintile
$141,869+ 2% 0% 1% 0% 1% 51% 44%
$76,273 - $141,869 2% 1% 1% 0% 1% 55% 40%
$47,225 - $76,273 1% 0% 1% 0% 1% 55% 43%
$28,018 - $47,225 0% 0% 0% 0% 0% 53% 47%
$0-$28,018 0% 0% 0% 0% 0% 55% 45%
Hhld. Income Quintile
$234,849+ 2% 0% 1% 0% 1% 56% 39%
$125,659 - $234,849 2% 0% 1% 0% 1% 59% 37%
$74,813 - $125,659 1% 0% 1% 0% 1% 55% 42%
$41,558 - $74,813 0% 0% 0% 0% 0% 52% 47%
$0-$41,558 0% 0% 0% 0% 0% 46% 53%
Shared Earn. Quintile
$129,152+ 1% 0% 1% 0% 1% 59% 37%
$89,585 - $129,152 1% 0% 1% 0% 0% 58% 39%
$63,685 - $89,585 1% 0% 1% 0% 0% 54% 43%
$39,226 - $63,685 1% 0% 0% 0% 0% 51% 47%
$0-$39,226 1% 0% 0% 0% 0% 47% 52%
Benefit Type
Retired Worker 1% 0% 1% 0% 0% 72% 24%
Spousal & Worker 1% 0% 1% 0% 1% 66% 31%
Spousal Only 1% 0% 0% 0% 1% 47% 49%
Survivor & Worker 0% 0% 0% 0% 0% 5% 94%
Survivor Only 0% 0% 1% 0% 1% 4% 95%
Retired Disabled 0% 0% 0% 0% 0% 1% 99%
Disabled Worker 0% 0% 0% 0% 0% 0% 100%
Claiming Age
62 or younger 0% 0% 0% 0% 0% 47% 52%
63–66 2% 0% 1% 0% 1% 62% 34%
67 or older 1% 0% 0% 0% 0% 51% 48%
Quarters of Coverage
201+ 2% 1% 2% 0% 1% 60% 34%
161–200 1% 0% 1% 0% 0% 60% 38%
81–160 1% 0% 0% 0% 0% 50% 48%
0–80 0% 0% 0% 0% 0% 39% 60%
Own AIME Quintile
$11,030+ 1% 0% 1% 0% 0% 62% 35%
$7,326 - $11,030 1% 0% 1% 0% 0% 58% 40%
$5,076 - $7,326 1% 0% 1% 0% 0% 53% 44%
$2,910 - $5,076 1% 0% 1% 0% 0% 49% 49%
$0-$2,910 1% 0% 0% 0% 0% 48% 51%
Paying AIME Quintile
$12,519+ 1% 0% 1% 0% 1% 53% 44%
$8,545 - $12,519 1% 0% 1% 0% 0% 54% 44%
$6,145 - $8,545 1% 0% 1% 0% 0% 53% 44%
$3,923 - $6,145 1% 0% 1% 0% 1% 53% 44%
$0-$3,923 1% 0% 0% 0% 0% 56% 43%
Hhld. Benefit Quintile
$4,389+ 1% 0% 0% 0% 0% 70% 27%
$3,216 - $4,389 1% 0% 1% 0% 0% 59% 39%
$2,435 - $3,216 1% 0% 0% 0% 0% 49% 49%
$1,690 - $2,435 1% 0% 1% 0% 1% 43% 54%
$0-$1,690 2% 1% 1% 0% 0% 47% 48%
Adj. Gross Income
$181,671+ 2% 1% 2% 0% 1% 63% 32%
$123,969 - $181,671 1% 0% 1% 0% 1% 61% 35%
$82,014 - $123,969 1% 0% 1% 0% 0% 56% 42%
$1 - $82,014 1% 0% 1% 0% 0% 50% 47%
$0.00 0% 0% 0% 0% 0% 46% 53%
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: Increase FRA versus Scheduled
Characteristic Poverty Rate # of Poor Change
Scheduled Option Diff
Total 1.2% 1.4% 0.2% 214,485
Sex
Female 1.6% 1.9% 0.3% 161,657
Male 0.7% 0.8% 0.1% 52,828
Race/Ethnicity
Hispanic 1.7% 2.0% 0.3% 62,476
White 0.8% 0.9% 0.2% 85,221
Black 2.2% 2.7% 0.5% 45,473
Other 1.2% 1.4% 0.2% 21,313
Immigration
Immigrant 1.5% 1.8% 0.3% 57,646
Native Born 1.1% 1.3% 0.2% 156,839
Age
60–69 1.5% 1.8% 0.3% 79,858
70–79 1.1% 1.4% 0.3% 97,502
80–89 0.9% 1.0% 0.2% 34,553
90+ 0.7% 0.7% 0.0% 2,571
Marital Status
Never Married 3.4% 4.0% 0.6% 83,802
Married 0.4% 0.5% 0.1% 43,499
Divorced 1.5% 1.9% 0.4% 71,322
Widowed 1.2% 1.3% 0.1% 15,860
Education
Graduate 0.2% 0.4% 0.1% 14,652
Bachelor 0.4% 0.5% 0.1% 27,117
Associate 0.6% 0.8% 0.2% 36,349
High School 1.7% 2.0% 0.3% 80,237
Less than 12 Yrs 3.6% 4.2% 0.6% 56,128
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% 7.0% 1.1% 214,485
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% 7.0% 1.1% 214,485
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% 5,975
$0-$39,226 5.8% 6.9% 1.1% 208,509
Benefit Type
Retired Worker 1.1% 1.4% 0.3% 202,940
Spousal & Worker 0.1% 0.3% 0.2% 5,982
Spousal Only 2.4% 2.4% 0.0% 0
Survivor & Worker 0.3% 0.3% 0.0% 0
Survivor Only 5.0% 5.2% 0.2% 1,376
Retired Disabled 2.0% 2.0% 0.0% 4,185
Disabled Worker 2.3% 2.3% 0.0% 0
Claiming Age
62 or younger 1.8% 2.1% 0.3% 126,858
63–66 0.5% 0.7% 0.2% 73,998
67 or older 0.8% 1.0% 0.2% 13,628
Quarters of Coverage
201+ 0.0% 0.0% 0.0% 0
161–200 0.0% 0.0% 0.0% 0
81–160 0.7% 1.0% 0.3% 107,310
0–80 7.8% 8.7% 1.0% 107,174
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% 469
$0-$2,910 5.8% 7.0% 1.1% 214,015
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% 4,609
$3,923 - $6,145 0.0% 0.0% 0.0% 0
$0-$3,923 5.8% 7.0% 1.1% 209,875
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% 7.0% 1.1% 214,485
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% 1.2% 0.2% 31,769
$0.00 3.0% 3.6% 0.6% 182,716
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: Increase FRA versus Payable
Characteristic Poverty Rate # of Poor Change
Payable Option Diff
Total 2.3% 1.4% -0.9% -850,114
Sex
Female 3.0% 1.9% -1.1% -554,046
Male 1.5% 0.8% -0.7% -296,068
Race/Ethnicity
Hispanic 3.3% 2.0% -1.3% -259,932
White 1.5% 0.9% -0.6% -327,930
Black 4.6% 2.7% -1.9% -189,633
Other 2.1% 1.4% -0.7% -72,618
Immigration
Immigrant 3.0% 1.8% -1.2% -256,683
Native Born 2.1% 1.3% -0.8% -593,430
Age
60–69 2.9% 1.8% -1.1% -305,084
70–79 2.3% 1.4% -0.8% -310,607
80–89 1.9% 1.0% -0.8% -191,880
90+ 1.4% 0.7% -0.7% -42,541
Marital Status
Never Married 6.2% 4.0% -2.2% -299,326
Married 0.8% 0.5% -0.3% -167,120
Divorced 3.3% 1.9% -1.4% -267,417
Widowed 2.2% 1.3% -0.8% -116,250
Education
Graduate 0.7% 0.4% -0.4% -38,981
Bachelor 0.7% 0.5% -0.2% -43,911
Associate 1.7% 0.8% -0.9% -196,182
High School 3.3% 2.0% -1.3% -404,584
Less than 12 Yrs 6.1% 4.2% -1.8% -166,454
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% 7.0% -4.5% -850,114
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% 7.0% -4.5% -850,114
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% -26,440
$0-$39,226 11.2% 6.9% -4.3% -821,012
Benefit Type
Retired Worker 2.2% 1.4% -0.8% -491,148
Spousal & Worker 0.5% 0.3% -0.2% -6,088
Spousal Only 4.0% 2.4% -1.6% -19,953
Survivor & Worker 0.8% 0.3% -0.5% -48,280
Survivor Only 6.5% 5.2% -1.4% -10,545
Retired Disabled 3.7% 2.0% -1.7% -149,998
Disabled Worker 4.9% 2.3% -2.6% -124,099
Claiming Age
62 or younger 3.5% 2.1% -1.4% -649,326
63–66 1.1% 0.7% -0.4% -166,301
67 or older 1.6% 1.0% -0.6% -34,486
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% 1.0% -1.1% -397,738
0–80 12.5% 8.7% -3.8% -427,508
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% -108,805
$0-$2,910 10.9% 7.0% -3.9% -739,639
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% -5,866
$3,923 - $6,145 0.1% 0.0% -0.1% -20,940
$0-$3,923 11.3% 7.0% -4.4% -823,308
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% 7.0% -4.5% -850,114
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% 1.2% -0.5% -82,764
$0.00 6.1% 3.6% -2.5% -767,350
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.