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Retirement Age Increases

Increase the FRA from 67 to 68, at a rate of 1 month every 2 years

Projected effects on beneficiaries in 2050

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Table 1. Individual benefits 2050: Increase FRA to 68 versus Scheduled
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total -3% 69% 0%
Sex
Female -2% 65% 0%
Male -3% 72% 0%
Race/Ethnicity
Hispanic -3% 71% 0%
White -3% 68% 0%
Black -2% 63% 0%
Other -3% 72% 0%
Immigration
Immigrant -3% 71% 0%
Native Born -3% 68% 0%
Age
60–69 -6% 76% 0%
70–79 -3% 81% 0%
80–89 -1% 57% 0%
90+ 0% 1% 0%
Marital Status
Never Married -3% 72% 0%
Married -4% 82% 0%
Divorced -2% 68% 0%
Widowed 0% 35% 0%
Education
Graduate -3% 73% 0%
Bachelor -3% 73% 0%
Associate -2% 67% 0%
High School -2% 65% 0%
Less than 12 Yrs -4% 69% 0%
Indiv. Income Quintile
$118,077+ -2% 69% 0%
$63,076 - $118,077 -3% 72% 0%
$38,685 - $63,076 -3% 70% 0%
$23,078 - $38,685 -2% 65% 0%
$0-$23,078 -3% 66% 0%
Hhld. Income Quintile
$191,900+ -3% 74% 0%
$102,458 - $191,900 -3% 75% 0%
$60,945 - $102,458 -3% 71% 0%
$33,624 - $60,945 -2% 65% 0%
$0-$33,624 -1% 58% 0%
Shared Earn. Quintile
$106,162+ -3% 75% 0%
$74,636 - $106,162 -3% 72% 0%
$52,919 - $74,636 -3% 70% 0%
$32,782 - $52,919 -3% 67% 0%
$0-$32,782 -2% 59% 0%
Benefit Type
Retired Worker -4% 90% 0%
Spousal & Worker -4% 93% 0%
Spousal Only -4% 58% 0%
Survivor & Worker 0% 31% 0%
Survivor Only 0% 24% 0%
Retired Disabled 0% 7% 0%
Disabled Worker 0% 3% 0%
Claiming Age
62 or younger -2% 60% 0%
63–66 -3% 78% 0%
67 or older -2% 70% 0%
Quarters of Coverage
201+ -3% 80% 0%
161–200 -3% 75% 0%
81–160 -2% 64% 0%
0–80 0% 50% 0%
Own AIME Quintile
$8,955+ -3% 77% 0%
$5,945 - $8,955 -3% 72% 0%
$4,095 - $5,945 -3% 68% 0%
$2,356 - $4,095 -2% 64% 0%
$0-$2,356 -2% 61% 0%
Paying AIME Quintile
$10,370+ -2% 69% 0%
$7,219 - $10,370 -2% 67% 0%
$5,128 - $7,219 -3% 70% 0%
$3,307 - $5,128 -3% 69% 0%
$0-$3,307 -3% 68% 0%
Hhld. Benefit Quintile
$3,486+ -4% 85% 0%
$2,564 - $3,486 -3% 75% 0%
$1,975 - $2,564 -2% 61% 0%
$1,382 - $1,975 -1% 57% 0%
$0-$1,382 -2% 64% 0%
Adj. Gross Income
$146,400+ -4% 81% 0%
$99,794 - $146,400 -3% 75% 0%
$66,090 - $99,794 -3% 71% 0%
$1 - $66,090 -3% 67% 0%
$0.00 -1% 58% 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 2050: Increase FRA to 68 versus Payable
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total 23% 1% 99%
Sex
Female 24% 0% 99%
Male 23% 1% 99%
Race/Ethnicity
Hispanic 23% 1% 99%
White 23% 1% 99%
Black 24% 0% 100%
Other 23% 1% 99%
Immigration
Immigrant 23% 1% 99%
Native Born 23% 1% 99%
Age
60–69 19% 2% 98%
70–79 22% 0% 100%
80–89 26% 0% 100%
90+ 27% 0% 100%
Marital Status
Never Married 22% 1% 99%
Married 22% 1% 99%
Divorced 24% 1% 99%
Widowed 27% 0% 100%
Education
Graduate 23% 1% 99%
Bachelor 23% 1% 99%
Associate 24% 0% 99%
High School 24% 0% 99%
Less than 12 Yrs 22% 1% 99%
Indiv. Income Quintile
$118,077+ 24% 1% 99%
$63,076 - $118,077 23% 1% 99%
$38,685 - $63,076 23% 1% 99%
$23,078 - $38,685 24% 0% 100%
$0-$23,078 23% 0% 100%
Hhld. Income Quintile
$191,900+ 23% 1% 99%
$102,458 - $191,900 22% 1% 99%
$60,945 - $102,458 23% 1% 99%
$33,624 - $60,945 24% 0% 100%
$0-$33,624 25% 0% 100%
Shared Earn. Quintile
$106,162+ 23% 1% 99%
$74,636 - $106,162 23% 1% 99%
$52,919 - $74,636 23% 1% 99%
$32,782 - $52,919 23% 0% 99%
$0-$32,782 24% 0% 100%
Benefit Type
Retired Worker 21% 1% 99%
Spousal & Worker 21% 0% 100%
Spousal Only 22% 1% 99%
Survivor & Worker 27% 0% 100%
Survivor Only 27% 0% 100%
Retired Disabled 27% 0% 100%
Disabled Worker 27% 0% 100%
Claiming Age
62 or younger 24% 0% 100%
63–66 22% 1% 99%
67 or older 24% 0% 100%
Quarters of Coverage
201+ 23% 1% 99%
161–200 23% 1% 99%
81–160 24% 0% 100%
0–80 26% 0% 100%
Own AIME Quintile
$8,955+ 23% 1% 99%
$5,945 - $8,955 23% 1% 99%
$4,095 - $5,945 23% 1% 99%
$2,356 - $4,095 24% 0% 99%
$0-$2,356 24% 0% 100%
Paying AIME Quintile
$10,370+ 24% 1% 99%
$7,219 - $10,370 24% 1% 99%
$5,128 - $7,219 23% 1% 99%
$3,307 - $5,128 23% 1% 99%
$0-$3,307 23% 1% 99%
Hhld. Benefit Quintile
$3,486+ 22% 0% 100%
$2,564 - $3,486 23% 0% 100%
$1,975 - $2,564 25% 0% 100%
$1,382 - $1,975 25% 0% 100%
$0-$1,382 24% 2% 98%
Adj. Gross Income
$146,400+ 22% 1% 99%
$99,794 - $146,400 23% 1% 99%
$66,090 - $99,794 23% 1% 99%
$1 - $66,090 23% 1% 99%
$0.00 25% 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 2050: Increase FRA to 68 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 1% 0% 68% 31% 0% 0% 0%
Sex
Female 1% 0% 64% 35% 0% 0% 0%
Male 1% 0% 71% 28% 0% 0% 0%
Race/Ethnicity
Hispanic 1% 0% 69% 29% 0% 0% 0%
White 1% 0% 67% 32% 0% 0% 0%
Black 0% 0% 63% 37% 0% 0% 0%
Other 1% 0% 71% 28% 0% 0% 0%
Immigration
Immigrant 1% 0% 70% 29% 0% 0% 0%
Native Born 1% 0% 67% 32% 0% 0% 0%
Age
60–69 2% 1% 73% 24% 0% 0% 0%
70–79 0% 0% 81% 19% 0% 0% 0%
80–89 0% 0% 57% 43% 0% 0% 0%
90+ 0% 0% 1% 99% 0% 0% 0%
Marital Status
Never Married 1% 0% 71% 28% 0% 0% 0%
Married 1% 0% 80% 18% 0% 0% 0%
Divorced 1% 0% 67% 32% 0% 0% 0%
Widowed 0% 0% 35% 65% 0% 0% 0%
Education
Graduate 1% 0% 72% 27% 0% 0% 0%
Bachelor 1% 0% 72% 27% 0% 0% 0%
Associate 1% 0% 66% 33% 0% 0% 0%
High School 1% 0% 64% 35% 0% 0% 0%
Less than 12 Yrs 1% 0% 68% 31% 0% 0% 0%
Indiv. Income Quintile
$118,077+ 1% 1% 67% 31% 0% 0% 0%
$63,076 - $118,077 1% 1% 70% 27% 0% 0% 0%
$38,685 - $63,076 1% 0% 69% 30% 0% 0% 0%
$23,078 - $38,685 0% 0% 65% 35% 0% 0% 0%
$0-$23,078 0% 0% 66% 34% 0% 0% 0%
Hhld. Income Quintile
$191,900+ 1% 1% 72% 26% 0% 0% 0%
$102,458 - $191,900 1% 0% 73% 25% 0% 0% 0%
$60,945 - $102,458 1% 0% 70% 29% 0% 0% 0%
$33,624 - $60,945 0% 0% 64% 35% 0% 0% 0%
$0-$33,624 0% 0% 58% 42% 0% 0% 0%
Shared Earn. Quintile
$106,162+ 1% 1% 74% 25% 0% 0% 0%
$74,636 - $106,162 1% 0% 71% 28% 0% 0% 0%
$52,919 - $74,636 1% 0% 69% 30% 0% 0% 0%
$32,782 - $52,919 1% 0% 66% 33% 0% 0% 0%
$0-$32,782 1% 0% 58% 41% 0% 0% 0%
Benefit Type
Retired Worker 1% 0% 89% 10% 0% 0% 0%
Spousal & Worker 0% 1% 92% 7% 0% 0% 0%
Spousal Only 1% 0% 56% 42% 0% 0% 0%
Survivor & Worker 0% 0% 31% 69% 0% 0% 0%
Survivor Only 0% 0% 24% 76% 0% 0% 0%
Retired Disabled 0% 0% 7% 93% 0% 0% 0%
Disabled Worker 0% 0% 3% 97% 0% 0% 0%
Claiming Age
62 or younger 0% 0% 59% 40% 0% 0% 0%
63–66 1% 0% 77% 22% 0% 0% 0%
67 or older 0% 0% 70% 30% 0% 0% 0%
Quarters of Coverage
201+ 2% 1% 78% 19% 0% 0% 0%
161–200 1% 1% 73% 25% 0% 0% 0%
81–160 0% 0% 63% 36% 0% 0% 0%
0–80 0% 0% 49% 50% 0% 0% 0%
Own AIME Quintile
$8,955+ 1% 0% 76% 23% 0% 0% 0%
$5,945 - $8,955 1% 0% 71% 28% 0% 0% 0%
$4,095 - $5,945 1% 0% 67% 31% 0% 0% 0%
$2,356 - $4,095 1% 0% 63% 36% 0% 0% 0%
$0-$2,356 0% 0% 61% 39% 0% 0% 0%
Paying AIME Quintile
$10,370+ 1% 0% 68% 31% 0% 0% 0%
$7,219 - $10,370 1% 0% 66% 33% 0% 0% 0%
$5,128 - $7,219 1% 0% 69% 30% 0% 0% 0%
$3,307 - $5,128 1% 0% 68% 30% 0% 0% 0%
$0-$3,307 1% 0% 67% 32% 0% 0% 0%
Hhld. Benefit Quintile
$3,486+ 0% 0% 85% 15% 0% 0% 0%
$2,564 - $3,486 0% 0% 75% 25% 0% 0% 0%
$1,975 - $2,564 0% 0% 61% 39% 0% 0% 0%
$1,382 - $1,975 1% 0% 56% 43% 0% 0% 0%
$0-$1,382 2% 1% 61% 36% 0% 0% 0%
Adj. Gross Income
$146,400+ 1% 1% 79% 19% 0% 0% 0%
$99,794 - $146,400 1% 0% 73% 25% 0% 0% 0%
$66,090 - $99,794 1% 0% 69% 29% 0% 0% 0%
$1 - $66,090 1% 1% 66% 33% 0% 0% 0%
$0.00 0% 0% 58% 41% 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 2050: Increase FRA to 68 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% 17% 82%
Sex
Female 0% 0% 0% 0% 0% 16% 83%
Male 0% 0% 0% 0% 0% 19% 80%
Race/Ethnicity
Hispanic 0% 0% 0% 0% 0% 19% 79%
White 0% 0% 0% 0% 0% 17% 82%
Black 0% 0% 0% 0% 0% 16% 84%
Other 1% 0% 0% 0% 0% 18% 81%
Immigration
Immigrant 0% 0% 0% 0% 0% 17% 82%
Native Born 0% 0% 0% 0% 0% 17% 82%
Age
60–69 1% 0% 1% 0% 1% 50% 47%
70–79 0% 0% 0% 0% 0% 3% 97%
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% 1% 20% 79%
Married 0% 0% 0% 0% 1% 24% 75%
Divorced 0% 0% 0% 0% 0% 15% 84%
Widowed 0% 0% 0% 0% 0% 2% 98%
Education
Graduate 0% 0% 0% 0% 0% 17% 82%
Bachelor 0% 0% 0% 0% 0% 18% 81%
Associate 0% 0% 0% 0% 0% 17% 82%
High School 0% 0% 0% 0% 0% 17% 82%
Less than 12 Yrs 0% 0% 0% 0% 0% 22% 77%
Indiv. Income Quintile
$118,077+ 1% 0% 0% 0% 1% 15% 83%
$63,076 - $118,077 0% 0% 0% 0% 1% 20% 78%
$38,685 - $63,076 0% 0% 0% 0% 0% 19% 79%
$23,078 - $38,685 0% 0% 0% 0% 0% 16% 84%
$0-$23,078 0% 0% 0% 0% 0% 16% 84%
Hhld. Income Quintile
$191,900+ 1% 0% 0% 0% 1% 19% 79%
$102,458 - $191,900 1% 0% 0% 0% 1% 21% 77%
$60,945 - $102,458 0% 0% 0% 0% 0% 18% 81%
$33,624 - $60,945 0% 0% 0% 0% 0% 15% 84%
$0-$33,624 0% 0% 0% 0% 0% 13% 87%
Shared Earn. Quintile
$106,162+ 0% 0% 0% 0% 1% 17% 82%
$74,636 - $106,162 0% 0% 0% 0% 0% 17% 81%
$52,919 - $74,636 0% 0% 0% 0% 0% 18% 81%
$32,782 - $52,919 0% 0% 0% 0% 0% 18% 81%
$0-$32,782 0% 0% 0% 0% 0% 17% 82%
Benefit Type
Retired Worker 0% 0% 0% 0% 1% 24% 74%
Spousal & Worker 0% 0% 0% 0% 0% 26% 74%
Spousal Only 1% 0% 0% 0% 0% 33% 66%
Survivor & Worker 0% 0% 0% 0% 0% 1% 99%
Survivor Only 0% 0% 0% 0% 0% 1% 99%
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% 16% 84%
63–66 0% 0% 0% 0% 1% 21% 77%
67 or older 0% 0% 0% 0% 0% 4% 96%
Quarters of Coverage
201+ 1% 0% 0% 0% 1% 17% 81%
161–200 0% 0% 0% 0% 1% 19% 80%
81–160 0% 0% 0% 0% 0% 17% 83%
0–80 0% 0% 0% 0% 0% 14% 85%
Own AIME Quintile
$8,955+ 0% 0% 0% 0% 1% 17% 81%
$5,945 - $8,955 0% 0% 0% 0% 0% 18% 81%
$4,095 - $5,945 0% 0% 0% 0% 0% 17% 82%
$2,356 - $4,095 0% 0% 0% 0% 0% 16% 83%
$0-$2,356 0% 0% 0% 0% 0% 18% 81%
Paying AIME Quintile
$10,370+ 0% 0% 0% 0% 0% 14% 84%
$7,219 - $10,370 0% 0% 0% 0% 0% 16% 83%
$5,128 - $7,219 0% 0% 0% 0% 0% 18% 81%
$3,307 - $5,128 0% 0% 0% 0% 0% 18% 81%
$0-$3,307 0% 0% 0% 0% 0% 21% 78%
Hhld. Benefit Quintile
$3,486+ 0% 0% 0% 0% 0% 19% 81%
$2,564 - $3,486 0% 0% 0% 0% 0% 18% 81%
$1,975 - $2,564 0% 0% 0% 0% 0% 15% 85%
$1,382 - $1,975 0% 0% 0% 0% 0% 16% 84%
$0-$1,382 1% 0% 1% 0% 1% 20% 77%
Adj. Gross Income
$146,400+ 1% 0% 0% 0% 1% 21% 77%
$99,794 - $146,400 0% 0% 0% 0% 1% 20% 78%
$66,090 - $99,794 0% 0% 0% 0% 0% 18% 80%
$1 - $66,090 0% 0% 0% 0% 1% 18% 81%
$0.00 0% 0% 0% 0% 0% 13% 87%
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 2050: Increase FRA to 68 versus Scheduled
Characteristic Poverty Rate # of Poor Change
Scheduled Option Diff
Total 1.9% 2.0% 0.1% 102,699
Sex
Female 2.4% 2.6% 0.2% 68,209
Male 1.3% 1.4% 0.1% 34,490
Race/Ethnicity
Hispanic 3.0% 3.1% 0.2% 21,690
White 1.2% 1.3% 0.1% 59,760
Black 3.9% 4.1% 0.1% 11,537
Other 2.2% 2.3% 0.1% 9,711
Immigration
Immigrant 2.9% 3.1% 0.1% 27,022
Native Born 1.6% 1.7% 0.1% 75,677
Age
60–69 2.4% 2.7% 0.2% 61,157
70–79 2.0% 2.1% 0.1% 41,542
80–89 1.4% 1.4% 0.0% 0
90+ 0.9% 0.9% 0.0% 0
Marital Status
Never Married 5.3% 5.8% 0.4% 40,366
Married 0.8% 0.9% 0.1% 28,380
Divorced 2.8% 2.9% 0.2% 27,691
Widowed 1.9% 1.9% 0.0% 6,260
Education
Graduate 0.6% 0.6% 0.0% 2,617
Bachelor 0.6% 0.7% 0.0% 8,191
Associate 1.3% 1.4% 0.1% 21,263
High School 2.6% 2.7% 0.2% 44,301
Less than 12 Yrs 6.3% 6.7% 0.4% 26,325
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% 10.2% 0.6% 102,699
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% 10.2% 0.6% 102,699
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% 0
$32,782 - $52,919 0.1% 0.1% 0.0% 3,224
$0-$32,782 9.4% 10.0% 0.6% 99,475
Benefit Type
Retired Worker 1.8% 2.0% 0.2% 100,947
Spousal & Worker 0.5% 0.5% 0.0% 1,384
Spousal Only 5.1% 5.1% 0.0% 367
Survivor & Worker 0.5% 0.5% 0.0% 0
Survivor Only 7.0% 7.0% 0.0% 0
Retired Disabled 2.7% 2.7% 0.0% 0
Disabled Worker 4.3% 4.3% 0.0% 0
Claiming Age
62 or younger 3.0% 3.2% 0.2% 62,754
63–66 0.8% 0.9% 0.1% 38,936
67 or older 1.3% 1.3% 0.0% 1,008
Quarters of Coverage
201+ 0.0% 0.0% 0.0% 0
161–200 0.1% 0.1% 0.0% 4,932
81–160 1.4% 1.7% 0.2% 73,913
0–80 11.0% 11.3% 0.2% 23,853
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% 0
$2,356 - $4,095 0.5% 0.6% 0.1% 18,595
$0-$2,356 9.0% 9.5% 0.5% 84,104
Paying AIME Quintile
$10,370+ 0.0% 0.0% 0.0% 0
$7,219 - $10,370 0.0% 0.0% 0.0% 0
$5,128 - $7,219 0.0% 0.0% 0.0% 1,384
$3,307 - $5,128 0.2% 0.2% 0.0% 1,796
$0-$3,307 9.3% 9.9% 0.6% 99,518
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% 0.0% 0.0% 0
$0-$1,382 9.5% 10.1% 0.6% 102,699
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% 0
$1 - $66,090 1.4% 1.4% 0.1% 7,593
$0.00 5.0% 5.4% 0.4% 95,106
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 2050: Increase FRA to 68 versus Payable
Characteristic Poverty Rate # of Poor Change
Payable Option Diff
Total 3.5% 2.0% -1.4% -1,172,055
Sex
Female 4.1% 2.6% -1.6% -692,910
Male 2.7% 1.4% -1.3% -479,145
Race/Ethnicity
Hispanic 5.2% 3.1% -2.1% -283,986
White 2.4% 1.3% -1.0% -539,201
Black 7.1% 4.1% -3.0% -260,084
Other 3.6% 2.3% -1.3% -88,782
Immigration
Immigrant 4.9% 3.1% -1.8% -338,098
Native Born 3.1% 1.7% -1.3% -833,957
Age
60–69 4.3% 2.7% -1.6% -423,421
70–79 3.7% 2.1% -1.6% -478,282
80–89 2.5% 1.4% -1.1% -218,947
90+ 1.9% 0.9% -1.0% -51,403
Marital Status
Never Married 9.1% 5.8% -3.3% -296,255
Married 1.5% 0.9% -0.7% -263,045
Divorced 5.0% 2.9% -2.1% -326,759
Widowed 3.7% 1.9% -1.7% -285,996
Education
Graduate 0.8% 0.6% -0.3% -22,901
Bachelor 1.2% 0.7% -0.5% -93,379
Associate 2.9% 1.4% -1.5% -291,865
High School 4.7% 2.7% -1.9% -525,802
Less than 12 Yrs 10.3% 6.7% -3.6% -238,106
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% 10.2% -7.3% -1,172,055
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% 10.2% -7.3% -1,172,055
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% -0.1% -9,071
$32,782 - $52,919 1.1% 0.1% -1.0% -159,900
$0-$32,782 16.2% 10.0% -6.2% -1,003,083
Benefit Type
Retired Worker 3.1% 2.0% -1.1% -604,007
Spousal & Worker 0.9% 0.5% -0.4% -11,373
Spousal Only 7.9% 5.1% -2.8% -27,688
Survivor & Worker 1.6% 0.5% -1.0% -118,117
Survivor Only 10.4% 7.0% -3.4% -30,844
Retired Disabled 5.6% 2.7% -2.9% -214,183
Disabled Worker 8.2% 4.3% -3.9% -165,840
Claiming Age
62 or younger 5.4% 3.2% -2.2% -891,438
63–66 1.6% 0.9% -0.7% -242,158
67 or older 2.0% 1.3% -0.7% -38,458
Quarters of Coverage
201+ 0.0% 0.0% 0.0% -1,903
161–200 0.5% 0.1% -0.4% -101,782
81–160 3.7% 1.7% -2.0% -611,400
0–80 16.0% 11.3% -4.7% -456,968
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% -32,427
$2,356 - $4,095 3.1% 0.6% -2.5% -404,531
$0-$2,356 14.1% 9.5% -4.5% -735,096
Paying AIME Quintile
$10,370+ 0.0% 0.0% 0.0% 0
$7,219 - $10,370 0.0% 0.0% 0.0% -4,879
$5,128 - $7,219 0.1% 0.0% -0.1% -12,974
$3,307 - $5,128 1.3% 0.2% -1.1% -180,646
$0-$3,307 15.9% 9.9% -6.0% -973,554
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% 0.0% -0.2% -29,089
$0-$1,382 17.2% 10.1% -7.1% -1,142,966
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% -5,429
$1 - $66,090 2.0% 1.4% -0.6% -79,514
$0.00 9.5% 5.4% -4.1% -1,084,192
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, 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: 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, 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: 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.