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Retirement Age Increases

Increase the EEA from 62 and the FRA from 67 at a rate of 1 month every 2 years starting in 2017 (EEA) and 2023 (FRA)

Projected effects on beneficiaries in 2050

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Table 1. Individual benefits 2050: Increase EEA and FRA versus Scheduled
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total 0% 45% 26%
Sex
Female 0% 42% 26%
Male 0% 48% 25%
Race/Ethnicity
Hispanic 0% 46% 27%
White 0% 45% 26%
Black 0% 39% 26%
Other -1% 52% 23%
Immigration
Immigrant -1% 51% 24%
Native Born 0% 43% 26%
Age
60–69 0% 45% 28%
70–79 -2% 53% 29%
80–89 0% 43% 21%
90+ 0% 4% 12%
Marital Status
Never Married 0% 41% 30%
Married -1% 51% 30%
Divorced 0% 45% 28%
Widowed 0% 33% 11%
Education
Graduate -1% 53% 21%
Bachelor -1% 51% 23%
Associate 0% 42% 28%
High School 0% 41% 26%
Less than 12 Yrs 0% 41% 30%
Indiv. Income Quintile
$118,077+ -1% 52% 18%
$63,076 - $118,077 -1% 52% 21%
$38,685 - $63,076 0% 46% 26%
$23,078 - $38,685 0% 41% 27%
$0-$23,078 0% 34% 36%
Hhld. Income Quintile
$191,900+ -1% 53% 22%
$102,458 - $191,900 -1% 51% 24%
$60,945 - $102,458 0% 46% 26%
$33,624 - $60,945 0% 41% 27%
$0-$33,624 0% 34% 30%
Shared Earn. Quintile
$106,162+ -1% 54% 20%
$74,636 - $106,162 0% 48% 25%
$52,919 - $74,636 0% 45% 28%
$32,782 - $52,919 0% 42% 29%
$0-$32,782 0% 35% 27%
Benefit Type
Retired Worker -1% 56% 34%
Spousal & Worker 0% 41% 49%
Spousal Only -1% 52% 16%
Survivor & Worker 0% 33% 10%
Survivor Only 0% 42% 5%
Retired Disabled 0% 8% 1%
Disabled Worker 0% 4% 1%
Claiming Age
62 or younger 1% 11% 53%
63–66 -3% 77% 0%
67 or older -2% 74% 2%
Quarters of Coverage
201+ -2% 66% 13%
161–200 0% 48% 28%
81–160 0% 36% 31%
0–80 0% 35% 21%
Own AIME Quintile
$8,955+ -1% 55% 21%
$5,945 - $8,955 0% 49% 25%
$4,095 - $5,945 0% 44% 26%
$2,356 - $4,095 0% 38% 28%
$0-$2,356 0% 38% 28%
Paying AIME Quintile
$10,370+ 0% 49% 20%
$7,219 - $10,370 0% 46% 23%
$5,128 - $7,219 0% 48% 25%
$3,307 - $5,128 0% 43% 29%
$0-$3,307 0% 38% 32%
Hhld. Benefit Quintile
$3,486+ -2% 60% 23%
$2,564 - $3,486 -1% 52% 23%
$1,975 - $2,564 0% 41% 22%
$1,382 - $1,975 0% 38% 25%
$0-$1,382 0% 33% 36%
Adj. Gross Income
$146,400+ -2% 59% 22%
$99,794 - $146,400 -1% 50% 24%
$66,090 - $99,794 0% 45% 26%
$1 - $66,090 0% 41% 29%
$0.00 0% 37% 26%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 04/16/2012
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 EEA and FRA versus Payable
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total 27% 3% 97%
Sex
Female 27% 3% 97%
Male 27% 2% 98%
Race/Ethnicity
Hispanic 27% 3% 97%
White 27% 2% 97%
Black 27% 3% 97%
Other 26% 2% 98%
Immigration
Immigrant 26% 2% 98%
Native Born 27% 3% 97%
Age
60–69 27% 8% 92%
70–79 25% 0% 100%
80–89 27% 0% 100%
90+ 27% 0% 100%
Marital Status
Never Married 27% 1% 99%
Married 26% 3% 97%
Divorced 27% 4% 96%
Widowed 27% 1% 99%
Education
Graduate 25% 2% 98%
Bachelor 26% 2% 97%
Associate 27% 2% 97%
High School 27% 3% 97%
Less than 12 Yrs 27% 3% 97%
Indiv. Income Quintile
$118,077+ 26% 2% 98%
$63,076 - $118,077 26% 3% 97%
$38,685 - $63,076 27% 3% 97%
$23,078 - $38,685 27% 2% 98%
$0-$23,078 27% 2% 98%
Hhld. Income Quintile
$191,900+ 26% 3% 97%
$102,458 - $191,900 26% 3% 97%
$60,945 - $102,458 27% 3% 97%
$33,624 - $60,945 27% 2% 98%
$0-$33,624 27% 2% 98%
Shared Earn. Quintile
$106,162+ 25% 2% 98%
$74,636 - $106,162 26% 2% 98%
$52,919 - $74,636 27% 3% 97%
$32,782 - $52,919 27% 3% 97%
$0-$32,782 27% 3% 97%
Benefit Type
Retired Worker 25% 3% 97%
Spousal & Worker 28% 5% 95%
Spousal Only 26% 6% 94%
Survivor & Worker 27% 1% 99%
Survivor Only 27% 5% 95%
Retired Disabled 27% 0% 100%
Disabled Worker 27% 1% 99%
Claiming Age
62 or younger 30% 4% 96%
63–66 23% 1% 98%
67 or older 24% 0% 100%
Quarters of Coverage
201+ 24% 2% 98%
161–200 27% 2% 97%
81–160 27% 3% 97%
0–80 27% 3% 97%
Own AIME Quintile
$8,955+ 25% 2% 98%
$5,945 - $8,955 26% 2% 98%
$4,095 - $5,945 27% 2% 98%
$2,356 - $4,095 27% 3% 97%
$0-$2,356 27% 4% 96%
Paying AIME Quintile
$10,370+ 26% 2% 98%
$7,219 - $10,370 27% 2% 98%
$5,128 - $7,219 26% 3% 97%
$3,307 - $5,128 27% 3% 97%
$0-$3,307 27% 4% 96%
Hhld. Benefit Quintile
$3,486+ 24% 2% 98%
$2,564 - $3,486 26% 2% 98%
$1,975 - $2,564 27% 2% 98%
$1,382 - $1,975 27% 3% 97%
$0-$1,382 27% 5% 95%
Adj. Gross Income
$146,400+ 24% 3% 97%
$99,794 - $146,400 26% 3% 97%
$66,090 - $99,794 27% 3% 97%
$1 - $66,090 27% 3% 97%
$0.00 27% 2% 98%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 04/16/2012
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 EEA and 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 3% 1% 42% 29% 25% 0% 0%
Sex
Female 3% 1% 39% 31% 26% 0% 0%
Male 2% 0% 45% 27% 25% 0% 0%
Race/Ethnicity
Hispanic 3% 1% 42% 28% 26% 0% 0%
White 3% 0% 42% 30% 25% 0% 0%
Black 3% 1% 36% 35% 25% 0% 0%
Other 2% 0% 49% 25% 22% 0% 0%
Immigration
Immigrant 2% 1% 48% 26% 23% 0% 0%
Native Born 3% 0% 40% 31% 26% 0% 0%
Age
60–69 9% 1% 35% 26% 27% 0% 1%
70–79 0% 0% 53% 18% 29% 0% 0%
80–89 0% 0% 43% 36% 21% 0% 0%
90+ 0% 0% 4% 85% 12% 0% 0%
Marital Status
Never Married 1% 0% 40% 29% 29% 0% 0%
Married 3% 1% 46% 19% 30% 0% 0%
Divorced 4% 1% 41% 27% 27% 0% 0%
Widowed 1% 0% 32% 56% 11% 0% 0%
Education
Graduate 2% 1% 50% 25% 21% 0% 0%
Bachelor 3% 1% 48% 25% 23% 0% 0%
Associate 3% 0% 39% 31% 27% 0% 0%
High School 3% 1% 38% 33% 26% 0% 0%
Less than 12 Yrs 4% 1% 36% 29% 29% 0% 0%
Indiv. Income Quintile
$118,077+ 2% 0% 49% 30% 18% 0% 0%
$63,076 - $118,077 3% 1% 48% 27% 21% 0% 0%
$38,685 - $63,076 3% 0% 43% 28% 25% 0% 1%
$23,078 - $38,685 2% 0% 38% 32% 27% 0% 0%
$0-$23,078 2% 1% 30% 30% 36% 0% 0%
Hhld. Income Quintile
$191,900+ 3% 0% 49% 26% 21% 0% 0%
$102,458 - $191,900 4% 1% 47% 25% 23% 0% 0%
$60,945 - $102,458 3% 0% 43% 28% 25% 0% 0%
$33,624 - $60,945 2% 0% 38% 32% 27% 0% 0%
$0-$33,624 2% 1% 31% 36% 30% 0% 0%
Shared Earn. Quintile
$106,162+ 2% 0% 52% 26% 20% 0% 0%
$74,636 - $106,162 2% 0% 46% 27% 24% 0% 0%
$52,919 - $74,636 3% 0% 42% 28% 27% 0% 0%
$32,782 - $52,919 3% 0% 38% 30% 28% 0% 0%
$0-$32,782 3% 1% 31% 37% 27% 0% 0%
Benefit Type
Retired Worker 3% 1% 52% 10% 33% 0% 0%
Spousal & Worker 5% 0% 36% 10% 48% 1% 0%
Spousal Only 6% 3% 42% 32% 16% 0% 0%
Survivor & Worker 1% 0% 32% 56% 10% 0% 0%
Survivor Only 5% 4% 34% 53% 5% 0% 0%
Retired Disabled 0% 0% 8% 91% 1% 0% 0%
Disabled Worker 1% 1% 3% 95% 1% 0% 0%
Claiming Age
62 or younger 4% 0% 7% 36% 52% 0% 0%
63–66 2% 1% 74% 23% 0% 0% 0%
67 or older 0% 0% 74% 24% 2% 0% 0%
Quarters of Coverage
201+ 2% 0% 63% 21% 13% 0% 0%
161–200 3% 0% 45% 24% 27% 0% 0%
81–160 3% 0% 32% 33% 31% 0% 0%
0–80 3% 2% 30% 44% 21% 0% 0%
Own AIME Quintile
$8,955+ 2% 0% 53% 24% 21% 0% 0%
$5,945 - $8,955 2% 0% 46% 27% 24% 0% 0%
$4,095 - $5,945 3% 0% 42% 29% 26% 0% 0%
$2,356 - $4,095 3% 0% 35% 33% 28% 0% 0%
$0-$2,356 4% 1% 33% 34% 27% 0% 0%
Paying AIME Quintile
$10,370+ 2% 0% 47% 31% 19% 0% 0%
$7,219 - $10,370 2% 0% 44% 31% 22% 0% 0%
$5,128 - $7,219 3% 0% 45% 27% 25% 0% 0%
$3,307 - $5,128 3% 0% 40% 28% 29% 0% 0%
$0-$3,307 4% 1% 33% 30% 31% 0% 0%
Hhld. Benefit Quintile
$3,486+ 2% 0% 58% 17% 22% 0% 0%
$2,564 - $3,486 2% 0% 49% 25% 23% 0% 0%
$1,975 - $2,564 2% 0% 38% 37% 22% 0% 0%
$1,382 - $1,975 3% 0% 35% 37% 25% 0% 0%
$0-$1,382 5% 1% 27% 31% 35% 0% 1%
Adj. Gross Income
$146,400+ 3% 1% 55% 19% 22% 0% 0%
$99,794 - $146,400 3% 0% 47% 26% 23% 0% 0%
$66,090 - $99,794 3% 0% 42% 28% 26% 0% 0%
$1 - $66,090 3% 1% 37% 30% 29% 0% 0%
$0.00 2% 1% 34% 37% 26% 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: 04/16/2012
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 EEA and 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 2% 0% 0% 0% 0% 10% 87%
Sex
Female 3% 0% 0% 0% 0% 9% 87%
Male 2% 0% 0% 0% 0% 10% 87%
Race/Ethnicity
Hispanic 3% 0% 0% 0% 0% 11% 85%
White 2% 0% 0% 0% 0% 9% 88%
Black 2% 0% 0% 0% 0% 8% 89%
Other 2% 0% 0% 0% 0% 12% 85%
Immigration
Immigrant 2% 0% 0% 0% 0% 12% 85%
Native Born 2% 0% 0% 0% 0% 9% 88%
Age
60–69 7% 0% 0% 0% 1% 24% 67%
70–79 0% 0% 0% 0% 0% 6% 94%
80–89 0% 0% 0% 0% 0% 1% 99%
90+ 0% 0% 0% 0% 0% 0% 100%
Marital Status
Never Married 1% 0% 0% 0% 0% 10% 89%
Married 3% 0% 0% 0% 0% 13% 83%
Divorced 4% 0% 0% 0% 0% 9% 87%
Widowed 1% 0% 0% 0% 0% 3% 96%
Education
Graduate 2% 0% 0% 0% 0% 11% 86%
Bachelor 2% 0% 0% 0% 0% 10% 87%
Associate 2% 0% 0% 0% 0% 9% 88%
High School 2% 0% 0% 0% 0% 9% 88%
Less than 12 Yrs 3% 0% 0% 0% 0% 13% 83%
Indiv. Income Quintile
$118,077+ 2% 0% 0% 0% 0% 9% 88%
$63,076 - $118,077 2% 0% 0% 0% 0% 13% 84%
$38,685 - $63,076 3% 0% 0% 0% 0% 10% 87%
$23,078 - $38,685 2% 0% 0% 0% 0% 8% 89%
$0-$23,078 2% 0% 0% 0% 0% 9% 89%
Hhld. Income Quintile
$191,900+ 2% 0% 0% 0% 0% 11% 86%
$102,458 - $191,900 3% 0% 0% 0% 0% 12% 84%
$60,945 - $102,458 2% 0% 0% 0% 0% 10% 87%
$33,624 - $60,945 2% 0% 0% 0% 0% 8% 89%
$0-$33,624 2% 0% 0% 0% 0% 7% 91%
Shared Earn. Quintile
$106,162+ 2% 0% 0% 0% 0% 9% 89%
$74,636 - $106,162 2% 0% 0% 0% 0% 10% 88%
$52,919 - $74,636 2% 0% 0% 0% 0% 10% 87%
$32,782 - $52,919 3% 0% 0% 0% 0% 10% 87%
$0-$32,782 3% 0% 0% 0% 0% 11% 86%
Benefit Type
Retired Worker 3% 0% 0% 0% 0% 13% 83%
Spousal & Worker 5% 0% 0% 0% 0% 8% 87%
Spousal Only 6% 0% 0% 0% 0% 21% 73%
Survivor & Worker 1% 0% 0% 0% 0% 2% 97%
Survivor Only 5% 0% 0% 0% 1% 8% 87%
Retired Disabled 0% 0% 0% 0% 0% 1% 99%
Disabled Worker 0% 0% 0% 0% 0% 1% 98%
Claiming Age
62 or younger 4% 0% 0% 0% 0% 1% 95%
63–66 1% 0% 0% 0% 0% 19% 79%
67 or older 0% 0% 0% 0% 0% 7% 93%
Quarters of Coverage
201+ 1% 0% 0% 0% 0% 11% 87%
161–200 2% 0% 0% 0% 0% 10% 87%
81–160 3% 0% 0% 0% 0% 9% 88%
0–80 2% 0% 0% 0% 0% 10% 87%
Own AIME Quintile
$8,955+ 1% 0% 0% 0% 0% 8% 90%
$5,945 - $8,955 2% 0% 0% 0% 0% 11% 86%
$4,095 - $5,945 2% 0% 0% 0% 0% 10% 87%
$2,356 - $4,095 3% 0% 0% 0% 0% 9% 88%
$0-$2,356 4% 0% 0% 0% 0% 11% 85%
Paying AIME Quintile
$10,370+ 2% 0% 0% 0% 0% 7% 91%
$7,219 - $10,370 2% 0% 0% 0% 0% 8% 89%
$5,128 - $7,219 3% 0% 0% 0% 0% 11% 86%
$3,307 - $5,128 2% 0% 0% 0% 0% 11% 86%
$0-$3,307 3% 0% 0% 0% 0% 12% 84%
Hhld. Benefit Quintile
$3,486+ 2% 0% 0% 0% 0% 11% 87%
$2,564 - $3,486 2% 0% 0% 0% 0% 11% 86%
$1,975 - $2,564 2% 0% 0% 0% 0% 9% 89%
$1,382 - $1,975 2% 0% 0% 0% 0% 9% 88%
$0-$1,382 4% 0% 0% 0% 0% 9% 86%
Adj. Gross Income
$146,400+ 2% 0% 0% 0% 0% 13% 84%
$99,794 - $146,400 3% 0% 0% 0% 0% 12% 85%
$66,090 - $99,794 2% 0% 0% 0% 0% 10% 87%
$1 - $66,090 3% 0% 0% 0% 0% 9% 87%
$0.00 2% 0% 0% 0% 0% 7% 91%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 04/16/2012
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 EEA and FRA versus Scheduled
Characteristic Poverty Rate # of Poor Change
Scheduled Option Diff
Total 1.9% 2.1% 0.2% 173,872
Sex
Female 2.4% 2.6% 0.2% 101,654
Male 1.3% 1.5% 0.2% 72,217
Race/Ethnicity
Hispanic 3.0% 3.3% 0.3% 44,791
White 1.2% 1.4% 0.2% 109,414
Black 3.9% 4.1% 0.2% 15,968
Other 2.1% 2.1% 0.1% 3,698
Immigration
Immigrant 2.9% 3.1% 0.2% 36,184
Native Born 1.6% 1.8% 0.2% 137,687
Age
60–69 2.4% 3.2% 0.9% 217,635
70–79 2.0% 1.9% -0.1% -21,162
80–89 1.4% 1.3% -0.1% -18,541
90+ 0.9% 0.8% -0.1% -4,058
Marital Status
Never Married 5.2% 5.2% 0.0% 155
Married 0.8% 0.9% 0.2% 65,236
Divorced 2.8% 3.5% 0.7% 109,167
Widowed 1.9% 1.9% 0.0% -686
Education
Graduate 0.6% 0.7% 0.2% 15,107
Bachelor 0.6% 0.7% 0.1% 15,152
Associate 1.2% 1.5% 0.3% 52,433
High School 2.6% 2.8% 0.2% 61,292
Less than 12 Yrs 6.3% 6.8% 0.5% 29,885
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% 0.3% 0.3% 53,143
$0-$23,078 9.5% 10.2% 0.8% 120,728
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% 0.1% 0.1% 12,444
$0-$33,624 9.4% 10.5% 1.0% 161,428
Shared Earn. Quintile
$106,162+ 0.0% 0.0% 0.0% 0
$74,636 - $106,162 0.0% 0.1% 0.1% 10,574
$52,919 - $74,636 0.0% 0.2% 0.1% 23,352
$32,782 - $52,919 0.1% 0.6% 0.5% 71,753
$0-$32,782 9.3% 9.7% 0.4% 68,191
Benefit Type
Retired Worker 1.8% 2.0% 0.2% 117,115
Spousal & Worker 0.5% 0.6% 0.1% 3,771
Spousal Only 5.1% 6.2% 1.1% 11,236
Survivor & Worker 0.5% 0.9% 0.3% 36,915
Survivor Only 7.0% 7.4% 0.4% 3,512
Retired Disabled 2.7% 2.7% 0.0% -2,197
Disabled Worker 4.3% 4.4% 0.1% 3,518
Claiming Age
62 or younger 3.0% 3.3% 0.3% 125,589
63–66 0.8% 0.9% 0.1% 45,238
67 or older 1.3% 1.3% 0.1% 3,045
Quarters of Coverage
201+ 0.0% 0.0% 0.0% 1,776
161–200 0.1% 0.2% 0.1% 30,259
81–160 1.4% 1.8% 0.3% 100,271
0–80 10.9% 11.3% 0.4% 41,565
Own AIME Quintile
$8,955+ 0.0% 0.0% 0.0% 3,182
$5,945 - $8,955 0.0% 0.1% 0.1% 9,178
$4,095 - $5,945 0.0% 0.2% 0.2% 27,881
$2,356 - $4,095 0.5% 0.9% 0.4% 59,977
$0-$2,356 8.9% 9.4% 0.5% 73,653
Paying AIME Quintile
$10,370+ 0.0% 0.1% 0.1% 10,822
$7,219 - $10,370 0.0% 0.0% 0.0% 5,315
$5,128 - $7,219 0.0% 0.3% 0.3% 41,534
$3,307 - $5,128 0.2% 0.5% 0.3% 50,284
$0-$3,307 9.3% 9.7% 0.4% 65,915
Hhld. Benefit Quintile
$3,486+ 0.0% 0.0% 0.0% 0
$2,564 - $3,486 0.0% 0.1% 0.1% 10,729
$1,975 - $2,564 0.0% 0.1% 0.1% 16,287
$1,382 - $1,975 0.0% 0.5% 0.4% 67,199
$0-$1,382 9.6% 10.1% 0.5% 79,655
Adj. Gross Income
$146,400+ 0.0% 0.0% 0.0% 2,725
$99,794 - $146,400 0.0% 0.0% 0.0% 2,028
$66,090 - $99,794 0.1% 0.1% 0.0% 5,334
$1 - $66,090 1.4% 1.4% 0.1% 10,104
$0.00 5.0% 5.6% 0.6% 153,679
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 04/16/2012
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 EEA and FRA versus Payable
Characteristic Poverty Rate # of Poor Change
Payable Option Diff
Total 3.4% 2.1% -1.4% -1,076,934
Sex
Female 4.1% 2.6% -1.5% -646,723
Male 2.7% 1.5% -1.2% -430,210
Race/Ethnicity
Hispanic 5.2% 3.3% -1.9% -251,030
White 2.4% 1.4% -0.9% -479,942
Black 7.1% 4.1% -3.0% -253,955
Other 3.5% 2.1% -1.3% -92,005
Immigration
Immigrant 4.9% 3.1% -1.8% -324,693
Native Born 3.0% 1.8% -1.2% -752,240
Age
60–69 4.2% 3.2% -1.0% -242,994
70–79 3.7% 1.9% -1.8% -540,987
80–89 2.5% 1.3% -1.2% -237,489
90+ 1.9% 0.8% -1.1% -55,462
Marital Status
Never Married 9.0% 5.2% -3.8% -326,284
Married 1.5% 0.9% -0.6% -216,542
Divorced 5.0% 3.5% -1.6% -241,163
Widowed 3.7% 1.9% -1.8% -292,943
Education
Graduate 0.9% 0.7% -0.1% -10,411
Bachelor 1.1% 0.7% -0.4% -80,957
Associate 2.8% 1.5% -1.3% -252,515
High School 4.6% 2.8% -1.9% -504,321
Less than 12 Yrs 10.3% 6.8% -3.5% -228,727
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% 0.3% 0.3% 53,143
$0-$23,078 17.4% 10.2% -7.2% -1,130,077
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% 0.1% 0.1% 12,444
$0-$33,624 17.3% 10.5% -6.9% -1,089,378
Shared Earn. Quintile
$106,162+ 0.0% 0.0% 0.0% 0
$74,636 - $106,162 0.0% 0.1% 0.1% 10,574
$52,919 - $74,636 0.1% 0.2% 0.1% 14,280
$32,782 - $52,919 1.2% 0.6% -0.6% -91,370
$0-$32,782 16.1% 9.7% -6.4% -1,010,419
Benefit Type
Retired Worker 3.1% 2.0% -1.1% -566,559
Spousal & Worker 0.8% 0.6% -0.2% -6,318
Spousal Only 7.9% 6.2% -1.7% -16,819
Survivor & Worker 1.6% 0.9% -0.7% -81,201
Survivor Only 10.4% 7.4% -3.0% -27,332
Retired Disabled 5.6% 2.7% -2.9% -216,380
Disabled Worker 8.2% 4.4% -3.8% -162,322
Claiming Age
62 or younger 5.4% 3.3% -2.1% -807,446
63–66 1.6% 0.9% -0.6% -233,065
67 or older 2.0% 1.3% -0.7% -36,421
Quarters of Coverage
201+ 0.0% 0.0% 0.0% -126
161–200 0.5% 0.2% -0.3% -74,988
81–160 3.7% 1.8% -1.9% -565,353
0–80 15.8% 11.3% -4.5% -436,465
Own AIME Quintile
$8,955+ 0.0% 0.0% 0.0% 3,182
$5,945 - $8,955 0.0% 0.1% 0.1% 9,178
$4,095 - $5,945 0.2% 0.2% 0.0% -4,545
$2,356 - $4,095 3.1% 0.9% -2.3% -358,988
$0-$2,356 13.9% 9.4% -4.6% -725,760
Paying AIME Quintile
$10,370+ 0.0% 0.1% 0.1% 10,822
$7,219 - $10,370 0.0% 0.0% 0.0% 435
$5,128 - $7,219 0.1% 0.3% 0.2% 29,843
$3,307 - $5,128 1.3% 0.5% -0.8% -132,158
$0-$3,307 15.9% 9.7% -6.3% -985,877
Hhld. Benefit Quintile
$3,486+ 0.0% 0.0% 0.0% 0
$2,564 - $3,486 0.0% 0.1% 0.1% 10,729
$1,975 - $2,564 0.0% 0.1% 0.1% 16,287
$1,382 - $1,975 0.2% 0.5% 0.2% 38,110
$0-$1,382 17.4% 10.1% -7.3% -1,142,062
Adj. Gross Income
$146,400+ 0.0% 0.0% 0.0% 425
$99,794 - $146,400 0.0% 0.0% 0.0% 1,409
$66,090 - $99,794 0.1% 0.1% 0.0% -95
$1 - $66,090 2.0% 1.4% -0.6% -75,304
$0.00 9.4% 5.6% -3.8% -1,003,369
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 04/16/2012
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 $1,053 $1,712 $4,693
Sex
Female $962 $1,564 $4,288
Male $1,156 $1,880 $5,153
Race/Ethnicity
Hispanic $883 $1,436 $3,937
White $1,124 $1,828 $5,012
Black $941 $1,530 $4,194
Other $1,059 $1,722 $4,722
Immigration
Immigrant $915 $1,487 $4,078
Native Born $1,091 $1,774 $4,865
Age
60–69 $982 $1,596 $4,376
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 $947 $1,540 $4,222
Married $1,005 $1,634 $4,479
Divorced $1,071 $1,742 $4,775
Widowed $1,186 $1,928 $5,286
Education
Graduate $1,372 $2,231 $6,115
Bachelor $1,291 $2,100 $5,757
Associate $1,049 $1,706 $4,676
High School $933 $1,518 $4,161
Less than 12 Yrs $761 $1,237 $3,391
Indiv. Income Quintile
$118,077+ $1,457 $2,370 $6,497
$63,076 - $118,077 $1,297 $2,109 $5,783
$38,685 - $63,076 $1,125 $1,829 $5,016
$23,078 - $38,685 $977 $1,589 $4,356
$0-$23,078 $649 $1,055 $2,891
Hhld. Income Quintile
$191,900+ $1,392 $2,264 $6,207
$102,458 - $191,900 $1,236 $2,011 $5,512
$60,945 - $102,458 $1,114 $1,812 $4,967
$33,624 - $60,945 $993 $1,615 $4,428
$0-$33,624 $730 $1,187 $3,255
Shared Earn. Quintile
$106,162+ $1,571 $2,556 $7,006
$74,636 - $106,162 $1,301 $2,116 $5,802
$52,919 - $74,636 $1,072 $1,744 $4,780
$32,782 - $52,919 $879 $1,429 $3,917
$0-$32,782 $614 $998 $2,736
Benefit Type
Retired Worker $1,061 $1,725 $4,728
Spousal & Worker $671 $1,091 $2,991
Spousal Only $412 $669 $1,835
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 $901 $1,466 $4,018
63–66 $1,192 $1,939 $5,316
67 or older $1,475 $2,399 $6,576
Quarters of Coverage
201+ $1,412 $2,296 $6,294
161–200 $1,191 $1,937 $5,311
81–160 $879 $1,430 $3,920
0–80 $584 $950 $2,604
Own AIME Quintile
$8,955+ $1,602 $2,605 $7,141
$5,945 - $8,955 $1,275 $2,074 $5,686
$4,095 - $5,945 $995 $1,618 $4,435
$2,356 - $4,095 $780 $1,268 $3,476
$0-$2,356 $576 $936 $2,566
Paying AIME Quintile
$10,370+ $1,602 $2,606 $7,145
$7,219 - $10,370 $1,350 $2,196 $6,020
$5,128 - $7,219 $1,093 $1,778 $4,875
$3,307 - $5,128 $854 $1,388 $3,807
$0-$3,307 $577 $938 $2,571
Hhld. Benefit Quintile
$3,486+ $1,395 $2,269 $6,221
$2,564 - $3,486 $1,260 $2,049 $5,616
$1,975 - $2,564 $1,312 $2,134 $5,849
$1,382 - $1,975 $997 $1,621 $4,444
$0-$1,382 $626 $1,018 $2,790
Adj. Gross Income
$146,400+ $1,405 $2,286 $6,266
$99,794 - $146,400 $1,228 $1,996 $5,473
$66,090 - $99,794 $1,148 $1,868 $5,120
$1 - $66,090 $941 $1,530 $4,194
$0.00 $867 $1,409 $3,864
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 04/16/2012
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 $823 $1,339 $3,670
Sex
Female $752 $1,223 $3,353
Male $904 $1,470 $4,030
Race/Ethnicity
Hispanic $691 $1,123 $3,079
White $879 $1,430 $3,919
Black $736 $1,196 $3,280
Other $828 $1,347 $3,692
Immigration
Immigrant $715 $1,163 $3,189
Native Born $853 $1,388 $3,804
Age
60–69 $768 $1,248 $3,422
70–79 $810 $1,318 $3,613
80–89 $875 $1,423 $3,902
90+ $916 $1,490 $4,084
Marital Status
Never Married $741 $1,204 $3,302
Married $786 $1,278 $3,503
Divorced $837 $1,362 $3,734
Widowed $927 $1,508 $4,134
Education
Graduate $1,073 $1,744 $4,782
Bachelor $1,010 $1,642 $4,502
Associate $820 $1,334 $3,657
High School $730 $1,187 $3,254
Less than 12 Yrs $595 $967 $2,652
Indiv. Income Quintile
$118,077+ $1,139 $1,853 $5,080
$63,076 - $118,077 $1,014 $1,650 $4,522
$38,685 - $63,076 $880 $1,431 $3,922
$23,078 - $38,685 $764 $1,243 $3,407
$0-$23,078 $507 $825 $2,261
Hhld. Income Quintile
$191,900+ $1,089 $1,771 $4,854
$102,458 - $191,900 $967 $1,572 $4,311
$60,945 - $102,458 $871 $1,417 $3,884
$33,624 - $60,945 $777 $1,263 $3,463
$0-$33,624 $571 $928 $2,545
Shared Earn. Quintile
$106,162+ $1,229 $1,998 $5,479
$74,636 - $106,162 $1,018 $1,655 $4,537
$52,919 - $74,636 $838 $1,364 $3,738
$32,782 - $52,919 $687 $1,117 $3,063
$0-$32,782 $480 $780 $2,140
Benefit Type
Retired Worker $829 $1,349 $3,698
Spousal & Worker $525 $853 $2,339
Spousal Only $322 $523 $1,435
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 $705 $1,146 $3,142
63–66 $932 $1,516 $4,157
67 or older $1,153 $1,876 $5,142
Quarters of Coverage
201+ $1,104 $1,795 $4,922
161–200 $932 $1,515 $4,153
81–160 $688 $1,118 $3,066
0–80 $457 $743 $2,036
Own AIME Quintile
$8,955+ $1,252 $2,037 $5,584
$5,945 - $8,955 $997 $1,622 $4,446
$4,095 - $5,945 $778 $1,265 $3,468
$2,356 - $4,095 $610 $992 $2,719
$0-$2,356 $450 $732 $2,007
Paying AIME Quintile
$10,370+ $1,253 $2,038 $5,587
$7,219 - $10,370 $1,056 $1,717 $4,707
$5,128 - $7,219 $855 $1,391 $3,812
$3,307 - $5,128 $668 $1,086 $2,977
$0-$3,307 $451 $733 $2,011
Hhld. Benefit Quintile
$3,486+ $1,091 $1,774 $4,865
$2,564 - $3,486 $985 $1,602 $4,392
$1,975 - $2,564 $1,026 $1,668 $4,574
$1,382 - $1,975 $779 $1,268 $3,475
$0-$1,382 $489 $796 $2,182
Adj. Gross Income
$146,400+ $1,099 $1,787 $4,900
$99,794 - $146,400 $960 $1,561 $4,280
$66,090 - $99,794 $898 $1,461 $4,004
$1 - $66,090 $736 $1,196 $3,280
$0.00 $678 $1,102 $3,021
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 04/16/2012
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.