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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 2070

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Table 1. Individual benefits 2070: Increase FRA to 68 versus Scheduled
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total -6% 81% 0%
Sex
Female -6% 80% 0%
Male -6% 82% 0%
Race/Ethnicity
Hispanic -6% 77% 0%
White -6% 83% 0%
Black -6% 72% 0%
Other -6% 83% 0%
Immigration
Immigrant -6% 80% 0%
Native Born -6% 81% 0%
Age
60–69 -6% 76% 0%
70–79 -6% 83% 0%
80–89 -6% 83% 0%
90+ -4% 80% 0%
Marital Status
Never Married -6% 78% 0%
Married -6% 85% 0%
Divorced -6% 81% 0%
Widowed -3% 66% 0%
Education
Graduate -6% 87% 0%
Bachelor -6% 86% 0%
Associate -6% 81% 0%
High School -6% 76% 0%
Less than 12 Yrs -6% 75% 0%
Indiv. Income Quintile
$141,869+ -6% 90% 0%
$76,273 - $141,869 -6% 85% 0%
$47,225 - $76,273 -6% 80% 0%
$28,018 - $47,225 -6% 75% 0%
$0-$28,018 -6% 74% 0%
Hhld. Income Quintile
$234,849+ -6% 89% 0%
$125,659 - $234,849 -6% 86% 0%
$74,813 - $125,659 -6% 81% 0%
$41,558 - $74,813 -6% 77% 0%
$0-$41,558 -6% 70% 0%
Shared Earn. Quintile
$129,152+ -6% 92% 0%
$89,585 - $129,152 -6% 87% 0%
$63,685 - $89,585 -6% 82% 0%
$39,226 - $63,685 -6% 77% 0%
$0-$39,226 -6% 66% 0%
Benefit Type
Retired Worker -6% 99% 0%
Spousal & Worker -6% 95% 0%
Spousal Only -6% 54% 0%
Survivor & Worker -1% 64% 0%
Survivor Only 0% 40% 0%
Retired Disabled 0% 9% 0%
Disabled Worker 0% 3% 0%
Claiming Age
62 or younger -6% 71% 0%
63–66 -7% 92% 0%
67 or older -6% 83% 0%
Quarters of Coverage
201+ -6% 97% 0%
161–200 -6% 88% 0%
81–160 -6% 75% 0%
0–80 -4% 58% 0%
Own AIME Quintile
$11,030+ -6% 93% 0%
$7,326 - $11,030 -6% 86% 0%
$5,076 - $7,326 -6% 79% 0%
$2,910 - $5,076 -6% 75% 0%
$0-$2,910 -6% 71% 0%
Paying AIME Quintile
$12,519+ -6% 90% 0%
$8,545 - $12,519 -6% 84% 0%
$6,145 - $8,545 -6% 80% 0%
$3,923 - $6,145 -6% 77% 0%
$0-$3,923 -6% 73% 0%
Hhld. Benefit Quintile
$4,389+ -6% 89% 0%
$3,216 - $4,389 -6% 85% 0%
$2,435 - $3,216 -6% 80% 0%
$1,690 - $2,435 -6% 75% 0%
$0-$1,690 -6% 75% 0%
Adj. Gross Income
$181,671+ -6% 90% 0%
$123,969 - $181,671 -6% 86% 0%
$82,014 - $123,969 -6% 84% 0%
$1 - $82,014 -6% 80% 0%
$0.00 -6% 72% 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 to 68 versus Payable
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total 21% 1% 99%
Sex
Female 21% 1% 99%
Male 21% 1% 98%
Race/Ethnicity
Hispanic 21% 1% 99%
White 21% 1% 99%
Black 21% 1% 99%
Other 21% 1% 99%
Immigration
Immigrant 21% 1% 99%
Native Born 21% 1% 99%
Age
60–69 21% 4% 96%
70–79 21% 0% 100%
80–89 21% 0% 100%
90+ 24% 0% 100%
Marital Status
Never Married 21% 2% 98%
Married 21% 1% 98%
Divorced 21% 1% 99%
Widowed 25% 0% 100%
Education
Graduate 21% 1% 98%
Bachelor 21% 1% 98%
Associate 21% 1% 99%
High School 21% 1% 99%
Less than 12 Yrs 21% 1% 99%
Indiv. Income Quintile
$141,869+ 21% 2% 98%
$76,273 - $141,869 21% 2% 97%
$47,225 - $76,273 21% 1% 99%
$28,018 - $47,225 21% 0% 100%
$0-$28,018 21% 0% 100%
Hhld. Income Quintile
$234,849+ 21% 2% 98%
$125,659 - $234,849 21% 2% 98%
$74,813 - $125,659 21% 1% 99%
$41,558 - $74,813 21% 0% 100%
$0-$41,558 21% 0% 100%
Shared Earn. Quintile
$129,152+ 21% 2% 98%
$89,585 - $129,152 21% 1% 99%
$63,685 - $89,585 21% 1% 99%
$39,226 - $63,685 21% 1% 99%
$0-$39,226 21% 1% 99%
Benefit Type
Retired Worker 21% 2% 98%
Spousal & Worker 21% 1% 99%
Spousal Only 21% 2% 98%
Survivor & Worker 28% 0% 100%
Survivor Only 30% 0% 100%
Retired Disabled 30% 0% 100%
Disabled Worker 30% 0% 100%
Claiming Age
62 or younger 21% 1% 99%
63–66 21% 2% 98%
67 or older 21% 1% 99%
Quarters of Coverage
201+ 21% 3% 97%
161–200 21% 1% 99%
81–160 21% 1% 99%
0–80 24% 0% 100%
Own AIME Quintile
$11,030+ 21% 2% 98%
$7,326 - $11,030 21% 1% 99%
$5,076 - $7,326 21% 1% 99%
$2,910 - $5,076 21% 1% 99%
$0-$2,910 21% 1% 99%
Paying AIME Quintile
$12,519+ 21% 1% 98%
$8,545 - $12,519 21% 1% 99%
$6,145 - $8,545 21% 1% 99%
$3,923 - $6,145 21% 1% 99%
$0-$3,923 21% 1% 99%
Hhld. Benefit Quintile
$4,389+ 21% 1% 99%
$3,216 - $4,389 21% 1% 99%
$2,435 - $3,216 21% 1% 99%
$1,690 - $2,435 21% 1% 99%
$0-$1,690 21% 2% 98%
Adj. Gross Income
$181,671+ 21% 3% 97%
$123,969 - $181,671 21% 2% 98%
$82,014 - $123,969 21% 1% 98%
$1 - $82,014 21% 1% 99%
$0.00 21% 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 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% 1% 79% 19% 0% 0% 0%
Sex
Female 1% 1% 78% 20% 0% 0% 0%
Male 2% 0% 79% 18% 0% 0% 0%
Race/Ethnicity
Hispanic 2% 0% 75% 23% 0% 0% 0%
White 1% 1% 81% 16% 0% 0% 0%
Black 2% 0% 70% 28% 0% 0% 0%
Other 2% 0% 81% 17% 0% 0% 0%
Immigration
Immigrant 2% 1% 78% 20% 0% 0% 0%
Native Born 1% 1% 79% 19% 0% 0% 0%
Age
60–69 5% 1% 70% 24% 0% 0% 0%
70–79 0% 0% 83% 17% 0% 0% 0%
80–89 0% 0% 83% 17% 0% 0% 0%
90+ 0% 0% 79% 20% 0% 0% 0%
Marital Status
Never Married 2% 1% 76% 21% 0% 0% 0%
Married 2% 1% 83% 15% 0% 0% 0%
Divorced 1% 1% 79% 18% 0% 0% 0%
Widowed 0% 0% 66% 34% 0% 0% 0%
Education
Graduate 2% 1% 84% 13% 0% 0% 0%
Bachelor 2% 1% 84% 14% 0% 0% 0%
Associate 1% 1% 79% 19% 0% 0% 0%
High School 1% 1% 75% 24% 0% 0% 0%
Less than 12 Yrs 1% 0% 74% 25% 0% 0% 0%
Indiv. Income Quintile
$141,869+ 3% 1% 86% 10% 0% 0% 0%
$76,273 - $141,869 3% 1% 81% 15% 0% 0% 0%
$47,225 - $76,273 1% 1% 78% 20% 0% 0% 0%
$28,018 - $47,225 0% 0% 75% 25% 0% 0% 0%
$0-$28,018 0% 0% 74% 26% 0% 0% 0%
Hhld. Income Quintile
$234,849+ 3% 1% 86% 11% 0% 0% 0%
$125,659 - $234,849 2% 1% 83% 14% 0% 0% 0%
$74,813 - $125,659 2% 1% 79% 19% 0% 0% 0%
$41,558 - $74,813 0% 0% 76% 23% 0% 0% 0%
$0-$41,558 0% 0% 70% 30% 0% 0% 0%
Shared Earn. Quintile
$129,152+ 2% 1% 89% 8% 0% 0% 0%
$89,585 - $129,152 2% 1% 85% 13% 0% 0% 0%
$63,685 - $89,585 2% 0% 80% 18% 0% 0% 0%
$39,226 - $63,685 1% 1% 75% 23% 0% 0% 0%
$0-$39,226 1% 0% 65% 34% 0% 0% 0%
Benefit Type
Retired Worker 2% 1% 96% 1% 0% 0% 0%
Spousal & Worker 1% 2% 92% 5% 0% 0% 0%
Spousal Only 2% 2% 51% 46% 0% 0% 0%
Survivor & Worker 0% 1% 63% 36% 0% 0% 0%
Survivor Only 0% 1% 38% 60% 0% 0% 0%
Retired Disabled 0% 0% 9% 91% 0% 0% 0%
Disabled Worker 0% 0% 3% 97% 0% 0% 0%
Claiming Age
62 or younger 1% 0% 70% 29% 0% 0% 0%
63–66 2% 1% 88% 8% 0% 0% 0%
67 or older 1% 0% 82% 17% 0% 0% 0%
Quarters of Coverage
201+ 4% 1% 92% 3% 0% 0% 0%
161–200 1% 1% 86% 12% 0% 0% 0%
81–160 1% 0% 73% 25% 0% 0% 0%
0–80 0% 1% 57% 41% 0% 0% 0%
Own AIME Quintile
$11,030+ 2% 1% 90% 7% 0% 0% 0%
$7,326 - $11,030 1% 1% 84% 14% 0% 0% 0%
$5,076 - $7,326 1% 1% 77% 21% 0% 0% 0%
$2,910 - $5,076 1% 1% 73% 25% 0% 0% 0%
$0-$2,910 1% 1% 70% 29% 0% 0% 0%
Paying AIME Quintile
$12,519+ 2% 1% 87% 10% 0% 0% 0%
$8,545 - $12,519 1% 1% 82% 16% 0% 0% 0%
$6,145 - $8,545 1% 0% 79% 20% 0% 0% 0%
$3,923 - $6,145 1% 1% 74% 23% 0% 0% 0%
$0-$3,923 1% 0% 72% 27% 0% 0% 0%
Hhld. Benefit Quintile
$4,389+ 1% 1% 87% 11% 0% 0% 0%
$3,216 - $4,389 1% 1% 83% 15% 0% 0% 0%
$2,435 - $3,216 1% 0% 79% 20% 0% 0% 0%
$1,690 - $2,435 1% 1% 73% 25% 0% 0% 0%
$0-$1,690 2% 1% 72% 25% 0% 0% 0%
Adj. Gross Income
$181,671+ 3% 1% 85% 10% 0% 0% 0%
$123,969 - $181,671 2% 1% 83% 14% 0% 0% 0%
$82,014 - $123,969 2% 1% 82% 15% 0% 0% 0%
$1 - $82,014 1% 1% 78% 20% 0% 0% 0%
$0.00 0% 0% 72% 28% 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 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 1% 0% 0% 0% 1% 1% 97%
Sex
Female 0% 0% 0% 0% 1% 2% 97%
Male 1% 0% 0% 0% 0% 0% 98%
Race/Ethnicity
Hispanic 1% 0% 0% 0% 1% 1% 97%
White 1% 0% 0% 0% 1% 1% 97%
Black 1% 0% 0% 0% 0% 1% 98%
Other 1% 0% 0% 0% 0% 1% 97%
Immigration
Immigrant 1% 0% 0% 0% 0% 1% 97%
Native Born 1% 0% 0% 0% 1% 1% 97%
Age
60–69 2% 1% 1% 0% 2% 1% 93%
70–79 0% 0% 0% 0% 0% 1% 99%
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% 1% 0% 97%
Married 1% 0% 0% 0% 1% 1% 97%
Divorced 1% 0% 0% 0% 0% 1% 98%
Widowed 0% 0% 0% 0% 0% 1% 99%
Education
Graduate 1% 0% 0% 0% 1% 1% 96%
Bachelor 1% 0% 0% 0% 1% 1% 97%
Associate 1% 0% 0% 0% 1% 1% 97%
High School 1% 0% 0% 0% 0% 1% 98%
Less than 12 Yrs 1% 0% 0% 0% 0% 1% 97%
Indiv. Income Quintile
$141,869+ 1% 0% 0% 0% 1% 1% 96%
$76,273 - $141,869 1% 0% 1% 0% 1% 1% 95%
$47,225 - $76,273 1% 0% 0% 0% 1% 1% 97%
$28,018 - $47,225 0% 0% 0% 0% 0% 1% 99%
$0-$28,018 0% 0% 0% 0% 0% 1% 98%
Hhld. Income Quintile
$234,849+ 1% 0% 1% 0% 1% 1% 96%
$125,659 - $234,849 1% 0% 1% 0% 1% 1% 96%
$74,813 - $125,659 1% 0% 0% 0% 1% 1% 97%
$41,558 - $74,813 0% 0% 0% 0% 0% 1% 98%
$0-$41,558 0% 0% 0% 0% 0% 1% 99%
Shared Earn. Quintile
$129,152+ 1% 0% 0% 0% 1% 1% 97%
$89,585 - $129,152 1% 0% 0% 0% 1% 1% 97%
$63,685 - $89,585 1% 0% 0% 0% 0% 1% 97%
$39,226 - $63,685 1% 0% 0% 0% 0% 1% 98%
$0-$39,226 0% 0% 0% 0% 0% 1% 98%
Benefit Type
Retired Worker 1% 0% 0% 0% 1% 0% 97%
Spousal & Worker 1% 0% 0% 0% 1% 10% 88%
Spousal Only 1% 0% 0% 0% 0% 19% 79%
Survivor & Worker 0% 0% 0% 0% 0% 1% 98%
Survivor Only 0% 0% 0% 0% 0% 1% 98%
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% 1% 98%
63–66 1% 0% 0% 0% 1% 1% 96%
67 or older 1% 0% 0% 0% 0% 0% 99%
Quarters of Coverage
201+ 2% 1% 1% 1% 1% 0% 95%
161–200 1% 0% 0% 0% 1% 0% 98%
81–160 0% 0% 0% 0% 0% 1% 98%
0–80 0% 0% 0% 0% 0% 4% 95%
Own AIME Quintile
$11,030+ 1% 0% 1% 0% 1% 0% 97%
$7,326 - $11,030 1% 0% 0% 0% 1% 0% 98%
$5,076 - $7,326 1% 0% 0% 0% 1% 0% 98%
$2,910 - $5,076 1% 0% 0% 0% 0% 1% 98%
$0-$2,910 1% 0% 0% 0% 0% 3% 95%
Paying AIME Quintile
$12,519+ 1% 0% 0% 0% 1% 2% 96%
$8,545 - $12,519 1% 0% 0% 0% 1% 1% 97%
$6,145 - $8,545 1% 0% 0% 0% 0% 1% 98%
$3,923 - $6,145 1% 0% 0% 0% 1% 1% 97%
$0-$3,923 1% 0% 0% 0% 0% 1% 98%
Hhld. Benefit Quintile
$4,389+ 1% 0% 0% 0% 0% 1% 97%
$3,216 - $4,389 1% 0% 0% 0% 0% 1% 97%
$2,435 - $3,216 0% 0% 0% 0% 0% 1% 98%
$1,690 - $2,435 1% 0% 0% 0% 1% 1% 98%
$0-$1,690 1% 0% 1% 0% 1% 1% 97%
Adj. Gross Income
$181,671+ 1% 1% 1% 0% 1% 1% 95%
$123,969 - $181,671 1% 0% 0% 0% 1% 1% 96%
$82,014 - $123,969 1% 0% 0% 0% 1% 1% 97%
$1 - $82,014 1% 0% 0% 0% 1% 1% 97%
$0.00 0% 0% 0% 0% 0% 1% 99%
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 to 68 versus Scheduled
Characteristic Poverty Rate # of Poor Change
Scheduled Option Diff
Total 1.2% 1.3% 0.1% 138,883
Sex
Female 1.6% 1.8% 0.2% 111,093
Male 0.7% 0.7% 0.1% 27,790
Race/Ethnicity
Hispanic 1.7% 1.9% 0.2% 40,804
White 0.8% 0.9% 0.1% 50,346
Black 2.2% 2.6% 0.3% 33,840
Other 1.2% 1.3% 0.1% 13,893
Immigration
Immigrant 1.5% 1.7% 0.1% 30,559
Native Born 1.1% 1.2% 0.1% 108,324
Age
60–69 1.5% 1.7% 0.2% 50,276
70–79 1.1% 1.3% 0.1% 51,482
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% 3.8% 0.4% 54,793
Married 0.4% 0.5% 0.1% 26,381
Divorced 1.5% 1.8% 0.2% 46,599
Widowed 1.2% 1.3% 0.1% 11,110
Education
Graduate 0.2% 0.4% 0.1% 11,850
Bachelor 0.4% 0.5% 0.1% 16,723
Associate 0.6% 0.7% 0.1% 26,242
High School 1.7% 1.9% 0.1% 44,620
Less than 12 Yrs 3.6% 4.0% 0.4% 39,447
Indiv. Income Quintile
$141,869+ 0.0% 0.0% 0.0% 0
$76,273 - $141,869 0.0% 0.0% 0.0% 0
$47,225 - $76,273 0.0% 0.0% 0.0% 0
$28,018 - $47,225 0.0% 0.0% 0.0% 0
$0-$28,018 5.9% 6.6% 0.7% 138,883
Hhld. Income Quintile
$234,849+ 0.0% 0.0% 0.0% 0
$125,659 - $234,849 0.0% 0.0% 0.0% 0
$74,813 - $125,659 0.0% 0.0% 0.0% 0
$41,558 - $74,813 0.0% 0.0% 0.0% 0
$0-$41,558 5.9% 6.6% 0.7% 138,883
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% 4,473
$0-$39,226 5.8% 6.5% 0.7% 134,410
Benefit Type
Retired Worker 1.1% 1.3% 0.2% 129,174
Spousal & Worker 0.1% 0.2% 0.1% 4,147
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% 2.0% 0.2% 78,736
63–66 0.5% 0.6% 0.1% 50,817
67 or older 0.8% 0.9% 0.2% 9,329
Quarters of Coverage
201+ 0.0% 0.0% 0.0% 0
161–200 0.0% 0.0% 0.0% 0
81–160 0.7% 0.8% 0.2% 65,355
0–80 7.8% 8.4% 0.7% 73,528
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% 6.6% 0.7% 138,414
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% 2,774
$3,923 - $6,145 0.0% 0.0% 0.0% 0
$0-$3,923 5.8% 6.6% 0.7% 136,109
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% 6.6% 0.7% 138,883
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% 1.1% 0.1% 15,856
$0.00 3.0% 3.4% 0.4% 123,026
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 to 68 versus Payable
Characteristic Poverty Rate # of Poor Change
Payable Option Diff
Total 2.3% 1.3% -1.0% -925,716
Sex
Female 3.0% 1.8% -1.2% -604,610
Male 1.5% 0.7% -0.7% -321,106
Race/Ethnicity
Hispanic 3.3% 1.9% -1.4% -281,604
White 1.5% 0.9% -0.7% -362,804
Black 4.6% 2.6% -2.0% -201,267
Other 2.1% 1.3% -0.8% -80,039
Immigration
Immigrant 3.0% 1.7% -1.3% -283,770
Native Born 2.1% 1.2% -0.9% -641,945
Age
60–69 2.9% 1.7% -1.2% -334,666
70–79 2.3% 1.3% -1.0% -356,627
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% 3.8% -2.4% -328,335
Married 0.8% 0.5% -0.4% -184,238
Divorced 3.3% 1.8% -1.6% -292,140
Widowed 2.2% 1.3% -0.9% -121,000
Education
Graduate 0.7% 0.4% -0.4% -41,784
Bachelor 0.7% 0.5% -0.2% -54,305
Associate 1.7% 0.7% -1.0% -206,289
High School 3.3% 1.9% -1.4% -440,202
Less than 12 Yrs 6.1% 4.0% -2.0% -183,135
Indiv. Income Quintile
$141,869+ 0.0% 0.0% 0.0% 0
$76,273 - $141,869 0.0% 0.0% 0.0% 0
$47,225 - $76,273 0.0% 0.0% 0.0% 0
$28,018 - $47,225 0.0% 0.0% 0.0% 0
$0-$28,018 11.6% 6.6% -4.9% -925,716
Hhld. Income Quintile
$234,849+ 0.0% 0.0% 0.0% 0
$125,659 - $234,849 0.0% 0.0% 0.0% 0
$74,813 - $125,659 0.0% 0.0% 0.0% 0
$41,558 - $74,813 0.0% 0.0% 0.0% 0
$0-$41,558 11.6% 6.6% -4.9% -925,716
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% -27,943
$0-$39,226 11.2% 6.5% -4.7% -895,111
Benefit Type
Retired Worker 2.2% 1.3% -0.9% -564,914
Spousal & Worker 0.5% 0.2% -0.2% -7,924
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% 2.0% -1.5% -697,448
63–66 1.1% 0.6% -0.4% -189,482
67 or older 1.6% 0.9% -0.6% -38,785
Quarters of Coverage
201+ 0.0% 0.0% 0.0% 0
161–200 0.1% 0.0% -0.1% -24,867
81–160 2.1% 0.8% -1.2% -439,693
0–80 12.5% 8.4% -4.1% -461,155
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% 6.6% -4.3% -815,241
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% -7,701
$3,923 - $6,145 0.1% 0.0% -0.1% -20,940
$0-$3,923 11.3% 6.6% -4.7% -897,074
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% 6.6% -4.9% -925,716
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% 1.1% -0.6% -98,676
$0.00 6.1% 3.4% -2.7% -827,039
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.