Benefit Formula Changes

Index PIA factors to longevity: Multiply factors by the ratio of life expectancy at 67 in 2016 to the life expectancy at age 67 in the 4th year prior to the year of initial benefit eligibility

Projected effects on beneficiaries in 2070

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Table 1. Individual benefits 2070: Longevity Indexing versus Scheduled
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total -9% 90% 0%
Sex
Female -9% 91% 0%
Male -9% 89% 0%
Race/Ethnicity
Hispanic -10% 87% 0%
White -9% 93% 0%
Black -9% 81% 0%
Other -10% 91% 0%
Immigration
Immigrant -10% 91% 0%
Native Born -9% 90% 0%
Age
60–69 -12% 81% 0%
70–79 -10% 94% 0%
80–89 -8% 95% 0%
90+ -5% 95% 0%
Marital Status
Never Married -9% 85% 0%
Married -10% 91% 0%
Divorced -9% 91% 0%
Widowed -7% 90% 0%
Education
Graduate -9% 95% 0%
Bachelor -9% 94% 0%
Associate -9% 90% 0%
High School -9% 87% 0%
Less than 12 Yrs -10% 86% 0%
Indiv. Income Quintile
$141,869+ -9% 97% 0%
$76,273 - $141,869 -10% 94% 0%
$47,225 - $76,273 -9% 90% 0%
$28,018 - $47,225 -9% 87% 0%
$0-$28,018 -9% 83% 0%
Hhld. Income Quintile
$234,849+ -9% 96% 0%
$125,659 - $234,849 -10% 93% 0%
$74,813 - $125,659 -9% 91% 0%
$41,558 - $74,813 -9% 88% 0%
$0-$41,558 -9% 82% 0%
Shared Earn. Quintile
$129,152+ -9% 98% 0%
$89,585 - $129,152 -9% 95% 0%
$63,685 - $89,585 -9% 92% 0%
$39,226 - $63,685 -9% 88% 0%
$0-$39,226 -9% 78% 0%
Benefit Type
Retired Worker -10% 100% 0%
Spousal & Worker -10% 97% 0%
Spousal Only -10% 95% 0%
Survivor & Worker -7% 96% 0%
Survivor Only -7% 92% 0%
Retired Disabled -3% 54% 0%
Disabled Worker 0% 5% 0%
Claiming Age
62 or younger -9% 82% 0%
63–66 -10% 98% 0%
67 or older -9% 99% 0%
Quarters of Coverage
201+ -9% 100% 0%
161–200 -10% 97% 0%
81–160 -9% 85% 0%
0–80 -8% 74% 0%
Own AIME Quintile
$11,030+ -9% 97% 0%
$7,326 - $11,030 -9% 93% 0%
$5,076 - $7,326 -9% 89% 0%
$2,910 - $5,076 -9% 86% 0%
$0-$2,910 -9% 86% 0%
Paying AIME Quintile
$12,519+ -9% 97% 0%
$8,545 - $12,519 -9% 94% 0%
$6,145 - $8,545 -9% 91% 0%
$3,923 - $6,145 -9% 87% 0%
$0-$3,923 -10% 81% 0%
Hhld. Benefit Quintile
$4,389+ -10% 96% 0%
$3,216 - $4,389 -10% 92% 0%
$2,435 - $3,216 -9% 91% 0%
$1,690 - $2,435 -9% 88% 0%
$0-$1,690 -9% 84% 0%
Adj. Gross Income
$181,671+ -10% 96% 0%
$123,969 - $181,671 -10% 94% 0%
$82,014 - $123,969 -9% 93% 0%
$1 - $82,014 -9% 89% 0%
$0.00 -9% 84% 0%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 03/05/2014
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: Longevity Indexing versus Payable
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total 17% 1% 99%
Sex
Female 17% 1% 99%
Male 17% 1% 98%
Race/Ethnicity
Hispanic 16% 1% 99%
White 17% 1% 98%
Black 17% 1% 99%
Other 16% 1% 99%
Immigration
Immigrant 17% 1% 99%
Native Born 17% 1% 99%
Age
60–69 13% 4% 95%
70–79 16% 0% 100%
80–89 19% 0% 100%
90+ 22% 0% 100%
Marital Status
Never Married 17% 1% 98%
Married 16% 2% 98%
Divorced 17% 1% 99%
Widowed 20% 0% 100%
Education
Graduate 17% 2% 98%
Bachelor 17% 1% 98%
Associate 17% 1% 99%
High School 17% 1% 99%
Less than 12 Yrs 16% 1% 99%
Indiv. Income Quintile
$141,869+ 17% 2% 98%
$76,273 - $141,869 16% 3% 97%
$47,225 - $76,273 17% 1% 98%
$28,018 - $47,225 17% 0% 100%
$0-$28,018 17% 0% 100%
Hhld. Income Quintile
$234,849+ 17% 2% 97%
$125,659 - $234,849 16% 2% 98%
$74,813 - $125,659 17% 1% 99%
$41,558 - $74,813 17% 1% 99%
$0-$41,558 17% 0% 100%
Shared Earn. Quintile
$129,152+ 17% 2% 98%
$89,585 - $129,152 17% 1% 98%
$63,685 - $89,585 17% 1% 98%
$39,226 - $63,685 17% 1% 99%
$0-$39,226 17% 0% 99%
Benefit Type
Retired Worker 16% 2% 98%
Spousal & Worker 16% 1% 99%
Spousal Only 16% 3% 97%
Survivor & Worker 20% 0% 100%
Survivor Only 20% 2% 98%
Retired Disabled 26% 0% 100%
Disabled Worker 30% 0% 100%
Claiming Age
62 or younger 17% 1% 99%
63–66 16% 2% 98%
67 or older 17% 0% 99%
Quarters of Coverage
201+ 17% 3% 97%
161–200 16% 1% 98%
81–160 17% 1% 99%
0–80 18% 1% 99%
Own AIME Quintile
$11,030+ 17% 2% 98%
$7,326 - $11,030 17% 1% 98%
$5,076 - $7,326 17% 1% 99%
$2,910 - $5,076 17% 1% 99%
$0-$2,910 17% 1% 99%
Paying AIME Quintile
$12,519+ 17% 2% 98%
$8,545 - $12,519 17% 1% 98%
$6,145 - $8,545 17% 1% 99%
$3,923 - $6,145 17% 1% 99%
$0-$3,923 16% 1% 99%
Hhld. Benefit Quintile
$4,389+ 16% 0% 100%
$3,216 - $4,389 16% 1% 99%
$2,435 - $3,216 17% 1% 99%
$1,690 - $2,435 17% 1% 99%
$0-$1,690 17% 4% 96%
Adj. Gross Income
$181,671+ 16% 3% 97%
$123,969 - $181,671 16% 2% 98%
$82,014 - $123,969 17% 1% 98%
$1 - $82,014 17% 1% 98%
$0.00 18% 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: 03/05/2014
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: Longevity Indexing 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% 46% 42% 10% 0% 0% 0%
Sex
Female 1% 45% 45% 9% 0% 0% 0%
Male 2% 48% 39% 11% 0% 0% 0%
Race/Ethnicity
Hispanic 2% 51% 35% 13% 0% 0% 0%
White 2% 44% 46% 7% 0% 0% 0%
Black 1% 44% 36% 19% 0% 0% 0%
Other 2% 49% 41% 8% 0% 0% 0%
Immigration
Immigrant 2% 49% 41% 9% 0% 0% 0%
Native Born 2% 46% 43% 10% 0% 0% 0%
Age
60–69 5% 72% 3% 19% 0% 0% 0%
70–79 0% 62% 32% 6% 0% 0% 0%
80–89 0% 2% 93% 5% 0% 0% 0%
90+ 0% 0% 95% 5% 0% 0% 0%
Marital Status
Never Married 2% 48% 36% 15% 0% 0% 0%
Married 2% 55% 34% 9% 0% 0% 0%
Divorced 2% 46% 43% 9% 0% 0% 0%
Widowed 0% 16% 75% 9% 0% 0% 0%
Education
Graduate 2% 45% 48% 5% 0% 0% 0%
Bachelor 2% 46% 47% 6% 0% 0% 0%
Associate 2% 47% 41% 10% 0% 0% 0%
High School 1% 46% 40% 13% 0% 0% 0%
Less than 12 Yrs 1% 52% 33% 14% 0% 0% 0%
Indiv. Income Quintile
$141,869+ 3% 41% 53% 3% 0% 0% 0%
$76,273 - $141,869 3% 49% 42% 6% 0% 0% 0%
$47,225 - $76,273 2% 48% 40% 10% 0% 0% 0%
$28,018 - $47,225 0% 47% 40% 13% 0% 0% 0%
$0-$28,018 0% 47% 35% 17% 0% 0% 0%
Hhld. Income Quintile
$234,849+ 3% 45% 47% 4% 0% 0% 0%
$125,659 - $234,849 3% 51% 40% 7% 0% 0% 0%
$74,813 - $125,659 2% 48% 41% 9% 0% 0% 0%
$41,558 - $74,813 1% 46% 42% 12% 0% 0% 0%
$0-$41,558 0% 42% 40% 18% 0% 0% 0%
Shared Earn. Quintile
$129,152+ 2% 46% 49% 2% 0% 0% 0%
$89,585 - $129,152 2% 48% 46% 5% 0% 0% 0%
$63,685 - $89,585 2% 47% 43% 8% 0% 0% 0%
$39,226 - $63,685 1% 46% 41% 12% 0% 0% 0%
$0-$39,226 1% 44% 33% 22% 0% 0% 0%
Benefit Type
Retired Worker 2% 56% 41% 0% 0% 0% 0%
Spousal & Worker 1% 57% 39% 3% 0% 0% 0%
Spousal Only 3% 53% 39% 5% 0% 0% 0%
Survivor & Worker 1% 24% 71% 4% 0% 0% 0%
Survivor Only 2% 20% 69% 8% 0% 0% 0%
Retired Disabled 0% 18% 36% 45% 0% 0% 0%
Disabled Worker 0% 2% 3% 95% 0% 0% 0%
Claiming Age
62 or younger 1% 44% 37% 18% 0% 0% 0%
63–66 2% 50% 46% 2% 0% 0% 0%
67 or older 1% 41% 57% 1% 0% 0% 0%
Quarters of Coverage
201+ 4% 46% 50% 0% 0% 0% 0%
161–200 2% 50% 45% 3% 0% 0% 0%
81–160 1% 45% 39% 15% 0% 0% 0%
0–80 1% 39% 35% 26% 0% 0% 0%
Own AIME Quintile
$11,030+ 2% 46% 48% 3% 0% 0% 0%
$7,326 - $11,030 2% 47% 44% 7% 0% 0% 0%
$5,076 - $7,326 2% 46% 42% 11% 0% 0% 0%
$2,910 - $5,076 1% 46% 39% 13% 0% 0% 0%
$0-$2,910 1% 47% 38% 14% 0% 0% 0%
Paying AIME Quintile
$12,519+ 2% 43% 53% 3% 0% 0% 0%
$8,545 - $12,519 2% 45% 48% 6% 0% 0% 0%
$6,145 - $8,545 2% 46% 43% 9% 0% 0% 0%
$3,923 - $6,145 2% 48% 38% 13% 0% 0% 0%
$0-$3,923 1% 50% 29% 19% 0% 0% 0%
Hhld. Benefit Quintile
$4,389+ 1% 56% 39% 4% 0% 0% 0%
$3,216 - $4,389 1% 50% 41% 8% 0% 0% 0%
$2,435 - $3,216 1% 43% 48% 9% 0% 0% 0%
$1,690 - $2,435 1% 41% 46% 12% 0% 0% 0%
$0-$1,690 4% 42% 38% 16% 0% 0% 0%
Adj. Gross Income
$181,671+ 4% 52% 40% 4% 0% 0% 0%
$123,969 - $181,671 2% 51% 41% 6% 0% 0% 0%
$82,014 - $123,969 2% 47% 45% 7% 0% 0% 0%
$1 - $82,014 2% 46% 42% 11% 0% 0% 0%
$0.00 0% 41% 43% 16% 0% 0% 0%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 03/05/2014
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: Longevity Indexing 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% 1% 0% 0% 69% 29%
Sex
Female 0% 0% 1% 0% 0% 67% 31%
Male 0% 0% 1% 0% 0% 72% 26%
Race/Ethnicity
Hispanic 0% 0% 1% 0% 0% 71% 27%
White 0% 0% 1% 0% 0% 69% 29%
Black 1% 0% 0% 0% 0% 65% 34%
Other 0% 0% 1% 0% 0% 72% 27%
Immigration
Immigrant 0% 0% 1% 0% 0% 71% 28%
Native Born 0% 0% 1% 0% 0% 69% 29%
Age
60–69 1% 1% 2% 1% 1% 74% 21%
70–79 0% 0% 0% 0% 0% 89% 11%
80–89 0% 0% 0% 0% 0% 51% 48%
90+ 0% 0% 0% 0% 0% 2% 98%
Marital Status
Never Married 0% 0% 1% 0% 0% 68% 30%
Married 1% 0% 1% 0% 0% 78% 20%
Divorced 0% 0% 1% 0% 0% 70% 28%
Widowed 0% 0% 0% 0% 0% 40% 60%
Education
Graduate 0% 0% 1% 0% 0% 70% 28%
Bachelor 0% 0% 1% 0% 0% 70% 28%
Associate 0% 0% 1% 0% 0% 70% 29%
High School 0% 0% 1% 0% 0% 68% 31%
Less than 12 Yrs 0% 0% 1% 0% 0% 71% 27%
Indiv. Income Quintile
$141,869+ 1% 0% 1% 0% 0% 66% 31%
$76,273 - $141,869 1% 0% 1% 0% 0% 71% 26%
$47,225 - $76,273 0% 0% 1% 0% 0% 71% 27%
$28,018 - $47,225 0% 0% 0% 0% 0% 70% 30%
$0-$28,018 0% 0% 0% 0% 0% 69% 31%
Hhld. Income Quintile
$234,849+ 1% 0% 1% 0% 0% 70% 27%
$125,659 - $234,849 1% 0% 1% 0% 0% 73% 25%
$74,813 - $125,659 1% 0% 1% 0% 0% 71% 27%
$41,558 - $74,813 0% 0% 0% 0% 0% 69% 31%
$0-$41,558 0% 0% 0% 0% 0% 64% 36%
Shared Earn. Quintile
$129,152+ 1% 0% 1% 0% 0% 73% 25%
$89,585 - $129,152 1% 0% 1% 0% 0% 72% 26%
$63,685 - $89,585 0% 0% 1% 0% 0% 70% 28%
$39,226 - $63,685 0% 0% 0% 0% 0% 69% 30%
$0-$39,226 0% 0% 0% 0% 0% 63% 37%
Benefit Type
Retired Worker 1% 0% 1% 0% 0% 82% 16%
Spousal & Worker 0% 0% 0% 0% 1% 82% 17%
Spousal Only 1% 0% 1% 1% 2% 80% 15%
Survivor & Worker 0% 0% 0% 0% 0% 48% 52%
Survivor Only 1% 0% 0% 0% 1% 43% 54%
Retired Disabled 0% 0% 0% 0% 0% 31% 69%
Disabled Worker 0% 0% 0% 0% 0% 4% 96%
Claiming Age
62 or younger 0% 0% 0% 0% 0% 63% 36%
63–66 1% 0% 1% 0% 0% 76% 21%
67 or older 0% 0% 0% 0% 0% 74% 25%
Quarters of Coverage
201+ 1% 0% 1% 1% 0% 74% 22%
161–200 0% 0% 1% 0% 0% 76% 23%
81–160 0% 0% 0% 0% 0% 66% 33%
0–80 0% 0% 0% 0% 1% 56% 43%
Own AIME Quintile
$11,030+ 0% 0% 1% 0% 0% 74% 24%
$7,326 - $11,030 0% 0% 1% 0% 0% 71% 28%
$5,076 - $7,326 0% 0% 1% 0% 0% 69% 30%
$2,910 - $5,076 0% 0% 1% 0% 0% 66% 32%
$0-$2,910 0% 0% 0% 0% 0% 67% 32%
Paying AIME Quintile
$12,519+ 0% 0% 1% 0% 0% 70% 28%
$8,545 - $12,519 0% 0% 1% 0% 0% 69% 29%
$6,145 - $8,545 0% 0% 1% 0% 0% 70% 28%
$3,923 - $6,145 0% 0% 1% 0% 0% 70% 29%
$0-$3,923 0% 0% 0% 0% 0% 68% 31%
Hhld. Benefit Quintile
$4,389+ 0% 0% 0% 0% 0% 83% 16%
$3,216 - $4,389 0% 0% 0% 0% 0% 75% 24%
$2,435 - $3,216 0% 0% 0% 0% 0% 66% 33%
$1,690 - $2,435 0% 0% 1% 0% 0% 62% 36%
$0-$1,690 2% 1% 2% 0% 0% 60% 35%
Adj. Gross Income
$181,671+ 1% 0% 2% 0% 0% 76% 21%
$123,969 - $181,671 1% 0% 1% 0% 0% 75% 23%
$82,014 - $123,969 1% 0% 1% 0% 0% 71% 27%
$1 - $82,014 0% 0% 1% 0% 0% 67% 32%
$0.00 0% 0% 0% 0% 0% 64% 36%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 03/05/2014
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: Longevity Indexing versus Scheduled
Characteristic Poverty Rate # of Poor Change
Scheduled Option Diff
Total 1.2% 1.4% 0.3% 257,220
Sex
Female 1.6% 2.0% 0.4% 186,115
Male 0.7% 0.8% 0.2% 71,104
Race/Ethnicity
Hispanic 1.7% 2.1% 0.4% 76,964
White 0.8% 1.0% 0.2% 100,844
Black 2.2% 2.7% 0.5% 53,213
Other 1.2% 1.4% 0.3% 26,197
Immigration
Immigrant 1.5% 1.9% 0.4% 80,122
Native Born 1.1% 1.3% 0.2% 177,097
Age
60–69 1.5% 1.8% 0.3% 91,896
70–79 1.1% 1.5% 0.3% 118,263
80–89 0.9% 1.1% 0.2% 44,487
90+ 0.7% 0.7% 0.0% 2,571
Marital Status
Never Married 3.4% 4.1% 0.7% 98,009
Married 0.4% 0.5% 0.1% 48,482
Divorced 1.5% 2.0% 0.5% 86,114
Widowed 1.2% 1.4% 0.2% 24,613
Education
Graduate 0.2% 0.4% 0.1% 14,652
Bachelor 0.4% 0.5% 0.2% 35,383
Associate 0.6% 0.8% 0.2% 44,346
High School 1.7% 2.0% 0.3% 94,839
Less than 12 Yrs 3.6% 4.4% 0.8% 67,997
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% 7.3% 1.4% 257,220
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% 7.3% 1.4% 257,220
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% 0.1% 9,785
$0-$39,226 5.8% 7.1% 1.3% 247,434
Benefit Type
Retired Worker 1.1% 1.5% 0.4% 232,976
Spousal & Worker 0.1% 0.3% 0.2% 5,982
Spousal Only 2.4% 2.7% 0.3% 3,665
Survivor & Worker 0.3% 0.3% 0.1% 5,341
Survivor Only 5.0% 5.3% 0.3% 2,408
Retired Disabled 2.0% 2.0% 0.1% 6,845
Disabled Worker 2.3% 2.3% 0.0% 0
Claiming Age
62 or younger 1.8% 2.1% 0.3% 154,241
63–66 0.5% 0.7% 0.2% 85,072
67 or older 0.8% 1.1% 0.3% 17,907
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% 0.4% 131,313
0–80 7.8% 8.9% 1.1% 125,906
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% 2,284
$0-$2,910 5.8% 7.2% 1.3% 254,935
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% 3,809
$0-$3,923 5.8% 7.2% 1.3% 248,801
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% 7.2% 1.4% 257,220
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% 37,095
$0.00 3.0% 3.7% 0.7% 220,125
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 03/05/2014
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: Longevity Indexing versus Payable
Characteristic Poverty Rate # of Poor Change
Payable Option Diff
Total 2.3% 1.4% -0.9% -807,379
Sex
Female 3.0% 2.0% -1.0% -529,588
Male 1.5% 0.8% -0.6% -277,791
Race/Ethnicity
Hispanic 3.3% 2.1% -1.2% -245,443
White 1.5% 1.0% -0.6% -312,306
Black 4.6% 2.7% -1.8% -181,894
Other 2.1% 1.4% -0.7% -67,735
Immigration
Immigrant 3.0% 1.9% -1.1% -234,207
Native Born 2.1% 1.3% -0.8% -573,172
Age
60–69 2.9% 1.8% -1.0% -293,045
70–79 2.3% 1.5% -0.8% -289,845
80–89 1.9% 1.1% -0.8% -181,946
90+ 1.4% 0.7% -0.7% -42,541
Marital Status
Never Married 6.2% 4.1% -2.1% -285,119
Married 0.8% 0.5% -0.3% -162,137
Divorced 3.3% 2.0% -1.3% -252,624
Widowed 2.2% 1.4% -0.8% -107,497
Education
Graduate 0.7% 0.4% -0.4% -38,981
Bachelor 0.7% 0.5% -0.2% -35,644
Associate 1.7% 0.8% -0.9% -188,185
High School 3.3% 2.0% -1.2% -389,982
Less than 12 Yrs 6.1% 4.4% -1.7% -154,585
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% 7.3% -4.3% -807,379
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% 7.3% -4.3% -807,379
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% -22,631
$0-$39,226 11.2% 7.1% -4.1% -782,087
Benefit Type
Retired Worker 2.2% 1.5% -0.7% -461,112
Spousal & Worker 0.5% 0.3% -0.2% -6,088
Spousal Only 4.0% 2.7% -1.3% -16,288
Survivor & Worker 0.8% 0.3% -0.4% -42,939
Survivor Only 6.5% 5.3% -1.2% -9,513
Retired Disabled 3.7% 2.0% -1.7% -147,338
Disabled Worker 4.9% 2.3% -2.6% -124,099
Claiming Age
62 or younger 3.5% 2.1% -1.3% -621,943
63–66 1.1% 0.7% -0.4% -155,227
67 or older 1.6% 1.1% -0.5% -30,207
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% -1.0% -373,735
0–80 12.5% 8.9% -3.6% -408,777
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% -106,990
$0-$2,910 10.9% 7.2% -3.7% -698,720
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% -17,130
$0-$3,923 11.3% 7.2% -4.2% -784,382
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% 7.2% -4.3% -807,379
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% -77,438
$0.00 6.1% 3.7% -2.3% -729,941
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 03/05/2014
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: 03/05/2014
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: 03/05/2014
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.