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Benefit Formula Changes

Reconfigure the minimum benefit: For workers with 10 to 30 years of coverage (YOC = 4 quarters earned that year) set PIA up to 125% of the monthly poverty level

Projected effects on beneficiaries in 2050

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Table 1. Individual benefits 2050: Reconfigure MinBen versus Scheduled
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total 0% 0% 16%
Sex
Female 0% 0% 19%
Male 0% 0% 12%
Race/Ethnicity
Hispanic 0% 0% 23%
White 0% 0% 14%
Black 0% 0% 21%
Other 0% 0% 13%
Immigration
Immigrant 0% 0% 17%
Native Born 0% 0% 16%
Age
60–69 0% 0% 20%
70–79 0% 0% 17%
80–89 0% 0% 11%
90+ 0% 0% 6%
Marital Status
Never Married 0% 0% 21%
Married 0% 0% 17%
Divorced 0% 0% 16%
Widowed 0% 0% 10%
Education
Graduate 0% 0% 6%
Bachelor 0% 0% 7%
Associate 0% 0% 17%
High School 0% 0% 21%
Less than 12 Yrs 0% 0% 29%
Indiv. Income Quintile
$118,077+ 0% 0% 4%
$63,076 - $118,077 0% 0% 6%
$38,685 - $63,076 0% 0% 12%
$23,078 - $38,685 0% 0% 19%
$0-$23,078 0% 0% 38%
Hhld. Income Quintile
$191,900+ 0% 1% 6%
$102,458 - $191,900 0% 0% 9%
$60,945 - $102,458 0% 0% 14%
$33,624 - $60,945 0% 0% 19%
$0-$33,624 0% 0% 32%
Shared Earn. Quintile
$106,162+ 0% 0% 1%
$74,636 - $106,162 0% 0% 3%
$52,919 - $74,636 0% 0% 9%
$32,782 - $52,919 0% 0% 28%
$0-$32,782 0% 0% 39%
Benefit Type
Retired Worker 0% 0% 16%
Spousal & Worker 0% 6% 29%
Spousal Only 0% 0% 14%
Survivor & Worker 0% 0% 7%
Survivor Only 0% 0% 12%
Retired Disabled 0% 0% 18%
Disabled Worker 0% 0% 19%
Claiming Age
62 or younger 0% 0% 19%
63–66 0% 0% 13%
67 or older 0% 0% 7%
Quarters of Coverage
201+ 0% 0% 3%
161–200 0% 0% 11%
81–160 0% 1% 29%
0–80 0% 0% 7%
Own AIME Quintile
$8,955+ 0% 0% 0%
$5,945 - $8,955 0% 0% 0%
$4,095 - $5,945 0% 0% 1%
$2,356 - $4,095 1% 1% 50%
$0-$2,356 0% 0% 28%
Paying AIME Quintile
$10,370+ 0% 1% 2%
$7,219 - $10,370 0% 0% 2%
$5,128 - $7,219 0% 0% 1%
$3,307 - $5,128 0% 0% 24%
$0-$3,307 0% 0% 50%
Hhld. Benefit Quintile
$3,486+ 0% 1% 5%
$2,564 - $3,486 0% 0% 11%
$1,975 - $2,564 0% 0% 11%
$1,382 - $1,975 0% 0% 14%
$0-$1,382 0% 0% 39%
Adj. Gross Income
$146,400+ 0% 1% 5%
$99,794 - $146,400 0% 0% 10%
$66,090 - $99,794 0% 0% 13%
$1 - $66,090 0% 0% 20%
$0.00 0% 0% 24%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 11/28/2012
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: Reconfigure MinBen versus Payable
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total 27% 0% 100%
Sex
Female 27% 0% 100%
Male 27% 0% 100%
Race/Ethnicity
Hispanic 27% 0% 100%
White 27% 0% 100%
Black 27% 0% 100%
Other 27% 0% 100%
Immigration
Immigrant 27% 0% 100%
Native Born 27% 0% 100%
Age
60–69 27% 0% 100%
70–79 27% 0% 100%
80–89 27% 0% 100%
90+ 27% 0% 100%
Marital Status
Never Married 27% 0% 100%
Married 27% 0% 100%
Divorced 27% 0% 100%
Widowed 27% 0% 100%
Education
Graduate 27% 0% 100%
Bachelor 27% 0% 100%
Associate 27% 0% 100%
High School 27% 0% 100%
Less than 12 Yrs 27% 0% 100%
Indiv. Income Quintile
$118,077+ 27% 0% 100%
$63,076 - $118,077 27% 0% 100%
$38,685 - $63,076 27% 0% 100%
$23,078 - $38,685 27% 0% 100%
$0-$23,078 27% 0% 100%
Hhld. Income Quintile
$191,900+ 27% 0% 100%
$102,458 - $191,900 27% 0% 100%
$60,945 - $102,458 27% 0% 100%
$33,624 - $60,945 27% 0% 100%
$0-$33,624 27% 0% 100%
Shared Earn. Quintile
$106,162+ 27% 0% 100%
$74,636 - $106,162 27% 0% 100%
$52,919 - $74,636 27% 0% 100%
$32,782 - $52,919 27% 0% 100%
$0-$32,782 27% 0% 100%
Benefit Type
Retired Worker 27% 0% 100%
Spousal & Worker 27% 0% 100%
Spousal Only 27% 0% 100%
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 27% 0% 100%
63–66 27% 0% 100%
67 or older 27% 0% 100%
Quarters of Coverage
201+ 27% 0% 100%
161–200 27% 0% 100%
81–160 27% 0% 100%
0–80 27% 0% 100%
Own AIME Quintile
$8,955+ 27% 0% 100%
$5,945 - $8,955 27% 0% 100%
$4,095 - $5,945 27% 0% 100%
$2,356 - $4,095 29% 0% 100%
$0-$2,356 27% 0% 100%
Paying AIME Quintile
$10,370+ 27% 0% 100%
$7,219 - $10,370 27% 0% 100%
$5,128 - $7,219 27% 0% 100%
$3,307 - $5,128 27% 0% 100%
$0-$3,307 28% 0% 100%
Hhld. Benefit Quintile
$3,486+ 27% 0% 100%
$2,564 - $3,486 27% 0% 100%
$1,975 - $2,564 27% 0% 100%
$1,382 - $1,975 27% 0% 100%
$0-$1,382 27% 0% 100%
Adj. Gross Income
$146,400+ 27% 0% 100%
$99,794 - $146,400 27% 0% 100%
$66,090 - $99,794 27% 0% 100%
$1 - $66,090 27% 0% 100%
$0.00 27% 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: 11/28/2012
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: Reconfigure MinBen 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 0% 0% 0% 84% 6% 4% 6%
Sex
Female 0% 0% 0% 80% 7% 5% 7%
Male 0% 0% 0% 88% 5% 3% 4%
Race/Ethnicity
Hispanic 0% 0% 0% 77% 8% 6% 8%
White 0% 0% 0% 86% 5% 4% 5%
Black 0% 0% 0% 78% 8% 6% 7%
Other 0% 0% 0% 87% 5% 4% 4%
Immigration
Immigrant 0% 0% 0% 83% 7% 4% 6%
Native Born 0% 0% 0% 84% 6% 4% 6%
Age
60–69 0% 0% 0% 80% 7% 5% 8%
70–79 0% 0% 0% 82% 6% 5% 6%
80–89 0% 0% 0% 88% 5% 3% 3%
90+ 0% 0% 0% 94% 2% 2% 2%
Marital Status
Never Married 0% 0% 0% 79% 7% 6% 8%
Married 0% 0% 0% 82% 7% 5% 6%
Divorced 0% 0% 0% 84% 6% 4% 6%
Widowed 0% 0% 0% 90% 4% 3% 3%
Education
Graduate 0% 0% 0% 94% 3% 1% 2%
Bachelor 0% 0% 0% 93% 3% 2% 2%
Associate 0% 0% 0% 83% 7% 4% 6%
High School 0% 0% 0% 78% 8% 6% 8%
Less than 12 Yrs 0% 0% 0% 71% 10% 7% 13%
Indiv. Income Quintile
$118,077+ 0% 0% 0% 96% 2% 1% 1%
$63,076 - $118,077 0% 0% 0% 93% 3% 2% 2%
$38,685 - $63,076 0% 0% 0% 87% 5% 3% 4%
$23,078 - $38,685 0% 0% 0% 81% 8% 5% 5%
$0-$23,078 0% 0% 0% 61% 12% 10% 16%
Hhld. Income Quintile
$191,900+ 0% 0% 0% 93% 2% 2% 2%
$102,458 - $191,900 0% 0% 0% 90% 4% 2% 3%
$60,945 - $102,458 0% 0% 0% 86% 5% 4% 4%
$33,624 - $60,945 0% 0% 0% 81% 7% 6% 7%
$0-$33,624 0% 0% 0% 68% 11% 8% 12%
Shared Earn. Quintile
$106,162+ 0% 0% 0% 99% 1% 0% 0%
$74,636 - $106,162 0% 0% 0% 96% 2% 1% 1%
$52,919 - $74,636 0% 0% 0% 91% 4% 2% 2%
$32,782 - $52,919 0% 0% 0% 72% 13% 8% 7%
$0-$32,782 0% 0% 0% 61% 10% 10% 19%
Benefit Type
Retired Worker 0% 0% 0% 83% 6% 4% 6%
Spousal & Worker 0% 0% 6% 66% 15% 8% 6%
Spousal Only 0% 0% 0% 85% 4% 3% 7%
Survivor & Worker 0% 0% 0% 92% 3% 2% 2%
Survivor Only 0% 0% 0% 88% 4% 2% 6%
Retired Disabled 0% 0% 0% 82% 7% 6% 5%
Disabled Worker 0% 0% 0% 81% 8% 4% 6%
Claiming Age
62 or younger 0% 0% 0% 80% 7% 5% 7%
63–66 0% 0% 0% 87% 5% 4% 5%
67 or older 0% 0% 0% 93% 2% 3% 2%
Quarters of Coverage
201+ 0% 0% 0% 97% 2% 1% 1%
161–200 0% 0% 0% 89% 5% 3% 3%
81–160 0% 0% 0% 71% 10% 8% 12%
0–80 0% 0% 0% 93% 3% 2% 2%
Own AIME Quintile
$8,955+ 0% 0% 0% 100% 0% 0% 0%
$5,945 - $8,955 0% 0% 0% 100% 0% 0% 0%
$4,095 - $5,945 0% 0% 0% 98% 1% 0% 0%
$2,356 - $4,095 0% 0% 1% 49% 22% 16% 12%
$0-$2,356 0% 0% 0% 72% 6% 5% 16%
Paying AIME Quintile
$10,370+ 0% 0% 1% 97% 2% 0% 0%
$7,219 - $10,370 0% 0% 0% 98% 1% 1% 1%
$5,128 - $7,219 0% 0% 0% 99% 1% 0% 1%
$3,307 - $5,128 0% 0% 0% 75% 20% 3% 1%
$0-$3,307 0% 0% 0% 50% 7% 17% 26%
Hhld. Benefit Quintile
$3,486+ 0% 0% 1% 94% 3% 1% 1%
$2,564 - $3,486 0% 0% 0% 89% 4% 3% 3%
$1,975 - $2,564 0% 0% 0% 89% 4% 3% 4%
$1,382 - $1,975 0% 0% 0% 85% 7% 4% 4%
$0-$1,382 0% 0% 0% 61% 12% 10% 16%
Adj. Gross Income
$146,400+ 0% 0% 0% 94% 2% 1% 2%
$99,794 - $146,400 0% 0% 0% 89% 4% 3% 3%
$66,090 - $99,794 0% 0% 0% 87% 6% 3% 4%
$1 - $66,090 0% 0% 0% 80% 7% 5% 8%
$0.00 0% 0% 0% 76% 8% 6% 9%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 11/28/2012
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: Reconfigure MinBen 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% 0% 100%
Sex
Female 0% 0% 0% 0% 0% 0% 100%
Male 0% 0% 0% 0% 0% 0% 100%
Race/Ethnicity
Hispanic 0% 0% 0% 0% 0% 0% 100%
White 0% 0% 0% 0% 0% 0% 100%
Black 0% 0% 0% 0% 0% 0% 100%
Other 0% 0% 0% 0% 0% 0% 100%
Immigration
Immigrant 0% 0% 0% 0% 0% 0% 100%
Native Born 0% 0% 0% 0% 0% 0% 100%
Age
60–69 0% 0% 0% 0% 0% 0% 100%
70–79 0% 0% 0% 0% 0% 0% 100%
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% 0% 0% 100%
Married 0% 0% 0% 0% 0% 0% 100%
Divorced 0% 0% 0% 0% 0% 0% 100%
Widowed 0% 0% 0% 0% 0% 0% 100%
Education
Graduate 0% 0% 0% 0% 0% 0% 100%
Bachelor 0% 0% 0% 0% 0% 0% 100%
Associate 0% 0% 0% 0% 0% 0% 100%
High School 0% 0% 0% 0% 0% 0% 100%
Less than 12 Yrs 0% 0% 0% 0% 0% 0% 100%
Indiv. Income Quintile
$118,077+ 0% 0% 0% 0% 0% 0% 100%
$63,076 - $118,077 0% 0% 0% 0% 0% 0% 100%
$38,685 - $63,076 0% 0% 0% 0% 0% 0% 100%
$23,078 - $38,685 0% 0% 0% 0% 0% 0% 100%
$0-$23,078 0% 0% 0% 0% 0% 0% 100%
Hhld. Income Quintile
$191,900+ 0% 0% 0% 0% 0% 0% 100%
$102,458 - $191,900 0% 0% 0% 0% 0% 0% 100%
$60,945 - $102,458 0% 0% 0% 0% 0% 0% 100%
$33,624 - $60,945 0% 0% 0% 0% 0% 0% 100%
$0-$33,624 0% 0% 0% 0% 0% 0% 100%
Shared Earn. Quintile
$106,162+ 0% 0% 0% 0% 0% 0% 100%
$74,636 - $106,162 0% 0% 0% 0% 0% 0% 100%
$52,919 - $74,636 0% 0% 0% 0% 0% 0% 100%
$32,782 - $52,919 0% 0% 0% 0% 0% 0% 100%
$0-$32,782 0% 0% 0% 0% 0% 0% 100%
Benefit Type
Retired Worker 0% 0% 0% 0% 0% 0% 100%
Spousal & Worker 0% 0% 0% 0% 0% 1% 99%
Spousal Only 0% 0% 0% 0% 0% 0% 100%
Survivor & Worker 0% 0% 0% 0% 0% 0% 100%
Survivor Only 0% 0% 0% 0% 0% 0% 100%
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% 0% 100%
63–66 0% 0% 0% 0% 0% 0% 100%
67 or older 0% 0% 0% 0% 0% 0% 100%
Quarters of Coverage
201+ 0% 0% 0% 0% 0% 0% 100%
161–200 0% 0% 0% 0% 0% 0% 100%
81–160 0% 0% 0% 0% 0% 0% 100%
0–80 0% 0% 0% 0% 0% 0% 100%
Own AIME Quintile
$8,955+ 0% 0% 0% 0% 0% 0% 100%
$5,945 - $8,955 0% 0% 0% 0% 0% 0% 100%
$4,095 - $5,945 0% 0% 0% 0% 0% 0% 100%
$2,356 - $4,095 0% 0% 0% 0% 0% 0% 100%
$0-$2,356 0% 0% 0% 0% 0% 0% 100%
Paying AIME Quintile
$10,370+ 0% 0% 0% 0% 0% 0% 100%
$7,219 - $10,370 0% 0% 0% 0% 0% 0% 100%
$5,128 - $7,219 0% 0% 0% 0% 0% 0% 100%
$3,307 - $5,128 0% 0% 0% 0% 0% 0% 100%
$0-$3,307 0% 0% 0% 0% 0% 0% 100%
Hhld. Benefit Quintile
$3,486+ 0% 0% 0% 0% 0% 0% 100%
$2,564 - $3,486 0% 0% 0% 0% 0% 0% 100%
$1,975 - $2,564 0% 0% 0% 0% 0% 0% 100%
$1,382 - $1,975 0% 0% 0% 0% 0% 0% 100%
$0-$1,382 0% 0% 0% 0% 0% 0% 100%
Adj. Gross Income
$146,400+ 0% 0% 0% 0% 0% 0% 100%
$99,794 - $146,400 0% 0% 0% 0% 0% 0% 100%
$66,090 - $99,794 0% 0% 0% 0% 0% 0% 100%
$1 - $66,090 0% 0% 0% 0% 0% 0% 100%
$0.00 0% 0% 0% 0% 0% 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: 11/28/2012
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: Reconfigure MinBen versus Scheduled
Characteristic Poverty Rate # of Poor Change
Scheduled Option Diff
Total 1.9% 1.6% -0.3% -214,227
Sex
Female 2.4% 2.1% -0.3% -148,502
Male 1.3% 1.1% -0.2% -65,725
Race/Ethnicity
Hispanic 3.0% 2.6% -0.4% -56,336
White 1.2% 1.1% -0.2% -89,451
Black 3.9% 3.3% -0.6% -53,619
Other 2.2% 2.0% -0.2% -14,820
Immigration
Immigrant 2.9% 2.6% -0.3% -57,373
Native Born 1.6% 1.4% -0.3% -156,854
Age
60–69 2.4% 2.2% -0.2% -48,860
70–79 2.0% 1.7% -0.3% -86,191
80–89 1.4% 1.0% -0.4% -73,043
90+ 0.9% 0.8% -0.1% -6,132
Marital Status
Never Married 5.3% 4.8% -0.6% -51,885
Married 0.8% 0.7% 0.0% -19,810
Divorced 2.8% 2.2% -0.6% -94,835
Widowed 1.9% 1.6% -0.3% -47,696
Education
Graduate 0.6% 0.5% -0.1% -5,312
Bachelor 0.6% 0.5% -0.1% -13,016
Associate 1.3% 1.0% -0.3% -51,581
High School 2.6% 2.2% -0.4% -99,388
Less than 12 Yrs 6.3% 5.6% -0.7% -44,929
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% 8.2% -1.3% -214,227
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% 8.2% -1.3% -214,227
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% -3,114
$32,782 - $52,919 0.1% 0.1% -0.1% -9,992
$0-$32,782 9.4% 8.1% -1.2% -201,121
Benefit Type
Retired Worker 1.8% 1.5% -0.3% -176,909
Spousal & Worker 0.5% 0.5% 0.0% -1,375
Spousal Only 5.1% 4.7% -0.3% -3,486
Survivor & Worker 0.5% 0.4% -0.1% -14,562
Survivor Only 7.0% 6.3% -0.7% -6,268
Retired Disabled 2.7% 2.6% -0.1% -9,665
Disabled Worker 4.3% 4.2% 0.0% -1,959
Claiming Age
62 or younger 3.0% 2.6% -0.4% -170,808
63–66 0.8% 0.7% -0.1% -40,733
67 or older 1.3% 1.2% -0.1% -2,685
Quarters of Coverage
201+ 0.0% 0.0% 0.0% 0
161–200 0.1% 0.0% -0.1% -28,056
81–160 1.4% 0.9% -0.6% -166,918
0–80 11.0% 10.8% -0.2% -19,252
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% 0.2% -0.2% -40,453
$0-$2,356 9.0% 7.9% -1.1% -173,774
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% 0
$3,307 - $5,128 0.2% 0.1% 0.0% -6,832
$0-$3,307 9.3% 8.0% -1.3% -207,395
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% 8.2% -1.3% -214,227
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% 1.2% -0.2% -20,611
$0.00 5.0% 4.3% -0.7% -193,615
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 11/28/2012
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: Reconfigure MinBen versus Payable
Characteristic Poverty Rate # of Poor Change
Payable Option Diff
Total 3.5% 1.6% -1.8% -1,488,983
Sex
Female 4.1% 2.1% -2.1% -909,621
Male 2.7% 1.1% -1.6% -579,361
Race/Ethnicity
Hispanic 5.2% 2.6% -2.6% -362,013
White 2.4% 1.1% -1.3% -688,413
Black 7.1% 3.3% -3.7% -325,242
Other 3.6% 2.0% -1.6% -113,314
Immigration
Immigrant 4.9% 2.6% -2.3% -422,493
Native Born 3.1% 1.4% -1.7% -1,066,489
Age
60–69 4.3% 2.2% -2.0% -533,439
70–79 3.7% 1.7% -2.0% -606,016
80–89 2.5% 1.0% -1.5% -291,990
90+ 1.9% 0.8% -1.1% -57,536
Marital Status
Never Married 9.1% 4.8% -4.3% -388,507
Married 1.5% 0.7% -0.8% -311,236
Divorced 5.0% 2.2% -2.9% -449,285
Widowed 3.7% 1.6% -2.1% -339,953
Education
Graduate 0.8% 0.5% -0.3% -30,831
Bachelor 1.2% 0.5% -0.6% -114,586
Associate 2.9% 1.0% -1.9% -364,710
High School 4.7% 2.2% -2.4% -669,492
Less than 12 Yrs 10.3% 5.6% -4.7% -309,362
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% 8.2% -9.3% -1,488,983
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% 8.2% -9.3% -1,488,983
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% -12,186
$32,782 - $52,919 1.1% 0.1% -1.1% -173,116
$0-$32,782 16.2% 8.1% -8.1% -1,303,680
Benefit Type
Retired Worker 3.1% 1.5% -1.7% -881,864
Spousal & Worker 0.9% 0.5% -0.5% -14,134
Spousal Only 7.9% 4.7% -3.1% -31,542
Survivor & Worker 1.6% 0.4% -1.2% -132,679
Survivor Only 10.4% 6.3% -4.0% -37,113
Retired Disabled 5.6% 2.6% -3.0% -223,848
Disabled Worker 8.2% 4.2% -4.0% -167,800
Claiming Age
62 or younger 5.4% 2.6% -2.8% -1,125,001
63–66 1.6% 0.7% -0.9% -321,828
67 or older 2.0% 1.2% -0.8% -42,152
Quarters of Coverage
201+ 0.0% 0.0% 0.0% -1,903
161–200 0.5% 0.0% -0.5% -134,772
81–160 3.7% 0.9% -2.8% -852,232
0–80 16.0% 10.8% -5.1% -500,074
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% 0.2% -2.9% -463,580
$0-$2,356 14.1% 7.9% -6.1% -992,974
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% -14,359
$3,307 - $5,128 1.3% 0.1% -1.2% -189,275
$0-$3,307 15.9% 8.0% -7.9% -1,280,468
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% 8.2% -9.0% -1,459,893
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% 1.2% -0.8% -107,719
$0.00 9.5% 4.3% -5.2% -1,372,914
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 11/28/2012
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: 11/28/2012
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: 11/28/2012
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.