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Benefit Formula Changes

Price index the PIA formula: Reduce the formula factors by the difference in growth rates of wages and prices

Projected effects on beneficiaries in 2070

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Table 1. Individual benefits 2070: Price Indexing versus Scheduled
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total -37% 100% 0%
Sex
Female -37% 100% 0%
Male -37% 100% 0%
Race/Ethnicity
Hispanic -38% 100% 0%
White -36% 100% 0%
Black -37% 100% 0%
Other -37% 100% 0%
Immigration
Immigrant -37% 100% 0%
Native Born -37% 100% 0%
Age
60–69 -43% 100% 0%
70–79 -37% 100% 0%
80–89 -31% 100% 0%
90+ -23% 99% 0%
Marital Status
Never Married -37% 100% 0%
Married -39% 100% 0%
Divorced -37% 100% 0%
Widowed -29% 99% 0%
Education
Graduate -36% 100% 0%
Bachelor -37% 100% 0%
Associate -37% 100% 0%
High School -37% 100% 0%
Less than 12 Yrs -38% 100% 0%
Indiv. Income Quintile
$141,869+ -35% 100% 0%
$76,273 - $141,869 -37% 100% 0%
$47,225 - $76,273 -37% 100% 0%
$28,018 - $47,225 -37% 100% 0%
$0-$28,018 -37% 100% 0%
Hhld. Income Quintile
$234,849+ -37% 100% 0%
$125,659 - $234,849 -38% 100% 0%
$74,813 - $125,659 -37% 100% 0%
$41,558 - $74,813 -37% 100% 0%
$0-$41,558 -36% 99% 0%
Shared Earn. Quintile
$129,152+ -37% 100% 0%
$89,585 - $129,152 -37% 100% 0%
$63,685 - $89,585 -37% 100% 0%
$39,226 - $63,685 -37% 100% 0%
$0-$39,226 -37% 100% 0%
Benefit Type
Retired Worker -38% 100% 0%
Spousal & Worker -38% 100% 0%
Spousal Only -37% 99% 1%
Survivor & Worker -30% 99% 0%
Survivor Only -30% 97% 0%
Retired Disabled -34% 99% 0%
Disabled Worker -42% 100% 0%
Claiming Age
62 or younger -37% 100% 0%
63–66 -37% 100% 0%
67 or older -35% 100% 0%
Quarters of Coverage
201+ -36% 100% 0%
161–200 -37% 100% 0%
81–160 -37% 100% 0%
0–80 -35% 98% 0%
Own AIME Quintile
$11,030+ -37% 100% 0%
$7,326 - $11,030 -37% 100% 0%
$5,076 - $7,326 -37% 100% 0%
$2,910 - $5,076 -37% 100% 0%
$0-$2,910 -37% 99% 0%
Paying AIME Quintile
$12,519+ -36% 100% 0%
$8,545 - $12,519 -37% 100% 0%
$6,145 - $8,545 -37% 100% 0%
$3,923 - $6,145 -37% 100% 0%
$0-$3,923 -38% 99% 0%
Hhld. Benefit Quintile
$4,389+ -38% 100% 0%
$3,216 - $4,389 -37% 100% 0%
$2,435 - $3,216 -36% 100% 0%
$1,690 - $2,435 -36% 100% 0%
$0-$1,690 -36% 99% 0%
Adj. Gross Income
$181,671+ -38% 100% 0%
$123,969 - $181,671 -38% 100% 0%
$82,014 - $123,969 -37% 100% 0%
$1 - $82,014 -37% 100% 0%
$0.00 -36% 100% 0%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 03/09/2012
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: Price Indexing versus Payable
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total -18% 93% 5%
Sex
Female -18% 91% 7%
Male -19% 95% 4%
Race/Ethnicity
Hispanic -20% 95% 4%
White -17% 92% 6%
Black -18% 92% 6%
Other -19% 94% 4%
Immigration
Immigrant -19% 94% 4%
Native Born -18% 92% 6%
Age
60–69 -26% 97% 2%
70–79 -19% 98% 2%
80–89 -10% 94% 5%
90+ 0% 42% 41%
Marital Status
Never Married -19% 93% 6%
Married -20% 97% 2%
Divorced -18% 93% 5%
Widowed -8% 77% 18%
Education
Graduate -17% 92% 6%
Bachelor -18% 92% 6%
Associate -18% 93% 5%
High School -18% 93% 5%
Less than 12 Yrs -20% 95% 3%
Indiv. Income Quintile
$141,869+ -16% 91% 7%
$76,273 - $141,869 -19% 93% 5%
$47,225 - $76,273 -19% 94% 4%
$28,018 - $47,225 -19% 94% 4%
$0-$28,018 -18% 92% 7%
Hhld. Income Quintile
$234,849+ -18% 93% 5%
$125,659 - $234,849 -20% 95% 4%
$74,813 - $125,659 -19% 94% 4%
$41,558 - $74,813 -18% 93% 5%
$0-$41,558 -17% 90% 8%
Shared Earn. Quintile
$129,152+ -18% 93% 5%
$89,585 - $129,152 -18% 94% 5%
$63,685 - $89,585 -19% 94% 4%
$39,226 - $63,685 -19% 94% 4%
$0-$39,226 -18% 89% 8%
Benefit Type
Retired Worker -20% 97% 2%
Spousal & Worker -19% 98% 2%
Spousal Only -19% 96% 2%
Survivor & Worker -9% 76% 18%
Survivor Only -9% 76% 19%
Retired Disabled -14% 84% 14%
Disabled Worker -25% 92% 6%
Claiming Age
62 or younger -19% 92% 7%
63–66 -18% 94% 4%
67 or older -16% 93% 5%
Quarters of Coverage
201+ -17% 95% 4%
161–200 -19% 95% 3%
81–160 -19% 94% 5%
0–80 -15% 81% 16%
Own AIME Quintile
$11,030+ -18% 95% 3%
$7,326 - $11,030 -18% 95% 4%
$5,076 - $7,326 -18% 93% 5%
$2,910 - $5,076 -19% 92% 6%
$0-$2,910 -18% 90% 8%
Paying AIME Quintile
$12,519+ -17% 92% 6%
$8,545 - $12,519 -18% 93% 5%
$6,145 - $8,545 -18% 94% 4%
$3,923 - $6,145 -19% 94% 4%
$0-$3,923 -20% 91% 7%
Hhld. Benefit Quintile
$4,389+ -20% 99% 1%
$3,216 - $4,389 -19% 97% 2%
$2,435 - $3,216 -17% 92% 6%
$1,690 - $2,435 -17% 90% 7%
$0-$1,690 -17% 87% 11%
Adj. Gross Income
$181,671+ -19% 96% 3%
$123,969 - $181,671 -19% 95% 3%
$82,014 - $123,969 -18% 94% 4%
$1 - $82,014 -18% 92% 6%
$0.00 -17% 90% 8%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 03/09/2012
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: Price 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 96% 3% 0% 0% 0% 0% 0%
Sex
Female 95% 4% 1% 0% 0% 0% 0%
Male 97% 2% 0% 0% 0% 0% 0%
Race/Ethnicity
Hispanic 98% 2% 0% 0% 0% 0% 0%
White 96% 4% 1% 0% 0% 0% 0%
Black 95% 3% 1% 0% 0% 0% 0%
Other 97% 3% 0% 0% 0% 0% 0%
Immigration
Immigrant 97% 2% 0% 0% 0% 0% 0%
Native Born 96% 3% 1% 0% 0% 0% 0%
Age
60–69 98% 1% 0% 0% 0% 0% 0%
70–79 98% 1% 0% 0% 0% 0% 0%
80–89 97% 2% 1% 0% 0% 0% 0%
90+ 72% 25% 2% 1% 0% 0% 0%
Marital Status
Never Married 96% 3% 1% 0% 0% 0% 0%
Married 99% 1% 0% 0% 0% 0% 0%
Divorced 96% 3% 0% 0% 0% 0% 0%
Widowed 88% 10% 1% 1% 0% 0% 0%
Education
Graduate 95% 4% 0% 0% 0% 0% 0%
Bachelor 96% 4% 0% 0% 0% 0% 0%
Associate 96% 3% 1% 0% 0% 0% 0%
High School 96% 3% 1% 0% 0% 0% 0%
Less than 12 Yrs 98% 2% 0% 0% 0% 0% 0%
Indiv. Income Quintile
$141,869+ 95% 4% 0% 0% 0% 0% 0%
$76,273 - $141,869 96% 3% 0% 0% 0% 0% 0%
$47,225 - $76,273 97% 2% 0% 0% 0% 0% 0%
$28,018 - $47,225 97% 2% 0% 0% 0% 0% 0%
$0-$28,018 95% 4% 1% 0% 0% 0% 0%
Hhld. Income Quintile
$234,849+ 96% 3% 0% 0% 0% 0% 0%
$125,659 - $234,849 97% 2% 0% 0% 0% 0% 0%
$74,813 - $125,659 97% 3% 0% 0% 0% 0% 0%
$41,558 - $74,813 96% 3% 0% 0% 0% 0% 0%
$0-$41,558 94% 5% 1% 0% 0% 0% 0%
Shared Earn. Quintile
$129,152+ 96% 3% 0% 0% 0% 0% 0%
$89,585 - $129,152 97% 3% 0% 0% 0% 0% 0%
$63,685 - $89,585 97% 2% 0% 0% 0% 0% 0%
$39,226 - $63,685 97% 2% 0% 0% 0% 0% 0%
$0-$39,226 94% 5% 1% 0% 0% 0% 0%
Benefit Type
Retired Worker 99% 1% 0% 0% 0% 0% 0%
Spousal & Worker 99% 1% 0% 0% 0% 0% 0%
Spousal Only 98% 1% 0% 0% 0% 0% 0%
Survivor & Worker 87% 11% 1% 1% 0% 0% 0%
Survivor Only 87% 10% 1% 3% 0% 0% 0%
Retired Disabled 89% 8% 2% 1% 0% 0% 0%
Disabled Worker 96% 4% 0% 0% 0% 0% 0%
Claiming Age
62 or younger 95% 4% 1% 0% 0% 0% 0%
63–66 97% 2% 0% 0% 0% 0% 0%
67 or older 97% 2% 0% 0% 0% 0% 0%
Quarters of Coverage
201+ 98% 2% 0% 0% 0% 0% 0%
161–200 98% 2% 0% 0% 0% 0% 0%
81–160 97% 3% 0% 0% 0% 0% 0%
0–80 87% 9% 2% 2% 0% 0% 0%
Own AIME Quintile
$11,030+ 98% 2% 0% 0% 0% 0% 0%
$7,326 - $11,030 97% 2% 0% 0% 0% 0% 0%
$5,076 - $7,326 97% 3% 0% 0% 0% 0% 0%
$2,910 - $5,076 95% 4% 1% 0% 0% 0% 0%
$0-$2,910 94% 4% 1% 1% 0% 0% 0%
Paying AIME Quintile
$12,519+ 96% 4% 0% 0% 0% 0% 0%
$8,545 - $12,519 97% 3% 0% 0% 0% 0% 0%
$6,145 - $8,545 97% 2% 0% 0% 0% 0% 0%
$3,923 - $6,145 97% 2% 0% 0% 0% 0% 0%
$0-$3,923 94% 4% 1% 1% 0% 0% 0%
Hhld. Benefit Quintile
$4,389+ 100% 0% 0% 0% 0% 0% 0%
$3,216 - $4,389 99% 1% 0% 0% 0% 0% 0%
$2,435 - $3,216 96% 4% 0% 0% 0% 0% 0%
$1,690 - $2,435 95% 5% 0% 0% 0% 0% 0%
$0-$1,690 92% 6% 1% 1% 0% 0% 0%
Adj. Gross Income
$181,671+ 98% 2% 0% 0% 0% 0% 0%
$123,969 - $181,671 98% 2% 0% 0% 0% 0% 0%
$82,014 - $123,969 97% 3% 0% 0% 0% 0% 0%
$1 - $82,014 95% 4% 0% 0% 0% 0% 0%
$0.00 95% 4% 1% 0% 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: 03/09/2012
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: Price 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 45% 33% 15% 2% 4% 1% 1%
Sex
Female 43% 32% 16% 2% 5% 2% 1%
Male 48% 34% 13% 1% 2% 1% 0%
Race/Ethnicity
Hispanic 52% 31% 12% 2% 3% 1% 0%
White 42% 34% 16% 2% 4% 1% 1%
Black 46% 33% 14% 2% 4% 2% 1%
Other 47% 33% 14% 2% 3% 1% 0%
Immigration
Immigrant 48% 33% 14% 2% 3% 1% 0%
Native Born 45% 33% 15% 2% 4% 1% 1%
Age
60–69 90% 5% 2% 0% 1% 1% 0%
70–79 45% 50% 3% 0% 1% 1% 0%
80–89 1% 51% 42% 2% 3% 1% 1%
90+ 0% 1% 40% 17% 31% 8% 2%
Marital Status
Never Married 48% 32% 14% 1% 4% 2% 1%
Married 54% 33% 10% 1% 1% 0% 0%
Divorced 45% 34% 15% 2% 3% 1% 1%
Widowed 12% 32% 32% 6% 13% 4% 1%
Education
Graduate 42% 34% 16% 2% 4% 1% 1%
Bachelor 44% 33% 16% 2% 4% 1% 0%
Associate 46% 33% 14% 2% 3% 1% 1%
High School 46% 33% 15% 2% 3% 1% 1%
Less than 12 Yrs 52% 32% 11% 1% 2% 1% 0%
Indiv. Income Quintile
$141,869+ 38% 33% 20% 3% 5% 1% 0%
$76,273 - $141,869 49% 31% 14% 2% 3% 1% 0%
$47,225 - $76,273 49% 33% 13% 2% 3% 1% 1%
$28,018 - $47,225 47% 34% 13% 2% 3% 1% 0%
$0-$28,018 45% 33% 13% 2% 4% 2% 1%
Hhld. Income Quintile
$234,849+ 44% 32% 16% 2% 4% 1% 0%
$125,659 - $234,849 50% 31% 13% 2% 3% 1% 0%
$74,813 - $125,659 47% 33% 14% 2% 3% 1% 0%
$41,558 - $74,813 45% 34% 14% 2% 3% 1% 1%
$0-$41,558 40% 34% 16% 2% 5% 2% 1%
Shared Earn. Quintile
$129,152+ 43% 34% 16% 2% 4% 1% 0%
$89,585 - $129,152 45% 34% 15% 2% 3% 1% 0%
$63,685 - $89,585 46% 33% 15% 2% 3% 1% 0%
$39,226 - $63,685 47% 33% 14% 2% 3% 1% 0%
$0-$39,226 45% 31% 13% 2% 5% 2% 1%
Benefit Type
Retired Worker 50% 34% 12% 1% 2% 0% 0%
Spousal & Worker 47% 39% 12% 0% 1% 0% 0%
Spousal Only 49% 37% 10% 1% 1% 0% 1%
Survivor & Worker 19% 30% 27% 5% 13% 4% 1%
Survivor Only 17% 30% 28% 6% 12% 3% 3%
Retired Disabled 28% 37% 19% 2% 7% 4% 2%
Disabled Worker 67% 15% 10% 2% 5% 1% 0%
Claiming Age
62 or younger 47% 31% 14% 2% 4% 2% 1%
63–66 45% 34% 15% 2% 3% 1% 0%
67 or older 32% 43% 19% 2% 3% 1% 1%
Quarters of Coverage
201+ 41% 37% 17% 2% 3% 0% 0%
161–200 48% 34% 14% 1% 3% 1% 0%
81–160 48% 32% 14% 2% 3% 1% 0%
0–80 36% 28% 16% 3% 9% 5% 3%
Own AIME Quintile
$11,030+ 43% 35% 16% 2% 3% 0% 0%
$7,326 - $11,030 45% 34% 15% 2% 3% 1% 0%
$5,076 - $7,326 45% 34% 14% 2% 4% 1% 0%
$2,910 - $5,076 47% 31% 14% 2% 4% 2% 1%
$0-$2,910 45% 31% 13% 2% 4% 2% 2%
Paying AIME Quintile
$12,519+ 40% 34% 18% 2% 5% 1% 0%
$8,545 - $12,519 42% 34% 17% 2% 4% 1% 0%
$6,145 - $8,545 44% 35% 15% 2% 3% 1% 0%
$3,923 - $6,145 49% 33% 13% 2% 3% 1% 0%
$0-$3,923 51% 29% 11% 1% 4% 2% 2%
Hhld. Benefit Quintile
$4,389+ 51% 38% 10% 1% 1% 0% 0%
$3,216 - $4,389 48% 36% 13% 1% 2% 0% 0%
$2,435 - $3,216 42% 33% 17% 2% 5% 1% 0%
$1,690 - $2,435 42% 31% 18% 3% 5% 1% 0%
$0-$1,690 44% 28% 15% 3% 6% 3% 2%
Adj. Gross Income
$181,671+ 50% 33% 12% 1% 2% 0% 0%
$123,969 - $181,671 50% 33% 13% 1% 3% 1% 0%
$82,014 - $123,969 45% 34% 15% 2% 3% 1% 0%
$1 - $82,014 45% 30% 16% 2% 4% 1% 1%
$0.00 41% 34% 16% 2% 5% 2% 1%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 03/09/2012
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: Price Indexing versus Scheduled
Characteristic Poverty Rate # of Poor Change
Scheduled Option Diff
Total 1.2% 3.2% 2.0% 1,909,441
Sex
Female 1.6% 3.9% 2.3% 1,192,348
Male 0.7% 2.3% 1.6% 717,093
Race/Ethnicity
Hispanic 1.7% 4.8% 3.1% 635,070
White 0.8% 2.0% 1.3% 689,007
Black 2.2% 6.3% 4.1% 413,809
Other 1.2% 2.9% 1.7% 171,554
Immigration
Immigrant 1.5% 4.4% 2.8% 613,864
Native Born 1.1% 2.8% 1.8% 1,295,577
Age
60–69 1.5% 4.3% 2.8% 810,282
70–79 1.1% 3.2% 2.0% 745,633
80–89 0.9% 2.3% 1.4% 310,179
90+ 0.7% 1.3% 0.7% 43,345
Marital Status
Never Married 3.4% 8.7% 5.3% 715,957
Married 0.4% 1.2% 0.8% 385,411
Divorced 1.5% 4.6% 3.1% 580,653
Widowed 1.2% 2.9% 1.6% 227,419
Education
Graduate 0.2% 1.0% 0.8% 82,097
Bachelor 0.4% 1.1% 0.7% 149,731
Associate 0.6% 2.4% 1.8% 391,947
High School 1.7% 4.3% 2.6% 806,548
Less than 12 Yrs 3.6% 8.9% 5.3% 479,116
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% 16.1% 10.2% 1,909,441
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% 16.1% 10.2% 1,909,441
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% 3,505
$39,226 - $63,685 0.1% 1.0% 0.9% 172,425
$0-$39,226 5.8% 15.0% 9.2% 1,730,849
Benefit Type
Retired Worker 1.1% 3.3% 2.2% 1,407,706
Spousal & Worker 0.1% 0.7% 0.6% 21,172
Spousal Only 2.4% 4.8% 2.4% 29,635
Survivor & Worker 0.3% 1.0% 0.7% 74,517
Survivor Only 5.0% 8.0% 3.0% 23,139
Retired Disabled 2.0% 3.9% 2.0% 171,883
Disabled Worker 2.3% 6.1% 3.7% 181,386
Claiming Age
62 or younger 1.8% 4.7% 2.9% 1,354,990
63–66 0.5% 1.7% 1.1% 480,542
67 or older 0.8% 2.0% 1.2% 73,908
Quarters of Coverage
201+ 0.0% 0.0% 0.0% 7,011
161–200 0.0% 0.3% 0.3% 98,297
81–160 0.7% 3.7% 3.0% 1,081,667
0–80 7.8% 14.2% 6.4% 722,464
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% 6,852
$2,910 - $5,076 0.0% 2.1% 2.1% 388,838
$0-$2,910 5.8% 13.8% 8.0% 1,513,750
Paying AIME Quintile
$12,519+ 0.0% 0.0% 0.0% 0
$8,545 - $12,519 0.0% 0.0% 0.0% 4,468
$6,145 - $8,545 0.0% 0.1% 0.1% 11,333
$3,923 - $6,145 0.0% 0.6% 0.6% 109,802
$0-$3,923 5.8% 15.3% 9.4% 1,783,837
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% 0.2% 0.2% 44,429
$0-$1,690 5.9% 15.7% 9.9% 1,865,012
Adj. Gross Income
$181,671+ 0.0% 0.0% 0.0% 1,749
$123,969 - $181,671 0.0% 0.1% 0.0% 6,376
$82,014 - $123,969 0.0% 0.1% 0.0% 4,707
$1 - $82,014 1.0% 2.0% 1.1% 169,881
$0.00 3.0% 8.6% 5.5% 1,726,726
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 03/09/2012
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: Price Indexing versus Payable
Characteristic Poverty Rate # of Poor Change
Payable Option Diff
Total 2.3% 3.2% 0.9% 844,842
Sex
Female 3.0% 3.9% 0.9% 476,644
Male 1.5% 2.3% 0.8% 368,197
Race/Ethnicity
Hispanic 3.3% 4.8% 1.5% 312,662
White 1.5% 2.0% 0.5% 275,855
Black 4.6% 6.3% 1.8% 178,701
Other 2.1% 2.9% 0.8% 77,621
Immigration
Immigrant 3.0% 4.4% 1.4% 299,534
Native Born 2.1% 2.8% 0.7% 545,307
Age
60–69 2.9% 4.3% 1.5% 425,339
70–79 2.3% 3.2% 0.9% 337,524
80–89 1.9% 2.3% 0.4% 83,745
90+ 1.4% 1.3% 0.0% -1,767
Marital Status
Never Married 6.2% 8.7% 2.5% 332,828
Married 0.8% 1.2% 0.4% 174,791
Divorced 3.3% 4.6% 1.3% 241,913
Widowed 2.2% 2.9% 0.7% 95,308
Education
Graduate 0.7% 1.0% 0.3% 28,463
Bachelor 0.7% 1.1% 0.4% 78,703
Associate 1.7% 2.4% 0.7% 159,415
High School 3.3% 4.3% 1.0% 321,726
Less than 12 Yrs 6.1% 8.9% 2.8% 256,533
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% 16.1% 4.5% 844,842
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% 16.1% 4.5% 844,842
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% 3,505
$39,226 - $63,685 0.2% 1.0% 0.7% 140,008
$0-$39,226 11.2% 15.0% 3.7% 701,327
Benefit Type
Retired Worker 2.2% 3.3% 1.1% 713,617
Spousal & Worker 0.5% 0.7% 0.2% 9,101
Spousal Only 4.0% 4.8% 0.8% 9,682
Survivor & Worker 0.8% 1.0% 0.3% 26,237
Survivor Only 6.5% 8.0% 1.4% 11,217
Retired Disabled 3.7% 3.9% 0.2% 17,699
Disabled Worker 4.9% 6.1% 1.2% 57,287
Claiming Age
62 or younger 3.5% 4.7% 1.2% 578,805
63–66 1.1% 1.7% 0.6% 240,242
67 or older 1.6% 2.0% 0.4% 25,793
Quarters of Coverage
201+ 0.0% 0.0% 0.0% 7,011
161–200 0.1% 0.3% 0.2% 73,430
81–160 2.1% 3.7% 1.6% 576,618
0–80 12.5% 14.2% 1.7% 187,780
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% 5,183
$2,910 - $5,076 0.6% 2.1% 1.5% 279,564
$0-$2,910 10.9% 13.8% 3.0% 560,094
Paying AIME Quintile
$12,519+ 0.0% 0.0% 0.0% 0
$8,545 - $12,519 0.0% 0.0% 0.0% 4,468
$6,145 - $8,545 0.1% 0.1% 0.0% 857
$3,923 - $6,145 0.1% 0.6% 0.5% 88,861
$0-$3,923 11.3% 15.3% 4.0% 750,653
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% 0.2% 0.2% 44,429
$0-$1,690 11.5% 15.7% 4.2% 800,413
Adj. Gross Income
$181,671+ 0.0% 0.0% 0.0% 1,749
$123,969 - $181,671 0.0% 0.1% 0.0% 6,376
$82,014 - $123,969 0.0% 0.1% 0.0% 4,707
$1 - $82,014 1.7% 2.0% 0.3% 55,347
$0.00 6.1% 8.6% 2.5% 776,660
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 03/09/2012
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: 03/09/2012
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: 03/09/2012
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.