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Benefit Formula Changes

Price index the PIA formula: Protect the bottom 30% of workers from price indexing

Projected effects on beneficiaries in 2050

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Table 1. Individual benefits 2050: Prog Price Index (Shield30) versus Scheduled
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total -10% 74% 0%
Sex
Female -8% 69% 0%
Male -13% 80% 0%
Race/Ethnicity
Hispanic -6% 65% 0%
White -12% 78% 0%
Black -7% 66% 0%
Other -11% 73% 0%
Immigration
Immigrant -7% 66% 0%
Native Born -11% 77% 0%
Age
60–69 -12% 70% 0%
70–79 -12% 77% 0%
80–89 -10% 83% 0%
90+ 0% 48% 0%
Marital Status
Never Married -7% 65% 0%
Married -12% 77% 0%
Divorced -10% 74% 0%
Widowed -7% 72% 0%
Education
Graduate -16% 85% 0%
Bachelor -15% 85% 0%
Associate -10% 76% 0%
High School -6% 68% 0%
Less than 12 Yrs -1% 51% 0%
Indiv. Income Quintile
$118,077+ -17% 89% 0%
$63,076 - $118,077 -16% 89% 0%
$38,685 - $63,076 -12% 83% 0%
$23,078 - $38,685 -8% 76% 0%
$0-$23,078 0% 34% 0%
Hhld. Income Quintile
$191,900+ -18% 88% 0%
$102,458 - $191,900 -15% 87% 0%
$60,945 - $102,458 -12% 81% 0%
$33,624 - $60,945 -8% 72% 0%
$0-$33,624 0% 43% 0%
Shared Earn. Quintile
$106,162+ -21% 94% 0%
$74,636 - $106,162 -16% 93% 0%
$52,919 - $74,636 -12% 90% 0%
$32,782 - $52,919 -5% 73% 0%
$0-$32,782 0% 21% 0%
Benefit Type
Retired Worker -12% 77% 0%
Spousal & Worker -14% 93% 0%
Spousal Only -5% 56% 0%
Survivor & Worker -8% 74% 0%
Survivor Only -2% 54% 0%
Retired Disabled -6% 65% 0%
Disabled Worker -3% 55% 0%
Claiming Age
62 or younger -7% 67% 0%
63–66 -13% 82% 0%
67 or older -12% 75% 0%
Quarters of Coverage
201+ -17% 94% 0%
161–200 -14% 90% 0%
81–160 -5% 63% 0%
0–80 0% 36% 0%
Own AIME Quintile
$8,955+ -22% 96% 0%
$5,945 - $8,955 -17% 96% 0%
$4,095 - $5,945 -9% 95% 0%
$2,356 - $4,095 -1% 51% 0%
$0-$2,356 0% 33% 0%
Paying AIME Quintile
$10,370+ -21% 93% 0%
$7,219 - $10,370 -18% 94% 0%
$5,128 - $7,219 -13% 96% 0%
$3,307 - $5,128 -5% 88% 0%
$0-$3,307 0% 1% 0%
Hhld. Benefit Quintile
$3,486+ -19% 98% 0%
$2,564 - $3,486 -15% 89% 0%
$1,975 - $2,564 -12% 82% 0%
$1,382 - $1,975 -7% 75% 0%
$0-$1,382 0% 28% 0%
Adj. Gross Income
$146,400+ -19% 92% 0%
$99,794 - $146,400 -15% 86% 0%
$66,090 - $99,794 -12% 82% 0%
$1 - $66,090 -7% 67% 0%
$0.00 -3% 59% 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 2050: Prog Price Index (Shield30) versus Payable
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total 14% 16% 80%
Sex
Female 17% 11% 86%
Male 10% 22% 74%
Race/Ethnicity
Hispanic 19% 10% 88%
White 12% 18% 78%
Black 18% 12% 85%
Other 13% 20% 77%
Immigration
Immigrant 18% 13% 84%
Native Born 13% 17% 79%
Age
60–69 12% 30% 67%
70–79 11% 17% 77%
80–89 14% 1% 98%
90+ 26% 0% 100%
Marital Status
Never Married 18% 15% 82%
Married 11% 21% 74%
Divorced 14% 17% 80%
Widowed 18% 4% 94%
Education
Graduate 6% 28% 66%
Bachelor 7% 26% 69%
Associate 14% 13% 83%
High School 18% 10% 88%
Less than 12 Yrs 26% 8% 91%
Indiv. Income Quintile
$118,077+ 5% 33% 61%
$63,076 - $118,077 6% 27% 68%
$38,685 - $63,076 11% 16% 80%
$23,078 - $38,685 17% 4% 93%
$0-$23,078 27% 0% 99%
Hhld. Income Quintile
$191,900+ 4% 34% 60%
$102,458 - $191,900 7% 25% 69%
$60,945 - $102,458 11% 15% 81%
$33,624 - $60,945 17% 6% 91%
$0-$33,624 27% 1% 99%
Shared Earn. Quintile
$106,162+ 0% 43% 50%
$74,636 - $106,162 6% 24% 69%
$52,919 - $74,636 12% 10% 87%
$32,782 - $52,919 20% 3% 96%
$0-$32,782 27% 0% 100%
Benefit Type
Retired Worker 12% 20% 76%
Spousal & Worker 9% 19% 74%
Spousal Only 21% 15% 83%
Survivor & Worker 16% 7% 91%
Survivor Only 24% 4% 95%
Retired Disabled 20% 6% 92%
Disabled Worker 23% 14% 84%
Claiming Age
62 or younger 17% 13% 84%
63–66 11% 20% 76%
67 or older 12% 16% 78%
Quarters of Coverage
201+ 5% 29% 65%
161–200 9% 21% 74%
81–160 20% 9% 89%
0–80 27% 5% 93%
Own AIME Quintile
$8,955+ -1% 51% 42%
$5,945 - $8,955 5% 20% 72%
$4,095 - $5,945 15% 3% 97%
$2,356 - $4,095 26% 2% 98%
$0-$2,356 27% 5% 93%
Paying AIME Quintile
$10,370+ 0% 44% 49%
$7,219 - $10,370 3% 32% 61%
$5,128 - $7,219 10% 4% 92%
$3,307 - $5,128 20% 1% 99%
$0-$3,307 27% 0% 100%
Hhld. Benefit Quintile
$3,486+ 2% 36% 56%
$2,564 - $3,486 8% 24% 71%
$1,975 - $2,564 11% 14% 83%
$1,382 - $1,975 18% 3% 96%
$0-$1,382 27% 4% 96%
Adj. Gross Income
$146,400+ 2% 37% 56%
$99,794 - $146,400 7% 23% 71%
$66,090 - $99,794 11% 17% 80%
$1 - $66,090 18% 9% 89%
$0.00 22% 5% 93%
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 2050: Prog Price Index (Shield30) 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 22% 30% 22% 26% 0% 0% 0%
Sex
Female 16% 28% 25% 31% 0% 0% 0%
Male 29% 31% 20% 20% 0% 0% 0%
Race/Ethnicity
Hispanic 14% 26% 25% 35% 0% 0% 0%
White 25% 32% 22% 22% 0% 0% 0%
Black 17% 24% 25% 34% 0% 0% 0%
Other 26% 28% 19% 27% 0% 0% 0%
Immigration
Immigrant 18% 25% 22% 34% 0% 0% 0%
Native Born 23% 31% 22% 23% 0% 0% 0%
Age
60–69 35% 19% 15% 30% 0% 0% 0%
70–79 27% 31% 19% 23% 0% 0% 0%
80–89 4% 48% 31% 17% 0% 0% 0%
90+ 0% 5% 43% 52% 0% 0% 0%
Marital Status
Never Married 20% 24% 21% 35% 0% 0% 0%
Married 29% 29% 19% 23% 0% 0% 0%
Divorced 22% 30% 22% 26% 0% 0% 0%
Widowed 8% 33% 31% 28% 0% 0% 0%
Education
Graduate 37% 34% 14% 15% 0% 0% 0%
Bachelor 35% 33% 17% 15% 0% 0% 0%
Associate 19% 33% 24% 24% 0% 0% 0%
High School 14% 26% 28% 32% 0% 0% 0%
Less than 12 Yrs 10% 19% 22% 49% 0% 0% 0%
Indiv. Income Quintile
$118,077+ 42% 33% 15% 11% 0% 0% 0%
$63,076 - $118,077 36% 36% 17% 11% 0% 0% 0%
$38,685 - $63,076 23% 37% 23% 17% 0% 0% 0%
$23,078 - $38,685 9% 34% 33% 24% 0% 0% 0%
$0-$23,078 1% 8% 25% 66% 0% 0% 0%
Hhld. Income Quintile
$191,900+ 43% 31% 14% 12% 0% 0% 0%
$102,458 - $191,900 34% 35% 18% 13% 0% 0% 0%
$60,945 - $102,458 22% 37% 23% 19% 0% 0% 0%
$33,624 - $60,945 11% 32% 29% 28% 0% 0% 0%
$0-$33,624 2% 13% 28% 57% 0% 0% 0%
Shared Earn. Quintile
$106,162+ 54% 31% 8% 6% 0% 0% 0%
$74,636 - $106,162 35% 42% 15% 7% 0% 0% 0%
$52,919 - $74,636 16% 46% 29% 10% 0% 0% 0%
$32,782 - $52,919 5% 25% 43% 27% 0% 0% 0%
$0-$32,782 1% 4% 17% 79% 0% 0% 0%
Benefit Type
Retired Worker 27% 30% 20% 23% 0% 0% 0%
Spousal & Worker 30% 36% 27% 7% 0% 0% 0%
Spousal Only 20% 21% 15% 44% 0% 0% 0%
Survivor & Worker 11% 34% 30% 26% 0% 0% 0%
Survivor Only 7% 21% 26% 46% 0% 0% 0%
Retired Disabled 10% 27% 28% 35% 0% 0% 0%
Disabled Worker 17% 18% 19% 45% 0% 0% 0%
Claiming Age
62 or younger 18% 26% 24% 33% 0% 0% 0%
63–66 27% 33% 22% 18% 0% 0% 0%
67 or older 24% 33% 18% 25% 0% 0% 0%
Quarters of Coverage
201+ 38% 39% 17% 6% 0% 0% 0%
161–200 29% 36% 25% 10% 0% 0% 0%
81–160 13% 24% 26% 37% 0% 0% 0%
0–80 8% 13% 15% 64% 0% 0% 0%
Own AIME Quintile
$8,955+ 63% 28% 6% 4% 0% 0% 0%
$5,945 - $8,955 34% 52% 10% 4% 0% 0% 0%
$4,095 - $5,945 4% 45% 46% 5% 0% 0% 0%
$2,356 - $4,095 3% 10% 38% 49% 0% 0% 0%
$0-$2,356 8% 13% 12% 67% 0% 0% 0%
Paying AIME Quintile
$10,370+ 55% 29% 9% 7% 0% 0% 0%
$7,219 - $10,370 44% 39% 11% 6% 0% 0% 0%
$5,128 - $7,219 11% 65% 19% 4% 0% 0% 0%
$3,307 - $5,128 1% 14% 73% 12% 0% 0% 0%
$0-$3,307 0% 0% 1% 99% 0% 0% 0%
Hhld. Benefit Quintile
$3,486+ 49% 36% 12% 2% 0% 0% 0%
$2,564 - $3,486 33% 36% 20% 11% 0% 0% 0%
$1,975 - $2,564 20% 41% 21% 18% 0% 0% 0%
$1,382 - $1,975 5% 31% 39% 25% 0% 0% 0%
$0-$1,382 4% 2% 21% 72% 0% 0% 0%
Adj. Gross Income
$146,400+ 48% 32% 13% 8% 0% 0% 0%
$99,794 - $146,400 33% 35% 18% 14% 0% 0% 0%
$66,090 - $99,794 23% 38% 22% 18% 0% 0% 0%
$1 - $66,090 13% 28% 26% 33% 0% 0% 0%
$0.00 8% 22% 28% 41% 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 2050: Prog Price Index (Shield30) 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% 3% 12% 4% 20% 23% 37%
Sex
Female 1% 2% 9% 3% 18% 24% 44%
Male 2% 5% 15% 4% 22% 22% 30%
Race/Ethnicity
Hispanic 1% 2% 7% 2% 17% 23% 48%
White 1% 4% 13% 4% 22% 23% 33%
Black 1% 3% 9% 3% 16% 22% 47%
Other 1% 4% 14% 4% 19% 21% 37%
Immigration
Immigrant 1% 2% 10% 3% 17% 21% 46%
Native Born 1% 3% 12% 4% 21% 24% 35%
Age
60–69 4% 9% 17% 3% 14% 15% 38%
70–79 0% 1% 16% 6% 23% 21% 33%
80–89 0% 0% 1% 1% 29% 38% 31%
90+ 0% 0% 0% 0% 1% 20% 79%
Marital Status
Never Married 1% 3% 11% 3% 16% 20% 46%
Married 2% 4% 15% 4% 21% 21% 33%
Divorced 1% 3% 12% 3% 21% 23% 37%
Widowed 0% 0% 3% 2% 19% 30% 44%
Education
Graduate 2% 6% 20% 6% 26% 19% 21%
Bachelor 2% 6% 18% 5% 25% 21% 23%
Associate 1% 2% 10% 4% 22% 25% 36%
High School 1% 2% 7% 2% 16% 25% 47%
Less than 12 Yrs 1% 1% 6% 2% 12% 18% 61%
Indiv. Income Quintile
$118,077+ 3% 8% 21% 6% 24% 19% 18%
$63,076 - $118,077 2% 5% 19% 5% 27% 23% 18%
$38,685 - $63,076 0% 2% 13% 4% 25% 27% 28%
$23,078 - $38,685 0% 0% 4% 3% 20% 33% 40%
$0-$23,078 0% 0% 0% 0% 3% 13% 83%
Hhld. Income Quintile
$191,900+ 3% 8% 23% 6% 24% 18% 18%
$102,458 - $191,900 2% 5% 18% 5% 25% 22% 22%
$60,945 - $102,458 1% 2% 12% 4% 26% 27% 29%
$33,624 - $60,945 0% 1% 6% 2% 19% 29% 43%
$0-$33,624 0% 0% 1% 1% 6% 18% 75%
Shared Earn. Quintile
$106,162+ 3% 11% 29% 7% 26% 14% 10%
$74,636 - $106,162 2% 3% 19% 7% 33% 23% 13%
$52,919 - $74,636 1% 1% 8% 3% 28% 37% 22%
$32,782 - $52,919 0% 0% 2% 1% 13% 32% 52%
$0-$32,782 0% 0% 0% 0% 1% 8% 90%
Benefit Type
Retired Worker 2% 4% 14% 4% 21% 22% 34%
Spousal & Worker 1% 4% 14% 6% 27% 27% 21%
Spousal Only 2% 1% 11% 3% 15% 15% 53%
Survivor & Worker 0% 1% 6% 2% 19% 31% 41%
Survivor Only 1% 1% 2% 0% 13% 23% 60%
Retired Disabled 0% 1% 5% 2% 17% 25% 50%
Disabled Worker 0% 4% 10% 2% 12% 16% 56%
Claiming Age
62 or younger 1% 3% 9% 3% 17% 22% 45%
63–66 2% 4% 14% 4% 23% 24% 29%
67 or older 0% 2% 14% 5% 23% 22% 33%
Quarters of Coverage
201+ 3% 5% 21% 6% 29% 24% 12%
161–200 1% 5% 15% 4% 25% 28% 22%
81–160 0% 2% 7% 3% 15% 22% 52%
0–80 0% 1% 4% 1% 9% 12% 72%
Own AIME Quintile
$8,955+ 3% 13% 35% 7% 26% 10% 6%
$5,945 - $8,955 2% 1% 17% 8% 43% 22% 7%
$4,095 - $5,945 1% 1% 2% 0% 16% 61% 19%
$2,356 - $4,095 0% 0% 1% 1% 5% 11% 81%
$0-$2,356 0% 1% 4% 2% 9% 11% 73%
Paying AIME Quintile
$10,370+ 3% 13% 28% 7% 25% 13% 11%
$7,219 - $10,370 2% 2% 28% 7% 33% 18% 10%
$5,128 - $7,219 1% 1% 2% 4% 40% 41% 10%
$3,307 - $5,128 0% 0% 0% 0% 1% 43% 55%
$0-$3,307 0% 0% 0% 0% 0% 0% 100%
Hhld. Benefit Quintile
$3,486+ 1% 7% 28% 8% 30% 18% 7%
$2,564 - $3,486 1% 6% 17% 5% 26% 24% 21%
$1,975 - $2,564 1% 2% 11% 3% 28% 27% 28%
$1,382 - $1,975 1% 0% 1% 1% 14% 38% 43%
$0-$1,382 2% 1% 1% 0% 1% 8% 88%
Adj. Gross Income
$146,400+ 4% 9% 25% 6% 25% 18% 14%
$99,794 - $146,400 2% 4% 17% 6% 26% 22% 23%
$66,090 - $99,794 1% 3% 12% 4% 25% 26% 28%
$1 - $66,090 0% 1% 7% 2% 17% 26% 46%
$0.00 0% 1% 4% 2% 13% 23% 57%
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 2050: Prog Price Index (Shield30) versus Scheduled
Characteristic Poverty Rate # of Poor Change
Scheduled Option Diff
Total 1.9% 1.9% 0.0% 5,639
Sex
Female 2.4% 2.4% 0.0% 3,842
Male 1.3% 1.3% 0.0% 1,796
Race/Ethnicity
Hispanic 3.0% 3.0% 0.0% 1,409
White 1.2% 1.2% 0.0% 4,229
Black 3.9% 3.9% 0.0% 0
Other 2.2% 2.2% 0.0% 0
Immigration
Immigrant 2.9% 2.9% 0.0% 1,409
Native Born 1.6% 1.6% 0.0% 4,229
Age
60–69 2.4% 2.4% 0.0% 3,206
70–79 2.0% 2.0% 0.0% 1,384
80–89 1.4% 1.4% 0.0% 1,048
90+ 0.9% 0.9% 0.0% 0
Marital Status
Never Married 5.3% 5.3% 0.0% 0
Married 0.8% 0.8% 0.0% 0
Divorced 2.8% 2.8% 0.0% 5,639
Widowed 1.9% 1.9% 0.0% 0
Education
Graduate 0.6% 0.6% 0.0% 0
Bachelor 0.6% 0.6% 0.0% 0
Associate 1.3% 1.3% 0.0% 0
High School 2.6% 2.6% 0.0% 2,844
Less than 12 Yrs 6.3% 6.3% 0.0% 2,794
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% 9.6% 0.0% 5,639
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% 9.6% 0.0% 5,639
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% 0
$32,782 - $52,919 0.1% 0.1% 0.0% 2,844
$0-$32,782 9.4% 9.4% 0.0% 2,794
Benefit Type
Retired Worker 1.8% 1.8% 0.0% 1,796
Spousal & Worker 0.5% 0.6% 0.1% 2,794
Spousal Only 5.1% 5.1% 0.0% 0
Survivor & Worker 0.5% 0.5% 0.0% 0
Survivor Only 7.0% 7.0% 0.0% 0
Retired Disabled 2.7% 2.8% 0.0% 1,048
Disabled Worker 4.3% 4.3% 0.0% 0
Claiming Age
62 or younger 3.0% 3.0% 0.0% 5,639
63–66 0.8% 0.8% 0.0% 0
67 or older 1.3% 1.3% 0.0% 0
Quarters of Coverage
201+ 0.0% 0.0% 0.0% 0
161–200 0.1% 0.1% 0.0% 1,796
81–160 1.4% 1.4% 0.0% 0
0–80 11.0% 11.1% 0.0% 3,842
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% 0.5% 0.0% 1,796
$0-$2,356 9.0% 9.0% 0.0% 3,842
Paying AIME Quintile
$10,370+ 0.0% 0.0% 0.0% 0
$7,219 - $10,370 0.0% 0.0% 0.0% 1,048
$5,128 - $7,219 0.0% 0.0% 0.0% 2,794
$3,307 - $5,128 0.2% 0.2% 0.0% 1,796
$0-$3,307 9.3% 9.3% 0.0% 0
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% 9.5% 0.0% 5,639
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% 1.4% 0.0% 0
$0.00 5.0% 5.0% 0.0% 5,639
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 2050: Prog Price Index (Shield30) versus Payable
Characteristic Poverty Rate # of Poor Change
Payable Option Diff
Total 3.5% 1.9% -1.6% -1,269,116
Sex
Female 4.1% 2.4% -1.7% -757,276
Male 2.7% 1.3% -1.4% -511,839
Race/Ethnicity
Hispanic 5.2% 3.0% -2.2% -304,267
White 2.4% 1.2% -1.2% -594,732
Black 7.1% 3.9% -3.1% -271,622
Other 3.6% 2.2% -1.4% -98,494
Immigration
Immigrant 4.9% 2.9% -2.0% -363,710
Native Born 3.1% 1.6% -1.4% -905,405
Age
60–69 4.3% 2.4% -1.8% -481,372
70–79 3.7% 2.0% -1.7% -518,440
80–89 2.5% 1.4% -1.1% -217,899
90+ 1.9% 0.9% -1.0% -51,403
Marital Status
Never Married 9.1% 5.3% -3.7% -336,622
Married 1.5% 0.8% -0.7% -291,426
Divorced 5.0% 2.8% -2.2% -348,811
Widowed 3.7% 1.9% -1.8% -292,256
Education
Graduate 0.8% 0.6% -0.3% -25,518
Bachelor 1.2% 0.6% -0.6% -101,570
Associate 2.9% 1.3% -1.6% -313,129
High School 4.7% 2.6% -2.1% -567,259
Less than 12 Yrs 10.3% 6.3% -4.0% -261,638
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% 9.6% -7.9% -1,269,116
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% 9.6% -7.9% -1,269,116
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% -9,071
$32,782 - $52,919 1.1% 0.1% -1.0% -160,279
$0-$32,782 16.2% 9.4% -6.8% -1,099,765
Benefit Type
Retired Worker 3.1% 1.8% -1.3% -703,158
Spousal & Worker 0.9% 0.6% -0.3% -9,964
Spousal Only 7.9% 5.1% -2.8% -28,055
Survivor & Worker 1.6% 0.5% -1.0% -118,117
Survivor Only 10.4% 7.0% -3.4% -30,844
Retired Disabled 5.6% 2.8% -2.8% -213,134
Disabled Worker 8.2% 4.3% -3.9% -165,840
Claiming Age
62 or younger 5.4% 3.0% -2.4% -948,553
63–66 1.6% 0.8% -0.8% -281,095
67 or older 2.0% 1.3% -0.7% -39,466
Quarters of Coverage
201+ 0.0% 0.0% 0.0% -1,903
161–200 0.5% 0.1% -0.4% -104,918
81–160 3.7% 1.4% -2.3% -685,314
0–80 16.0% 11.1% -4.9% -476,979
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% 0.5% -2.6% -421,330
$0-$2,356 14.1% 9.0% -5.0% -815,357
Paying AIME Quintile
$10,370+ 0.0% 0.0% 0.0% 0
$7,219 - $10,370 0.0% 0.0% 0.0% -3,831
$5,128 - $7,219 0.1% 0.0% -0.1% -11,565
$3,307 - $5,128 1.3% 0.2% -1.1% -180,646
$0-$3,307 15.9% 9.3% -6.6% -1,073,073
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% 9.5% -7.7% -1,240,026
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% 1.4% -0.6% -87,107
$0.00 9.5% 5.0% -4.4% -1,173,659
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, 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: 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, 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: 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.