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Benefit Formula Changes

Reduce the 90%, 32%, and 15% PIA factors to 69.2%, 24.6%, and 11.5% over a 28-year period

Projected effects on beneficiaries in 2070

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Table 1. Individual benefits 2070: PIA Factors to 69.2 24.6 11.5 versus Scheduled
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total -22% 92% 0%
Sex
Female -22% 93% 0%
Male -22% 91% 0%
Race/Ethnicity
Hispanic -22% 89% 0%
White -22% 94% 0%
Black -22% 85% 0%
Other -22% 94% 0%
Immigration
Immigrant -22% 93% 0%
Native Born -22% 92% 0%
Age
60–69 -22% 82% 0%
70–79 -22% 96% 0%
80–89 -22% 98% 0%
90+ -20% 98% 0%
Marital Status
Never Married -22% 87% 0%
Married -22% 93% 0%
Divorced -22% 93% 0%
Widowed -22% 94% 0%
Education
Graduate -22% 97% 0%
Bachelor -22% 95% 0%
Associate -22% 92% 0%
High School -22% 89% 0%
Less than 12 Yrs -22% 89% 0%
Indiv. Income Quintile
$141,869+ -22% 98% 0%
$76,273 - $141,869 -22% 95% 0%
$47,225 - $76,273 -22% 92% 0%
$28,018 - $47,225 -22% 90% 0%
$0-$28,018 -22% 85% 0%
Hhld. Income Quintile
$234,849+ -22% 97% 0%
$125,659 - $234,849 -22% 95% 0%
$74,813 - $125,659 -22% 93% 0%
$41,558 - $74,813 -22% 91% 0%
$0-$41,558 -22% 85% 0%
Shared Earn. Quintile
$129,152+ -22% 98% 0%
$89,585 - $129,152 -22% 97% 0%
$63,685 - $89,585 -22% 94% 0%
$39,226 - $63,685 -22% 91% 0%
$0-$39,226 -22% 80% 0%
Benefit Type
Retired Worker -22% 100% 0%
Spousal & Worker -22% 99% 0%
Spousal Only -22% 97% 0%
Survivor & Worker -22% 98% 0%
Survivor Only -22% 93% 0%
Retired Disabled -15% 72% 0%
Disabled Worker 0% 5% 0%
Claiming Age
62 or younger -22% 85% 0%
63–66 -22% 99% 0%
67 or older -22% 99% 0%
Quarters of Coverage
201+ -22% 100% 0%
161–200 -22% 97% 0%
81–160 -22% 89% 0%
0–80 -22% 76% 0%
Own AIME Quintile
$11,030+ -22% 97% 0%
$7,326 - $11,030 -22% 95% 0%
$5,076 - $7,326 -22% 91% 0%
$2,910 - $5,076 -22% 89% 0%
$0-$2,910 -22% 88% 0%
Paying AIME Quintile
$12,519+ -22% 98% 0%
$8,545 - $12,519 -22% 96% 0%
$6,145 - $8,545 -22% 93% 0%
$3,923 - $6,145 -22% 90% 0%
$0-$3,923 -22% 83% 0%
Hhld. Benefit Quintile
$4,389+ -22% 97% 0%
$3,216 - $4,389 -22% 94% 0%
$2,435 - $3,216 -22% 93% 0%
$1,690 - $2,435 -22% 90% 0%
$0-$1,690 -22% 86% 0%
Adj. Gross Income
$181,671+ -22% 97% 0%
$123,969 - $181,671 -22% 96% 0%
$82,014 - $123,969 -22% 95% 0%
$1 - $82,014 -22% 91% 0%
$0.00 -22% 87% 0%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 12/03/2012
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: PIA Factors to 69.2 24.6 11.5 versus Payable
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total 1% 3% 96%
Sex
Female 1% 3% 95%
Male 1% 3% 96%
Race/Ethnicity
Hispanic 1% 3% 96%
White 1% 3% 96%
Black 1% 2% 96%
Other 1% 3% 95%
Immigration
Immigrant 1% 2% 96%
Native Born 1% 3% 96%
Age
60–69 1% 7% 91%
70–79 1% 1% 98%
80–89 1% 1% 97%
90+ 3% 1% 98%
Marital Status
Never Married 1% 3% 96%
Married 1% 3% 95%
Divorced 1% 3% 95%
Widowed 1% 1% 97%
Education
Graduate 1% 4% 93%
Bachelor 1% 3% 95%
Associate 1% 3% 96%
High School 1% 2% 97%
Less than 12 Yrs 1% 2% 97%
Indiv. Income Quintile
$141,869+ 1% 4% 94%
$76,273 - $141,869 1% 5% 93%
$47,225 - $76,273 1% 3% 95%
$28,018 - $47,225 1% 1% 98%
$0-$28,018 1% 0% 99%
Hhld. Income Quintile
$234,849+ 1% 5% 94%
$125,659 - $234,849 1% 4% 94%
$74,813 - $125,659 1% 3% 95%
$41,558 - $74,813 1% 2% 97%
$0-$41,558 1% 0% 99%
Shared Earn. Quintile
$129,152+ 1% 4% 95%
$89,585 - $129,152 1% 4% 95%
$63,685 - $89,585 1% 3% 95%
$39,226 - $63,685 1% 2% 96%
$0-$39,226 1% 1% 98%
Benefit Type
Retired Worker 1% 3% 95%
Spousal & Worker 1% 4% 92%
Spousal Only 1% 6% 91%
Survivor & Worker 1% 2% 96%
Survivor Only 1% 6% 93%
Retired Disabled 10% 0% 99%
Disabled Worker 30% 0% 100%
Claiming Age
62 or younger 1% 2% 97%
63–66 1% 4% 95%
67 or older 1% 2% 96%
Quarters of Coverage
201+ 1% 5% 95%
161–200 1% 3% 97%
81–160 1% 2% 95%
0–80 1% 2% 96%
Own AIME Quintile
$11,030+ 1% 3% 96%
$7,326 - $11,030 1% 3% 96%
$5,076 - $7,326 1% 3% 95%
$2,910 - $5,076 1% 3% 95%
$0-$2,910 1% 3% 95%
Paying AIME Quintile
$12,519+ 1% 3% 96%
$8,545 - $12,519 1% 3% 95%
$6,145 - $8,545 1% 3% 96%
$3,923 - $6,145 1% 3% 95%
$0-$3,923 1% 2% 96%
Hhld. Benefit Quintile
$4,389+ 1% 1% 97%
$3,216 - $4,389 1% 2% 96%
$2,435 - $3,216 1% 2% 96%
$1,690 - $2,435 1% 3% 96%
$0-$1,690 1% 6% 92%
Adj. Gross Income
$181,671+ 1% 5% 93%
$123,969 - $181,671 1% 4% 95%
$82,014 - $123,969 1% 4% 94%
$1 - $82,014 1% 3% 95%
$0.00 1% 0% 99%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 12/03/2012
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: PIA Factors to 69.2 24.6 11.5 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 83% 7% 2% 8% 0% 0% 0%
Sex
Female 82% 9% 2% 7% 0% 0% 0%
Male 84% 5% 2% 9% 0% 0% 0%
Race/Ethnicity
Hispanic 81% 6% 2% 11% 0% 0% 0%
White 85% 8% 2% 6% 0% 0% 0%
Black 75% 6% 4% 15% 0% 0% 0%
Other 85% 6% 2% 6% 0% 0% 0%
Immigration
Immigrant 85% 7% 2% 7% 0% 0% 0%
Native Born 83% 7% 2% 8% 0% 0% 0%
Age
60–69 77% 3% 2% 18% 0% 0% 0%
70–79 90% 5% 2% 4% 0% 0% 0%
80–89 89% 6% 2% 2% 0% 0% 0%
90+ 51% 43% 4% 2% 0% 0% 0%
Marital Status
Never Married 80% 6% 2% 13% 0% 0% 0%
Married 87% 4% 2% 7% 0% 0% 0%
Divorced 85% 6% 2% 7% 0% 0% 0%
Widowed 70% 21% 4% 6% 0% 0% 0%
Education
Graduate 87% 8% 2% 3% 0% 0% 0%
Bachelor 86% 8% 1% 5% 0% 0% 0%
Associate 83% 7% 2% 8% 0% 0% 0%
High School 80% 7% 2% 11% 0% 0% 0%
Less than 12 Yrs 81% 5% 2% 11% 0% 0% 0%
Indiv. Income Quintile
$141,869+ 88% 9% 1% 2% 0% 0% 0%
$76,273 - $141,869 87% 7% 2% 5% 0% 0% 0%
$47,225 - $76,273 84% 7% 2% 8% 0% 0% 0%
$28,018 - $47,225 80% 7% 3% 10% 0% 0% 0%
$0-$28,018 77% 6% 3% 15% 0% 0% 0%
Hhld. Income Quintile
$234,849+ 88% 7% 1% 3% 0% 0% 0%
$125,659 - $234,849 87% 6% 1% 5% 0% 0% 0%
$74,813 - $125,659 84% 7% 2% 7% 0% 0% 0%
$41,558 - $74,813 81% 8% 3% 9% 0% 0% 0%
$0-$41,558 75% 7% 3% 15% 0% 0% 0%
Shared Earn. Quintile
$129,152+ 91% 7% 1% 2% 0% 0% 0%
$89,585 - $129,152 88% 7% 1% 3% 0% 0% 0%
$63,685 - $89,585 85% 8% 2% 6% 0% 0% 0%
$39,226 - $63,685 81% 7% 3% 9% 0% 0% 0%
$0-$39,226 72% 6% 3% 20% 0% 0% 0%
Benefit Type
Retired Worker 97% 3% 0% 0% 0% 0% 0%
Spousal & Worker 94% 3% 2% 1% 0% 0% 0%
Spousal Only 92% 4% 1% 3% 0% 0% 0%
Survivor & Worker 76% 20% 2% 2% 0% 0% 0%
Survivor Only 75% 17% 1% 7% 0% 0% 0%
Retired Disabled 30% 28% 15% 28% 0% 0% 0%
Disabled Worker 1% 2% 1% 95% 0% 0% 0%
Claiming Age
62 or younger 73% 9% 3% 15% 0% 0% 0%
63–66 93% 5% 1% 1% 0% 0% 0%
67 or older 94% 5% 1% 1% 0% 0% 0%
Quarters of Coverage
201+ 95% 5% 0% 0% 0% 0% 0%
161–200 90% 6% 1% 3% 0% 0% 0%
81–160 77% 8% 4% 11% 0% 0% 0%
0–80 66% 8% 3% 23% 0% 0% 0%
Own AIME Quintile
$11,030+ 92% 5% 1% 3% 0% 0% 0%
$7,326 - $11,030 86% 7% 2% 5% 0% 0% 0%
$5,076 - $7,326 82% 7% 2% 9% 0% 0% 0%
$2,910 - $5,076 78% 8% 3% 11% 0% 0% 0%
$0-$2,910 78% 7% 3% 12% 0% 0% 0%
Paying AIME Quintile
$12,519+ 89% 8% 1% 2% 0% 0% 0%
$8,545 - $12,519 86% 9% 1% 4% 0% 0% 0%
$6,145 - $8,545 84% 7% 2% 7% 0% 0% 0%
$3,923 - $6,145 81% 7% 2% 10% 0% 0% 0%
$0-$3,923 76% 4% 3% 17% 0% 0% 0%
Hhld. Benefit Quintile
$4,389+ 91% 4% 1% 3% 0% 0% 0%
$3,216 - $4,389 87% 5% 2% 6% 0% 0% 0%
$2,435 - $3,216 82% 9% 2% 7% 0% 0% 0%
$1,690 - $2,435 78% 10% 2% 10% 0% 0% 0%
$0-$1,690 77% 6% 3% 14% 0% 0% 0%
Adj. Gross Income
$181,671+ 91% 5% 1% 3% 0% 0% 0%
$123,969 - $181,671 88% 6% 2% 4% 0% 0% 0%
$82,014 - $123,969 86% 7% 2% 5% 0% 0% 0%
$1 - $82,014 82% 7% 2% 9% 0% 0% 0%
$0.00 76% 8% 3% 13% 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: 12/03/2012
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: PIA Factors to 69.2 24.6 11.5 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% 1% 1% 2% 83% 3% 9%
Sex
Female 1% 1% 1% 2% 83% 4% 8%
Male 1% 1% 1% 1% 84% 3% 10%
Race/Ethnicity
Hispanic 1% 1% 1% 1% 81% 3% 12%
White 1% 1% 1% 2% 86% 3% 7%
Black 1% 1% 1% 1% 75% 4% 17%
Other 1% 1% 1% 2% 84% 3% 7%
Immigration
Immigrant 1% 1% 1% 2% 85% 3% 8%
Native Born 1% 1% 1% 2% 83% 3% 9%
Age
60–69 3% 3% 1% 1% 70% 2% 19%
70–79 0% 0% 1% 2% 90% 3% 5%
80–89 0% 0% 1% 2% 91% 3% 3%
90+ 0% 0% 1% 1% 80% 14% 4%
Marital Status
Never Married 1% 1% 1% 1% 80% 2% 14%
Married 1% 1% 1% 2% 85% 2% 8%
Divorced 1% 1% 1% 2% 84% 3% 8%
Widowed 0% 0% 1% 2% 81% 9% 8%
Education
Graduate 1% 1% 2% 4% 85% 4% 4%
Bachelor 1% 1% 1% 2% 86% 3% 5%
Associate 1% 1% 1% 1% 83% 4% 9%
High School 1% 1% 1% 1% 81% 3% 12%
Less than 12 Yrs 1% 1% 1% 1% 81% 3% 13%
Indiv. Income Quintile
$141,869+ 2% 1% 1% 2% 88% 3% 3%
$76,273 - $141,869 2% 2% 1% 2% 84% 3% 6%
$47,225 - $76,273 1% 1% 1% 2% 83% 4% 9%
$28,018 - $47,225 0% 0% 1% 1% 82% 4% 12%
$0-$28,018 0% 0% 0% 1% 80% 3% 16%
Hhld. Income Quintile
$234,849+ 2% 1% 1% 2% 87% 3% 4%
$125,659 - $234,849 2% 2% 1% 2% 85% 3% 6%
$74,813 - $125,659 1% 1% 1% 2% 84% 3% 8%
$41,558 - $74,813 0% 0% 1% 2% 83% 4% 10%
$0-$41,558 0% 0% 0% 1% 79% 4% 16%
Shared Earn. Quintile
$129,152+ 2% 1% 1% 1% 90% 3% 2%
$89,585 - $129,152 1% 1% 1% 1% 88% 3% 4%
$63,685 - $89,585 1% 1% 1% 2% 85% 4% 7%
$39,226 - $63,685 1% 1% 1% 2% 81% 4% 11%
$0-$39,226 0% 0% 0% 1% 73% 3% 21%
Benefit Type
Retired Worker 1% 1% 1% 1% 94% 1% 0%
Spousal & Worker 1% 1% 2% 4% 88% 1% 3%
Spousal Only 3% 2% 1% 2% 86% 1% 4%
Survivor & Worker 0% 1% 1% 2% 84% 8% 3%
Survivor Only 4% 1% 1% 2% 80% 5% 7%
Retired Disabled 0% 0% 0% 1% 43% 20% 35%
Disabled Worker 0% 0% 0% 0% 3% 1% 96%
Claiming Age
62 or younger 1% 0% 1% 2% 75% 5% 17%
63–66 2% 1% 1% 1% 91% 2% 2%
67 or older 1% 0% 1% 2% 93% 1% 1%
Quarters of Coverage
201+ 2% 2% 0% 0% 94% 1% 0%
161–200 1% 1% 1% 1% 91% 3% 3%
81–160 1% 0% 1% 3% 77% 5% 13%
0–80 1% 0% 1% 1% 67% 4% 25%
Own AIME Quintile
$11,030+ 1% 1% 0% 1% 92% 2% 3%
$7,326 - $11,030 1% 1% 1% 1% 87% 3% 6%
$5,076 - $7,326 1% 1% 1% 2% 82% 4% 10%
$2,910 - $5,076 1% 1% 1% 2% 78% 5% 12%
$0-$2,910 1% 1% 1% 2% 78% 3% 14%
Paying AIME Quintile
$12,519+ 1% 1% 1% 1% 90% 3% 2%
$8,545 - $12,519 1% 1% 1% 2% 87% 4% 4%
$6,145 - $8,545 1% 1% 1% 1% 84% 3% 8%
$3,923 - $6,145 1% 1% 1% 2% 80% 4% 11%
$0-$3,923 1% 1% 1% 1% 75% 3% 18%
Hhld. Benefit Quintile
$4,389+ 0% 1% 1% 1% 91% 2% 4%
$3,216 - $4,389 1% 1% 1% 2% 87% 3% 7%
$2,435 - $3,216 0% 1% 1% 2% 84% 4% 8%
$1,690 - $2,435 1% 1% 1% 1% 81% 4% 11%
$0-$1,690 3% 2% 1% 2% 74% 3% 16%
Adj. Gross Income
$181,671+ 3% 2% 1% 2% 87% 2% 4%
$123,969 - $181,671 1% 1% 1% 2% 87% 3% 5%
$82,014 - $123,969 1% 1% 1% 2% 85% 3% 6%
$1 - $82,014 1% 1% 1% 2% 82% 3% 10%
$0.00 0% 0% 0% 1% 80% 4% 14%
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 12/03/2012
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: PIA Factors to 69.2 24.6 11.5 versus Scheduled
Characteristic Poverty Rate # of Poor Change
Scheduled Option Diff
Total 1.2% 1.9% 0.8% 738,436
Sex
Female 1.6% 2.6% 1.0% 525,658
Male 0.7% 1.2% 0.5% 212,777
Race/Ethnicity
Hispanic 1.7% 2.8% 1.1% 219,503
White 0.8% 1.3% 0.5% 293,118
Black 2.2% 3.8% 1.5% 153,864
Other 1.2% 1.9% 0.7% 71,950
Immigration
Immigrant 1.5% 2.7% 1.2% 249,737
Native Born 1.1% 1.7% 0.7% 488,699
Age
60–69 1.5% 2.2% 0.7% 207,843
70–79 1.1% 2.0% 0.9% 329,316
80–89 0.9% 1.6% 0.7% 168,198
90+ 0.7% 1.2% 0.5% 33,077
Marital Status
Never Married 3.4% 5.3% 1.9% 256,397
Married 0.4% 0.7% 0.2% 119,437
Divorced 1.5% 3.0% 1.5% 274,118
Widowed 1.2% 1.9% 0.6% 88,483
Education
Graduate 0.2% 0.6% 0.4% 40,939
Bachelor 0.4% 0.7% 0.3% 63,110
Associate 0.6% 1.4% 0.8% 163,685
High School 1.7% 2.7% 1.0% 310,068
Less than 12 Yrs 3.6% 5.4% 1.8% 160,633
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% 9.8% 3.9% 738,436
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% 9.8% 3.9% 738,436
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 0.1% 0.2% 0.2% 30,689
$0-$39,226 5.8% 9.5% 3.7% 705,085
Benefit Type
Retired Worker 1.1% 2.1% 1.0% 647,518
Spousal & Worker 0.1% 0.5% 0.3% 12,071
Spousal Only 2.4% 3.5% 1.2% 14,433
Survivor & Worker 0.3% 0.6% 0.3% 33,369
Survivor Only 5.0% 6.3% 1.3% 10,165
Retired Disabled 2.0% 2.2% 0.2% 17,511
Disabled Worker 2.3% 2.4% 0.1% 3,366
Claiming Age
62 or younger 1.8% 2.8% 1.0% 474,756
63–66 0.5% 1.0% 0.5% 219,263
67 or older 0.8% 1.5% 0.7% 44,416
Quarters of Coverage
201+ 0.0% 0.0% 0.0% 0
161–200 0.0% 0.1% 0.1% 20,382
81–160 0.7% 1.9% 1.2% 443,763
0–80 7.8% 10.2% 2.4% 274,290
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 0.0% 0.4% 0.4% 66,986
$0-$2,910 5.8% 9.4% 3.5% 669,781
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% 0.1% 0.1% 10,475
$3,923 - $6,145 0.0% 0.1% 0.1% 14,509
$0-$3,923 5.8% 9.6% 3.8% 713,451
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% 9.8% 3.9% 738,436
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% 1.5% 0.5% 77,656
$0.00 3.0% 5.2% 2.1% 660,779
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 12/03/2012
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: PIA Factors to 69.2 24.6 11.5 versus Payable
Characteristic Poverty Rate # of Poor Change
Payable Option Diff
Total 2.3% 1.9% -0.3% -326,163
Sex
Female 3.0% 2.6% -0.4% -190,045
Male 1.5% 1.2% -0.3% -136,118
Race/Ethnicity
Hispanic 3.3% 2.8% -0.5% -102,905
White 1.5% 1.3% -0.2% -120,033
Black 4.6% 3.8% -0.8% -81,242
Other 2.1% 1.9% -0.2% -21,982
Immigration
Immigrant 3.0% 2.7% -0.3% -64,592
Native Born 2.1% 1.7% -0.4% -261,570
Age
60–69 2.9% 2.2% -0.6% -177,099
70–79 2.3% 2.0% -0.2% -78,792
80–89 1.9% 1.6% -0.3% -58,235
90+ 1.4% 1.2% -0.2% -12,035
Marital Status
Never Married 6.2% 5.3% -0.9% -126,731
Married 0.8% 0.7% -0.2% -91,182
Divorced 3.3% 3.0% -0.3% -64,621
Widowed 2.2% 1.9% -0.3% -43,627
Education
Graduate 0.7% 0.6% -0.1% -12,694
Bachelor 0.7% 0.7% 0.0% -7,918
Associate 1.7% 1.4% -0.3% -68,846
High School 3.3% 2.7% -0.6% -174,753
Less than 12 Yrs 6.1% 5.4% -0.7% -61,949
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% 9.8% -1.7% -326,163
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% 9.8% -1.7% -326,163
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 0.2% 0.2% 0.0% -1,726
$0-$39,226 11.2% 9.5% -1.7% -324,436
Benefit Type
Retired Worker 2.2% 2.1% -0.1% -46,571
Spousal & Worker 0.5% 0.5% 0.0% 0
Spousal Only 4.0% 3.5% -0.4% -5,519
Survivor & Worker 0.8% 0.6% -0.1% -14,911
Survivor Only 6.5% 6.3% -0.2% -1,756
Retired Disabled 3.7% 2.2% -1.6% -136,672
Disabled Worker 4.9% 2.4% -2.5% -120,733
Claiming Age
62 or younger 3.5% 2.8% -0.6% -301,428
63–66 1.1% 1.0% 0.0% -21,036
67 or older 1.6% 1.5% -0.1% -3,698
Quarters of Coverage
201+ 0.0% 0.0% 0.0% 0
161–200 0.1% 0.1% 0.0% -4,484
81–160 2.1% 1.9% -0.2% -61,285
0–80 12.5% 10.2% -2.3% -260,393
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 0.6% 0.4% -0.2% -42,288
$0-$2,910 10.9% 9.4% -1.5% -283,874
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% 0.1% 0.0% 0
$3,923 - $6,145 0.1% 0.1% 0.0% -6,430
$0-$3,923 11.3% 9.6% -1.7% -319,732
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% 9.8% -1.7% -326,163
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% 1.5% -0.2% -36,876
$0.00 6.1% 5.2% -0.9% -289,286
Population: current law beneficiaries aged 60 and older
Source: SSA's Office of Retirement Policy, using MINT 6/TR11 Assumptions/SSMBA 4. Run: 12/03/2012
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: 12/03/2012
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: 12/03/2012
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.