Benefit Formula Changes

Credit earnings to caregivers' records: Up to 5 years at one-half average wage when caring for children under age six: 2030 | 2050 | 2070

Increase the computation period from 35 years to 40 years: 2030 | 2050 | 2070

Price index the PIA formula: Reduce the formula factors by the difference in growth rates of wages and prices: 2030 | 2050 | 2070

Price index the PIA formula: Protect the bottom 30% of workers from price indexing: 2030 | 2050 | 2070

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: 2030 | 2050 | 2070

Reduce the 90%, 32%, and 15% PIA factors: To 90%, 21%, and 10% over a 31-year period: 2030 | 2050 | 2070

Reduce the 90%, 32%, and 15% PIA factors: To 69.2%, 24.6%, and 11.5% over a 28-year period: 2030 | 2050 | 2070

Reduce initial benefits: By 5%: 2030 | 2050 | 2070

Cost of Living Adjustment Changes

Covered Worker Changes

Retirement Age Increases

Taxation Changes

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Reduce the 90%, 32%, and 15% PIA factors to 90%, 21%, and 10% over a 31-year period

Projected effects on beneficiaries in 2050

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Individual Benefits
Scheduled | Payable
Distribution of Changes
Scheduled | Payable
Poverty
Scheduled | Payable
Median Monthly Benefit
Scheduled | Payable

Table 1. Individual benefits 2050: PIA Factors to 90 21 10 versus Scheduled
Characteristic	Median Percent Change	Percent With
Characteristic	Median Percent Change	Lower Benefits	Higher Benefits
Total	-12%	93%	0%
Sex
Female	-11%	91%	0%
Male	-14%	95%	0%
Race/Ethnicity
Hispanic	-11%	90%	0%
White	-13%	94%	0%
Black	-11%	90%	0%
Other	-13%	92%	0%
Immigration
Immigrant	-11%	90%	0%
Native Born	-13%	94%	0%
Age
60–69	-16%	91%	0%
70–79	-14%	94%	0%
80–89	-10%	95%	0%
90+	-4%	86%	0%
Marital Status
Never Married	-12%	89%	0%
Married	-14%	95%	0%
Divorced	-13%	93%	0%
Widowed	-8%	91%	0%
Education
Graduate	-15%	96%	0%
Bachelor	-15%	96%	0%
Associate	-12%	94%	0%
High School	-11%	91%	0%
Less than 12 Yrs	-9%	84%	0%
Indiv. Income Quintile
$118,077+	-15%	97%	0%
$63,076 - $118,077	-16%	98%	0%
$38,685 - $63,076	-14%	97%	0%
$23,078 - $38,685	-12%	95%	0%
$0-$23,078	-6%	78%	0%
Hhld. Income Quintile
$191,900+	-16%	97%	0%
$102,458 - $191,900	-15%	97%	0%
$60,945 - $102,458	-13%	96%	0%
$33,624 - $60,945	-11%	94%	0%
$0-$33,624	-6%	79%	0%
Shared Earn. Quintile
$106,162+	-17%	99%	0%
$74,636 - $106,162	-16%	98%	0%
$52,919 - $74,636	-14%	98%	0%
$32,782 - $52,919	-11%	97%	0%
$0-$32,782	-4%	73%	0%
Benefit Type
Retired Worker	-14%	94%	0%
Spousal & Worker	-16%	100%	0%
Spousal Only	-11%	82%	1%
Survivor & Worker	-9%	92%	0%
Survivor Only	-7%	82%	0%
Retired Disabled	-10%	87%	0%
Disabled Worker	-11%	86%	0%
Claiming Age
62 or younger	-11%	90%	0%
63–66	-13%	96%	0%
67 or older	-12%	92%	0%
Quarters of Coverage
201+	-15%	99%	0%
161–200	-15%	99%	0%
81–160	-10%	94%	0%
0–80	-3%	64%	0%
Own AIME Quintile
$8,955+	-18%	99%	0%
$5,945 - $8,955	-17%	99%	0%
$4,095 - $5,945	-14%	98%	0%
$2,356 - $4,095	-9%	97%	0%
$0-$2,356	-4%	71%	0%
Paying AIME Quintile
$10,370+	-17%	98%	0%
$7,219 - $10,370	-16%	98%	0%
$5,128 - $7,219	-15%	98%	0%
$3,307 - $5,128	-12%	98%	0%
$0-$3,307	-4%	71%	0%
Hhld. Benefit Quintile
$3,486+	-18%	100%	0%
$2,564 - $3,486	-15%	99%	0%
$1,975 - $2,564	-13%	97%	0%
$1,382 - $1,975	-10%	95%	0%
$0-$1,382	-5%	73%	0%
Adj. Gross Income
$146,400+	-17%	98%	0%
$99,794 - $146,400	-15%	98%	0%
$66,090 - $99,794	-13%	96%	0%
$1 - $66,090	-11%	90%	0%
$0.00	-9%	88%	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 2050: PIA Factors to 90 21 10 versus Payable
Characteristic	Median Percent Change	Percent With
Characteristic	Median Percent Change	Lower Benefits	Higher Benefits
Total	11%	8%	86%
Sex
Female	13%	6%	90%
Male	9%	11%	82%
Race/Ethnicity
Hispanic	12%	6%	91%
White	11%	9%	85%
Black	13%	6%	89%
Other	10%	10%	85%
Immigration
Immigrant	12%	7%	89%
Native Born	11%	9%	86%
Age
60–69	6%	20%	70%
70–79	8%	5%	89%
80–89	14%	0%	100%
90+	21%	0%	100%
Marital Status
Never Married	12%	7%	87%
Married	8%	11%	82%
Divorced	11%	8%	86%
Widowed	16%	2%	97%
Education
Graduate	8%	15%	78%
Bachelor	8%	14%	79%
Associate	11%	6%	88%
High School	13%	5%	91%
Less than 12 Yrs	15%	4%	93%
Indiv. Income Quintile
$118,077+	7%	18%	74%
$63,076 - $118,077	7%	14%	77%
$38,685 - $63,076	9%	7%	86%
$23,078 - $38,685	12%	1%	96%
$0-$23,078	19%	0%	99%
Hhld. Income Quintile
$191,900+	6%	19%	72%
$102,458 - $191,900	7%	13%	78%
$60,945 - $102,458	10%	6%	87%
$33,624 - $60,945	12%	2%	94%
$0-$33,624	19%	0%	99%
Shared Earn. Quintile
$106,162+	5%	25%	66%
$74,636 - $106,162	7%	10%	79%
$52,919 - $74,636	9%	4%	91%
$32,782 - $52,919	13%	2%	97%
$0-$32,782	21%	1%	99%
Benefit Type
Retired Worker	9%	10%	83%
Spousal & Worker	7%	12%	81%
Spousal Only	13%	6%	88%
Survivor & Worker	15%	3%	94%
Survivor Only	17%	3%	96%
Retired Disabled	14%	2%	95%
Disabled Worker	13%	6%	88%
Claiming Age
62 or younger	12%	6%	89%
63–66	10%	11%	83%
67 or older	11%	6%	88%
Quarters of Coverage
201+	7%	16%	76%
161–200	8%	11%	82%
81–160	14%	4%	92%
0–80	22%	3%	96%
Own AIME Quintile
$8,955+	3%	30%	60%
$5,945 - $8,955	5%	3%	83%
$4,095 - $5,945	9%	3%	97%
$2,356 - $4,095	15%	2%	97%
$0-$2,356	22%	3%	96%
Paying AIME Quintile
$10,370+	5%	27%	66%
$7,219 - $10,370	6%	9%	71%
$5,128 - $7,219	7%	2%	97%
$3,307 - $5,128	12%	2%	98%
$0-$3,307	22%	1%	99%
Hhld. Benefit Quintile
$3,486+	4%	17%	71%
$2,564 - $3,486	8%	12%	80%
$1,975 - $2,564	11%	5%	88%
$1,382 - $1,975	13%	2%	97%
$0-$1,382	21%	5%	95%
Adj. Gross Income
$146,400+	5%	21%	69%
$99,794 - $146,400	7%	12%	80%
$66,090 - $99,794	10%	9%	85%
$1 - $66,090	13%	4%	92%
$0.00	16%	2%	96%
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 2050: PIA Factors to 90 21 10 versus Scheduled
Characteristic	% of Population With % Change of
Characteristic	-20%+	-10 to -19%	-1 to -9%	No change	+1 to +9%	+10 to +19%	+20%+
Total	17%	47%	29%	7%	0%	0%	0%
Sex
Female	13%	45%	34%	9%	0%	0%	0%
Male	22%	49%	23%	5%	0%	0%	0%
Race/Ethnicity
Hispanic	12%	47%	32%	10%	0%	0%	0%
White	19%	47%	28%	6%	0%	0%	0%
Black	14%	44%	32%	10%	0%	0%	0%
Other	19%	47%	25%	8%	0%	0%	0%
Immigration
Immigrant	14%	44%	32%	10%	0%	0%	0%
Native Born	18%	48%	28%	6%	0%	0%	0%
Age
60–69	34%	39%	18%	9%	0%	0%	0%
70–79	16%	59%	19%	6%	0%	0%	0%
80–89	0%	50%	45%	5%	0%	0%	0%
90+	0%	2%	83%	14%	0%	0%	0%
Marital Status
Never Married	16%	43%	29%	11%	0%	0%	0%
Married	23%	51%	21%	5%	0%	0%	0%
Divorced	18%	47%	29%	7%	0%	0%	0%
Widowed	4%	38%	49%	9%	0%	0%	0%
Education
Graduate	27%	49%	20%	4%	0%	0%	0%
Bachelor	26%	49%	21%	4%	0%	0%	0%
Associate	15%	50%	30%	6%	0%	0%	0%
High School	11%	45%	35%	9%	0%	0%	0%
Less than 12 Yrs	9%	39%	35%	16%	0%	0%	0%
Indiv. Income Quintile
$118,077+	31%	45%	22%	3%	0%	0%	0%
$63,076 - $118,077	29%	50%	19%	2%	0%	0%	0%
$38,685 - $63,076	19%	55%	23%	3%	0%	0%	0%
$23,078 - $38,685	7%	58%	30%	5%	0%	0%	0%
$0-$23,078	1%	26%	50%	22%	0%	0%	0%
Hhld. Income Quintile
$191,900+	32%	46%	19%	3%	0%	0%	0%
$102,458 - $191,900	27%	51%	19%	3%	0%	0%	0%
$60,945 - $102,458	17%	55%	24%	4%	0%	0%	0%
$33,624 - $60,945	8%	52%	34%	6%	0%	0%	0%
$0-$33,624	1%	30%	48%	21%	0%	0%	0%
Shared Earn. Quintile
$106,162+	39%	44%	15%	1%	0%	0%	0%
$74,636 - $106,162	28%	53%	17%	2%	0%	0%	0%
$52,919 - $74,636	13%	63%	22%	2%	0%	0%	0%
$32,782 - $52,919	4%	57%	36%	3%	0%	0%	0%
$0-$32,782	1%	18%	54%	27%	0%	0%	0%
Benefit Type
Retired Worker	21%	49%	24%	6%	0%	0%	0%
Spousal & Worker	25%	58%	16%	0%	0%	0%	0%
Spousal Only	15%	40%	27%	17%	0%	0%	1%
Survivor & Worker	7%	38%	47%	8%	0%	0%	0%
Survivor Only	4%	32%	46%	18%	0%	0%	0%
Retired Disabled	7%	44%	36%	13%	0%	0%	0%
Disabled Worker	15%	39%	32%	14%	0%	0%	0%
Claiming Age
62 or younger	14%	44%	32%	10%	0%	0%	0%
63–66	21%	50%	26%	4%	0%	0%	0%
67 or older	15%	49%	28%	8%	0%	0%	0%
Quarters of Coverage
201+	28%	53%	17%	1%	0%	0%	0%
161–200	23%	55%	21%	1%	0%	0%	0%
81–160	11%	44%	40%	6%	0%	0%	0%
0–80	5%	23%	35%	36%	0%	0%	0%
Own AIME Quintile
$8,955+	45%	42%	13%	1%	0%	0%	0%
$5,945 - $8,955	27%	56%	15%	1%	0%	0%	0%
$4,095 - $5,945	4%	73%	22%	2%	0%	0%	0%
$2,356 - $4,095	4%	44%	50%	3%	0%	0%	0%
$0-$2,356	6%	20%	45%	29%	0%	0%	0%
Paying AIME Quintile
$10,370+	38%	43%	17%	2%	0%	0%	0%
$7,219 - $10,370	36%	45%	18%	2%	0%	0%	0%
$5,128 - $7,219	9%	70%	19%	2%	0%	0%	0%
$3,307 - $5,128	2%	68%	28%	2%	0%	0%	0%
$0-$3,307	1%	8%	62%	29%	0%	0%	0%
Hhld. Benefit Quintile
$3,486+	36%	57%	6%	0%	0%	0%	0%
$2,564 - $3,486	25%	55%	19%	1%	0%	0%	0%
$1,975 - $2,564	15%	52%	30%	3%	0%	0%	0%
$1,382 - $1,975	5%	52%	39%	5%	0%	0%	0%
$0-$1,382	5%	17%	51%	26%	0%	0%	0%
Adj. Gross Income
$146,400+	36%	49%	13%	1%	0%	0%	0%
$99,794 - $146,400	25%	53%	19%	2%	0%	0%	0%
$66,090 - $99,794	18%	54%	25%	4%	0%	0%	0%
$1 - $66,090	11%	45%	34%	10%	0%	0%	0%
$0.00	6%	40%	42%	12%	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 2050: PIA Factors to 90 21 10 versus Payable
Characteristic	% of Population With % Change of
Characteristic	-20%+	-10 to -19%	-1 to -9%	No change	+1 to +9%	+10 to +19%	+20%+
Total	1%	1%	7%	5%	30%	37%	20%
Sex
Female	1%	1%	4%	4%	27%	39%	24%
Male	1%	1%	9%	7%	34%	34%	14%
Race/Ethnicity
Hispanic	1%	1%	4%	3%	29%	37%	24%
White	1%	1%	7%	6%	31%	37%	17%
Black	1%	0%	5%	5%	27%	38%	25%
Other	1%	1%	8%	6%	31%	32%	21%
Immigration
Immigrant	1%	1%	5%	4%	28%	35%	26%
Native Born	1%	1%	7%	6%	31%	37%	18%
Age
60–69	3%	2%	15%	10%	32%	21%	18%
70–79	0%	0%	5%	6%	45%	30%	14%
80–89	0%	0%	0%	0%	14%	68%	18%
90+	0%	0%	0%	0%	0%	34%	66%
Marital Status
Never Married	1%	1%	5%	5%	28%	34%	25%
Married	1%	1%	9%	7%	36%	31%	14%
Divorced	1%	1%	7%	6%	31%	36%	19%
Widowed	0%	0%	1%	1%	16%	51%	30%
Education
Graduate	1%	1%	12%	7%	36%	30%	12%
Bachelor	1%	1%	11%	8%	35%	31%	12%
Associate	1%	1%	5%	5%	31%	39%	18%
High School	1%	1%	4%	4%	26%	41%	24%
Less than 12 Yrs	1%	1%	3%	3%	24%	34%	35%
Indiv. Income Quintile
$118,077+	2%	1%	15%	8%	32%	31%	11%
$63,076 - $118,077	2%	2%	11%	9%	37%	31%	9%
$38,685 - $63,076	0%	0%	6%	7%	38%	36%	12%
$23,078 - $38,685	0%	0%	1%	3%	35%	45%	17%
$0-$23,078	0%	0%	0%	0%	9%	41%	49%
Hhld. Income Quintile
$191,900+	2%	2%	15%	9%	34%	28%	10%
$102,458 - $191,900	2%	1%	11%	8%	37%	31%	10%
$60,945 - $102,458	1%	1%	5%	6%	37%	37%	13%
$33,624 - $60,945	0%	0%	2%	4%	30%	44%	20%
$0-$33,624	0%	0%	0%	0%	12%	42%	45%
Shared Earn. Quintile
$106,162+	2%	1%	22%	9%	34%	26%	6%
$74,636 - $106,162	1%	1%	8%	11%	41%	31%	8%
$52,919 - $74,636	1%	1%	2%	5%	43%	39%	9%
$32,782 - $52,919	0%	0%	1%	1%	28%	53%	16%
$0-$32,782	0%	0%	0%	0%	5%	35%	59%
Benefit Type
Retired Worker	1%	1%	8%	6%	34%	35%	15%
Spousal & Worker	0%	1%	11%	8%	44%	30%	7%
Spousal Only	2%	1%	4%	5%	26%	29%	34%
Survivor & Worker	0%	0%	3%	2%	18%	48%	29%
Survivor Only	1%	0%	2%	1%	14%	40%	42%
Retired Disabled	0%	0%	2%	3%	24%	42%	29%
Disabled Worker	0%	0%	6%	7%	28%	27%	33%
Claiming Age
62 or younger	0%	0%	5%	5%	27%	37%	25%
63–66	2%	1%	8%	6%	33%	37%	14%
67 or older	0%	0%	6%	6%	32%	36%	20%
Quarters of Coverage
201+	3%	2%	11%	8%	37%	33%	6%
161–200	1%	1%	9%	7%	39%	36%	7%
81–160	0%	0%	4%	4%	25%	43%	24%
0–80	0%	0%	2%	2%	13%	24%	59%
Own AIME Quintile
$8,955+	2%	1%	27%	10%	32%	23%	4%
$5,945 - $8,955	1%	1%	1%	14%	50%	28%	6%
$4,095 - $5,945	1%	0%	1%	1%	48%	40%	9%
$2,356 - $4,095	0%	0%	2%	1%	10%	70%	17%
$0-$2,356	0%	0%	2%	2%	12%	21%	62%
Paying AIME Quintile
$10,370+	2%	1%	24%	7%	31%	28%	8%
$7,219 - $10,370	1%	1%	7%	20%	35%	29%	8%
$5,128 - $7,219	1%	1%	1%	0%	57%	33%	7%
$3,307 - $5,128	1%	0%	1%	0%	28%	59%	11%
$0-$3,307	0%	0%	0%	0%	1%	35%	64%
Hhld. Benefit Quintile
$3,486+	0%	0%	17%	12%	47%	22%	1%
$2,564 - $3,486	1%	1%	11%	8%	37%	36%	6%
$1,975 - $2,564	0%	1%	4%	6%	33%	41%	14%
$1,382 - $1,975	1%	1%	0%	0%	29%	49%	20%
$0-$1,382	3%	1%	1%	0%	4%	35%	56%
Adj. Gross Income
$146,400+	2%	2%	17%	10%	39%	25%	5%
$99,794 - $146,400	1%	1%	9%	8%	39%	31%	10%
$66,090 - $99,794	1%	1%	7%	6%	34%	38%	13%
$1 - $66,090	1%	0%	3%	4%	27%	40%	25%
$0.00	0%	0%	2%	3%	21%	43%	33%
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 2050: PIA Factors to 90 21 10 versus Scheduled
Characteristic	Poverty Rate			# of Poor Change
Characteristic	Scheduled	Option	Diff	# of Poor Change
Total	1.9%	2.0%	0.1%	118,515
Sex
Female	2.4%	2.6%	0.1%	65,197
Male	1.3%	1.4%	0.1%	53,318
Race/Ethnicity
Hispanic	3.0%	3.2%	0.2%	30,743
White	1.2%	1.4%	0.1%	66,416
Black	3.9%	4.1%	0.2%	13,658
Other	2.2%	2.3%	0.1%	7,696
Immigration
Immigrant	2.9%	3.1%	0.1%	26,782
Native Born	1.6%	1.7%	0.1%	91,732
Age
60–69	2.4%	2.6%	0.2%	55,672
70–79	2.0%	2.1%	0.1%	42,964
80–89	1.4%	1.4%	0.1%	14,856
90+	0.9%	1.0%	0.1%	5,021
Marital Status
Never Married	5.3%	5.7%	0.3%	28,996
Married	0.8%	0.9%	0.1%	36,231
Divorced	2.8%	3.0%	0.2%	34,226
Widowed	1.9%	2.0%	0.1%	19,060
Education
Graduate	0.6%	0.6%	0.0%	2,062
Bachelor	0.6%	0.7%	0.1%	9,321
Associate	1.3%	1.4%	0.1%	28,637
High School	2.6%	2.8%	0.2%	51,231
Less than 12 Yrs	6.3%	6.7%	0.4%	27,261
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%	10.3%	0.7%	118,515
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%	10.3%	0.7%	118,515
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%	2,661
$32,782 - $52,919	0.1%	0.2%	0.1%	17,150
$0-$32,782	9.4%	10.0%	0.6%	98,703
Benefit Type
Retired Worker	1.8%	2.0%	0.2%	96,994
Spousal & Worker	0.5%	0.6%	0.1%	2,794
Spousal Only	5.1%	5.1%	0.1%	554
Survivor & Worker	0.5%	0.6%	0.0%	3,151
Survivor Only	7.0%	7.4%	0.4%	3,907
Retired Disabled	2.7%	2.8%	0.0%	3,231
Disabled Worker	4.3%	4.5%	0.2%	7,882
Claiming Age
62 or younger	3.0%	3.2%	0.2%	95,647
63–66	0.8%	0.8%	0.1%	22,313
67 or older	1.3%	1.3%	0.0%	554
Quarters of Coverage
201+	0.0%	0.0%	0.0%	0
161–200	0.1%	0.2%	0.1%	18,858
81–160	1.4%	1.7%	0.3%	86,852
0–80	11.0%	11.2%	0.1%	12,804
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%	0.9%	0.4%	62,283
$0-$2,356	9.0%	9.4%	0.3%	56,231
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%	0.3%	0.1%	21,426
$0-$3,307	9.3%	9.9%	0.6%	93,245
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%	10.2%	0.7%	118,515
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%	6,156
$0.00	5.0%	5.4%	0.4%	112,358
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 2050: PIA Factors to 90 21 10 versus Payable
Characteristic	Poverty Rate			# of Poor Change
Characteristic	Payable	Option	Diff	# of Poor Change
Total	3.5%	2.0%	-1.4%	-1,156,240
Sex
Female	4.1%	2.6%	-1.6%	-695,922
Male	2.7%	1.4%	-1.2%	-460,317
Race/Ethnicity
Hispanic	5.2%	3.2%	-2.0%	-274,932
White	2.4%	1.4%	-1.0%	-532,545
Black	7.1%	4.1%	-3.0%	-257,964
Other	3.6%	2.3%	-1.3%	-90,798
Immigration
Immigrant	4.9%	3.1%	-1.8%	-338,337
Native Born	3.1%	1.7%	-1.3%	-817,902
Age
60–69	4.3%	2.6%	-1.6%	-428,905
70–79	3.7%	2.1%	-1.6%	-476,860
80–89	2.5%	1.4%	-1.0%	-204,090
90+	1.9%	1.0%	-0.9%	-46,382
Marital Status
Never Married	9.1%	5.7%	-3.4%	-307,625
Married	1.5%	0.9%	-0.6%	-255,194
Divorced	5.0%	3.0%	-2.1%	-320,224
Widowed	3.7%	2.0%	-1.7%	-273,195
Education
Graduate	0.8%	0.6%	-0.3%	-23,456
Bachelor	1.2%	0.7%	-0.5%	-92,248
Associate	2.9%	1.4%	-1.5%	-284,492
High School	4.7%	2.8%	-1.9%	-518,872
Less than 12 Yrs	10.3%	6.7%	-3.6%	-237,170
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%	10.3%	-7.2%	-1,156,240
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%	10.3%	-7.2%	-1,156,240
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%	0.0%	-6,410
$32,782 - $52,919	1.1%	0.2%	-0.9%	-145,974
$0-$32,782	16.2%	10.0%	-6.2%	-1,003,855
Benefit Type
Retired Worker	3.1%	2.0%	-1.1%	-607,960
Spousal & Worker	0.9%	0.6%	-0.3%	-9,964
Spousal Only	7.9%	5.1%	-2.7%	-27,501
Survivor & Worker	1.6%	0.6%	-1.0%	-114,966
Survivor Only	10.4%	7.4%	-2.9%	-26,937
Retired Disabled	5.6%	2.8%	-2.8%	-210,951
Disabled Worker	8.2%	4.5%	-3.7%	-157,958
Claiming Age
62 or younger	5.4%	3.2%	-2.2%	-858,545
63–66	1.6%	0.8%	-0.7%	-258,781
67 or older	2.0%	1.3%	-0.7%	-38,912
Quarters of Coverage
201+	0.0%	0.0%	0.0%	-1,903
161–200	0.5%	0.2%	-0.3%	-87,856
81–160	3.7%	1.7%	-2.0%	-598,462
0–80	16.0%	11.2%	-4.8%	-468,017
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%	0.9%	-2.2%	-360,843
$0-$2,356	14.1%	9.4%	-4.7%	-762,968
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%	0.3%	-1.0%	-161,016
$0-$3,307	15.9%	9.9%	-6.0%	-979,827
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%	10.2%	-7.0%	-1,127,150
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%	-80,951
$0.00	9.5%	5.4%	-4.0%	-1,066,939
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, 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: 03/09/2012
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, 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: 03/09/2012
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.