Short-Range Actuarial Projections |
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ACTUARIAL STUDY NO. 119
by Chris Motsiopoulos and Richard B. Tucker | |||||
Sources:
Note: Estimates based on 2005 Trustees Report low cost set of assumptions.
|
Year
|
Average wage2
|
Retirement earnings test exempt amounts
|
||||
|---|---|---|---|---|---|---|
|
Under normal
retirement age 5 |
Normal
retirement age 6 |
|||||
|
2005
|
1.8
|
$36,563.32
|
74.1
|
$90,000
|
$12,000
|
$31,800
|
|
2006
|
1.8
|
38,029.05
|
4.0
|
92,700
|
12,360
|
32,760
|
|
2007
|
1.8
|
39,563.07
|
4.0
|
96,600
|
12,840
|
34,080
|
|
2008
|
1.8
|
41,062.34
|
3.8
|
100,500
|
13,320
|
35,520
|
|
2009
|
1.8
|
42,565.55
|
3.7
|
104,400
|
13,920
|
36,960
|
|
2010
|
1.8
|
44,101.67
|
3.6
|
108,600
|
14,400
|
38,280
|
|
2011
|
1.8
|
45,678.34
|
3.6
|
112,500
|
14,880
|
39,720
|
|
2012
|
1.8
|
47,325.89
|
3.6
|
116,400
|
15,480
|
41,160
|
|
2013
|
1.8
|
48,954.25
|
3.4
|
120,600
|
15,960
|
42,600
|
|
2014
|
1.8
|
50,604.20
|
3.4
|
125,100
|
16,560
|
44,160
|
| 1Effective with benefits payable for December in each year. 2Average wages used for Social Security indexing purposes. 3Increase in the average wage index over the prior year. 4See Glossary for definition of "Annual maximum taxable limit". 5See Glossary for definition of "Normal retirement age—NRA". 6Public Law 106-182 eliminated the earnings test for workers attaining normal retirement age through age 69 in 2000 or later. Exception: the test still applies to all months prior to attainment of the full retirement age in the calendar year the beneficiary attains full retirement age. 7Based on estimated average wage index of $35,157.10 for 2004. |
Source: Benefit increases based on assumed future growth in CPI; all other future figures based on average amount of total wages.
Note: Estimates based on 2005 Trustees Report low cost set of assumptions.
|
Year
|
AIME "bend points" in PIA formula
|
PIA "bend points" in maximum-family-benefit formula
|
"Old-law"
contribution and benefit base 2 |
||||
|---|---|---|---|---|---|---|---|
|
First
|
Second
|
First
|
Second
|
Third
|
|||
|
2005
|
$627
|
$3,779
|
$801
|
$1,156
|
$1,508
|
$920
|
$66,900
|
|
2006
|
647
|
3,898
|
826
|
1,193
|
1,556
|
950
|
69,000
|
|
2007
|
673
|
4,057
|
860
|
1,241
|
1,619
|
990
|
71,700
|
|
2008
|
700
|
4,219
|
894
|
1,291
|
1,684
|
1,030
|
74,700
|
|
2009
|
728
|
4,389
|
930
|
1,343
|
1,752
|
1,070
|
77,700
|
|
2010
|
756
|
4,556
|
966
|
1,394
|
1,818
|
1,110
|
80,700
|
|
2011
|
783
|
4,723
|
1,001
|
1,445
|
1,885
|
1,150
|
83,400
|
|
2012
|
812
|
4,893
|
1,037
|
1,497
|
1,953
|
1,190
|
86,400
|
|
2013
|
841
|
5,068
|
1,074
|
1,551
|
2,022
|
1,240
|
89,700
|
|
2014
|
871
|
5,251
|
1,113
|
1,607
|
2,095
|
1,280
|
93,000
|
| 1See Glossary for a description of quarter-of-coverage requirements prior to 1978. 2Contribution and benefit base that would have been determined automatically under the law in effect prior to enactment of the Social Security Amendments of 1977. |
Source: Figures based on average amount of total wages.
Note: Estimates based on 2005 Trustees Report low cost set of assumptions.