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 69.2%, 24.6%, and 11.5% over a 28-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 69.2 24.6 11.5 versus Scheduled
Characteristic	Median Percent Change	Percent With
Characteristic	Median Percent Change	Lower Benefits	Higher Benefits
Total	-17%	89%	0%
Sex
Female	-16%	89%	0%
Male	-18%	90%	0%
Race/Ethnicity
Hispanic	-18%	89%	0%
White	-16%	91%	0%
Black	-16%	81%	0%
Other	-18%	91%	0%
Immigration
Immigrant	-18%	91%	0%
Native Born	-17%	89%	0%
Age
60–69	-22%	82%	0%
70–79	-18%	95%	0%
80–89	-11%	95%	0%
90+	-4%	74%	0%
Marital Status
Never Married	-18%	85%	0%
Married	-19%	92%	0%
Divorced	-17%	91%	0%
Widowed	-9%	85%	0%
Education
Graduate	-17%	93%	0%
Bachelor	-17%	93%	0%
Associate	-16%	89%	0%
High School	-16%	87%	0%
Less than 12 Yrs	-19%	86%	0%
Indiv. Income Quintile
$118,077+	-15%	94%	0%
$63,076 - $118,077	-18%	93%	0%
$38,685 - $63,076	-18%	90%	0%
$23,078 - $38,685	-17%	87%	0%
$0-$23,078	-17%	83%	0%
Hhld. Income Quintile
$191,900+	-17%	93%	0%
$102,458 - $191,900	-18%	92%	0%
$60,945 - $102,458	-18%	91%	0%
$33,624 - $60,945	-16%	88%	0%
$0-$33,624	-15%	82%	0%
Shared Earn. Quintile
$106,162+	-17%	95%	0%
$74,636 - $106,162	-17%	94%	0%
$52,919 - $74,636	-17%	92%	0%
$32,782 - $52,919	-18%	88%	0%
$0-$32,782	-17%	77%	0%
Benefit Type
Retired Worker	-20%	99%	0%
Spousal & Worker	-18%	99%	0%
Spousal Only	-19%	94%	1%
Survivor & Worker	-10%	86%	0%
Survivor Only	-11%	87%	0%
Retired Disabled	-8%	69%	0%
Disabled Worker	0%	5%	0%
Claiming Age
62 or younger	-16%	82%	0%
63–66	-18%	97%	0%
67 or older	-16%	97%	0%
Quarters of Coverage
201+	-17%	98%	0%
161–200	-18%	95%	0%
81–160	-16%	85%	0%
0–80	-14%	73%	0%
Own AIME Quintile
$8,955+	-17%	95%	0%
$5,945 - $8,955	-17%	92%	0%
$4,095 - $5,945	-17%	89%	0%
$2,356 - $4,095	-17%	85%	0%
$0-$2,356	-17%	84%	0%
Paying AIME Quintile
$10,370+	-15%	94%	0%
$7,219 - $10,370	-16%	92%	0%
$5,128 - $7,219	-17%	91%	0%
$3,307 - $5,128	-18%	88%	0%
$0-$3,307	-18%	81%	0%
Hhld. Benefit Quintile
$3,486+	-19%	96%	0%
$2,564 - $3,486	-18%	93%	0%
$1,975 - $2,564	-15%	90%	0%
$1,382 - $1,975	-15%	86%	0%
$0-$1,382	-17%	82%	0%
Adj. Gross Income
$146,400+	-19%	95%	0%
$99,794 - $146,400	-18%	93%	0%
$66,090 - $99,794	-17%	92%	0%
$1 - $66,090	-17%	89%	0%
$0.00	-15%	84%	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 2050: PIA Factors to 69.2 24.6 11.5 versus Payable
Characteristic	Median Percent Change	Percent With
Characteristic	Median Percent Change	Lower Benefits	Higher Benefits
Total	5%	3%	68%
Sex
Female	6%	3%	70%
Male	4%	3%	65%
Race/Ethnicity
Hispanic	3%	4%	65%
White	6%	3%	69%
Black	6%	3%	70%
Other	4%	3%	67%
Immigration
Immigrant	4%	3%	68%
Native Born	5%	3%	68%
Age
60–69	0%	9%	25%
70–79	3%	1%	79%
80–89	13%	0%	100%
90+	22%	0%	100%
Marital Status
Never Married	3%	4%	63%
Married	2%	4%	59%
Divorced	5%	3%	67%
Widowed	15%	1%	94%
Education
Graduate	5%	4%	69%
Bachelor	5%	4%	68%
Associate	6%	3%	69%
High School	6%	3%	69%
Less than 12 Yrs	2%	3%	59%
Indiv. Income Quintile
$118,077+	7%	5%	72%
$63,076 - $118,077	4%	6%	64%
$38,685 - $63,076	4%	4%	65%
$23,078 - $38,685	5%	1%	70%
$0-$23,078	5%	1%	69%
Hhld. Income Quintile
$191,900+	5%	5%	66%
$102,458 - $191,900	3%	5%	63%
$60,945 - $102,458	4%	4%	66%
$33,624 - $60,945	6%	2%	71%
$0-$33,624	7%	0%	75%
Shared Earn. Quintile
$106,162+	5%	4%	69%
$74,636 - $106,162	5%	3%	69%
$52,919 - $74,636	5%	3%	67%
$32,782 - $52,919	4%	3%	67%
$0-$32,782	5%	2%	69%
Benefit Type
Retired Worker	2%	4%	58%
Spousal & Worker	3%	8%	63%
Spousal Only	2%	5%	67%
Survivor & Worker	14%	1%	89%
Survivor Only	12%	3%	88%
Retired Disabled	16%	0%	90%
Disabled Worker	27%	0%	99%
Claiming Age
62 or younger	6%	3%	68%
63–66	4%	4%	66%
67 or older	6%	1%	80%
Quarters of Coverage
201+	5%	5%	68%
161–200	4%	3%	65%
81–160	6%	3%	68%
0–80	9%	2%	76%
Own AIME Quintile
$8,955+	5%	4%	68%
$5,945 - $8,955	5%	3%	67%
$4,095 - $5,945	5%	3%	68%
$2,356 - $4,095	5%	3%	68%
$0-$2,356	5%	3%	68%
Paying AIME Quintile
$10,370+	7%	3%	74%
$7,219 - $10,370	6%	3%	71%
$5,128 - $7,219	5%	3%	67%
$3,307 - $5,128	4%	4%	67%
$0-$3,307	3%	3%	61%
Hhld. Benefit Quintile
$3,486+	2%	2%	64%
$2,564 - $3,486	4%	2%	67%
$1,975 - $2,564	8%	2%	73%
$1,382 - $1,975	8%	3%	72%
$0-$1,382	5%	7%	64%
Adj. Gross Income
$146,400+	2%	6%	62%
$99,794 - $146,400	3%	5%	64%
$66,090 - $99,794	5%	4%	67%
$1 - $66,090	5%	4%	66%
$0.00	8%	0%	75%
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 2050: PIA Factors to 69.2 24.6 11.5 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	38%	37%	14%	11%	0%	0%	0%
Sex
Female	36%	36%	16%	11%	0%	0%	0%
Male	42%	38%	11%	10%	0%	0%	0%
Race/Ethnicity
Hispanic	42%	37%	10%	11%	0%	0%	0%
White	38%	37%	16%	9%	0%	0%	0%
Black	35%	35%	11%	19%	0%	0%	0%
Other	40%	39%	11%	9%	0%	0%	0%
Immigration
Immigrant	40%	40%	11%	9%	0%	0%	0%
Native Born	38%	36%	15%	11%	0%	0%	0%
Age
60–69	76%	4%	2%	18%	0%	0%	0%
70–79	37%	54%	4%	5%	0%	0%	0%
80–89	1%	64%	30%	5%	0%	0%	0%
90+	0%	2%	72%	26%	0%	0%	0%
Marital Status
Never Married	43%	33%	9%	15%	0%	0%	0%
Married	49%	37%	5%	8%	0%	0%	0%
Divorced	40%	37%	14%	9%	0%	0%	0%
Widowed	8%	40%	38%	15%	0%	0%	0%
Education
Graduate	38%	40%	15%	7%	0%	0%	0%
Bachelor	39%	40%	15%	7%	0%	0%	0%
Associate	37%	37%	15%	11%	0%	0%	0%
High School	37%	36%	14%	13%	0%	0%	0%
Less than 12 Yrs	49%	30%	7%	14%	0%	0%	0%
Indiv. Income Quintile
$118,077+	35%	39%	20%	6%	0%	0%	0%
$63,076 - $118,077	43%	35%	15%	7%	0%	0%	0%
$38,685 - $63,076	41%	36%	12%	10%	0%	0%	0%
$23,078 - $38,685	37%	38%	13%	13%	0%	0%	0%
$0-$23,078	37%	36%	10%	17%	0%	0%	0%
Hhld. Income Quintile
$191,900+	41%	37%	15%	7%	0%	0%	0%
$102,458 - $191,900	44%	35%	13%	8%	0%	0%	0%
$60,945 - $102,458	41%	37%	13%	9%	0%	0%	0%
$33,624 - $60,945	36%	38%	14%	12%	0%	0%	0%
$0-$33,624	31%	37%	14%	18%	0%	0%	0%
Shared Earn. Quintile
$106,162+	38%	40%	17%	4%	0%	0%	0%
$74,636 - $106,162	38%	40%	17%	6%	0%	0%	0%
$52,919 - $74,636	39%	39%	14%	8%	0%	0%	0%
$32,782 - $52,919	40%	36%	13%	12%	0%	0%	0%
$0-$32,782	37%	30%	9%	23%	0%	0%	0%
Benefit Type
Retired Worker	50%	40%	9%	1%	0%	0%	0%
Spousal & Worker	45%	47%	7%	1%	0%	0%	0%
Spousal Only	44%	46%	4%	5%	0%	0%	0%
Survivor & Worker	15%	36%	36%	14%	0%	0%	0%
Survivor Only	14%	44%	29%	13%	0%	0%	0%
Retired Disabled	13%	33%	23%	31%	0%	0%	0%
Disabled Worker	1%	2%	1%	95%	0%	0%	0%
Claiming Age
62 or younger	37%	31%	14%	18%	0%	0%	0%
63–66	42%	41%	14%	3%	0%	0%	0%
67 or older	29%	53%	16%	3%	0%	0%	0%
Quarters of Coverage
201+	39%	42%	16%	2%	0%	0%	0%
161–200	43%	39%	14%	5%	0%	0%	0%
81–160	37%	34%	14%	15%	0%	0%	0%
0–80	29%	32%	13%	27%	0%	0%	0%
Own AIME Quintile
$8,955+	39%	41%	15%	5%	0%	0%	0%
$5,945 - $8,955	40%	38%	15%	8%	0%	0%	0%
$4,095 - $5,945	38%	38%	13%	11%	0%	0%	0%
$2,356 - $4,095	37%	35%	13%	14%	0%	0%	0%
$0-$2,356	38%	34%	13%	15%	0%	0%	0%
Paying AIME Quintile
$10,370+	32%	42%	20%	6%	0%	0%	0%
$7,219 - $10,370	35%	39%	18%	8%	0%	0%	0%
$5,128 - $7,219	40%	38%	13%	9%	0%	0%	0%
$3,307 - $5,128	40%	37%	10%	12%	0%	0%	0%
$0-$3,307	45%	29%	8%	19%	0%	0%	0%
Hhld. Benefit Quintile
$3,486+	46%	44%	6%	4%	0%	0%	0%
$2,564 - $3,486	41%	40%	12%	7%	0%	0%	0%
$1,975 - $2,564	33%	37%	21%	10%	0%	0%	0%
$1,382 - $1,975	33%	34%	19%	14%	0%	0%	0%
$0-$1,382	41%	29%	13%	18%	0%	0%	0%
Adj. Gross Income
$146,400+	46%	38%	11%	4%	0%	0%	0%
$99,794 - $146,400	43%	37%	12%	7%	0%	0%	0%
$66,090 - $99,794	40%	37%	15%	8%	0%	0%	0%
$1 - $66,090	39%	35%	14%	11%	0%	0%	0%
$0.00	31%	37%	16%	16%	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 2050: PIA Factors to 69.2 24.6 11.5 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%	1%	29%	31%	20%	17%
Sex
Female	1%	1%	1%	27%	30%	21%	19%
Male	2%	1%	1%	31%	33%	18%	14%
Race/Ethnicity
Hispanic	1%	1%	1%	32%	34%	16%	15%
White	1%	1%	1%	28%	30%	22%	16%
Black	1%	1%	1%	27%	31%	17%	23%
Other	1%	1%	1%	30%	35%	17%	15%
Immigration
Immigrant	1%	1%	1%	29%	36%	19%	13%
Native Born	1%	1%	1%	29%	30%	20%	18%
Age
60–69	4%	3%	2%	66%	5%	2%	19%
70–79	0%	0%	1%	20%	67%	6%	7%
80–89	0%	0%	0%	0%	22%	65%	12%
90+	0%	0%	0%	0%	0%	20%	79%
Marital Status
Never Married	2%	1%	1%	33%	30%	14%	18%
Married	2%	2%	1%	37%	36%	13%	10%
Divorced	1%	1%	1%	30%	32%	20%	15%
Widowed	0%	0%	0%	5%	22%	39%	33%
Education
Graduate	1%	1%	1%	27%	34%	22%	13%
Bachelor	2%	1%	1%	28%	34%	21%	13%
Associate	1%	1%	1%	28%	31%	21%	18%
High School	1%	1%	1%	28%	30%	20%	19%
Less than 12 Yrs	1%	1%	1%	38%	31%	11%	17%
Indiv. Income Quintile
$118,077+	2%	2%	1%	23%	31%	25%	16%
$63,076 - $118,077	2%	2%	1%	30%	30%	21%	13%
$38,685 - $63,076	1%	1%	1%	32%	31%	18%	16%
$23,078 - $38,685	0%	0%	1%	29%	33%	19%	18%
$0-$23,078	0%	0%	1%	30%	32%	16%	21%
Hhld. Income Quintile
$191,900+	2%	2%	1%	29%	32%	21%	13%
$102,458 - $191,900	2%	2%	1%	32%	31%	19%	13%
$60,945 - $102,458	1%	1%	1%	30%	32%	19%	14%
$33,624 - $60,945	1%	1%	1%	27%	32%	20%	18%
$0-$33,624	0%	0%	0%	25%	30%	20%	25%
Shared Earn. Quintile
$106,162+	2%	1%	1%	27%	33%	24%	12%
$74,636 - $106,162	1%	1%	1%	28%	33%	23%	13%
$52,919 - $74,636	1%	1%	1%	29%	32%	21%	14%
$32,782 - $52,919	1%	1%	1%	31%	31%	19%	17%
$0-$32,782	1%	0%	1%	29%	28%	13%	27%
Benefit Type
Retired Worker	2%	2%	1%	38%	36%	17%	4%
Spousal & Worker	1%	1%	6%	29%	43%	17%	3%
Spousal Only	2%	1%	1%	27%	46%	13%	8%
Survivor & Worker	0%	0%	1%	10%	21%	36%	32%
Survivor Only	1%	1%	0%	9%	31%	30%	27%
Retired Disabled	0%	0%	0%	10%	24%	24%	43%
Disabled Worker	0%	0%	0%	1%	2%	1%	96%
Claiming Age
62 or younger	1%	1%	1%	29%	26%	17%	25%
63–66	2%	2%	1%	30%	35%	21%	9%
67 or older	0%	0%	1%	19%	45%	27%	9%
Quarters of Coverage
201+	3%	2%	0%	27%	36%	24%	9%
161–200	1%	1%	0%	32%	34%	21%	10%
81–160	1%	1%	1%	29%	29%	18%	21%
0–80	1%	0%	1%	21%	27%	16%	33%
Own AIME Quintile
$8,955+	2%	1%	0%	28%	34%	23%	11%
$5,945 - $8,955	1%	1%	1%	30%	32%	21%	14%
$4,095 - $5,945	1%	1%	1%	29%	32%	19%	17%
$2,356 - $4,095	1%	1%	1%	28%	29%	19%	20%
$0-$2,356	1%	1%	1%	29%	30%	17%	22%
Paying AIME Quintile
$10,370+	2%	1%	1%	23%	32%	27%	15%
$7,219 - $10,370	1%	1%	1%	26%	31%	24%	15%
$5,128 - $7,219	1%	1%	1%	30%	33%	20%	14%
$3,307 - $5,128	1%	1%	1%	30%	33%	17%	16%
$0-$3,307	1%	1%	1%	35%	28%	11%	22%
Hhld. Benefit Quintile
$3,486+	0%	1%	1%	34%	42%	16%	6%
$2,564 - $3,486	1%	1%	1%	31%	35%	20%	12%
$1,975 - $2,564	0%	1%	1%	26%	29%	24%	19%
$1,382 - $1,975	1%	1%	1%	25%	27%	22%	23%
$0-$1,382	4%	2%	1%	29%	24%	16%	24%
Adj. Gross Income
$146,400+	3%	2%	1%	32%	35%	18%	9%
$99,794 - $146,400	2%	1%	1%	32%	34%	17%	13%
$66,090 - $99,794	2%	1%	1%	29%	31%	21%	15%
$1 - $66,090	1%	1%	1%	30%	29%	20%	17%
$0.00	0%	0%	0%	25%	30%	22%	23%
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 2050: PIA Factors to 69.2 24.6 11.5 versus Scheduled
Characteristic	Poverty Rate			# of Poor Change
Characteristic	Scheduled	Option	Diff	# of Poor Change
Total	1.9%	2.8%	0.9%	691,187
Sex
Female	2.4%	3.3%	0.9%	402,467
Male	1.3%	2.1%	0.8%	288,719
Race/Ethnicity
Hispanic	3.0%	4.3%	1.3%	184,693
White	1.2%	1.9%	0.7%	344,051
Black	3.9%	5.2%	1.2%	108,078
Other	2.2%	2.9%	0.8%	54,363
Immigration
Immigrant	2.9%	4.1%	1.2%	222,034
Native Born	1.6%	2.3%	0.7%	469,152
Age
60–69	2.4%	3.5%	1.0%	271,084
70–79	2.0%	3.1%	1.1%	338,253
80–89	1.4%	1.7%	0.4%	74,071
90+	0.9%	1.0%	0.1%	7,777
Marital Status
Never Married	5.3%	7.5%	2.1%	191,144
Married	0.8%	1.2%	0.4%	162,590
Divorced	2.8%	4.1%	1.3%	209,779
Widowed	1.9%	2.7%	0.8%	127,673
Education
Graduate	0.6%	0.8%	0.2%	18,878
Bachelor	0.6%	0.8%	0.2%	43,789
Associate	1.3%	2.1%	0.8%	153,572
High School	2.6%	3.7%	1.1%	309,146
Less than 12 Yrs	6.3%	8.8%	2.5%	165,801
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%	13.9%	4.3%	691,187
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%	13.9%	4.3%	691,187
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%	0.6%	0.4%	69,271
$0-$32,782	9.4%	13.2%	3.8%	619,255
Benefit Type
Retired Worker	1.8%	2.8%	1.0%	551,715
Spousal & Worker	0.5%	0.8%	0.3%	8,430
Spousal Only	5.1%	6.5%	1.4%	14,052
Survivor & Worker	0.5%	1.1%	0.6%	64,848
Survivor Only	7.0%	8.5%	1.5%	13,815
Retired Disabled	2.7%	3.2%	0.5%	36,025
Disabled Worker	4.3%	4.3%	0.1%	2,300
Claiming Age
62 or younger	3.0%	4.2%	1.2%	461,226
63–66	0.8%	1.3%	0.6%	199,560
67 or older	1.3%	1.8%	0.6%	30,400
Quarters of Coverage
201+	0.0%	0.0%	0.0%	0
161–200	0.1%	0.3%	0.2%	59,977
81–160	1.4%	3.0%	1.5%	460,496
0–80	11.0%	12.8%	1.8%	170,713
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%	2,493
$2,356 - $4,095	0.5%	1.8%	1.3%	210,165
$0-$2,356	9.0%	12.0%	3.0%	478,528
Paying AIME Quintile
$10,370+	0.0%	0.0%	0.0%	0
$7,219 - $10,370	0.0%	0.0%	0.0%	1,273
$5,128 - $7,219	0.0%	0.0%	0.0%	5,462
$3,307 - $5,128	0.2%	0.6%	0.4%	61,299
$0-$3,307	9.3%	13.1%	3.8%	623,151
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%	0.1%	0.0%	6,759
$0-$1,382	9.5%	13.7%	4.2%	684,428
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%	3,112
$1 - $66,090	1.4%	1.8%	0.4%	58,363
$0.00	5.0%	7.4%	2.4%	626,793
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 2050: PIA Factors to 69.2 24.6 11.5 versus Payable
Characteristic	Poverty Rate			# of Poor Change
Characteristic	Payable	Option	Diff	# of Poor Change
Total	3.5%	2.8%	-0.7%	-583,567
Sex
Female	4.1%	3.3%	-0.8%	-358,651
Male	2.7%	2.1%	-0.6%	-224,916
Race/Ethnicity
Hispanic	5.2%	4.3%	-0.9%	-120,982
White	2.4%	1.9%	-0.5%	-254,910
Black	7.1%	5.2%	-1.9%	-163,544
Other	3.6%	2.9%	-0.6%	-44,130
Immigration
Immigrant	4.9%	4.1%	-0.8%	-143,085
Native Born	3.1%	2.3%	-0.7%	-440,482
Age
60–69	4.3%	3.5%	-0.8%	-213,494
70–79	3.7%	3.1%	-0.6%	-181,571
80–89	2.5%	1.7%	-0.7%	-144,876
90+	1.9%	1.0%	-0.8%	-43,626
Marital Status
Never Married	9.1%	7.5%	-1.6%	-145,477
Married	1.5%	1.2%	-0.3%	-128,835
Divorced	5.0%	4.1%	-0.9%	-144,671
Widowed	3.7%	2.7%	-1.0%	-164,583
Education
Graduate	0.8%	0.8%	-0.1%	-6,640
Bachelor	1.2%	0.8%	-0.3%	-57,781
Associate	2.9%	2.1%	-0.8%	-159,556
High School	4.7%	3.7%	-0.9%	-260,957
Less than 12 Yrs	10.3%	8.8%	-1.5%	-98,631
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%	13.9%	-3.6%	-583,567
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%	13.9%	-3.6%	-583,567
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%	0.6%	-0.6%	-93,852
$0-$32,782	16.2%	13.2%	-3.0%	-483,304
Benefit Type
Retired Worker	3.1%	2.8%	-0.3%	-153,239
Spousal & Worker	0.9%	0.8%	-0.1%	-4,328
Spousal Only	7.9%	6.5%	-1.4%	-14,002
Survivor & Worker	1.6%	1.1%	-0.5%	-53,269
Survivor Only	10.4%	8.5%	-1.9%	-17,029
Retired Disabled	5.6%	3.2%	-2.4%	-178,157
Disabled Worker	8.2%	4.3%	-3.9%	-163,540
Claiming Age
62 or younger	5.4%	4.2%	-1.2%	-492,966
63–66	1.6%	1.3%	-0.2%	-81,534
67 or older	2.0%	1.8%	-0.2%	-9,066
Quarters of Coverage
201+	0.0%	0.0%	0.0%	-1,903
161–200	0.5%	0.3%	-0.2%	-46,737
81–160	3.7%	3.0%	-0.7%	-224,817
0–80	16.0%	12.8%	-3.2%	-310,108
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%	-29,934
$2,356 - $4,095	3.1%	1.8%	-1.3%	-212,961
$0-$2,356	14.1%	12.0%	-2.1%	-340,671
Paying AIME Quintile
$10,370+	0.0%	0.0%	0.0%	0
$7,219 - $10,370	0.0%	0.0%	0.0%	-3,605
$5,128 - $7,219	0.1%	0.0%	-0.1%	-8,896
$3,307 - $5,128	1.3%	0.6%	-0.7%	-121,143
$0-$3,307	15.9%	13.1%	-2.8%	-449,921
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%	0.1%	-0.1%	-22,329
$0-$1,382	17.2%	13.7%	-3.5%	-561,237
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%	-2,317
$1 - $66,090	2.0%	1.8%	-0.2%	-28,744
$0.00	9.5%	7.4%	-2.1%	-552,505
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, 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: 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, 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: 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.