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Cost of Living Adjustment Changes

Reduce the Cost of Living Adjustment by basing it on the Chained CPI

Projected effects on beneficiaries in 2050

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Table 1. Individual benefits 2050: SSAB Chained CPI versus Scheduled
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total -3% 89% 0%
Sex
Female -4% 90% 0%
Male -3% 88% 0%
Race/Ethnicity
Hispanic -3% 86% 0%
White -4% 90% 0%
Black -3% 89% 0%
Other -3% 89% 0%
Immigration
Immigrant -3% 89% 0%
Native Born -3% 89% 0%
Age
60–69 -1% 66% 0%
70–79 -3% 100% 0%
80–89 -6% 100% 0%
90+ -8% 100% 0%
Marital Status
Never Married -3% 85% 0%
Married -2% 86% 0%
Divorced -3% 89% 0%
Widowed -6% 98% 0%
Education
Graduate -4% 91% 0%
Bachelor -3% 90% 0%
Associate -4% 89% 0%
High School -4% 89% 0%
Less than 12 Yrs -2% 84% 0%
Indiv. Income Quintile
$118,077+ -4% 91% 0%
$63,076 - $118,077 -3% 89% 0%
$38,685 - $63,076 -3% 87% 0%
$23,078 - $38,685 -3% 89% 0%
$0-$23,078 -3% 89% 0%
Hhld. Income Quintile
$191,900+ -3% 89% 0%
$102,458 - $191,900 -3% 87% 0%
$60,945 - $102,458 -3% 89% 0%
$33,624 - $60,945 -4% 89% 0%
$0-$33,624 -4% 90% 0%
Shared Earn. Quintile
$106,162+ -4% 91% 0%
$74,636 - $106,162 -4% 90% 0%
$52,919 - $74,636 -3% 89% 0%
$32,782 - $52,919 -3% 88% 0%
$0-$32,782 -3% 87% 0%
Benefit Type
Retired Worker -3% 86% 0%
Spousal & Worker -3% 91% 0%
Spousal Only -3% 92% 0%
Survivor & Worker -6% 98% 0%
Survivor Only -6% 96% 0%
Retired Disabled -4% 100% 0%
Disabled Worker -1% 73% 0%
Claiming Age
62 or younger -3% 85% 0%
63–66 -3% 92% 0%
67 or older -4% 100% 0%
Quarters of Coverage
201+ -4% 93% 0%
161–200 -3% 88% 0%
81–160 -3% 87% 0%
0–80 -4% 92% 0%
Own AIME Quintile
$8,955+ -4% 91% 0%
$5,945 - $8,955 -3% 89% 0%
$4,095 - $5,945 -3% 89% 0%
$2,356 - $4,095 -3% 88% 0%
$0-$2,356 -3% 88% 0%
Paying AIME Quintile
$10,370+ -4% 93% 0%
$7,219 - $10,370 -4% 91% 0%
$5,128 - $7,219 -3% 89% 0%
$3,307 - $5,128 -3% 88% 0%
$0-$3,307 -3% 84% 0%
Hhld. Benefit Quintile
$3,486+ -3% 93% 0%
$2,564 - $3,486 -3% 90% 0%
$1,975 - $2,564 -4% 90% 0%
$1,382 - $1,975 -4% 88% 0%
$0-$1,382 -3% 83% 0%
Adj. Gross Income
$146,400+ -3% 89% 0%
$99,794 - $146,400 -3% 89% 0%
$66,090 - $99,794 -3% 89% 0%
$1 - $66,090 -3% 88% 0%
$0.00 -4% 89% 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: SSAB Chained CPI versus Payable
Characteristic Median Percent Change Percent With
Lower Benefits Higher Benefits
Total 23% 0% 100%
Sex
Female 22% 0% 100%
Male 23% 0% 100%
Race/Ethnicity
Hispanic 23% 0% 100%
White 22% 0% 100%
Black 23% 0% 100%
Other 23% 0% 100%
Immigration
Immigrant 23% 0% 100%
Native Born 22% 0% 100%
Age
60–69 26% 0% 100%
70–79 23% 0% 100%
80–89 19% 0% 100%
90+ 16% 0% 100%
Marital Status
Never Married 23% 0% 100%
Married 24% 0% 100%
Divorced 23% 0% 100%
Widowed 19% 0% 100%
Education
Graduate 22% 0% 100%
Bachelor 23% 0% 100%
Associate 22% 0% 100%
High School 22% 0% 100%
Less than 12 Yrs 24% 0% 100%
Indiv. Income Quintile
$118,077+ 22% 0% 100%
$63,076 - $118,077 23% 0% 100%
$38,685 - $63,076 23% 0% 100%
$23,078 - $38,685 23% 0% 100%
$0-$23,078 23% 0% 100%
Hhld. Income Quintile
$191,900+ 23% 0% 100%
$102,458 - $191,900 23% 0% 100%
$60,945 - $102,458 23% 0% 100%
$33,624 - $60,945 22% 0% 100%
$0-$33,624 22% 0% 100%
Shared Earn. Quintile
$106,162+ 22% 0% 100%
$74,636 - $106,162 22% 0% 100%
$52,919 - $74,636 23% 0% 100%
$32,782 - $52,919 23% 0% 100%
$0-$32,782 23% 0% 100%
Benefit Type
Retired Worker 23% 0% 100%
Spousal & Worker 23% 0% 100%
Spousal Only 23% 1% 99%
Survivor & Worker 19% 0% 100%
Survivor Only 19% 1% 99%
Retired Disabled 21% 0% 100%
Disabled Worker 25% 0% 100%
Claiming Age
62 or younger 23% 0% 100%
63–66 23% 0% 100%
67 or older 22% 0% 100%
Quarters of Coverage
201+ 22% 0% 100%
161–200 23% 0% 100%
81–160 23% 0% 100%
0–80 22% 0% 100%
Own AIME Quintile
$8,955+ 22% 0% 100%
$5,945 - $8,955 23% 0% 100%
$4,095 - $5,945 23% 0% 100%
$2,356 - $4,095 23% 0% 100%
$0-$2,356 23% 0% 100%
Paying AIME Quintile
$10,370+ 22% 0% 100%
$7,219 - $10,370 22% 0% 100%
$5,128 - $7,219 23% 0% 100%
$3,307 - $5,128 23% 0% 100%
$0-$3,307 23% 0% 100%
Hhld. Benefit Quintile
$3,486+ 23% 0% 100%
$2,564 - $3,486 23% 0% 100%
$1,975 - $2,564 22% 0% 100%
$1,382 - $1,975 22% 0% 100%
$0-$1,382 23% 0% 100%
Adj. Gross Income
$146,400+ 23% 0% 100%
$99,794 - $146,400 23% 0% 100%
$66,090 - $99,794 23% 0% 100%
$1 - $66,090 23% 0% 100%
$0.00 22% 0% 100%
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: SSAB Chained CPI 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 0% 3% 86% 11% 0% 0% 0%
Sex
Female 0% 3% 86% 10% 0% 0% 0%
Male 0% 1% 87% 12% 0% 0% 0%
Race/Ethnicity
Hispanic 0% 1% 85% 14% 0% 0% 0%
White 0% 3% 87% 10% 0% 0% 0%
Black 0% 3% 85% 11% 0% 0% 0%
Other 0% 2% 87% 11% 0% 0% 0%
Immigration
Immigrant 0% 1% 88% 11% 0% 0% 0%
Native Born 0% 3% 86% 11% 0% 0% 0%
Age
60–69 0% 1% 65% 34% 0% 0% 0%
70–79 0% 1% 99% 0% 0% 0% 0%
80–89 0% 2% 98% 0% 0% 0% 0%
90+ 0% 18% 82% 0% 0% 0% 0%
Marital Status
Never Married 0% 3% 82% 15% 0% 0% 0%
Married 0% 1% 85% 14% 0% 0% 0%
Divorced 0% 2% 86% 11% 0% 0% 0%
Widowed 0% 7% 91% 2% 0% 0% 0%
Education
Graduate 0% 2% 89% 9% 0% 0% 0%
Bachelor 0% 2% 88% 10% 0% 0% 0%
Associate 0% 2% 87% 11% 0% 0% 0%
High School 0% 3% 85% 11% 0% 0% 0%
Less than 12 Yrs 0% 2% 82% 16% 0% 0% 0%
Indiv. Income Quintile
$118,077+ 0% 3% 88% 9% 0% 0% 0%
$63,076 - $118,077 0% 2% 87% 11% 0% 0% 0%
$38,685 - $63,076 0% 2% 85% 13% 0% 0% 0%
$23,078 - $38,685 0% 2% 87% 11% 0% 0% 0%
$0-$23,078 0% 4% 85% 11% 0% 0% 0%
Hhld. Income Quintile
$191,900+ 0% 2% 87% 11% 0% 0% 0%
$102,458 - $191,900 0% 2% 86% 13% 0% 0% 0%
$60,945 - $102,458 0% 2% 87% 11% 0% 0% 0%
$33,624 - $60,945 0% 2% 87% 11% 0% 0% 0%
$0-$33,624 0% 5% 85% 10% 0% 0% 0%
Shared Earn. Quintile
$106,162+ 0% 2% 89% 9% 0% 0% 0%
$74,636 - $106,162 0% 2% 88% 10% 0% 0% 0%
$52,919 - $74,636 0% 2% 87% 11% 0% 0% 0%
$32,782 - $52,919 0% 2% 85% 12% 0% 0% 0%
$0-$32,782 0% 5% 82% 13% 0% 0% 0%
Benefit Type
Retired Worker 0% 0% 86% 14% 0% 0% 0%
Spousal & Worker 0% 0% 91% 9% 0% 0% 0%
Spousal Only 1% 1% 90% 8% 0% 0% 0%
Survivor & Worker 0% 9% 89% 2% 0% 0% 0%
Survivor Only 2% 8% 87% 4% 0% 0% 0%
Retired Disabled 0% 8% 92% 0% 0% 0% 0%
Disabled Worker 0% 3% 70% 27% 0% 0% 0%
Claiming Age
62 or younger 0% 3% 81% 15% 0% 0% 0%
63–66 0% 2% 90% 8% 0% 0% 0%
67 or older 0% 2% 97% 0% 0% 0% 0%
Quarters of Coverage
201+ 0% 1% 92% 7% 0% 0% 0%
161–200 0% 1% 86% 12% 0% 0% 0%
81–160 0% 2% 85% 13% 0% 0% 0%
0–80 0% 9% 82% 8% 0% 0% 0%
Own AIME Quintile
$8,955+ 0% 1% 90% 9% 0% 0% 0%
$5,945 - $8,955 0% 2% 87% 11% 0% 0% 0%
$4,095 - $5,945 0% 2% 86% 11% 0% 0% 0%
$2,356 - $4,095 0% 3% 85% 12% 0% 0% 0%
$0-$2,356 0% 5% 83% 12% 0% 0% 0%
Paying AIME Quintile
$10,370+ 0% 3% 90% 7% 0% 0% 0%
$7,219 - $10,370 0% 3% 89% 9% 0% 0% 0%
$5,128 - $7,219 0% 2% 87% 11% 0% 0% 0%
$3,307 - $5,128 0% 2% 86% 12% 0% 0% 0%
$0-$3,307 0% 3% 80% 16% 0% 0% 0%
Hhld. Benefit Quintile
$3,486+ 0% 0% 93% 7% 0% 0% 0%
$2,564 - $3,486 0% 1% 90% 10% 0% 0% 0%
$1,975 - $2,564 0% 2% 88% 10% 0% 0% 0%
$1,382 - $1,975 0% 4% 84% 12% 0% 0% 0%
$0-$1,382 0% 6% 77% 17% 0% 0% 0%
Adj. Gross Income
$146,400+ 0% 1% 88% 11% 0% 0% 0%
$99,794 - $146,400 0% 1% 87% 11% 0% 0% 0%
$66,090 - $99,794 0% 2% 87% 11% 0% 0% 0%
$1 - $66,090 0% 3% 85% 12% 0% 0% 0%
$0.00 0% 4% 86% 11% 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: SSAB Chained CPI 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 0% 0% 0% 0% 0% 24% 76%
Sex
Female 0% 0% 0% 0% 0% 27% 73%
Male 0% 0% 0% 0% 0% 20% 80%
Race/Ethnicity
Hispanic 0% 0% 0% 0% 0% 17% 83%
White 0% 0% 0% 0% 0% 27% 73%
Black 0% 0% 0% 0% 0% 22% 78%
Other 0% 0% 0% 0% 0% 19% 81%
Immigration
Immigrant 0% 0% 0% 0% 0% 18% 81%
Native Born 0% 0% 0% 0% 0% 25% 74%
Age
60–69 0% 0% 0% 0% 0% 4% 95%
70–79 0% 0% 0% 0% 0% 5% 95%
80–89 0% 0% 0% 0% 0% 58% 42%
90+ 0% 0% 0% 0% 1% 98% 1%
Marital Status
Never Married 0% 0% 0% 0% 0% 18% 82%
Married 0% 0% 0% 0% 0% 11% 89%
Divorced 0% 0% 0% 0% 0% 23% 76%
Widowed 0% 0% 0% 0% 0% 60% 40%
Education
Graduate 0% 0% 0% 0% 0% 24% 76%
Bachelor 0% 0% 0% 0% 0% 24% 76%
Associate 0% 0% 0% 0% 0% 25% 75%
High School 0% 0% 0% 0% 0% 26% 74%
Less than 12 Yrs 0% 0% 0% 0% 0% 12% 88%
Indiv. Income Quintile
$118,077+ 0% 0% 0% 0% 0% 32% 68%
$63,076 - $118,077 0% 0% 0% 0% 0% 23% 77%
$38,685 - $63,076 0% 0% 0% 0% 0% 21% 79%
$23,078 - $38,685 0% 0% 0% 0% 0% 21% 79%
$0-$23,078 0% 0% 0% 0% 0% 23% 77%
Hhld. Income Quintile
$191,900+ 0% 0% 0% 0% 0% 25% 75%
$102,458 - $191,900 0% 0% 0% 0% 0% 20% 79%
$60,945 - $102,458 0% 0% 0% 0% 0% 21% 79%
$33,624 - $60,945 0% 0% 0% 0% 0% 24% 75%
$0-$33,624 0% 0% 0% 0% 0% 29% 71%
Shared Earn. Quintile
$106,162+ 0% 0% 0% 0% 0% 27% 73%
$74,636 - $106,162 0% 0% 0% 0% 0% 26% 74%
$52,919 - $74,636 0% 0% 0% 0% 0% 23% 77%
$32,782 - $52,919 0% 0% 0% 0% 0% 21% 79%
$0-$32,782 0% 0% 0% 0% 0% 23% 77%
Benefit Type
Retired Worker 0% 0% 0% 0% 0% 16% 84%
Spousal & Worker 0% 0% 0% 0% 0% 12% 88%
Spousal Only 0% 0% 0% 0% 0% 11% 88%
Survivor & Worker 0% 0% 0% 0% 0% 59% 41%
Survivor Only 1% 0% 0% 1% 2% 47% 49%
Retired Disabled 0% 0% 0% 0% 0% 34% 66%
Disabled Worker 0% 0% 0% 0% 0% 18% 82%
Claiming Age
62 or younger 0% 0% 0% 0% 0% 24% 76%
63–66 0% 0% 0% 0% 0% 23% 77%
67 or older 0% 0% 0% 0% 0% 27% 72%
Quarters of Coverage
201+ 0% 0% 0% 0% 0% 27% 73%
161–200 0% 0% 0% 0% 0% 22% 78%
81–160 0% 0% 0% 0% 0% 21% 79%
0–80 0% 0% 0% 0% 0% 35% 65%
Own AIME Quintile
$8,955+ 0% 0% 0% 0% 0% 24% 75%
$5,945 - $8,955 0% 0% 0% 0% 0% 24% 76%
$4,095 - $5,945 0% 0% 0% 0% 0% 23% 77%
$2,356 - $4,095 0% 0% 0% 0% 0% 24% 76%
$0-$2,356 0% 0% 0% 0% 0% 24% 75%
Paying AIME Quintile
$10,370+ 0% 0% 0% 0% 0% 32% 67%
$7,219 - $10,370 0% 0% 0% 0% 0% 29% 71%
$5,128 - $7,219 0% 0% 0% 0% 0% 22% 77%
$3,307 - $5,128 0% 0% 0% 0% 0% 19% 81%
$0-$3,307 0% 0% 0% 0% 0% 17% 83%
Hhld. Benefit Quintile
$3,486+ 0% 0% 0% 0% 0% 12% 88%
$2,564 - $3,486 0% 0% 0% 0% 0% 19% 81%
$1,975 - $2,564 0% 0% 0% 0% 0% 30% 70%
$1,382 - $1,975 0% 0% 0% 0% 0% 32% 68%
$0-$1,382 0% 0% 0% 0% 0% 27% 72%
Adj. Gross Income
$146,400+ 0% 0% 0% 0% 0% 17% 83%
$99,794 - $146,400 0% 0% 0% 0% 0% 19% 81%
$66,090 - $99,794 0% 0% 0% 0% 0% 24% 76%
$1 - $66,090 0% 0% 0% 0% 0% 25% 75%
$0.00 0% 0% 0% 0% 0% 29% 71%
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: SSAB Chained CPI versus Scheduled
Characteristic Poverty Rate # of Poor Change
Scheduled Option Diff
Total 1.9% 2.2% 0.3% 209,923
Sex
Female 2.4% 2.7% 0.3% 135,544
Male 1.3% 1.5% 0.2% 74,378
Race/Ethnicity
Hispanic 3.0% 3.3% 0.4% 48,492
White 1.2% 1.4% 0.2% 93,823
Black 3.9% 4.6% 0.6% 54,123
Other 2.2% 2.4% 0.2% 13,483
Immigration
Immigrant 2.9% 3.2% 0.3% 60,654
Native Born 1.6% 1.8% 0.2% 149,268
Age
60–69 2.4% 2.6% 0.2% 48,562
70–79 2.0% 2.3% 0.3% 99,447
80–89 1.4% 1.6% 0.2% 40,761
90+ 0.9% 1.3% 0.4% 21,151
Marital Status
Never Married 5.3% 6.1% 0.8% 68,096
Married 0.8% 0.9% 0.1% 25,869
Divorced 2.8% 3.0% 0.2% 36,277
Widowed 1.9% 2.4% 0.5% 79,679
Education
Graduate 0.6% 0.6% 0.1% 6,288
Bachelor 0.6% 0.6% 0.0% 7,680
Associate 1.3% 1.6% 0.3% 57,020
High School 2.6% 3.0% 0.4% 106,427
Less than 12 Yrs 6.3% 6.8% 0.5% 32,506
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% 10.9% 1.3% 209,923
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% 10.9% 1.3% 209,923
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% 0.2% 0.0% 7,128
$0-$32,782 9.4% 10.6% 1.3% 202,794
Benefit Type
Retired Worker 1.8% 1.9% 0.1% 70,528
Spousal & Worker 0.5% 0.5% 0.0% 0
Spousal Only 5.1% 5.4% 0.3% 3,249
Survivor & Worker 0.5% 0.8% 0.2% 26,063
Survivor Only 7.0% 8.1% 1.1% 10,218
Retired Disabled 2.7% 3.7% 1.0% 74,864
Disabled Worker 4.3% 4.9% 0.6% 24,999
Claiming Age
62 or younger 3.0% 3.5% 0.5% 181,890
63–66 0.8% 0.8% 0.1% 22,338
67 or older 1.3% 1.4% 0.1% 5,693
Quarters of Coverage
201+ 0.0% 0.0% 0.0% 0
161–200 0.1% 0.1% 0.0% 6,134
81–160 1.4% 1.7% 0.3% 83,625
0–80 11.0% 12.3% 1.2% 120,162
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% 64,587
$0-$2,356 9.0% 9.9% 0.9% 145,335
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% 2,060
$3,307 - $5,128 0.2% 0.3% 0.1% 20,291
$0-$3,307 9.3% 10.4% 1.2% 186,522
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% 10.8% 1.3% 209,923
Adj. Gross Income
$146,400+ 0.0% 0.0% 0.0% 0
$99,794 - $146,400 0.0% 0.0% 0.0% 618
$66,090 - $99,794 0.1% 0.1% 0.0% 0
$1 - $66,090 1.4% 1.5% 0.1% 12,794
$0.00 5.0% 5.8% 0.7% 196,510
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: SSAB Chained CPI versus Payable
Characteristic Poverty Rate # of Poor Change
Payable Option Diff
Total 3.5% 2.2% -1.3% -1,064,832
Sex
Female 4.1% 2.7% -1.4% -625,574
Male 2.7% 1.5% -1.2% -439,257
Race/Ethnicity
Hispanic 5.2% 3.3% -1.9% -257,184
White 2.4% 1.4% -1.0% -505,138
Black 7.1% 4.6% -2.5% -217,499
Other 3.6% 2.4% -1.2% -85,010
Immigration
Immigrant 4.9% 3.2% -1.7% -304,465
Native Born 3.1% 1.8% -1.2% -760,366
Age
60–69 4.3% 2.6% -1.7% -436,016
70–79 3.7% 2.3% -1.4% -420,377
80–89 2.5% 1.6% -0.9% -178,185
90+ 1.9% 1.3% -0.6% -30,252
Marital Status
Never Married 9.1% 6.1% -3.0% -268,525
Married 1.5% 0.9% -0.7% -265,556
Divorced 5.0% 3.0% -2.0% -318,173
Widowed 3.7% 2.4% -1.3% -212,577
Education
Graduate 0.8% 0.6% -0.2% -19,230
Bachelor 1.2% 0.6% -0.5% -93,890
Associate 2.9% 1.6% -1.3% -256,108
High School 4.7% 3.0% -1.7% -463,676
Less than 12 Yrs 10.3% 6.8% -3.5% -231,926
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% 10.9% -6.6% -1,064,832
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% 10.9% -6.6% -1,064,832
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% 0.2% -1.0% -155,995
$0-$32,782 16.2% 10.6% -5.6% -899,764
Benefit Type
Retired Worker 3.1% 1.9% -1.2% -634,426
Spousal & Worker 0.9% 0.5% -0.4% -12,758
Spousal Only 7.9% 5.4% -2.5% -24,806
Survivor & Worker 1.6% 0.8% -0.8% -92,053
Survivor Only 10.4% 8.1% -2.3% -20,625
Retired Disabled 5.6% 3.7% -1.9% -139,318
Disabled Worker 8.2% 4.9% -3.3% -140,841
Claiming Age
62 or younger 5.4% 3.5% -1.9% -772,302
63–66 1.6% 0.8% -0.7% -258,757
67 or older 2.0% 1.4% -0.6% -33,773
Quarters of Coverage
201+ 0.0% 0.0% 0.0% -1,903
161–200 0.5% 0.1% -0.4% -100,580
81–160 3.7% 1.7% -2.0% -601,688
0–80 16.0% 12.3% -3.7% -360,659
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% -358,539
$0-$2,356 14.1% 9.9% -4.2% -673,864
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% -12,298
$3,307 - $5,128 1.3% 0.3% -1.0% -162,151
$0-$3,307 15.9% 10.4% -5.5% -886,550
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% 10.8% -6.4% -1,035,742
Adj. Gross Income
$146,400+ 0.0% 0.0% 0.0% -2,300
$99,794 - $146,400 0.0% 0.0% 0.0% 0
$66,090 - $99,794 0.1% 0.1% 0.0% -5,429
$1 - $66,090 2.0% 1.5% -0.5% -74,313
$0.00 9.5% 5.8% -3.7% -982,788
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.