CATEGORY: RETIREMENT AGE CHANGES
PROPOSAL:Increase the EEA from 62 and the FRA from 67: At a rate of 1 month every 2 years starting in 2017 (EEA) and 2023 (FRA)
Start date: 2017  End date: not applicable  Proposed by: Social Security Advisory Board

Projected effects on beneficiaries in 2030

Table 1. Individual benefit changes, 2030: Increase EEA and FRA vs. Scheduled
POPULATION: current law beneficiaries aged 60+
Characteristic All Beneficiaries Affected Beneficiaries
Median Percent Change Percent With Median Percent Change Percent With
Lower Benefits Higher Benefits Lower Benefits Higher Benefits
Total 0% 9% 15% 39% 61%
Sex
Female 0% 11% 15% 41% 59%
Male 0% 8% 14% 37% 63%
Ethnicity/Race
Hispanic 0% 16% 18% 47% 53%
White 0% 8% 14% 37% 63%
Black 0% 10% 17% 37% 63%
Other 0% 12% 15% 45% 55%
Country of Birth
U.S. 0% 8% 15% 36% 64%
Foreign 0% 16% 15% -1% 51% 49%
Age
60-69 0% 26% 26%
70-79 0% 2% 14%
80-89 0% 0% 0%
90+ 0% 0% 0%
Marital Status
Married 0% 9% 16% 36% 64%
Divorced 0% 9% 16% 36% 64%
Widowed 0% 10% 6% -1% 63% 37%
Never Married 0% 10% 18% 36% 64%
Education
Graduate 0% 7% 9% 46% 54%
Bachelor 0% 10% 13% 44% 56%
Associate 0% 10% 16% 38% 62%
High School 0% 9% 16% 35% 65%
Less than 12 Yrs 0% 13% 18% 43% 57%
Official Poverty
Above poverty 0% 9% 14% 40% 60%
In poverty 0% 10% 23% 30% 70%
Household Income Quintile
$175,526+ 0% 9% 12% 42% 58%
$97,521 - $175,526 0% 9% 13% 41% 59%
$57,224 - $97,521 0% 10% 15% 39% 61%
$30,478 - $57,224 0% 10% 16% 37% 63%
$0-$30,478 0% 10% 17% 37% 63%
Current Law Benefit Type
Retired worker 0% 10% 17%
Widow(er) 0% 12% 6%
Spouse 0% 8% 22%
Disabled worker 0% 0% 0%
Source: SSA/Office of Retirement Policy, using MINT 7 Run: 03/09/2015 Ref #: SSAB0331v1
Note: — = sample size is too small.
Providing these estimates does not imply SSA support for the proposal, nor is SSA responsible for any interpretations of these estimates.
Table 2. Household income changes, 2030: Increase EEA and FRA vs. Scheduled
POPULATION: current law beneficiaries aged 60+
Characteristic All Beneficiaries Affected Beneficiaries
Median Percent Change Percent With Median Percent Change Percent With
Lower Income Higher Income Lower Income Higher Income
Total 0% 3% 9% 0% 13% 32%
Sex
Female 0% 4% 8% 0% 15% 28%
Male 0% 3% 10% 0% 10% 38%
Ethnicity/Race
Hispanic 0% 7% 12% 0% 18% 29%
White 0% 3% 8% 0% 12% 32%
Black 0% 4% 13% 0% 12% 41%
Other 0% 4% 7% 0% 12% 21%
Country of Birth
U.S. 0% 3% 9% 0% 12% 34%
Foreign 0% 5% 9% 0% 15% 23%
Age
60-69 0% 9% 18%
70-79 0% 1% 8%
80-89 0% 0% 1%
90+ 0% 0% 0%
Marital Status
Married 0% 3% 10% 0% 8% 27%
Divorced 0% 4% 12% 0% 16% 45%
Widowed 0% 6% 4% 0% 37% 22%
Never Married 0% 3% 13% 0% 11% 46%
Education
Graduate 0% 1% 4% 0% 7% 21%
Bachelor 0% 3% 6% 0% 11% 24%
Associate 0% 4% 10% 0% 13% 32%
High School 0% 4% 11% 0% 14% 37%
Less than 12 Yrs 0% 6% 13% 0% 18% 34%
Official Poverty
Above poverty 0% 3% 9% 0% 12% 30%
In poverty 0% 7% 19% 21% 56%
Household Income Quintile
$175,526+ 0% 1% 0% 0% 5% 2%
$97,521 - $175,526 0% 2% 4% 0% 6% 14%
$57,224 - $97,521 0% 3% 10% 0% 9% 31%
$30,478 - $57,224 0% 4% 16% 0% 14% 48%
$0-$30,478 0% 8% 16% 28% 55%
Current Law Benefit Type
Retired worker 0% 3% 11%
Widow(er) 0% 7% 4%
Spouse 0% 3% 9%
Disabled worker 0% 2% 5%
Source: SSA/Office of Retirement Policy, using MINT 7 Run: 03/09/2015 Ref #: SSAB0331v1
Note: — = sample size is too small.
Providing these estimates does not imply SSA support for the proposal, nor is SSA responsible for any interpretations of these estimates.
Table 3. Poverty, 2030: Increase EEA and FRA vs. Scheduled
POPULATION: current law beneficiaries aged 60+
Characteristic Poverty Rate Population Change (thousands)
Scheduled Option Change
Total 4.9% 5.0%
Sex
Female 5.3% 5.4%
Male 4.3% 4.4%
Ethnicity/Race
Hispanic 8.7% 9.2%
White 3.5% 3.6% 0.0%
Black 8.9% 8.9% 0.0% -1
Other 7.7% 8.1%
Country of Birth
U.S. 4.2% 4.2%
Foreign 8.8% 9.0%
Age
60-69 5.7% 6.1%
70-79 4.9% 4.9% 0.0% -10
80-89 3.8% 3.8% 0.0%
90+ 2.5% 2.5% 0.0% 0
Marital Status
Married 1.9% 2.0%
Divorced 8.2% 8.4%
Widowed 5.8% 6.0%
Never Married 17.0% 16.7% -0.2% -12
Education
Graduate 1.4% 1.4%
Bachelor 2.1% 2.1% 0.0% -5
Associate 3.5% 3.6%
High School 6.1% 6.2%
Less than 12 Yrs 13.9% 14.2%
Official Poverty
Above poverty 0.0% 0.2%
In poverty 100.0% 97.8% -2.2% -80
Household Income Quintile
$175,526+ 0.1% 0.1% 0.0%
$97,521 - $175,526 0.1% 0.1% 0.0% -1
$57,224 - $97,521 0.3% 0.3% 0.0% 0
$30,478 - $57,224 0.8% 1.1%
$0-$30,478 23.0% 23.2%
Current Law Benefit Type
Retired worker 4.5% 4.6%
Widow(er) 5.0% 5.2%
Spouse 5.5% 5.8%
Disabled worker 8.5% 8.5% 0.0% 0
Source: SSA/Office of Retirement Policy, using MINT 7 Run: 03/09/2015 Ref #: SSAB0331v1
Providing these estimates does not imply SSA support for the proposal, nor is SSA responsible for any interpretations of these estimates.
Table 4. Beneficiary characteristics, 2030: Increase EEA and FRA vs. Scheduled
POPULATION: current law beneficiaries aged 60+
Characteristic All beneficiaries Affected beneficiaries Beneficiaries with lower benefits Beneficiaries with higher benefits
Number (thousands) Percent Number (thousands) Percent Number (thousands) Percent Number (thousands) Percent
Total 73,478 100.0 17,686 100.0 6,910 100.0 10,776 100.0
Sex
Female 39,886 54.3 10,379 58.7 4,231 61.2 6,148 57.1
Male 33,592 45.7 7,307 41.3 2,679 38.8 4,628 42.9
Ethnicity/Race
Hispanic 7,781 10.6 2,594 14.7 1,215 17.6 1,379 12.8
White 53,814 73.2 11,875 67.1 4,400 63.7 7,475 69.4
Black 7,529 10.2 2,061 11.7 773 11.2 1,289 12.0
Other 4,354 5.9 1,155 6.5 522 7.6 633 5.9
Country of Birth
U.S. 62,120 84.5 14,109 79.8 5,071 73.4 9,038 83.9
Foreign 11,358 15.5 3,577 20.2 1,839 26.6 1,738 16.1
Age
60-69 24,173 32.9 12,586 71.2 6,183 89.5 6,403 59.4
70-79 31,533 42.9 5,091 28.8 720 10.4 4,371 40.6
80-89 14,979 20.4 10 0.1 8 0.1 2 0.0
90+ 2,793 3.8 . . . . . . . . . . . . . . . . . .
Marital Status
Married 41,594 56.6 10,584 59.8 3,784 54.8 6,801 63.1
Divorced 13,589 18.5 3,470 19.6 1,238 17.9 2,233 20.7
Widowed 12,828 17.5 2,103 11.9 1,334 19.3 768 7.1
Never Married 5,468 7.4 1,529 8.6 554 8.0 974 9.0
Education
Graduate 8,618 11.7 1,394 7.9 642 9.3 752 7.0
Bachelor 13,871 18.9 3,168 17.9 1,402 20.3 1,766 16.4
Associate 16,669 22.7 4,244 24.0 1,599 23.1 2,644 24.5
High School 28,117 38.3 6,932 39.2 2,437 35.3 4,495 41.7
Less than 12 Yrs 6,203 8.4 1,948 11.0 829 12.0 1,119 10.4
Official Poverty
Above poverty 69,902 95.1 16,517 93.4 6,561 94.9 9,957 92.4
In poverty 3,576 4.9 1,169 6.6 349 5.1 820 7.6
Household Income Quintile
$175,526+ 14,678 20.0 3,019 17.1 1,279 18.5 1,740 16.1
$97,521 - $175,526 14,691 20.0 3,245 18.3 1,347 19.5 1,899 17.6
$57,224 - $97,521 14,704 20.0 3,687 20.8 1,440 20.8 2,247 20.9
$30,478 - $57,224 14,708 20.0 3,829 21.6 1,403 20.3 2,426 22.5
$0-$30,478 14,696 20.0 3,906 22.1 1,441 20.9 2,465 22.9
Current Law Benefit Type
Retired worker 51,542 70.1 13,515 76.4 4,949 71.6 8,566 79.5
Widow(er) 12,154 16.5 2,216 12.5 1,462 21.2 753 7.0
Spouse 6,566 8.9 1,953 11.0 496 7.2 1,457 13.5
Disabled worker 3,215 4.4 2 0.0 2 0.0 . . . . . .
Source: SSA/Office of Retirement Policy, using MINT 7 Run: 03/09/2015 Ref #: SSAB0331v1
Note: . . . = not applicable.
Providing these estimates does not imply SSA support for the proposal, nor is SSA responsible for any interpretations of these estimates.
Table 5. Beneficiary Status, 2030: Increase EEA and FRA vs. Scheduled (in thousands)
POPULATION: current law or option beneficiaries aged 60+
Characteristic Current Law Beneficiaries Changes in beneficiary status under proposed option Policy Option Beneficiaries
Added Removed Net Change
Total 73,478 -692 -675 72,803
Sex
Female 39,886 -461 -446 39,439
Male 33,592 -231 -228 33,363
Ethnicity/Race
Hispanic 7,781 -143 -137 7,643
White 53,814 -436 -433 53,381
Black 7,529 -50 -47 7,482
Other 4,354 -64 -56 4,297
Country of Birth
U.S. 62,120 -524 -518 61,602
Foreign 11,358 -168 -156 11,201
Age
60-69 24,173 -690 -673 23,500
70-79 31,533 -2 -2 31,531
80-89 14,979 0 0 14,979
90+ 2,793 0 0 2,793
Marital Status
Married 41,594 -413 -405 41,189
Divorced 13,589 -157 -156 13,432
Widowed 12,828 -114 -111 12,716
Never Married 5,468 -8 -1 5,466
Education
Graduate 8,618 -34 -30 8,588
Bachelor 13,871 -108 -107 13,763
Associate 16,669 -187 -184 16,485
High School 28,117 -266 -263 27,854
Less than 12 Yrs 6,203 -98 -89 6,113
Official Poverty
Above poverty 69,902 -641 -624 69,277
In poverty 3,576 -51 -51 3,525
Household Income Quintile
$175,526+ 14,678 -117 -112 14,566
$97,521 - $175,526 14,691 -134 -134 14,557
$57,224 - $97,521 14,704 -123 -113 14,591
$30,478 - $57,224 14,708 -165 -162 14,545
$0-$30,478 14,696 -153 -152 14,544
Current Law Benefit Type
Retired worker 51,542 -493 -492 51,049
Widow(er) 12,154 -117 -116 12,038
Spouse 6,566 -83 -82 6,484
Disabled worker 3,215 0 0 3,215
None 0 0 17
Source: SSA/Office of Retirement Policy, using MINT 7 Run: 03/09/2015 Ref #: SSAB0331v1
Providing these estimates does not imply SSA support for the proposal, nor is SSA responsible for any interpretations of these estimates.