CATEGORY: RETIREMENT AGE CHANGES
PROPOSAL:Increase the FRA from 67: To 68, at a rate of 1 month every 2 years
Start date: 2023  End date: 2049  Proposed by: Social Security Advisory Board

Projected effects on beneficiaries in 2030

Table 1. Individual benefit changes, 2030: Increase FRA to 68 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% 11% 0% -1% 100% 0%
Sex
Female 0% 11% 0% -1% 100% 0%
Male 0% 12% 0% -1% 100% 0%
Ethnicity/Race
Hispanic 0% 18% 0% -1% 100% 0%
White 0% 10% 0% -1% 100% 0%
Black 0% 12% 0% -1% 100% 0%
Other 0% 13% 0% -1% 100% 0%
Country of Birth
U.S. 0% 10% 0% -1% 100% 0%
Foreign 0% 15% 0% -1% 100% 0%
Age
60-69 0% 34% 0%
70-79 0% 0% 0%
80-89 0% 0% 0%
90+ 0% 0% 0%
Marital Status
Married 0% 14% 0% -1% 100% 0%
Divorced 0% 11% 0% -1% 100% 0%
Widowed 0% 3% 0% -1% 100% 0%
Never Married 0% 15% 0% -1% 100% 0%
Education
Graduate 0% 8% 0% -1% 100% 0%
Bachelor 0% 12% 0% -1% 100% 0%
Associate 0% 12% 0% -1% 100% 0%
High School 0% 11% 0% -1% 100% 0%
Less than 12 Yrs 0% 13% 0% -1% 100% 0%
Official Poverty
Above poverty 0% 11% 0% -1% 100% 0%
In poverty 0% 13% 0% -1% 100% 0%
Household Income Quintile
$175,526+ 0% 12% 0% -1% 100% 0%
$97,521 - $175,526 0% 13% 0% -1% 100% 0%
$57,224 - $97,521 0% 12% 0% -1% 100% 0%
$30,478 - $57,224 0% 10% 0% -1% 100% 0%
$0-$30,478 0% 9% 0% -1% 100% 0%
Current Law Benefit Type
Retired worker 0% 14% 0%
Widow(er) 0% 0% 0%
Spouse 0% 13% 0%
Disabled worker 0% 0% 0%
Source: SSA/Office of Retirement Policy, using MINT 7 Run: 03/09/2015 Ref #: SSAB0714v2
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 FRA to 68 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% 1% 0% 0% 10% 0%
Sex
Female 0% 1% 0% 0% 10% 0%
Male 0% 1% 0% 0% 11% 0%
Ethnicity/Race
Hispanic 0% 3% 0% 0% 14% 0%
White 0% 1% 0% 0% 8% 0%
Black 0% 2% 0% 0% 15% 0%
Other 0% 2% 0% 0% 12% 0%
Country of Birth
U.S. 0% 1% 0% 0% 10% 0%
Foreign 0% 2% 0% 0% 12% 0%
Age
60-69 0% 4% 0%
70-79 0% 0% 0%
80-89 0% 0% 0%
90+ 0% 0% 0%
Marital Status
Married 0% 1% 0% 0% 5% 0%
Divorced 0% 2% 0% 0% 22% 0%
Widowed 0% 1% 0% 0% 20% 0%
Never Married 0% 3% 0% 0% 23% 0%
Education
Graduate 0% 0% 0% 0% 4% 0%
Bachelor 0% 1% 0% 0% 6% 0%
Associate 0% 1% 0% 0% 10% 0%
High School 0% 1% 0% 0% 13% 0%
Less than 12 Yrs 0% 2% 0% 0% 15% 0%
Official Poverty
Above poverty 0% 1% 0% 0% 8% 0%
In poverty 0% 7% 0% -1% 56% 0%
Household Income Quintile
$175,526+ 0% 0% 0% 0% 1% 0%
$97,521 - $175,526 0% 0% 0% 0% 2% 0%
$57,224 - $97,521 0% 0% 0% 0% 2% 0%
$30,478 - $57,224 0% 1% 0% 0% 9% 0%
$0-$30,478 0% 4% 0% 0% 47% 0%
Current Law Benefit Type
Retired worker 0% 2% 0%
Widow(er) 0% 0% 0%
Spouse 0% 1% 0%
Disabled worker 0% 0% 0%
Source: SSA/Office of Retirement Policy, using MINT 7 Run: 03/09/2015 Ref #: SSAB0714v2
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 FRA to 68 vs. Scheduled
POPULATION: current law beneficiaries aged 60+
Characteristic Poverty Rate Population Change (thousands)
Scheduled Option Change
Total 4.9% 4.9% 0.0%
Sex
Female 5.3% 5.4% 0.0%
Male 4.3% 4.4% 0.0%
Ethnicity/Race
Hispanic 8.8% 8.8%
White 3.5% 3.5% 0.0%
Black 9.0% 9.0%
Other 7.7% 7.8%
Country of Birth
U.S. 4.2% 4.2% 0.0%
Foreign 8.8% 8.8% 0.0%
Age
60-69 5.7% 5.8%
70-79 4.9% 4.9% 0.0%
80-89 3.8% 3.8% 0.0% 0
90+ 2.5% 2.5% 0.0% 0
Marital Status
Married 1.9% 1.9% 0.0%
Divorced 8.3% 8.3%
Widowed 5.8% 5.8% 0.0% 0
Never Married 17.0% 17.1%
Education
Graduate 1.4% 1.4% 0.0% 0
Bachelor 2.2% 2.2% 0.0%
Associate 3.6% 3.6%
High School 6.1% 6.1% 0.0%
Less than 12 Yrs 13.9% 13.9% 0.0% 0
Official Poverty
Above poverty 0.0% 0.0% 0.0%
In poverty 100.0% 100.0% 0.0% 0
Household Income Quintile
$175,526+ 0.1% 0.1% 0.0% 0
$97,521 - $175,526 0.1% 0.1% 0.0% 0
$57,224 - $97,521 0.3% 0.4% 0.0%
$30,478 - $57,224 0.8% 0.8% 0.0% 0
$0-$30,478 23.0% 23.1%
Current Law Benefit Type
Retired worker 4.6% 4.6% 0.0%
Widow(er) 5.0% 5.0% 0.0% 0
Spouse 5.5% 5.6%
Disabled worker 8.5% 8.5% 0.0% 0
Source: SSA/Office of Retirement Policy, using MINT 7 Run: 03/09/2015 Ref #: SSAB0714v2
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 FRA to 68 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 73,810 100.0 8,293 100.0 8,293 100.0 . . . . . .
Sex
Female 39,993 54.2 4,277 51.6 4,277 51.6 . . . . . .
Male 33,817 45.8 4,016 48.4 4,016 48.4 . . . . . .
Ethnicity/Race
Hispanic 7,865 10.7 1,388 16.7 1,388 16.7 . . . . . .
White 54,004 73.2 5,398 65.1 5,398 65.1 . . . . . .
Black 7,559 10.2 932 11.2 932 11.2 . . . . . .
Other 4,382 5.9 575 6.9 575 6.9 . . . . . .
Country of Birth
U.S. 62,372 84.5 6,529 78.7 6,529 78.7 . . . . . .
Foreign 11,438 15.5 1,764 21.3 1,764 21.3 . . . . . .
Age
60-69 24,505 33.2 8,292 100.0 8,292 100.0 . . . . . .
70-79 31,533 42.7 1 0.0 1 0.0 . . . . . .
80-89 14,979 20.3 . . . . . . . . . . . . . . . . . .
90+ 2,793 3.8 . . . . . . . . . . . . . . . . . .
Marital Status
Married 41,785 56.6 5,651 68.1 5,651 68.1 . . . . . .
Divorced 13,632 18.5 1,480 17.8 1,480 17.8 . . . . . .
Widowed 12,828 17.4 326 3.9 326 3.9 . . . . . .
Never Married 5,566 7.5 836 10.1 836 10.1 . . . . . .
Education
Graduate 8,636 11.7 664 8.0 664 8.0 . . . . . .
Bachelor 13,936 18.9 1,638 19.8 1,638 19.8 . . . . . .
Associate 16,752 22.7 2,080 25.1 2,080 25.1 . . . . . .
High School 28,256 38.3 3,100 37.4 3,100 37.4 . . . . . .
Less than 12 Yrs 6,230 8.4 811 9.8 811 9.8 . . . . . .
Official Poverty
Above poverty 70,205 95.1 7,824 94.3 7,824 94.3 . . . . . .
In poverty 3,604 4.9 470 5.7 470 5.7 . . . . . .
Household Income Quintile
$175,526+ 14,762 20.0 1,792 21.6 1,792 21.6 . . . . . .
$97,521 - $175,526 14,762 20.0 1,878 22.6 1,878 22.6 . . . . . .
$57,224 - $97,521 14,763 20.0 1,724 20.8 1,724 20.8 . . . . . .
$30,478 - $57,224 14,759 20.0 1,515 18.3 1,515 18.3 . . . . . .
$0-$30,478 14,763 20.0 1,384 16.7 1,384 16.7 . . . . . .
Current Law Benefit Type
Retired worker 51,869 70.3 7,426 89.5 7,426 89.5 . . . . . .
Widow(er) 12,154 16.5 21 0.3 21 0.3 . . . . . .
Spouse 6,571 8.9 846 10.2 846 10.2 . . . . . .
Disabled worker 3,215 4.4 . . . . . . . . . . . . . . . . . .
Source: SSA/Office of Retirement Policy, using MINT 7 Run: 03/09/2015 Ref #: SSAB0714v2
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 FRA to 68 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 73,810 -12 -12 73,797
Sex
Female 39,993 -4 -4 39,988
Male 33,817 -8 -7 33,809
Ethnicity/Race
Hispanic 7,865 0 0 7,865
White 54,004 -12 -11 53,992
Black 7,559 0 0 7,559
Other 4,382 0 0 4,382
Country of Birth
U.S. 62,372 -11 -10 62,361
Foreign 11,438 -2 -1 11,436
Age
60-69 24,505 -12 -12 24,493
70-79 31,533 0 0 31,533
80-89 14,979 0 0 14,979
90+ 2,793 0 0 2,793
Marital Status
Married 41,785 -6 -6 41,778
Divorced 13,632 -6 -5 13,626
Widowed 12,828 0 0 12,828
Never Married 5,566 0 0 5,566
Education
Graduate 8,636 -5 -5 8,631
Bachelor 13,936 -3 -3 13,933
Associate 16,752 -2 -1 16,750
High School 28,256 -2 -2 28,253
Less than 12 Yrs 6,230 0 0 6,230
Official Poverty
Above poverty 70,205 -12 -12 70,193
In poverty 3,604 0 0 3,604
Household Income Quintile
$175,526+ 14,762 -8 -8 14,754
$97,521 - $175,526 14,762 0 0 14,762
$57,224 - $97,521 14,763 -3 -3 14,760
$30,478 - $57,224 14,759 0 0 14,758
$0-$30,478 14,763 0 0 14,763
Current Law Benefit Type
Retired worker 51,869 -12 -12 51,856
Widow(er) 12,154 0 0 12,154
Spouse 6,571 0 0 6,571
Disabled worker 3,215 0 0 3,215
Source: SSA/Office of Retirement Policy, using MINT 7 Run: 03/09/2015 Ref #: SSAB0714v2
Providing these estimates does not imply SSA support for the proposal, nor is SSA responsible for any interpretations of these estimates.