1. Annual Social Security Benefits for a High Earner ($68,934)
Under Current Law and Recent Reform Proposals
Created by Daniel Marans for Social Security Works
2. Annual Social Security Benefits for a High Earner ($68,934)
Under Current Law and Recent Reform Proposals
Created by Daniel Marans for Social Security Works
Year in Which
Worker
Reaches Age 65
Annual Benefits
for High Earner
Under Current
Law and the
Schakowsky
Plan1
Annual
Benefits for
High Earner
Under Rep.
Deutch’s
“Preserving
Our Promise to
Seniors Act”
H.R. 58342
Annual Benefits
for High Earner
Under the
Rivlin-Domenici
Plan3
Annual Benefits
for High Earner
Under the
Bowles-
Simpson
Proposal4
Annual Benefits
for High Earner If
Congress Fails to
Fill the Trust
Fund’s Shortfall5
2010 $22,212 $22,212 $22,212 $22,212 $22,212
2020 $20,964 $21,084 $19,077 $20,650 $20,964
2030 $19,848 $19,968 $19,272 $18,002 $19,848
2040 $19,812 $19,920 $18,445 $16,127 $15,533
2050 $19,872 $19,980 $17,785 $14,427 $15,878
2060 $19,896 $20,016 $17,230 $13,708 $15,758
2070 $19,896 $20,016 $16,772 $13,350 $15,479
2080 $19,872 $19,992 $16,335 $12,957 $15,063
1
Benefits decline for workers aged 65 under current law and the Schakowsky plan because the Normal Retirement Age is now at 66 and rising to 67 in 2020.
Calculated from monthly benefit amounts scheduled under current law. Social Security Administration (SSA), “Proposals ‘Tax-Light’ 2a and 2b for Consideration
by the Fiscal Commission: Preliminary Long-Range Estimates of Effect on Social Security,” Memo from Stephen C. Goss, Chief Actuary of the Social Security
Administration, to Fiscal Commission Staff, November 9, 2010.
2
Calculated using percentage decreases from monthly benefit amounts scheduled under current law. SSA, Table B1. In Memo from Stephen C. Goss to
Representative Ted Deutch, October 8, 2010.
3
Calculated using percentage decreases from monthly benefit amounts scheduled under current law. SSA, Table B.1 in Memo from Stephen C. Goss to Alice M.
Rivlin and Pete Domenici, Co-Chairs of the Debt Reduction Task Force at the Bipartisan Policy Center, November 17, 2010.
4
Calculated using percentage decreases from monthly benefit amounts scheduled under current law. SSA, Memo from Stephen C. Goss to Fiscal Commission
Staff.
5
Calculated using percentage decreases from monthly benefit amounts scheduled under current law. SSA, “Payable Benefit Factors for 2040-2080,” Tiffany
Bosley, Office of the Chief Actuary, November 18, 2010.