TABLE C-4 Projected Social Security Worker Benefits as a Percentage of Past Earnings Selected Years, for Workers Newly Retired at Age 65, Scheduled Under Current Law Compared to Options 1-4, and at Various Illustrative Earning Levels

 

Current Law

Option 1a

Option 2b

Option 3c

Option 4d

Scaled Low Earner ($18,919 for 2009)

2010

54

54

54

54

54

2020

52

49

52

52

52

2035

49

46

49

49

49

2050

49

44

49

49

49

2065

49

43

49

49

49

2082

49

40

49

49

49

Scaled Medium Earner ($42,042 for 2009)

2010

40

40

40

40

40

2020

39

35

37

37

39

2035

36

30

32

34

36

2050

36

27

30

34

36

2065

36

25

28

34

36

2082

36

23

28

31

36

Scaled High Earner ($67,267 for 2009)

2010

33

33

33

33

33

2020

32

28

30

30

32

2035

30

24

25

27

30

2050

30

20

22

27

30

2065

30

19

19

27

30

2082

30

16

19

23

30

Steady Maximum Earnere ($106,800 for 2009)

2010

27

27

27

27

27

2020

26

22

24

24

26

2035

24

18

19

21

24

2050

24

15

16

21

24

2065

24

14

14

21

24

2082

24

12

14

17

24

aBenefit changes only.

b2/3 benefit-growth reductions; 1/3 payroll-tax increases.

c1/3 benefit-growth reductions; 2/3 payroll-tax increases.

dPayroll-tax increases only.

eThat is, at the cap under the current-law Social Security payroll tax.



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