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  • 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 Annual Benefits for High Earner Annual Benefits Under Rep. Annual Benefits for High Earner Deutch’s Annual Benefits for High Earner Annual Benefits Under Current “Preserving for High Earner Under the for High Earner If Year in Which Law and the Our Promise to Under the Bowles- Congress Fails to Worker Schakowsky Seniors Act” Rivlin-Domenici Simpson Fill the Trust Reaches Age 65 Plan1 H.R. 58342 Plan3 Proposal4 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. Created by Daniel Marans for Social Security Works