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Policy Option Projections
(released August 2021)
For each retirement policy option/proposal below, a set of tables covers the proposal's projected effects on—
- Social Security benefits in 2030, 2050, and 2070
- Social Security taxes paid in 2030, 2050, and 2070
- Household income in 2030, 2050, and 2070
- Poverty status in 2030, 2050, and 2070
- Benefit/tax ratios for selected birth cohorts
- Replacement rates for selected birth cohorts
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Policy option/proposalAvailable formats
Cost-of-Living Adjustment (COLA) Changes
Coverage Changes
Family Benefit Changes
Create an alternative survivor benefit
Survivor receives the higher of the current-law benefit or an alternative benefit of 75% of the survivor's own benefit plus the deceased worker's PIA
Reduce marriage duration requirement for divorced spousal benefits
Allow divorced spouses who were married at least 5 years to receive reduced benefits
Individual Account Option
Allow voluntary individual accounts
Allow workers to voluntarily contribute an additional 2% of pay (up to the tax max) to an individual account
Retirement Age Changes
Social Security Payroll Tax Changes
Worker Benefit Changes
Credit earnings to caregivers' records
Up to 5 years at one-half average wage when caring for children under age 6
Eliminate the retirement earnings test
For retired worker beneficiaries aged 62 or older and for survivor beneficiaries aged 60 or older
Increase benefits for older beneficiaries
PIA increase is phased-in starting at 81 and by 85 is 5% of the average retired-worker PIA in the year the beneficiary turns 80
Index PIA factors to longevity
Multiply factors by the ratio of life expectancy at 67 in 2018 to the life expectancy at age 67 in the 4th year prior to the year of initial benefit eligibility