Proposed Change to Social Security
Posted: Fri Dec 30, 2016 4:15 pm
http://www.dallasnews.com/business/pers ... m-50-watch
A cut of future benefits.
medium-wage worker with a 44-year record (one with about $49,000 wages in 2016) will start retirement with an 11.4 percent benefit cut. The cut will increase to 18.8 percent by age 95.
A high-wage worker with a 44-year record (about $78,600 for 2016) will start retirement with a 19.9 percent benefit cut. It will increase to a 26.6 percent cut by age 95.
A top-wage worker with a 44-year record (one earning $118,500 in 2016) will start retirement with a 25.2 percent cut. It will increase to a 65.4 percent cut by age 95.
Benefit cuts increase each year after 2030. A 33-year-old medium-wage worker today would experience a benefit cut of 33.2 percent when retiring in 2050. That cut would increase to 34.1 percent by the time he or she reached age 95.
A cut of future benefits.
medium-wage worker with a 44-year record (one with about $49,000 wages in 2016) will start retirement with an 11.4 percent benefit cut. The cut will increase to 18.8 percent by age 95.
A high-wage worker with a 44-year record (about $78,600 for 2016) will start retirement with a 19.9 percent benefit cut. It will increase to a 26.6 percent cut by age 95.
A top-wage worker with a 44-year record (one earning $118,500 in 2016) will start retirement with a 25.2 percent cut. It will increase to a 65.4 percent cut by age 95.
Benefit cuts increase each year after 2030. A 33-year-old medium-wage worker today would experience a benefit cut of 33.2 percent when retiring in 2050. That cut would increase to 34.1 percent by the time he or she reached age 95.