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Projected beneficiary effects if oldest old benefits are increased
Whitman, Kevin, and Dave Shoffner. "The Projected Effects of Social Security Benefit Increase Options for Older Beneficiaries." Policy Brief No.2013-01, October2013.
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Projections by Demographic Group
The Oldest Old in2050
Methodology»
Released: May2024
Next expected update: 2028
DEFINITION: The oldest old are beneficiaries aged85 or older in a given year. Projections for beneficiaries aged60 or older are provided for comparison.
In 2050, we project that:
- The oldest old will include more women and widows, but fewer disabled, than those aged60 or older.
- The median benefit amount will be higher for the oldest old than for those aged60 orolder.
- The poverty rate will be lower for the oldest old compared with those aged60 or older.
| Characteristic | Beneficiaries aged60 or older | Beneficiaries aged85 or older |
|---|---|---|
| Number of beneficiaries | 83million | 17million |
| Women | 54% | 59% |
| Race or ethnicity | ||
| White | 63% | 74% |
| Black | 11% | 8% |
| All other races | 8% | 7% |
| Hispanic origin | 18% | 10% |
| Ever disabled | 12% | 4% |
| Widowed | 18% | 38% |
| Under– | Beneficiaries aged60 or older | Beneficiaries aged85 or older |
|---|---|---|
| Scheduled benefits | 2,211 | 2,341 |
| Payable benefits | 1,704 | 1,805 |
| Under— | Beneficiaries aged60 or older | Beneficiaries aged85 or older |
|---|---|---|
| Scheduled benefits | 4.6 | 3.1 |
| Payable benefits | 8.7 | 7.3 |
SOURCE: Modeling Income in the Near Term, Version8 (MINT8) microsimulation model using 2023 Trustees Report intermediate assumptions.
