| Equivalent Benefit Reduction For Increase in Retirement Age
COLA = 2.75% & Wage Growth = 3.50% | |||||||||
| Initial benefit | $ 12,000 | $12,420 | $12,855 | $13,305 | $13,770 | $14,252 | |||
| Full Retirement Age | |||||||||
| Age | Probability of living to this age Starting at age 21 | Reduction in Retirees As Retirement Age Increases From 67 | Benefit | 67 | 68 | 69 | 70 | 71 | 72 |
| 67 | 73% | 0% | $12,000 | $ (12,000) | |||||
| 68 | 71% | 3% | 12,330 | $ (24,330) | 49% | ||||
| 69 | 68% | 6% | 12,669 | $ (36,999) | 32% | 65% | |||
| 70 | 66% | 9% | 13,017 | $ (50,017) | 23% | 48% | 73% | ||
| 71 | 64% | 12% | 13,375 | $ (63,392) | 18% | 37% | 57% | 78% | |
| 72 | 62% | 15% | 13,743 | $ (77,135) | 15% | 31% | 47% | 64% | 82% |
| 73 | 59% | 19% | 14,121 | $ (91,257) | 13% | 26% | 39% | 53% | 68% |
| 74 | 56% | 22% | 14,510 | $(105,766) | 11% | 22% | 34% | 46% | 58% |
| 75 | 54% | 26% | 14,909 | $(120,675) | 9% | 19% | 29% | 40% | 51% |
| 76 | 51% | 30% | 15,319 | $(135,993) | 8% | 17% | 26% | 35% | 45% |
| 77 | 48% | 34% | 15,740 | $(151,733) | 7% | 15% | 23% | 31% | 40% |
| 78 | 45% | 38% | 16,173 | $(167,906) | 6% | 13% | 20% | 28% | 35% |
| 79 | 42% | 42% | 16,617 | $(184,523) | 6% | 12% | 18% | 25% | 32% |
| 80 | 39% | 46% | 17,074 | $(201,597) | 5% | 11% | 17% | 23% | 29% |
| 81 | 36% | 51% | 17,544 | $(219,141) | 5% | 10% | 15% | 21% | 26% |
| 82 | 33% | 55% | 18,026 | $(237,168) | 4% | 9% | 14% | 19% | 24% |
| 83 | 29% | 60% | 18,522 | $(255,690) | 4% | 8% | 13% | 17% | 22% |
| 84 | 26% | 64% | 19,031 | $(274,721) | 4% | 8% | 12% | 16% | 20% |
| 85 | 23% | 68% | 19,555 | $(294,276) | 3% | 7% | 11% | 15% | 19% |
| 86 | 20% | 72% | 20,093 | $(314,369) | 3% | 6% | 10% | 13% | 17% |
| 87 | 18% | 76% | 20,645 | $(335,014) | 3% | 6% | 9% | 12% | 16% |
| 88 | 15% | 79% | 21,213 | $(356,227) | 3% | 5% | 8% | 12% | 15% |
| 89 | 13% | 83% | 21,796 | $(378,023) | 2% | 5% | 8% | 11% | 14% |
| 90 | 10% | 86% | 22,396 | $(400,419) | 2% | 5% | 7% | 10% | 13% |
| 91 | 8% | 88% | 23,012 | $(423,430) | 2% | 4% | 7% | 9% | 12% |
| 92 | 7% | 91% | 23,644 | $(447,075) | 2% | 4% | 6% | 9% | 11% |
| 93 | 5% | 93% | 24,295 | $(471,369) | 2% | 4% | 6% | 8% | 10% |
| 94 | 4% | 95% | 24,963 | $(496,332) | 2% | 4% | 5% | 7% | 10% |
| 95 | 3% | 96% | 25,649 | $(521,981) | 2% | 3% | 5% | 7% | 9% |
| 96 | 2% | 97% | 26,354 | $(548,335) | 1% | 3% | 5% | 6% | 8% |
| 97 | 2% | 98% | 27,079 | $(575,415) | 1% | 3% | 4% | 6% | 8% |
| 98 | 1% | 99% | 27,824 | $(603,238) | 1% | 3% | 4% | 6% | 7% |
| 99 | 1% | 99% | 28,589 | $(631,827) | 1% | 2% | 4% | 5% | 7% |
| 100 | 0% | 99% | 29,375 | $(661,203) | 1% | 2% | 4% | 5% | 6% |
| 101 | 0% | 100% | 30,183 | $(691,386) | 1% | 2% | 3% | 4% | 6% |
| 102 | 0% | 100% | 31,013 | $(722,399) | 1% | 2% | 3% | 4% | 5% |
