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Estimating the Value of Changes in Oasi Benefits Under Social Security Reforms

A previous EBRI Notes (April 2006) examined the impact of various Social Security reform alternatives on the percentage of Old-Age and Survivors Insurance (OASI) beneficiaries below specific thresholds of poverty. This paper builds upon that study by determining the change in the distribution of the benefit levels these beneficiaries would receive under the same alternatives. In addition, it calculates for each beneficiary the amount of savings that would need to be accumulated in order to purchase a payout annuity (an insurance product that provides a regular stream of income for life) that would compensate for the decrease in benefits from these alternatives relative to current-law benefits. Given the importance of Social Security to those age 65 or older, any changes made to Social Security that reduce benefits will have a tremendous impact on retirees' incomes. This study captures the effect on Old-Age and Survivors Insurance (OASI) benefits across all Americans born in specific years (cohorts) whose OASI benefits commence at age 62 or older and who have not received any other Old-Age, Survivors and Disability Insurance (OASDI) benefits before that age from various widely discussed Social Security reform alternatives.