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Social Security and Medicare Taxes and Benefits Over a Lifetime

Social Security and Medicare Taxes and Benefits Over a Lifetime

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Published by The Washington Post
Urban Institute report written by C. Eugene Steuerle and Caleb Quakenbush, estimating taxes and and benefits received for various income levels.
Urban Institute report written by C. Eugene Steuerle and Caleb Quakenbush, estimating taxes and and benefits received for various income levels.

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Categories:Types, Research
Published by: The Washington Post on Mar 19, 2013
Copyright:Attribution Non-commercial

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10/19/2013

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Social Security and Medicare Taxes andBenefits over a Lifetime
 
2012 Update
C. Eugene Steuerle and Caleb Quakenbush
 
Copyright © October 2012. The Urban Institute. All rights reserved. Permission is granted for reproduction of this file, with attribution to the Urban Institute.The Urban Institute is a nonprofit, nonpartisan policy research and educational organizations thatexamines the social, economic, and governance problems facing the nation. The views expressedare those of the authors and should not be attributed to the Urban Institute, its trustees, or itsfunders.
 
 
Social Security and Medicare Taxes and Benefits over a Lifetime
2012 Update
The following tables update estimates for the expected present value of lifetime benefits andtaxes for Social Security and Medicare from 2011.
1
For this analysis, the demographic and
economic assumptions of the 2012 OASDI and Medicare trustees’ reports were i
ntegrated intoour model. Values are presented in 2012 dollars and assume a 2 percent real discount rate.
2
  No major changes in Social Security policy or promised Medicare benefits have occurred sincethe last update, so the overall picture presented is largely the same. However, projected costs per Medicare enrollee reflect alternative assumptions provided by the Center for Medicare andMedicaid Services (CMS) actuaries
3
 
that incorporate lawmakers’ current policy of canceling
scheduled cuts in Medicare payment rates to physicians and other scheduled spendingreductions. The result is significantly higher projected lifetime Medicare benefits than currentlaw assumptions would indicate.
4
 The numbers presented are averages for hypothetical workers with specific work histories andlongevity characteristics. Lifetime benefits and taxes experienced by specific households in theeconomy will vary based on a number of factors, including income, health, and choices aboutmarriage, divorce, children, and retirement. For example, the greater expected lifetime benefitsof women compared to men with the same earnings profile stem from longer life expectanciesfor women.Two sets of tables provide for different Social Security assumptions: one assumes that workersretire at age 65, and the other assumes that workers retire at the normal retirement age. In bothsets, workers receive Medicare at the eligibility age of 65.
1
2
More discussion of the methodology used here and in 2011 can be found athttp://www.urban.org/retirees/Estimating-Social-Security.cfm. 
3
John D. Shatto and M. Kent Clemens,
“Pro
 jected Medicare Expenditures under Illustrative Scenarios withAlternative Paymen
t Updates to Medicare Providers.” 
4

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