by John Darer CLU ChFC MSSC CeFT RSP CLTC
Ever wonder what you can expect to receive from Social Security and Medicare after all those taxes that you and your employers' pay? A white paper on the subject by C. Eugene Steurle and Stephanie Rennane aims to show you. The paper published January 2011 by the Urban Institute, a non partisan economic and social policy research organization, presents estimates of lifetime value for typical workers at various earnings levels. Here are the tables for single men and women at the "average wage". Download the paper at the link below for other options.
Social Security and Expected Medicare Benefits (in 2010 dollars)
Single man earning the average wage ($43,100 in 2010 dollars)
|
If you turn 65 in… |
Annual Social Security benefits |
Lifetime Social Security benefits |
Lifetime Medicare benefits |
Total benefits received over a lifetime |
Lifetime Social Security (OASDI) taxes |
Lifetime Medicare taxes |
Total Social Security & Medicare taxes paid |
|
1960 |
$9,200 |
$111,000 |
$14,000 |
$125,000 |
$17,600 |
$0 |
$17,600 |
|
1980 |
$14,900 |
$200,000 |
$57,000 |
$257,000 |
$95,000 |
$7,800 |
$102,800 |
|
2010 |
$17,400 |
$256,000 |
$161,000 |
$417,000 |
$290,000 |
$55,000 |
$345,000 |
|
2030 |
$19,700 |
$318,000 |
$251,000 |
$569,000 |
$392,000 |
$84,000 |
$476,000 |
Single woman earning the average wage ($43,100 in 2010)
|
If you turn 65 in… |
Annual Social Security benefits |
Lifetime Social Security benefits |
Lifetime Medicare benefits |
Total benefits received over a lifetime |
Lifetime Social Security (OASDI) taxes |
Lifetime Medicare taxes |
Total Social Security & Medicare taxes paid |
|
1960 |
$9,200 |
$145,000 |
$21,500 |
$166,500 |
$17,600 |
$0 |
$17,600 |
|
1980 |
$14,900 |
$246,000 |
$74,800 |
$320,800 |
$95,000 |
$7,800 |
$102,800 |
|
2010 |
$17,400 |
$283,000 |
$181,000 |
$464,000 |
$290,000 |
$55,000 |
$345,000 |
|
2030 |
$19,700 |
$348,000 |
$279,000 |
$627,000 |
$392,000 |
$84,000 |
$476,000 |
[1] Expected rather than realized benefits.
Download Social-security-medicare-benefits-over-lifetime(2)
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