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Research report

Social Security & Medicare Lifetime Benefits and Taxes: 2022

C. Eugene Steuerle, Karen E. Smith
February 14, 2023
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Abstract

Lifetime Social Security and Medicare taxes are scheduled to be significantly lower than lifetime Social Security and Medicare benefits for most workers in future decades, based on the latest data. This report compares the benefits and taxes paid by beneficiaries at the age of 65 from 1960 to 2060 calculated in 2022 dollars. Given the near-term depletion of the Social Security and Medicare trust funds, this report illustrates how lawmakers could scale back the rate of growth of benefit increases and still allow lifetime benefits to increase significantly for each cohort of future retirees.

Research Area

Individual Taxes Medicare Social Security
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Meet the Experts

  • C. Eugene Steuerle
    Institute Fellow and Richard B. Fisher Chair
  • Karen E. Smith
    Senior Fellow
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  • © Urban Institute, Brookings Institution, and individual authors, 2022.