--- .C?? files contain social security money's worth statistics for exemplary cohort couples specified in the SSASIM INDS and IND tables using the ECI Toolkit. NOTE: these output files are not available in the OLC mode of model operation. Lifetime PV measures for OASI program [.=r] and DI program [.=d]: (monetary measures expressed in thousands of dollars)[PV=present-value] (present values discounted to year in which cohort is 65 years old) (present values expressed in COHORT.cpi_year dollars) pvearn = PV of all earnings [PVE] pvtax. = PV of payroll taxes and account contributions [PVT] pvben. = PV of DB benefits & DC withdrawals & annuity payments [PVB] > Note: two items NOT included in PVB are as follows: (a) DC acct withdrawal used to buy an annuity (b) DC acct balance at death of last surviving spouse > Note: withdrawals & annuity payments are net of clawbacks & offsets ratio. = payback ratio [PVB/PVT] in percentage terms net$. = dollar net program PV [PVB-PVT] net%. = relative net program PV [(PVB-PVT)/PVE] in percentage terms nirr%. = percentage discount rate that makes PVT equal PVB rirr%. = percentage discount when PVT and PVB terms are in real $ Note that these IRR statistics are calculated for each scenario and then the scenario values of IRR are averaged to get a mean just like all other statistics. This differs from the IRR statistic computed by others (e.g., Steuerle & Bakija, Retooling Social Security for the 21st Century, Urban Institute, 1994) who calculate one IRR for a single cashflow stream that has been averaged over all the lifetime contingencies. The two statistics are not mathematically equivalent if the cashflow arrays contain more than two time periods because of the nonlinearity introduced by raising one plus the IRR to a power. Examples suggest that the IRR of the all-scenario average cashflows is somewhat higher than the average of the scenario IRR values, creating an upward bias in the estimate produced by the actuarial method. On the other hand, the all-scenario mean of the other lifetime present-value statistics computed here using the Monte Carlo method are mathematically equivalent to those computed by others (e.g., Steuerle & Bakija and Advisory Council Report) using actuarial methods because the present-value function is linear in the cashflows that are averaged in the actuarial method. Unlike the Monte Carlo method, the actuarial method of computing the mean present value provides no information about the variability of the statistic across the different life histories represented in the Monte Carlo scenarios. Lifetime present-value measures for OASI (DB+DC) program: (monetary measures expressed in thousands of dollars)[PV=present-value] (present values discounted to year in which cohort is 65 years old) (present values expressed in COHORT.cpi_year dollars) scenar //( 1) "pvearn", //( 2) "pvtaxr", //( 3) "pvbenr", //( 4) "ratior", //( 5) " net$r", //( 6) " net%r", //( 7) "nirr%r", //( 8) "rirr%r", //( 9) Annual average post-retirement OASI benefit statistics for couple: (monetary measures expressed in thousands of dollars) (monetary expressed in COHORT.cpi_year dollars) "avbenr", //(10) avbenr = average (over all retirement years both are alive and retired) of real (expressed in COHORT.cpi_year dollars) OASI benefits from _both_ the DB tier and the DC tier "avb1nr", //(11) avb1nr = average (over all retirement years both are alive and retired) of real (expressed in COHORT.cpi_year dollars) OASI benefits from _only_ the first DB tier "avb2nr", //(12) avb2nr = average (over all retirement years both are alive and retired) of real (expressed in COHORT.cpi_year dollars) OASI benefits from _only_ the second DC tier " replr", //(13) replr = percentage replacement rate defined in one of two ways as specified by IND.oact_replr input parameter: (a) [oact_replr=F] avbenr divided by last-working-year's total earnings expressed in COHORT.cpi_year dollars; (b) [oact_replr=T] first-retirement-year's nominal benefit (from both tiers) divided by last-working-year's nominal total earnings In both cases, the last working year is the maximum of the two coupled individuals' last working years, and the total earnings in that year is the sum of the two individuals' total annual earnings. "xxxxxx", //(14) OBSOLETE: always equals -inf // Annual average pre-retirement OASI benefit statistics for widow(er): [this benefit includes all benefits received by widow(er)'s kids] (monetary measures expressed in thousands of dollars) (monetary measures expressed in COHORT.cpi_year dollars) "avbenp", //(15) avbenp = average (over all pre-retirement years in which benefits received) of real (expressed in COHORT.cpi_year dollars) OASI benefits from _both_ the DB tier and the DC tier "avb1np", //(16) avb1np = average (over all pre-retirement years in which benefits received) of real (expressed in COHORT.cpi_year dollars) OASI benefits from _only_ the first DB tier "avb2np", //(17) avb2np = average (over all pre-retirement years in which benefits received) of real (expressed in COHORT.cpi_year dollars) OASI benefits from _only_ the second DC tier " replp", //(18) replp = percentage replacement rate defined as avbenp divided by deceased spouse's total earnings in year before death expressed in COHORT.cpi_year dollars; Annual average post-retirement OASI benefit statistics for widow(er): (monetary measures expressed in thousands of dollars) (monetary measures expressed in COHORT.cpi_year dollars) "avbenw", //(19) avbenw = average (over all retirement years widow(er) is alone) of real (expressed in COHORT.cpi_year dollars) OASI benefits from _both_ the DB tier and the DC tier "avb1nw", //(20) avb1nw = average (over all retirement years widow(er) is alone) of real (expressed in COHORT.cpi_year dollars) OASI benefits from _only_ the first DB tier "avb2nw", //(21) avb2nw = average (over all retirement years widow(er) is alone) of real (expressed in COHORT.cpi_year dollars) OASI benefits from _only_ the second DC tier " replw", //(22) replw = percentage replacement rate defined as avbenw divided by total earnings of widow(er) in her/his last working year "xxxxxx", //(23) OBSOLETE: always equals -inf // Lifetime present-value measures for DI (DB+DC) program: (monetary measures expressed in thousands of dollars)[PV=present-value] (present values discounted to year in which cohort is 65 years old) (present values expressed in COHORT.cpi_year dollars) "pvtaxd", //(24) "pvbend", //(25) "ratiod", //(26) " net$d", //(27) " net%d", //(28) "nirr%d", //(29) "rirr%d", //(30) Number of kids born to couple: " nkids", //(31) "xxxxxx", //(32) OBSOLETE: always equals -inf // Death ages of female and male in couple (die at year end) "dage_f", //(33) "dage_m", //(34) Real IRR for combined OASDI program: "rirr%c", //(35) Lifetime present-value measures for DC accounts: (monetary measures expressed in thousands of dollars)[PV=present-value] (present values discounted to year in which cohort is 65 years old) (present values expressed in COHORT.cpi_year dollars) PV of account (non-annuity-purchase) withdrawals plus annuity payments "pvbena", //(36) PV of account clawback/offset amounts "pvbeno" //(37)