Predicted Years of Receiving Social Security Benefits for Men Born in 1920 and1940 and Change in Years of Benefit Receipt between the Two Birth Cohorts, byRank in Mid-Career Income DistributionPredicted years of receiving Social Security: Men(in years)30252015Bottom 2nd 3rd 4th 5th 6th 7th 8th 9th TopBorn in 1940Decile of mid-career income distributionBorn in 1920

Question
Asked Mar 20, 2019
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Assuming the lowest decile of men receive an average of $800/month in Social Security, while the highest decile receive $2200/month in Social Security how much does each receive (on average) during their years in retirement. Use the chart called: Predictive Years of Receiving Social Security Benefits. Also use the born in 1940 data.

Predicted Years of Receiving Social Security Benefits for Men Born in 1920 and
1940 and Change in Years of Benefit Receipt between the Two Birth Cohorts, by
Rank in Mid-Career Income Distribution
Predicted years of receiving Social Security: Men
(in years)
30
25
20
15
Bottom 2nd 3rd 4th 5th 6th 7th 8th 9th Top
Born in 1940
Decile of mid-career income distribution
Born in 1920
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Predicted Years of Receiving Social Security Benefits for Men Born in 1920 and 1940 and Change in Years of Benefit Receipt between the Two Birth Cohorts, by Rank in Mid-Career Income Distribution Predicted years of receiving Social Security: Men (in years) 30 25 20 15 Bottom 2nd 3rd 4th 5th 6th 7th 8th 9th Top Born in 1940 Decile of mid-career income distribution Born in 1920

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Expert Answer

Step 1

Introduction:

Observe the “Born in 1940” curve in the given graph. The average of the lowest decile, marked as “Bottom” is $800 and the average of the highest decile, marked as “Top” is $2,200, both per month.

Now, the deciles are all equally-spaced. Thus, the averages of each decile must also be equally-spaced.

The range of the averages is: (average of the highest decile) – (average of the lowest decile) = 2,200 – 800 = 1,400.

Now, starting from the average of the first decile, if the constant quantity, say, c is added once, the average of the second decile is obtained; if 2c is added to the first decile average, the ave...

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