Proposed Provision: B6.7. Starting in January 2029, provide an addition to monthly benefits for all beneficiaries who have been eligible for at least 20 years, with the following specifications: (1) Augment benefits (not the PIA) for those of qualifying age and eligibility duration with a MAGI below about $28,300 if single and $56,600 if married. MAGI is set to equal the IRMAA definition (AGI plus tax-exempt interest income). Index these thresholds after 2029 by the increase in the C-CPI-U; (2) The full additional amount is applicable for those born 1962 and later, once 24 years elapse from initial eligibility. The basic additional amount is calculated as 5 percent of the PIA for a hypothetical worker with earnings equal to the AWI each year; (3) For those born prior to 1962, the full additional amount is multiplied by the number of years they have been affected by the C-CPI-U, divided by 24; (4) Beneficiaries will receive 20 percent of their additional amount in their 20th year after initial eligibility, 40 percent in their 21st year after initial eligibility,..., and 100 percent of their additional amount in their 24th and later years after benefit eligibility; (5) Retired and disabled worker beneficiaries, dually entitled spouse beneficiaries, and all survivor beneficiaries received their addition as described above. Spousal beneficiaries (aged or with child in care) and child beneficiaries of a living retired or disabled worker receive 50 percent of the additional amount described above. Other beneficiary types (such as parents of deceased workers) will receive the percentage of the flat benefit that equals the percentage of the insured worker's PIA that they receive; (6) The AWI used is for the second year prior to the beneficiary's initial eligibility year, with applicable COLAs applied up to the age when the addition is received; and (7) The additional amount is added to the monthly benefit after reductions for early claiming or increases for delayed claiming have been applied.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Current Law Provision
2022230230
2023211211
2024194194
2025177177
2026160160
2027143143
2028126126
2029109109
20309191
20317474
20325757
20333939
20342121
203533
2036-16-16
2037-35-35
2038-54-55
2039-74-75
2040-95-96
2041-116-117
2042-137-138
2043-158-160
2044-180-182
2045-202-204
2046-224-226
2047-246-249
2048-268-271
2049-291-294
2050-313-317
2051-336-340
2052-359-364
2053-383-388
2054-406-411
2055-430-435
2056-453-459
2057-477-484
2058-501-508
2059-525-533
2060-550-558
2061-575-584
2062-601-610
2063-627-636
2064-654-663
2065-681-691
2066-708-719
2067-736-747
2068-764-775
2069-792-804
2070-821-833
2071-850-863
2072-880-893
2073-910-923
2074-940-954
2075-971-986
2076-1003-1018
2077-1036-1051
2078-1069-1085
2079-1104-1120
2080-1139-1156
2081-1175-1192
2082-1212-1229
2083-1249-1267
2084-1286-1305
2085-1324-1344
2086-1363-1383
2087-1402-1423
2088-1442-1463
2089-1481-1503
2090-1520-1542
2091-1558-1581
2092-1595-1619
2093-1632-1656
2094-1668-1693
2095-1703-1729
2096-1738-1764
2097-1773-1799
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