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Detailed Single Year Tables

Description of Proposed Provision:
Eliminate the taxable maximum in years 2024 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2015, 2.48 percent in 2016, and so on, up to 11.16 percent in 2023. Provide benefit credit for earnings above the current-law taxable maximum, adding a bend point at the current-law taxable maximum and applying a formula factor of 5 percent for AIME above this new bend point.

 

Financial Estimates for the OASDI Trust Fund Program

 
  Proposal
  Change from Present Law
  Expressed as a percentage of
present-law taxable payroll

Trust fund
ratio as of
January 1
Expressed as a percentage of
present-law taxable payroll
Calendar
year
Cost
rate
Income
rate
Annual
balance

Cost
rate
Income
rate
Annual
balance
201313.9512.69-1.26
330
0.000.000.00
201414.0412.83-1.20
315
0.000.000.00
201513.9713.10-0.87
301
0.000.240.24
201613.9113.38-0.53
287
0.000.500.50
201713.8813.65-0.23
276
0.000.750.75
201813.9113.920.01
267
0.000.990.99
201914.0614.170.11
261
0.001.221.22
202014.2614.410.15
255
0.011.441.43
202114.4514.650.20
251
0.011.661.65
202214.7214.900.18
247
0.011.871.86
202314.9915.130.14
244
0.022.092.07
202415.2515.360.11
241
0.022.312.28
202515.5115.39-0.12
239
0.032.322.29
202615.7515.40-0.34
237
0.042.322.28
202715.9815.42-0.56
234
0.052.322.27
202816.1915.44-0.76
231
0.062.322.27
202916.4015.45-0.95
226
0.072.332.26
203016.5715.46-1.11
222
0.082.332.25
203116.7315.47-1.25
216
0.092.332.24
203216.8615.48-1.37
210
0.102.332.23
203316.9715.49-1.48
203
0.122.342.22
203417.0615.50-1.56
197
0.132.342.21
203517.1215.50-1.61
189
0.142.342.20
203617.1615.51-1.65
182
0.152.342.19
203717.1815.51-1.67
175
0.162.342.18
203817.1915.52-1.67
167
0.172.352.18
203917.1715.52-1.65
160
0.182.352.17
204017.1515.52-1.63
153
0.192.352.16
204117.1315.52-1.60
145
0.202.352.15
204217.1015.52-1.58
138
0.212.352.15
204317.0815.52-1.55
131
0.212.352.14
204417.0715.53-1.54
124
0.222.362.13
204517.0615.53-1.53
117
0.232.362.13
204617.0615.53-1.53
109
0.242.362.12
204717.0615.53-1.52
102
0.252.362.11
204817.0515.53-1.51
95
0.262.372.11
204917.0515.54-1.51
87
0.262.372.10
205017.0515.54-1.51
80
0.272.372.10
205117.0715.54-1.53
72
0.282.372.09
205217.0915.55-1.55
64
0.282.372.09
205317.1315.55-1.58
56
0.292.372.08
205417.1715.55-1.61
48
0.302.382.08
205517.2115.56-1.65
39
0.302.382.08
205617.2715.56-1.70
31
0.312.382.07
205717.3215.57-1.75
21
0.312.382.07
205817.3715.57-1.79
12
0.322.382.07
205917.4215.58-1.84
2
0.322.392.06
206017.4715.58-1.88
----
0.332.392.06
206117.5115.59-1.93
----
0.332.392.06
206217.5615.59-1.97
----
0.332.392.06
206317.6015.60-2.01
----
0.332.392.06
206417.6515.60-2.05
----
0.342.392.06
206517.7015.60-2.09
----
0.342.402.06
206617.7415.61-2.14
----
0.342.402.06
206717.7915.61-2.18
----
0.342.402.06
206817.8415.62-2.22
----
0.342.402.06
206917.8915.62-2.27
----
0.352.402.06
207017.9315.62-2.31
----
0.352.402.06
207117.9715.63-2.34
----
0.352.412.06
207218.0115.63-2.37
----
0.352.412.06
207318.0315.64-2.40
----
0.352.412.06
207418.0615.64-2.42
----
0.352.412.06
207518.0715.64-2.43
----
0.352.412.06
207618.0815.64-2.44
----
0.352.412.06
207718.0915.64-2.44
----
0.352.412.06
207818.0915.65-2.45
----
0.352.412.06
207918.1015.65-2.45
----
0.352.422.06
208018.1115.65-2.46
----
0.352.422.07
208118.1315.65-2.48
----
0.352.422.07
208218.1515.65-2.50
----
0.352.422.07
208318.1915.66-2.53
----
0.352.422.07
208418.2315.66-2.56
----
0.352.422.07
208518.2715.67-2.60
----
0.362.422.07
208618.3215.67-2.65
----
0.362.432.07
208718.3715.67-2.70
----
0.362.432.07
208818.4215.68-2.75
----
0.362.432.07



 

Summarized Estimates

 
  Proposal
  Change from Present Law
Years Cost
rate
Income
rate
Actuarial
balance

Year of reserve
depletion
1

Cost
rate
Income
rate
Actuarial
balance
 
Based on Intermediate Assumptions of the 2013 Trustees Report.
2013-2087 16.79% 15.99% -0.80%
2059
0.19% 2.11% 1.92%
 
1 Under present law, the year of Trust Fund reserve depletion is 2033.

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Last reviewed or modified September 11, 2013