Detailed Single Year Tables
Description of Proposed Provision:
B7.12: Provide an option to split the 8-percent delayed retirement credit (DRC) to offer a lump sum benefit at initial entitlement equal to 2 percent of the 8 percent DRC earned, and a 6 percent DRC on subsequent monthly benefits, effective for workers newly entitled to retired worker benefits in 2022 and later. Widows are held harmless from the lump-sum decision.
Financial Estimates for the OASDI Trust Fund Program
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Expressed as a percentage of current-law taxable payroll |
Trust fund ratio as of January 1 |
Expressed as a percentage of current-law taxable payroll |
|||||||
|
Calendar year |
Cost rate |
Income rate |
Annual balance |
Cost rate |
Income rate |
Annual balance |
|||
| 2019 | 13.91 | 12.85 | -1.06 | 273 | 0.00 | 0.00 | 0.00 | ||
| 2020 | 13.94 | 12.87 | -1.07 | 260 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.09 | 12.90 | -1.19 | 245 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.29 | 12.92 | -1.37 | 228 | 0.06 | 0.00 | -0.06 | ||
| 2023 | 14.46 | 12.94 | -1.52 | 212 | 0.06 | 0.00 | -0.06 | ||
| 2024 | 14.64 | 12.97 | -1.67 | 195 | 0.05 | 0.00 | -0.05 | ||
| 2025 | 14.83 | 12.99 | -1.84 | 179 | 0.04 | 0.00 | -0.04 | ||
| 2026 | 15.02 | 13.11 | -1.91 | 162 | 0.03 | 0.00 | -0.03 | ||
| 2027 | 15.21 | 13.13 | -2.08 | 145 | 0.02 | 0.00 | -0.02 | ||
| 2028 | 15.45 | 13.18 | -2.28 | 129 | 0.02 | 0.00 | -0.02 | ||
| 2029 | 15.64 | 13.19 | -2.45 | 112 | 0.02 | 0.00 | -0.01 | ||
| 2030 | 15.82 | 13.20 | -2.61 | 95 | 0.01 | 0.00 | -0.01 | ||
| 2031 | 15.98 | 13.22 | -2.76 | 78 | 0.01 | 0.00 | -0.01 | ||
| 2032 | 16.12 | 13.23 | -2.89 | 61 | 0.01 | 0.00 | -0.01 | ||
| 2033 | 16.24 | 13.24 | -3.00 | 44 | 0.01 | 0.00 | -0.01 | ||
| 2034 | 16.33 | 13.25 | -3.08 | 26 | 0.00 | 0.00 | -0.00 | ||
| 2035 | 16.40 | 13.25 | -3.15 | 8 | 0.00 | 0.00 | -0.00 | ||
| 2036 | 16.46 | 13.26 | -3.20 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2037 | 16.52 | 13.26 | -3.25 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2038 | 16.56 | 13.27 | -3.30 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2039 | 16.60 | 13.27 | -3.33 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2040 | 16.61 | 13.27 | -3.34 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2041 | 16.61 | 13.27 | -3.33 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2042 | 16.58 | 13.27 | -3.31 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2043 | 16.55 | 13.27 | -3.28 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2044 | 16.51 | 13.27 | -3.24 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2045 | 16.48 | 13.27 | -3.21 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2046 | 16.44 | 13.27 | -3.17 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2047 | 16.42 | 13.27 | -3.15 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2048 | 16.40 | 13.27 | -3.13 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2049 | 16.38 | 13.27 | -3.11 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2050 | 16.36 | 13.27 | -3.09 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2051 | 16.36 | 13.27 | -3.09 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2052 | 16.36 | 13.27 | -3.09 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2053 | 16.37 | 13.27 | -3.09 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2054 | 16.38 | 13.27 | -3.11 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2055 | 16.41 | 13.28 | -3.13 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2056 | 16.44 | 13.28 | -3.16 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2057 | 16.48 | 13.28 | -3.19 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2058 | 16.53 | 13.29 | -3.24 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2059 | 16.58 | 13.29 | -3.28 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2060 | 16.63 | 13.30 | -3.33 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2061 | 16.68 | 13.30 | -3.38 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2062 | 16.73 | 13.31 | -3.43 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2063 | 16.79 | 13.31 | -3.48 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2064 | 16.84 | 13.31 | -3.53 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2065 | 16.89 | 13.32 | -3.58 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2066 | 16.95 | 13.32 | -3.63 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2067 | 17.01 | 13.33 | -3.68 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2068 | 17.07 | 13.33 | -3.74 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2069 | 17.13 | 13.33 | -3.80 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2070 | 17.19 | 13.34 | -3.85 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2071 | 17.25 | 13.34 | -3.91 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2072 | 17.30 | 13.35 | -3.95 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2073 | 17.34 | 13.35 | -4.00 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2074 | 17.39 | 13.35 | -4.04 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2075 | 17.43 | 13.36 | -4.07 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2076 | 17.46 | 13.36 | -4.10 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2077 | 17.47 | 13.36 | -4.11 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2078 | 17.48 | 13.36 | -4.12 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2079 | 17.47 | 13.36 | -4.11 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2080 | 17.46 | 13.36 | -4.10 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2081 | 17.44 | 13.36 | -4.08 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2082 | 17.42 | 13.36 | -4.06 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2083 | 17.40 | 13.36 | -4.04 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2084 | 17.37 | 13.36 | -4.02 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2085 | 17.35 | 13.35 | -3.99 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2086 | 17.33 | 13.35 | -3.98 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2087 | 17.32 | 13.35 | -3.97 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2088 | 17.32 | 13.35 | -3.97 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2089 | 17.33 | 13.35 | -3.98 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2090 | 17.35 | 13.35 | -4.00 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2091 | 17.38 | 13.36 | -4.03 | ---- | -0.01 | -0.00 | 0.00 | ||
| 2092 | 17.42 | 13.36 | -4.07 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2093 | 17.47 | 13.36 | -4.11 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2094 | 17.52 | 13.36 | -4.16 | ---- | -0.00 | -0.00 | 0.00 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2019-2093 | 16.60% | 13.81% | -2.79% | 2035 | 0.00% | 0.00% | -0.00% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2019 Trustees Report.