Detailed Single Year Tables
Description of Proposed Provision:
B7.11: Beginning in January 2023, eliminate the retirement earnings test for all beneficiaries under normal retirement age, including retired workers, aged spouses, aged widow(er)s, young spouses with a child in care, young surviving spouses with a child in care, and children.
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 |
|||
| 2020 | 13.92 | 13.00 | -0.92 | 261 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.05 | 12.90 | -1.15 | 248 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.25 | 12.93 | -1.32 | 233 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.72 | 12.96 | -1.77 | 212 | 0.29 | 0.01 | -0.28 | ||
| 2024 | 14.92 | 12.99 | -1.93 | 194 | 0.28 | 0.01 | -0.27 | ||
| 2025 | 15.15 | 13.01 | -2.14 | 176 | 0.27 | 0.01 | -0.26 | ||
| 2026 | 15.37 | 13.14 | -2.23 | 157 | 0.26 | 0.02 | -0.24 | ||
| 2027 | 15.59 | 13.16 | -2.42 | 139 | 0.24 | 0.01 | -0.23 | ||
| 2028 | 15.80 | 13.20 | -2.60 | 121 | 0.22 | 0.01 | -0.20 | ||
| 2029 | 16.03 | 13.24 | -2.79 | 102 | 0.20 | 0.01 | -0.18 | ||
| 2030 | 16.20 | 13.25 | -2.94 | 83 | 0.17 | 0.01 | -0.16 | ||
| 2031 | 16.34 | 13.27 | -3.07 | 65 | 0.15 | 0.01 | -0.14 | ||
| 2032 | 16.46 | 13.28 | -3.19 | 46 | 0.13 | 0.01 | -0.12 | ||
| 2033 | 16.56 | 13.29 | -3.28 | 27 | 0.11 | 0.01 | -0.10 | ||
| 2034 | 16.65 | 13.29 | -3.35 | 8 | 0.10 | 0.01 | -0.09 | ||
| 2035 | 16.71 | 13.30 | -3.41 | ---- | 0.08 | 0.01 | -0.07 | ||
| 2036 | 16.75 | 13.30 | -3.44 | ---- | 0.06 | 0.01 | -0.06 | ||
| 2037 | 16.78 | 13.31 | -3.47 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2038 | 16.81 | 13.31 | -3.50 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2039 | 16.83 | 13.31 | -3.51 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2040 | 16.84 | 13.32 | -3.53 | ---- | -0.00 | 0.00 | 0.00 | ||
| 2041 | 16.85 | 13.32 | -3.53 | ---- | -0.01 | 0.00 | 0.01 | ||
| 2042 | 16.84 | 13.32 | -3.52 | ---- | -0.02 | 0.00 | 0.02 | ||
| 2043 | 16.83 | 13.32 | -3.51 | ---- | -0.02 | 0.00 | 0.02 | ||
| 2044 | 16.80 | 13.32 | -3.49 | ---- | -0.03 | -0.00 | 0.03 | ||
| 2045 | 16.78 | 13.32 | -3.47 | ---- | -0.03 | -0.00 | 0.03 | ||
| 2046 | 16.76 | 13.32 | -3.44 | ---- | -0.04 | -0.00 | 0.04 | ||
| 2047 | 16.74 | 13.32 | -3.42 | ---- | -0.05 | -0.00 | 0.05 | ||
| 2048 | 16.73 | 13.32 | -3.41 | ---- | -0.05 | -0.00 | 0.05 | ||
| 2049 | 16.72 | 13.32 | -3.40 | ---- | -0.06 | -0.00 | 0.06 | ||
| 2050 | 16.72 | 13.32 | -3.40 | ---- | -0.07 | -0.00 | 0.06 | ||
| 2051 | 16.72 | 13.32 | -3.40 | ---- | -0.07 | -0.00 | 0.07 | ||
| 2052 | 16.74 | 13.32 | -3.41 | ---- | -0.07 | -0.00 | 0.07 | ||
| 2053 | 16.76 | 13.33 | -3.43 | ---- | -0.07 | -0.00 | 0.07 | ||
| 2054 | 16.79 | 13.33 | -3.46 | ---- | -0.07 | -0.00 | 0.07 | ||
| 2055 | 16.82 | 13.33 | -3.49 | ---- | -0.08 | -0.00 | 0.07 | ||
| 2056 | 16.85 | 13.33 | -3.52 | ---- | -0.08 | -0.00 | 0.08 | ||
| 2057 | 16.89 | 13.34 | -3.55 | ---- | -0.08 | -0.00 | 0.08 | ||
| 2058 | 16.94 | 13.34 | -3.60 | ---- | -0.09 | -0.00 | 0.09 | ||
| 2059 | 16.99 | 13.35 | -3.64 | ---- | -0.10 | -0.00 | 0.09 | ||
| 2060 | 17.04 | 13.35 | -3.69 | ---- | -0.10 | -0.00 | 0.10 | ||
| 2061 | 17.10 | 13.36 | -3.74 | ---- | -0.10 | -0.00 | 0.10 | ||
| 2062 | 17.16 | 13.36 | -3.80 | ---- | -0.11 | -0.01 | 0.10 | ||
| 2063 | 17.22 | 13.37 | -3.86 | ---- | -0.11 | -0.01 | 0.10 | ||
| 2064 | 17.28 | 13.37 | -3.91 | ---- | -0.11 | -0.01 | 0.10 | ||
| 2065 | 17.35 | 13.38 | -3.97 | ---- | -0.11 | -0.01 | 0.10 | ||
| 2066 | 17.41 | 13.38 | -4.03 | ---- | -0.11 | -0.01 | 0.11 | ||
| 2067 | 17.48 | 13.38 | -4.10 | ---- | -0.11 | -0.01 | 0.11 | ||
| 2068 | 17.55 | 13.39 | -4.16 | ---- | -0.11 | -0.01 | 0.11 | ||
| 2069 | 17.62 | 13.39 | -4.23 | ---- | -0.11 | -0.01 | 0.11 | ||
| 2070 | 17.69 | 13.40 | -4.29 | ---- | -0.11 | -0.01 | 0.11 | ||
| 2071 | 17.76 | 13.40 | -4.35 | ---- | -0.11 | -0.01 | 0.11 | ||
| 2072 | 17.81 | 13.41 | -4.40 | ---- | -0.12 | -0.01 | 0.11 | ||
| 2073 | 17.87 | 13.41 | -4.45 | ---- | -0.12 | -0.01 | 0.11 | ||
| 2074 | 17.91 | 13.42 | -4.49 | ---- | -0.12 | -0.01 | 0.12 | ||
| 2075 | 17.95 | 13.42 | -4.53 | ---- | -0.13 | -0.01 | 0.12 | ||
| 2076 | 17.98 | 13.42 | -4.56 | ---- | -0.14 | -0.01 | 0.13 | ||
| 2077 | 18.00 | 13.42 | -4.58 | ---- | -0.14 | -0.01 | 0.13 | ||
| 2078 | 18.01 | 13.43 | -4.58 | ---- | -0.14 | -0.01 | 0.13 | ||
| 2079 | 18.01 | 13.43 | -4.58 | ---- | -0.14 | -0.01 | 0.14 | ||
| 2080 | 17.99 | 13.43 | -4.57 | ---- | -0.14 | -0.01 | 0.14 | ||
| 2081 | 17.97 | 13.43 | -4.55 | ---- | -0.15 | -0.01 | 0.14 | ||
| 2082 | 17.94 | 13.42 | -4.52 | ---- | -0.15 | -0.01 | 0.14 | ||
| 2083 | 17.91 | 13.42 | -4.49 | ---- | -0.15 | -0.01 | 0.14 | ||
| 2084 | 17.88 | 13.42 | -4.46 | ---- | -0.15 | -0.01 | 0.15 | ||
| 2085 | 17.84 | 13.42 | -4.43 | ---- | -0.15 | -0.01 | 0.14 | ||
| 2086 | 17.81 | 13.42 | -4.39 | ---- | -0.15 | -0.01 | 0.14 | ||
| 2087 | 17.78 | 13.41 | -4.37 | ---- | -0.14 | -0.01 | 0.14 | ||
| 2088 | 17.76 | 13.41 | -4.34 | ---- | -0.14 | -0.01 | 0.13 | ||
| 2089 | 17.74 | 13.41 | -4.33 | ---- | -0.13 | -0.01 | 0.13 | ||
| 2090 | 17.74 | 13.41 | -4.33 | ---- | -0.13 | -0.01 | 0.12 | ||
| 2091 | 17.74 | 13.41 | -4.33 | ---- | -0.13 | -0.01 | 0.12 | ||
| 2092 | 17.76 | 13.41 | -4.34 | ---- | -0.13 | -0.01 | 0.12 | ||
| 2093 | 17.78 | 13.41 | -4.37 | ---- | -0.13 | -0.01 | 0.12 | ||
| 2094 | 17.81 | 13.42 | -4.39 | ---- | -0.13 | -0.01 | 0.12 | ||
| 2095 | 17.85 | 13.42 | -4.43 | ---- | -0.13 | -0.01 | 0.12 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2020-2094 | 17.03% | 13.85% | -3.19% | 2034 | -0.03% | -0.00% | 0.03% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2020 Trustees Report.