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 2024 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 |
|||
| 2021 | 14.11 | 12.31 | -1.81 | 253 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.30 | 12.93 | -1.38 | 231 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.43 | 12.91 | -1.52 | 214 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.71 | 12.94 | -1.77 | 195 | 0.07 | 0.00 | -0.07 | ||
| 2025 | 14.92 | 12.96 | -1.96 | 177 | 0.07 | 0.00 | -0.06 | ||
| 2026 | 15.16 | 13.08 | -2.08 | 158 | 0.06 | 0.00 | -0.05 | ||
| 2027 | 15.41 | 13.10 | -2.31 | 139 | 0.05 | 0.00 | -0.04 | ||
| 2028 | 15.66 | 13.14 | -2.52 | 121 | 0.04 | 0.00 | -0.04 | ||
| 2029 | 15.91 | 13.17 | -2.73 | 102 | 0.04 | 0.00 | -0.03 | ||
| 2030 | 16.14 | 13.19 | -2.95 | 83 | 0.03 | 0.00 | -0.03 | ||
| 2031 | 16.31 | 13.21 | -3.11 | 64 | 0.03 | 0.00 | -0.03 | ||
| 2032 | 16.46 | 13.22 | -3.24 | 44 | 0.03 | 0.00 | -0.02 | ||
| 2033 | 16.58 | 13.23 | -3.35 | 25 | 0.02 | 0.00 | -0.02 | ||
| 2034 | 16.67 | 13.24 | -3.44 | 5 | 0.02 | 0.00 | -0.02 | ||
| 2035 | 16.75 | 13.24 | -3.50 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2036 | 16.81 | 13.25 | -3.56 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2037 | 16.87 | 13.26 | -3.61 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2038 | 16.92 | 13.26 | -3.66 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2039 | 16.96 | 13.27 | -3.69 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2040 | 16.98 | 13.27 | -3.71 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2041 | 17.02 | 13.27 | -3.74 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2042 | 17.03 | 13.28 | -3.76 | ---- | -0.01 | -0.00 | 0.00 | ||
| 2043 | 17.03 | 13.28 | -3.76 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2044 | 17.04 | 13.28 | -3.76 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2045 | 17.04 | 13.28 | -3.76 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2046 | 17.05 | 13.28 | -3.77 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2047 | 17.07 | 13.28 | -3.79 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2048 | 17.09 | 13.29 | -3.81 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2049 | 17.11 | 13.29 | -3.83 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2050 | 17.14 | 13.29 | -3.85 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2051 | 17.16 | 13.29 | -3.86 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2052 | 17.19 | 13.30 | -3.89 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2053 | 17.22 | 13.30 | -3.92 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2054 | 17.25 | 13.30 | -3.95 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2055 | 17.29 | 13.31 | -3.99 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2056 | 17.33 | 13.31 | -4.03 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2057 | 17.38 | 13.31 | -4.07 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2058 | 17.44 | 13.32 | -4.12 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2059 | 17.49 | 13.32 | -4.17 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2060 | 17.55 | 13.33 | -4.22 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2061 | 17.60 | 13.33 | -4.27 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2062 | 17.65 | 13.34 | -4.32 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2063 | 17.70 | 13.34 | -4.36 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2064 | 17.75 | 13.34 | -4.40 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2065 | 17.80 | 13.35 | -4.45 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2066 | 17.85 | 13.35 | -4.50 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2067 | 17.90 | 13.36 | -4.54 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2068 | 17.95 | 13.36 | -4.59 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2069 | 18.01 | 13.37 | -4.64 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2070 | 18.06 | 13.37 | -4.70 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2071 | 18.12 | 13.37 | -4.75 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2072 | 18.17 | 13.38 | -4.79 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2073 | 18.22 | 13.38 | -4.84 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2074 | 18.27 | 13.39 | -4.89 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2075 | 18.31 | 13.39 | -4.92 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2076 | 18.35 | 13.39 | -4.96 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2077 | 18.37 | 13.39 | -4.97 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2078 | 18.37 | 13.40 | -4.98 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2079 | 18.37 | 13.40 | -4.97 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2080 | 18.35 | 13.39 | -4.95 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2081 | 18.32 | 13.39 | -4.93 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2082 | 18.29 | 13.39 | -4.90 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2083 | 18.24 | 13.39 | -4.85 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2084 | 18.19 | 13.39 | -4.80 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2085 | 18.13 | 13.38 | -4.75 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2086 | 18.07 | 13.38 | -4.69 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2087 | 18.00 | 13.38 | -4.62 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2088 | 17.93 | 13.37 | -4.56 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2089 | 17.86 | 13.37 | -4.49 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2090 | 17.80 | 13.36 | -4.44 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2091 | 17.76 | 13.36 | -4.39 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2092 | 17.72 | 13.36 | -4.37 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2093 | 17.71 | 13.36 | -4.35 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2094 | 17.70 | 13.36 | -4.34 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2095 | 17.70 | 13.36 | -4.34 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2096 | 17.70 | 13.36 | -4.34 | ---- | -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 |
||
| 2021-2095 | 17.32% | 13.78% | -3.54% | 2034 | 0.00% | 0.00% | -0.00% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2021 Trustees Report.