Description of Proposed Provision:
B6.3: Provide an increase in the benefit level of any beneficiary who is 85 or older at the beginning of 2021 or who reaches their 85th birthday after the beginning of 2021. Increase the beneficiary's PIA based on an amount equal to the average retired-worker PIA at the end of 2020, or at the end of the year age 80 if later. Increase the beneficiary's PIA by 5 percent of this amount for those older than 85 at the beginning of 2021 and by 5 percent of this amount at age 85 for others, phased in at 1 percent per year for ages 81-85.

Estimates based on the intermediate assumptions of the 2019 Trustees Report

Summary Measures
Current law
[percent of payroll]
  Change from current law
[percent of payroll]
  Shortfall eliminated
Long-range
actuarial
balance
Annual
balance in
75th year
  Long-range
actuarial
balance
Annual
balance in
75th year
  Long-range
actuarial
balance
Annual
balance in
75th year
-2.78 -4.11   -0.14 -0.19   -5% -5%

graph of OASDI cost rates and income rates by year, under
                 current law and provision. click on graph to view underlying
                 data. graph of OASDI trust fund ratio by year, under current law
                 and provision. click on graph to view underlying data.