Description of Proposed Provision:
B2.1: Beginning with those newly eligible for OASI benefits in 2029, multiply the PIA factors by the ratio of life expectancy at 67 for 2024 to the life expectancy at age 67 for the 4th year prior to the year of benefit eligibility. Unisex life expectancies, based on period life tables as computed by SSA's Office of the Chief Actuary, are used to determine the ratio. Disabled workers are: (a) not affected prior to normal retirement age; and (b) subject to a proportional reduction in benefits, based on the worker's years of disability, upon conversion to retired-worker beneficiary status.

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
201913.9112.85-1.06
273
0.000.000.00
202013.9412.87-1.07
260
0.000.000.00
202114.0912.90-1.19
245
0.000.000.00
202214.2312.92-1.31
229
0.000.000.00
202314.4012.94-1.46
213
0.000.000.00
202414.5912.97-1.62
197
0.000.000.00
202514.7912.99-1.80
180
0.000.000.00
202614.9913.11-1.88
163
0.000.000.00
202715.1913.13-2.06
147
0.000.000.00
202815.4313.17-2.26
130
0.000.000.00
202915.6313.19-2.44
114
-0.00-0.000.00
203015.8013.20-2.60
97
-0.00-0.000.00
203115.9613.22-2.75
80
-0.00-0.000.00
203216.1013.23-2.88
63
-0.00-0.000.00
203316.2313.24-2.99
46
-0.01-0.000.01
203416.3213.24-3.07
28
-0.01-0.000.01
203516.3813.25-3.13
10
-0.02-0.000.01
203616.4413.26-3.18
----
-0.02-0.000.02
203716.4913.26-3.22
----
-0.03-0.000.03
203816.5213.27-3.26
----
-0.04-0.000.04
203916.5513.27-3.28
----
-0.06-0.000.05
204016.5513.27-3.28
----
-0.07-0.000.07
204116.5213.27-3.26
----
-0.09-0.010.08
204216.4913.27-3.22
----
-0.10-0.010.10
204316.4313.27-3.17
----
-0.12-0.010.12
204416.3813.26-3.11
----
-0.14-0.010.14
204516.3213.26-3.06
----
-0.17-0.010.16
204616.2613.26-3.00
----
-0.19-0.010.18
204716.2113.26-2.95
----
-0.22-0.010.20
204816.1613.26-2.90
----
-0.24-0.010.23
204916.1113.25-2.86
----
-0.27-0.020.26
205016.0613.25-2.81
----
-0.30-0.020.29
205116.0313.25-2.78
----
-0.34-0.020.32
205216.0013.25-2.75
----
-0.37-0.020.35
205315.9713.25-2.72
----
-0.40-0.020.38
205415.9513.25-2.70
----
-0.44-0.030.41
205515.9413.25-2.69
----
-0.47-0.030.44
205615.9313.25-2.68
----
-0.51-0.030.48
205715.9313.25-2.68
----
-0.55-0.030.51
205815.9413.25-2.69
----
-0.59-0.040.55
205915.9513.26-2.70
----
-0.62-0.040.59
206015.9613.26-2.71
----
-0.66-0.040.62
206115.9813.26-2.72
----
-0.70-0.040.66
206215.9913.26-2.73
----
-0.74-0.040.70
206316.0113.26-2.75
----
-0.78-0.050.73
206416.0313.26-2.76
----
-0.82-0.050.77
206516.0413.27-2.78
----
-0.85-0.050.80
206616.0613.27-2.79
----
-0.89-0.050.84
206716.0813.27-2.81
----
-0.93-0.060.87
206816.1013.27-2.83
----
-0.97-0.060.91
206916.1313.27-2.85
----
-1.01-0.060.95
207016.1513.27-2.87
----
-1.05-0.060.98
207116.1713.28-2.89
----
-1.08-0.071.02
207216.1813.28-2.90
----
-1.12-0.071.05
207316.1913.28-2.91
----
-1.16-0.071.09
207416.2013.28-2.92
----
-1.20-0.071.12
207516.2013.28-2.92
----
-1.23-0.071.16
207616.1913.28-2.91
----
-1.27-0.081.19
207716.1813.28-2.90
----
-1.30-0.081.22
207816.1513.28-2.87
----
-1.33-0.081.25
207916.1113.28-2.84
----
-1.36-0.081.28
208016.0713.28-2.79
----
-1.39-0.091.31
208116.0213.27-2.75
----
-1.42-0.091.34
208215.9713.27-2.70
----
-1.45-0.091.36
208315.9213.27-2.66
----
-1.48-0.091.39
208415.8713.26-2.61
----
-1.50-0.091.41
208515.8213.26-2.56
----
-1.53-0.091.44
208615.7813.26-2.52
----
-1.56-0.101.46
208715.7413.26-2.49
----
-1.59-0.101.49
208815.7113.25-2.46
----
-1.61-0.101.52
208915.6913.25-2.44
----
-1.64-0.101.54
209015.6813.25-2.43
----
-1.68-0.101.57
209115.6813.25-2.43
----
-1.71-0.101.60
209215.6913.25-2.43
----
-1.74-0.111.64
209315.7013.25-2.44
----
-1.78-0.111.67
209415.7113.25-2.46
----
-1.81-0.111.70


Summarized Estimates

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

Year of reserve
depletion
1

Cost
rate
Income
rate
Actuarial
balance
2019-2093 16.02% 13.78% -2.24%
2035
-0.58% -0.03% 0.54%

1 Under current law, the year of Trust Fund reserve depletion is 2035.
Based on Intermediate Assumptions of the 2019 Trustees Report.