Description of Proposed Provision:
B7.11: Beginning in January 2022, 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
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
202214.5112.93-1.58
225
0.280.01-0.27
202314.6712.95-1.72
208
0.270.01-0.26
202414.8512.98-1.86
190
0.260.01-0.25
202515.0313.00-2.04
172
0.250.01-0.24
202615.2313.13-2.10
155
0.240.01-0.23
202715.4113.15-2.27
137
0.220.01-0.21
202815.6313.19-2.45
120
0.200.01-0.19
202915.8113.20-2.60
103
0.180.01-0.17
203015.9613.21-2.75
86
0.160.01-0.14
203116.1013.23-2.87
68
0.130.01-0.12
203216.2213.24-2.98
51
0.110.01-0.10
203316.3313.24-3.08
33
0.100.01-0.09
203416.4113.25-3.16
15
0.080.01-0.07
203516.4613.26-3.21
----
0.060.01-0.06
203616.5113.26-3.24
----
0.050.00-0.04
203716.5413.27-3.28
----
0.030.00-0.02
203816.5713.27-3.30
----
0.010.00-0.01
203916.6013.27-3.32
----
-0.010.000.01
204016.6013.27-3.32
----
-0.020.000.02
204116.5913.27-3.31
----
-0.03-0.000.03
204216.5613.27-3.29
----
-0.03-0.000.03
204316.5213.27-3.25
----
-0.04-0.000.03
204416.4813.27-3.21
----
-0.04-0.000.04
204516.4413.27-3.17
----
-0.04-0.000.04
204616.4013.27-3.13
----
-0.05-0.000.05
204716.3713.27-3.10
----
-0.06-0.000.06
204816.3413.27-3.07
----
-0.06-0.000.06
204916.3113.27-3.05
----
-0.07-0.000.07
205016.2913.27-3.03
----
-0.07-0.000.07
205116.2813.27-3.02
----
-0.08-0.000.07
205216.2913.27-3.02
----
-0.08-0.000.07
205316.2913.27-3.02
----
-0.08-0.000.08
205416.3113.27-3.03
----
-0.08-0.000.08
205516.3313.27-3.06
----
-0.08-0.000.08
205616.3613.28-3.08
----
-0.08-0.000.08
205716.3913.28-3.11
----
-0.09-0.000.08
205816.4313.28-3.15
----
-0.09-0.000.09
205916.4813.29-3.19
----
-0.10-0.000.09
206016.5213.29-3.23
----
-0.10-0.000.10
206116.5713.30-3.28
----
-0.11-0.000.10
206216.6313.30-3.33
----
-0.11-0.000.10
206316.6813.30-3.38
----
-0.11-0.010.10
206416.7313.31-3.42
----
-0.11-0.010.10
206516.7913.31-3.48
----
-0.11-0.010.10
206616.8413.32-3.53
----
-0.11-0.010.11
206716.9013.32-3.58
----
-0.11-0.010.11
206816.9613.32-3.64
----
-0.11-0.010.11
206917.0213.33-3.69
----
-0.11-0.010.11
207017.0913.33-3.75
----
-0.11-0.010.10
207117.1413.34-3.80
----
-0.11-0.010.10
207217.1913.34-3.85
----
-0.11-0.010.11
207317.2313.34-3.89
----
-0.12-0.010.11
207417.2713.35-3.92
----
-0.12-0.010.11
207517.3013.35-3.95
----
-0.13-0.010.12
207617.3313.35-3.98
----
-0.13-0.010.12
207717.3413.35-3.99
----
-0.13-0.010.13
207817.3513.35-3.99
----
-0.14-0.010.13
207917.3413.35-3.99
----
-0.14-0.010.13
208017.3213.35-3.97
----
-0.14-0.010.13
208117.3013.35-3.95
----
-0.14-0.010.13
208217.2813.35-3.93
----
-0.14-0.010.13
208317.2613.35-3.91
----
-0.14-0.010.14
208417.2413.35-3.89
----
-0.14-0.010.13
208517.2213.35-3.87
----
-0.14-0.010.13
208617.2113.35-3.86
----
-0.13-0.010.13
208717.2013.35-3.85
----
-0.13-0.010.12
208817.2013.35-3.86
----
-0.12-0.010.12
208917.2213.35-3.87
----
-0.12-0.010.11
209017.2413.35-3.89
----
-0.12-0.010.11
209117.2713.35-3.92
----
-0.12-0.010.11
209217.3113.35-3.96
----
-0.12-0.010.11
209317.3613.36-4.00
----
-0.12-0.010.11
209417.4013.36-4.04
----
-0.12-0.010.11


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 16.57% 13.81% -2.76%
2034
-0.02% -0.00% 0.02%

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