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.

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
202114.1712.90-1.27
244
0.080.00-0.08
202214.3112.92-1.39
228
0.080.00-0.08
202314.4812.94-1.54
211
0.080.00-0.08
202414.6712.97-1.70
194
0.080.00-0.08
202514.8712.99-1.88
177
0.090.00-0.08
202615.0813.12-1.96
160
0.090.00-0.08
202715.2813.14-2.15
143
0.090.01-0.09
202815.5313.18-2.35
126
0.100.01-0.09
202915.7313.20-2.53
109
0.100.01-0.09
203015.9113.21-2.70
92
0.100.01-0.10
203116.0813.22-2.85
75
0.110.01-0.10
203216.2213.23-2.99
57
0.110.01-0.11
203316.3513.24-3.11
39
0.120.01-0.11
203416.4513.25-3.20
21
0.120.01-0.12
203516.5313.26-3.27
2
0.130.01-0.12
203616.5913.26-3.33
----
0.130.01-0.12
203716.6513.27-3.38
----
0.140.01-0.13
203816.7013.28-3.43
----
0.140.01-0.13
203916.7513.28-3.47
----
0.140.01-0.14
204016.7613.28-3.48
----
0.150.01-0.14
204116.7613.28-3.48
----
0.150.01-0.14
204216.7513.28-3.46
----
0.160.01-0.15
204316.7213.28-3.43
----
0.160.01-0.15
204416.6813.28-3.40
----
0.160.01-0.15
204516.6513.28-3.37
----
0.160.01-0.15
204616.6213.28-3.34
----
0.170.01-0.16
204716.5913.28-3.31
----
0.170.01-0.16
204816.5713.28-3.29
----
0.170.01-0.16
204916.5513.28-3.27
----
0.170.01-0.16
205016.5313.28-3.25
----
0.170.01-0.16
205116.5313.28-3.25
----
0.170.01-0.16
205216.5313.28-3.25
----
0.170.01-0.16
205316.5413.28-3.25
----
0.170.01-0.16
205416.5513.28-3.26
----
0.160.01-0.15
205516.5713.29-3.29
----
0.160.01-0.15
205616.6013.29-3.31
----
0.160.01-0.15
205716.6413.29-3.35
----
0.160.01-0.15
205816.6913.30-3.39
----
0.160.01-0.15
205916.7313.30-3.43
----
0.160.01-0.15
206016.7913.31-3.48
----
0.160.01-0.15
206116.8413.31-3.53
----
0.160.01-0.15
206216.8913.31-3.58
----
0.160.01-0.15
206316.9513.32-3.63
----
0.160.01-0.15
206417.0013.32-3.68
----
0.160.01-0.15
206517.0613.33-3.73
----
0.160.01-0.15
206617.1213.33-3.79
----
0.160.01-0.15
206717.1813.34-3.84
----
0.170.01-0.16
206817.2413.34-3.90
----
0.170.01-0.16
206917.3013.34-3.96
----
0.170.01-0.16
207017.3713.35-4.02
----
0.170.01-0.16
207117.4213.35-4.07
----
0.170.01-0.16
207217.4813.36-4.12
----
0.180.01-0.17
207317.5313.36-4.17
----
0.180.01-0.17
207417.5713.36-4.21
----
0.180.01-0.17
207517.6113.37-4.25
----
0.180.01-0.17
207617.6413.37-4.27
----
0.180.01-0.17
207717.6613.37-4.29
----
0.190.01-0.17
207817.6713.37-4.30
----
0.190.01-0.18
207917.6713.37-4.29
----
0.190.01-0.18
208017.6513.37-4.28
----
0.190.01-0.18
208117.6313.37-4.26
----
0.190.01-0.18
208217.6113.37-4.24
----
0.190.01-0.18
208317.5913.37-4.22
----
0.190.01-0.18
208417.5713.37-4.20
----
0.190.01-0.18
208517.5513.37-4.18
----
0.190.01-0.18
208617.5313.36-4.17
----
0.190.01-0.18
208717.5213.36-4.16
----
0.190.01-0.18
208817.5213.36-4.16
----
0.200.01-0.18
208917.5313.36-4.17
----
0.200.01-0.18
209017.5513.37-4.19
----
0.200.01-0.19
209117.5913.37-4.22
----
0.200.01-0.19
209217.6313.37-4.26
----
0.200.01-0.19
209317.6713.37-4.30
----
0.200.01-0.19
209417.7213.38-4.35
----
0.200.01-0.19


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 16.75% 13.82% -2.93%
2035
0.15% 0.01% -0.14%

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