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 2026 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 |
|||
| 2023 | 14.53 | 13.29 | -1.24 | 204 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.87 | 12.89 | -1.98 | 187 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 15.04 | 12.97 | -2.07 | 168 | 0.00 | 0.00 | 0.00 | ||
| 2026 | 15.30 | 13.08 | -2.22 | 149 | 0.07 | 0.00 | -0.07 | ||
| 2027 | 15.44 | 13.10 | -2.34 | 130 | 0.06 | 0.00 | -0.06 | ||
| 2028 | 15.61 | 13.13 | -2.47 | 112 | 0.05 | 0.00 | -0.05 | ||
| 2029 | 15.77 | 13.16 | -2.60 | 95 | 0.05 | 0.00 | -0.04 | ||
| 2030 | 15.91 | 13.19 | -2.72 | 77 | 0.04 | 0.00 | -0.04 | ||
| 2031 | 16.04 | 13.21 | -2.82 | 59 | 0.03 | 0.00 | -0.03 | ||
| 2032 | 16.18 | 13.24 | -2.94 | 41 | 0.03 | 0.00 | -0.03 | ||
| 2033 | 16.30 | 13.25 | -3.05 | 23 | 0.03 | 0.00 | -0.03 | ||
| 2034 | 16.41 | 13.26 | -3.15 | 5 | 0.02 | 0.00 | -0.02 | ||
| 2035 | 16.50 | 13.27 | -3.23 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2036 | 16.57 | 13.28 | -3.29 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2037 | 16.65 | 13.28 | -3.36 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2038 | 16.71 | 13.29 | -3.42 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2039 | 16.76 | 13.29 | -3.46 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2040 | 16.79 | 13.30 | -3.49 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2041 | 16.81 | 13.30 | -3.51 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2042 | 16.82 | 13.30 | -3.51 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2043 | 16.83 | 13.30 | -3.52 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2044 | 16.84 | 13.31 | -3.54 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2045 | 16.86 | 13.31 | -3.55 | ---- | -0.01 | -0.00 | 0.00 | ||
| 2046 | 16.88 | 13.31 | -3.57 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2047 | 16.90 | 13.31 | -3.59 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2048 | 16.92 | 13.31 | -3.61 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2049 | 16.95 | 13.32 | -3.64 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2050 | 16.99 | 13.32 | -3.67 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2051 | 17.02 | 13.32 | -3.69 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2052 | 17.06 | 13.33 | -3.73 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2053 | 17.11 | 13.33 | -3.77 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2054 | 17.16 | 13.34 | -3.83 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2055 | 17.23 | 13.34 | -3.89 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2056 | 17.30 | 13.35 | -3.95 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2057 | 17.38 | 13.35 | -4.02 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2058 | 17.46 | 13.36 | -4.10 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2059 | 17.54 | 13.37 | -4.17 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2060 | 17.62 | 13.37 | -4.25 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2061 | 17.69 | 13.38 | -4.31 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2062 | 17.76 | 13.39 | -4.38 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2063 | 17.82 | 13.39 | -4.43 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2064 | 17.88 | 13.40 | -4.49 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2065 | 17.94 | 13.40 | -4.54 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2066 | 18.00 | 13.40 | -4.60 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2067 | 18.06 | 13.41 | -4.65 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2068 | 18.11 | 13.41 | -4.70 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2069 | 18.17 | 13.42 | -4.75 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2070 | 18.23 | 13.42 | -4.80 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2071 | 18.28 | 13.43 | -4.85 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2072 | 18.33 | 13.43 | -4.90 | ---- | -0.01 | -0.00 | 0.00 | ||
| 2073 | 18.38 | 13.44 | -4.94 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2074 | 18.42 | 13.44 | -4.98 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2075 | 18.46 | 13.44 | -5.02 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2076 | 18.49 | 13.45 | -5.04 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2077 | 18.50 | 13.45 | -5.05 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2078 | 18.50 | 13.45 | -5.05 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2079 | 18.48 | 13.45 | -5.04 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2080 | 18.46 | 13.45 | -5.01 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2081 | 18.43 | 13.44 | -4.98 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2082 | 18.39 | 13.44 | -4.94 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2083 | 18.34 | 13.44 | -4.90 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2084 | 18.28 | 13.44 | -4.85 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2085 | 18.22 | 13.43 | -4.79 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2086 | 18.15 | 13.43 | -4.72 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2087 | 18.08 | 13.42 | -4.66 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2088 | 18.01 | 13.42 | -4.59 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2089 | 17.94 | 13.42 | -4.53 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2090 | 17.88 | 13.41 | -4.47 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2091 | 17.83 | 13.41 | -4.42 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2092 | 17.79 | 13.41 | -4.39 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2093 | 17.76 | 13.40 | -4.36 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2094 | 17.75 | 13.40 | -4.34 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2095 | 17.74 | 13.40 | -4.34 | ---- | -0.01 | -0.00 | 0.00 | ||
| 2096 | 17.74 | 13.40 | -4.34 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2097 | 17.75 | 13.40 | -4.34 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2098 | 17.77 | 13.41 | -4.36 | ---- | -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 |
||
| 2023-2097 | 17.39% | 13.78% | -3.61% | 2034 | 0.00% | 0.00% | -0.00% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
|||||||||
Based on Intermediate Assumptions of the 2023 Trustees Report.