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 2025 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 |
|||
| 2022 | 14.05 | 12.79 | -1.26 | 230 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.31 | 13.04 | -1.27 | 211 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.45 | 12.95 | -1.49 | 194 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 14.73 | 12.97 | -1.76 | 176 | 0.07 | 0.00 | -0.07 | ||
| 2026 | 14.95 | 13.08 | -1.87 | 159 | 0.06 | 0.00 | -0.06 | ||
| 2027 | 15.16 | 13.10 | -2.05 | 141 | 0.05 | 0.00 | -0.05 | ||
| 2028 | 15.37 | 13.14 | -2.23 | 124 | 0.04 | 0.00 | -0.04 | ||
| 2029 | 15.57 | 13.18 | -2.39 | 107 | 0.04 | 0.00 | -0.04 | ||
| 2030 | 15.75 | 13.20 | -2.55 | 90 | 0.03 | 0.00 | -0.03 | ||
| 2031 | 15.93 | 13.23 | -2.70 | 72 | 0.03 | 0.00 | -0.03 | ||
| 2032 | 16.09 | 13.25 | -2.85 | 55 | 0.03 | 0.00 | -0.02 | ||
| 2033 | 16.23 | 13.26 | -2.97 | 37 | 0.02 | 0.00 | -0.02 | ||
| 2034 | 16.34 | 13.27 | -3.07 | 19 | 0.02 | 0.00 | -0.02 | ||
| 2035 | 16.43 | 13.27 | -3.16 | 1 | 0.01 | 0.00 | -0.01 | ||
| 2036 | 16.51 | 13.28 | -3.23 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2037 | 16.58 | 13.29 | -3.30 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2038 | 16.65 | 13.29 | -3.35 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2039 | 16.69 | 13.30 | -3.40 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2040 | 16.72 | 13.30 | -3.42 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2041 | 16.74 | 13.30 | -3.44 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2042 | 16.76 | 13.30 | -3.46 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2043 | 16.78 | 13.30 | -3.47 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2044 | 16.80 | 13.31 | -3.49 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2045 | 16.82 | 13.31 | -3.51 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2046 | 16.83 | 13.31 | -3.52 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2047 | 16.86 | 13.31 | -3.55 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2048 | 16.88 | 13.31 | -3.57 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2049 | 16.91 | 13.32 | -3.60 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2050 | 16.95 | 13.32 | -3.63 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2051 | 16.98 | 13.32 | -3.66 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2052 | 17.01 | 13.32 | -3.69 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2053 | 17.05 | 13.33 | -3.72 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2054 | 17.10 | 13.33 | -3.76 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2055 | 17.15 | 13.34 | -3.81 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2056 | 17.20 | 13.34 | -3.86 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2057 | 17.26 | 13.35 | -3.92 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2058 | 17.33 | 13.35 | -3.98 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2059 | 17.39 | 13.36 | -4.03 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2060 | 17.45 | 13.36 | -4.09 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2061 | 17.51 | 13.37 | -4.15 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2062 | 17.57 | 13.37 | -4.20 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2063 | 17.63 | 13.37 | -4.25 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2064 | 17.68 | 13.38 | -4.30 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2065 | 17.73 | 13.38 | -4.35 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2066 | 17.78 | 13.39 | -4.39 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2067 | 17.83 | 13.39 | -4.44 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2068 | 17.88 | 13.39 | -4.49 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2069 | 17.94 | 13.40 | -4.54 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2070 | 18.00 | 13.40 | -4.60 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2071 | 18.05 | 13.41 | -4.65 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2072 | 18.11 | 13.41 | -4.69 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2073 | 18.16 | 13.41 | -4.74 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2074 | 18.21 | 13.42 | -4.79 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2075 | 18.25 | 13.42 | -4.83 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2076 | 18.29 | 13.43 | -4.86 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2077 | 18.31 | 13.43 | -4.88 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2078 | 18.32 | 13.43 | -4.89 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2079 | 18.31 | 13.43 | -4.88 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2080 | 18.30 | 13.43 | -4.87 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2081 | 18.27 | 13.43 | -4.84 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2082 | 18.24 | 13.43 | -4.81 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2083 | 18.20 | 13.42 | -4.78 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2084 | 18.15 | 13.42 | -4.73 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2085 | 18.10 | 13.42 | -4.68 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2086 | 18.04 | 13.41 | -4.63 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2087 | 17.97 | 13.41 | -4.56 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2088 | 17.91 | 13.41 | -4.50 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2089 | 17.84 | 13.40 | -4.44 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2090 | 17.78 | 13.40 | -4.38 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2091 | 17.73 | 13.39 | -4.34 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2092 | 17.69 | 13.39 | -4.30 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2093 | 17.67 | 13.39 | -4.28 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2094 | 17.65 | 13.39 | -4.26 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2095 | 17.64 | 13.39 | -4.25 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2096 | 17.64 | 13.39 | -4.25 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2097 | 17.64 | 13.39 | -4.26 | ---- | -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 |
||
| 2022-2096 | 17.20% | 13.78% | -3.42% | 2035 | 0.00% | 0.00% | -0.00% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2022 Trustees Report.