Proposed Provision: B6.7. Starting in January 2024, provide an addition to monthly benefits for all beneficiaries who have been eligible for at least 20 years, with the following specifications: (1) Augment benefits (not the PIA) for those of qualifying age and eligibility duration with a MAGI below about $25,600 if single and $51,200 if married. MAGI is set to equal the IRMAA definition (AGI plus tax-exempt interest income). Index these thresholds after 2024 by the increase in the C-CPI-U; (2) The full additional amount is applicable for those born 1958 and later, once 24 years elapse from initial eligibility. The basic additional amount is calculated as 5 percent of the PIA for a hypothetical worker with earnings equal to the AWI each year; (3) For those born prior to 1958, the full additional amount is multiplied by the number of years they have been affected by the C-CPI-U, divided by 24; (4) Beneficiaries will receive 20 percent of their additional amount in their 20th year after initial eligibility, 40 percent in their 21st year after initial eligibility,..., and 100 percent of their additional amount in their 24th and later years after benefit eligibility; (5) Retired and disabled worker beneficiaries, dually entitled spouse beneficiaries, and all survivor beneficiaries received their addition as described above. Spousal beneficiaries (aged or with child in care) and child beneficiaries of a living retired or disabled worker receive 50 percent of the additional amount described above. Other beneficiary types (such as parents of deceased workers) will receive the percentage of the flat benefit that equals the percentage of the insured worker's PIA that they receive; (6) The AWI used is for the second year prior to the beneficiary's initial eligibility year, with applicable COLAs applied up to the age when the addition is received; and (7) The additional amount is added to the monthly benefit after reductions for early claiming or increases for delayed claiming have been applied.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Current Law Provision
2017298298
2018287287
2019273273
2020259259
2021245245
2022230230
2023215215
2024199199
2025182182
2026165165
2027148147
2028130129
2029112111
20309493
20317574
20325655
20333735
20341614
2035-4-7
2036-26-28
2037-47-51
2038-70-73
2039-92-96
2040-115-119
2041-138-142
2042-161-166
2043-184-189
2044-207-213
2045-230-237
2046-253-260
2047-276-284
2048-300-308
2049-323-332
2050-346-356
2051-370-380
2052-393-404
2053-417-428
2054-440-452
2055-464-476
2056-487-500
2057-511-525
2058-536-549
2059-560-575
2060-585-600
2061-611-627
2062-637-653
2063-663-680
2064-690-707
2065-717-735
2066-745-763
2067-772-791
2068-801-820
2069-829-849
2070-858-879
2071-888-909
2072-918-940
2073-949-972
2074-981-1004
2075-1014-1037
2076-1047-1071
2077-1082-1107
2078-1117-1143
2079-1153-1179
2080-1190-1217
2081-1227-1254
2082-1264-1292
2083-1300-1329
2084-1337-1367
2085-1374-1404
2086-1410-1441
2087-1446-1478
2088-1483-1515
2089-1520-1553
2090-1557-1590
2091-1595-1629
2092-1633-1668
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