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 2023 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 |
|||
| 2020 | 13.92 | 13.00 | -0.92 | 261 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.05 | 12.90 | -1.15 | 248 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.25 | 12.93 | -1.32 | 233 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.52 | 12.95 | -1.57 | 215 | 0.09 | 0.00 | -0.08 | ||
| 2024 | 14.72 | 12.98 | -1.74 | 198 | 0.07 | 0.00 | -0.07 | ||
| 2025 | 14.95 | 13.00 | -1.95 | 181 | 0.07 | 0.00 | -0.06 | ||
| 2026 | 15.17 | 13.13 | -2.04 | 163 | 0.06 | 0.00 | -0.05 | ||
| 2027 | 15.39 | 13.15 | -2.24 | 146 | 0.05 | 0.00 | -0.04 | ||
| 2028 | 15.62 | 13.19 | -2.43 | 128 | 0.04 | 0.00 | -0.04 | ||
| 2029 | 15.87 | 13.23 | -2.64 | 110 | 0.03 | 0.00 | -0.03 | ||
| 2030 | 16.05 | 13.24 | -2.81 | 92 | 0.03 | 0.00 | -0.03 | ||
| 2031 | 16.21 | 13.26 | -2.95 | 73 | 0.02 | 0.00 | -0.02 | ||
| 2032 | 16.35 | 13.27 | -3.08 | 55 | 0.02 | 0.00 | -0.02 | ||
| 2033 | 16.47 | 13.28 | -3.19 | 36 | 0.01 | 0.00 | -0.01 | ||
| 2034 | 16.56 | 13.29 | -3.27 | 18 | 0.01 | 0.00 | -0.01 | ||
| 2035 | 16.63 | 13.29 | -3.34 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2036 | 16.69 | 13.30 | -3.39 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2037 | 16.74 | 13.30 | -3.43 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2038 | 16.79 | 13.31 | -3.48 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2039 | 16.82 | 13.31 | -3.50 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2040 | 16.85 | 13.32 | -3.53 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2041 | 16.85 | 13.32 | -3.54 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2042 | 16.85 | 13.32 | -3.53 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2043 | 16.84 | 13.32 | -3.52 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2044 | 16.82 | 13.32 | -3.50 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2045 | 16.81 | 13.32 | -3.49 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2046 | 16.79 | 13.32 | -3.47 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2047 | 16.78 | 13.32 | -3.46 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2048 | 16.78 | 13.32 | -3.46 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2049 | 16.78 | 13.32 | -3.46 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2050 | 16.78 | 13.32 | -3.46 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2051 | 16.79 | 13.32 | -3.47 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2052 | 16.81 | 13.33 | -3.48 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2053 | 16.83 | 13.33 | -3.50 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2054 | 16.86 | 13.33 | -3.52 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2055 | 16.89 | 13.33 | -3.56 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2056 | 16.93 | 13.34 | -3.59 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2057 | 16.98 | 13.34 | -3.63 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2058 | 17.03 | 13.35 | -3.68 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2059 | 17.09 | 13.35 | -3.73 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2060 | 17.15 | 13.36 | -3.79 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2061 | 17.21 | 13.36 | -3.84 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2062 | 17.27 | 13.37 | -3.90 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2063 | 17.33 | 13.37 | -3.96 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2064 | 17.39 | 13.38 | -4.02 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2065 | 17.46 | 13.38 | -4.08 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2066 | 17.52 | 13.39 | -4.14 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2067 | 17.59 | 13.39 | -4.20 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2068 | 17.66 | 13.40 | -4.27 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2069 | 17.73 | 13.40 | -4.33 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2070 | 17.80 | 13.41 | -4.40 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2071 | 17.87 | 13.41 | -4.46 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2072 | 17.93 | 13.41 | -4.51 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2073 | 17.98 | 13.42 | -4.56 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2074 | 18.03 | 13.42 | -4.61 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2075 | 18.08 | 13.43 | -4.65 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2076 | 18.11 | 13.43 | -4.68 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2077 | 18.14 | 13.43 | -4.71 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2078 | 18.15 | 13.43 | -4.72 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2079 | 18.15 | 13.43 | -4.71 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2080 | 18.13 | 13.43 | -4.70 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2081 | 18.11 | 13.43 | -4.68 | ---- | -0.01 | -0.00 | 0.00 | ||
| 2082 | 18.09 | 13.43 | -4.66 | ---- | -0.01 | -0.00 | 0.00 | ||
| 2083 | 18.06 | 13.43 | -4.63 | ---- | -0.01 | -0.00 | 0.00 | ||
| 2084 | 18.03 | 13.43 | -4.60 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2085 | 17.99 | 13.43 | -4.56 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2086 | 17.95 | 13.42 | -4.53 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2087 | 17.92 | 13.42 | -4.50 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2088 | 17.89 | 13.42 | -4.47 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2089 | 17.87 | 13.42 | -4.45 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2090 | 17.86 | 13.42 | -4.44 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2091 | 17.86 | 13.42 | -4.44 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2092 | 17.88 | 13.42 | -4.46 | ---- | -0.01 | -0.00 | 0.00 | ||
| 2093 | 17.90 | 13.42 | -4.48 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2094 | 17.94 | 13.42 | -4.51 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2095 | 17.97 | 13.42 | -4.55 | ---- | -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 |
||
| 2020-2094 | 17.07% | 13.85% | -3.22% | 2034 | 0.01% | 0.00% | -0.01% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2020 Trustees Report.