Detailed Single Year Tables
Description of Proposed Provision:
B1.7: Progressive price indexing (40th percentile) of PIA factors for individuals newly eligible for OASI benefits in 2029 through 2066: Create a new bend point at the 40th percentile of the AIME distribution of newly retired workers. Maintain current-law benefits for earners at the 40th percentile and below. Reduce the 32 and 15 percent factors above the 40th percentile such that the initial benefit for a worker with AIME equal to the taxable maximum grows by inflation rather than the growth in the SSA average wage index. Disabled workers are: (a) not affected prior to normal retirement age; and (b) subject to a proportional reduction in benefits, based on the worker's years of disability, upon conversion to retired-worker beneficiary status. Young survivors (children of deceased workers and surviving spouses with a child in care) are not affected.
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 |
|||
| 2021 | 14.11 | 12.31 | -1.81 | 253 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.30 | 12.93 | -1.38 | 231 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.43 | 12.91 | -1.52 | 214 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.64 | 12.94 | -1.69 | 196 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 14.86 | 12.96 | -1.90 | 178 | 0.00 | 0.00 | 0.00 | ||
| 2026 | 15.10 | 13.08 | -2.03 | 159 | 0.00 | 0.00 | 0.00 | ||
| 2027 | 15.36 | 13.10 | -2.26 | 141 | 0.00 | 0.00 | 0.00 | ||
| 2028 | 15.62 | 13.14 | -2.49 | 122 | 0.00 | 0.00 | 0.00 | ||
| 2029 | 15.87 | 13.17 | -2.70 | 104 | -0.00 | -0.00 | 0.00 | ||
| 2030 | 16.11 | 13.19 | -2.92 | 85 | -0.00 | -0.00 | 0.00 | ||
| 2031 | 16.28 | 13.21 | -3.08 | 66 | -0.00 | -0.00 | 0.00 | ||
| 2032 | 16.43 | 13.22 | -3.21 | 46 | -0.00 | -0.00 | 0.00 | ||
| 2033 | 16.55 | 13.23 | -3.32 | 27 | -0.01 | -0.00 | 0.01 | ||
| 2034 | 16.64 | 13.24 | -3.41 | 7 | -0.01 | -0.00 | 0.01 | ||
| 2035 | 16.71 | 13.24 | -3.47 | ---- | -0.02 | -0.00 | 0.02 | ||
| 2036 | 16.77 | 13.25 | -3.52 | ---- | -0.03 | -0.00 | 0.03 | ||
| 2037 | 16.81 | 13.25 | -3.56 | ---- | -0.05 | -0.00 | 0.05 | ||
| 2038 | 16.84 | 13.26 | -3.59 | ---- | -0.07 | -0.00 | 0.07 | ||
| 2039 | 16.86 | 13.26 | -3.60 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2040 | 16.86 | 13.26 | -3.60 | ---- | -0.12 | -0.01 | 0.11 | ||
| 2041 | 16.87 | 13.26 | -3.60 | ---- | -0.15 | -0.01 | 0.14 | ||
| 2042 | 16.85 | 13.27 | -3.59 | ---- | -0.18 | -0.01 | 0.17 | ||
| 2043 | 16.82 | 13.26 | -3.56 | ---- | -0.22 | -0.01 | 0.21 | ||
| 2044 | 16.78 | 13.26 | -3.52 | ---- | -0.26 | -0.01 | 0.25 | ||
| 2045 | 16.74 | 13.26 | -3.48 | ---- | -0.30 | -0.02 | 0.29 | ||
| 2046 | 16.71 | 13.26 | -3.45 | ---- | -0.35 | -0.02 | 0.33 | ||
| 2047 | 16.68 | 13.26 | -3.42 | ---- | -0.40 | -0.02 | 0.38 | ||
| 2048 | 16.64 | 13.26 | -3.39 | ---- | -0.45 | -0.03 | 0.43 | ||
| 2049 | 16.61 | 13.26 | -3.35 | ---- | -0.51 | -0.03 | 0.48 | ||
| 2050 | 16.57 | 13.26 | -3.31 | ---- | -0.57 | -0.03 | 0.53 | ||
| 2051 | 16.53 | 13.26 | -3.28 | ---- | -0.63 | -0.04 | 0.59 | ||
| 2052 | 16.50 | 13.26 | -3.24 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2053 | 16.47 | 13.25 | -3.21 | ---- | -0.75 | -0.04 | 0.71 | ||
| 2054 | 16.43 | 13.25 | -3.18 | ---- | -0.82 | -0.05 | 0.77 | ||
| 2055 | 16.41 | 13.25 | -3.15 | ---- | -0.89 | -0.05 | 0.83 | ||
| 2056 | 16.38 | 13.25 | -3.13 | ---- | -0.96 | -0.06 | 0.90 | ||
| 2057 | 16.36 | 13.25 | -3.11 | ---- | -1.03 | -0.06 | 0.97 | ||
| 2058 | 16.34 | 13.25 | -3.09 | ---- | -1.10 | -0.06 | 1.03 | ||
| 2059 | 16.32 | 13.25 | -3.07 | ---- | -1.17 | -0.07 | 1.10 | ||
| 2060 | 16.31 | 13.26 | -3.05 | ---- | -1.24 | -0.07 | 1.17 | ||
| 2061 | 16.29 | 13.26 | -3.03 | ---- | -1.31 | -0.08 | 1.23 | ||
| 2062 | 16.27 | 13.26 | -3.01 | ---- | -1.38 | -0.08 | 1.30 | ||
| 2063 | 16.25 | 13.26 | -2.99 | ---- | -1.45 | -0.09 | 1.37 | ||
| 2064 | 16.23 | 13.26 | -2.97 | ---- | -1.52 | -0.09 | 1.43 | ||
| 2065 | 16.21 | 13.25 | -2.96 | ---- | -1.59 | -0.09 | 1.50 | ||
| 2066 | 16.19 | 13.25 | -2.94 | ---- | -1.66 | -0.10 | 1.56 | ||
| 2067 | 16.17 | 13.25 | -2.92 | ---- | -1.73 | -0.10 | 1.63 | ||
| 2068 | 16.16 | 13.25 | -2.90 | ---- | -1.80 | -0.11 | 1.69 | ||
| 2069 | 16.14 | 13.25 | -2.89 | ---- | -1.87 | -0.11 | 1.76 | ||
| 2070 | 16.13 | 13.25 | -2.88 | ---- | -1.94 | -0.11 | 1.82 | ||
| 2071 | 16.12 | 13.25 | -2.86 | ---- | -2.00 | -0.12 | 1.88 | ||
| 2072 | 16.11 | 13.25 | -2.85 | ---- | -2.07 | -0.12 | 1.95 | ||
| 2073 | 16.09 | 13.25 | -2.84 | ---- | -2.13 | -0.13 | 2.01 | ||
| 2074 | 16.08 | 13.25 | -2.82 | ---- | -2.19 | -0.13 | 2.06 | ||
| 2075 | 16.06 | 13.25 | -2.81 | ---- | -2.25 | -0.13 | 2.12 | ||
| 2076 | 16.04 | 13.25 | -2.79 | ---- | -2.31 | -0.14 | 2.17 | ||
| 2077 | 16.01 | 13.25 | -2.76 | ---- | -2.36 | -0.14 | 2.22 | ||
| 2078 | 15.98 | 13.25 | -2.72 | ---- | -2.40 | -0.14 | 2.26 | ||
| 2079 | 15.93 | 13.25 | -2.68 | ---- | -2.44 | -0.15 | 2.29 | ||
| 2080 | 15.88 | 13.25 | -2.63 | ---- | -2.47 | -0.15 | 2.33 | ||
| 2081 | 15.82 | 13.24 | -2.58 | ---- | -2.50 | -0.15 | 2.35 | ||
| 2082 | 15.76 | 13.24 | -2.52 | ---- | -2.53 | -0.15 | 2.38 | ||
| 2083 | 15.70 | 13.24 | -2.46 | ---- | -2.55 | -0.15 | 2.40 | ||
| 2084 | 15.63 | 13.23 | -2.39 | ---- | -2.57 | -0.15 | 2.42 | ||
| 2085 | 15.55 | 13.23 | -2.32 | ---- | -2.59 | -0.15 | 2.43 | ||
| 2086 | 15.48 | 13.23 | -2.25 | ---- | -2.60 | -0.16 | 2.44 | ||
| 2087 | 15.40 | 13.22 | -2.18 | ---- | -2.61 | -0.16 | 2.45 | ||
| 2088 | 15.33 | 13.22 | -2.11 | ---- | -2.61 | -0.16 | 2.46 | ||
| 2089 | 15.26 | 13.21 | -2.04 | ---- | -2.61 | -0.16 | 2.46 | ||
| 2090 | 15.20 | 13.21 | -1.99 | ---- | -2.62 | -0.16 | 2.46 | ||
| 2091 | 15.15 | 13.20 | -1.94 | ---- | -2.62 | -0.16 | 2.46 | ||
| 2092 | 15.11 | 13.20 | -1.91 | ---- | -2.63 | -0.16 | 2.47 | ||
| 2093 | 15.08 | 13.20 | -1.88 | ---- | -2.63 | -0.16 | 2.47 | ||
| 2094 | 15.07 | 13.20 | -1.87 | ---- | -2.64 | -0.16 | 2.48 | ||
| 2095 | 15.06 | 13.20 | -1.86 | ---- | -2.64 | -0.16 | 2.48 | ||
| 2096 | 15.06 | 13.20 | -1.86 | ---- | -2.65 | -0.16 | 2.49 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2021-2095 | 16.22% | 13.71% | -2.51% | 2034 | -1.09% | -0.06% | 1.03% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
|||||||||
Based on Intermediate Assumptions of the 2021 Trustees Report.