Policy Option Projections
Below are our projections of the effects of various retirement policy proposals on Social Security beneficiaries. For each proposal, we also link to SSA's actuarial projections of the effects on the Social Security trust fund.
- Cost of Living
|Proposal||Start/End Date(s)||Proposed by||Projected Effects on…|
|Beneficiaries in…||Trust Fundsa|
|Increase Social Security payroll tax from 12.4%|
|To 15.2% and then to 18.0% in 2056||2026/NA||SSAB||2030 | 2050 | 2070||OACT E1.2|
|Increase the earnings subject to taxation|
|Make all earnings subject to the Social Security payroll tax, and include these earnings in benefit computations||2015/NA||SSAB||2030 | 2050 | 2070||OACT E2.2|
|Make 90% of earnings subject to the Social Security payroll tax, include these earnings in benefit computations, and phase in from 2015 to 2024||2015/NA||SSAB||2030 | 2050 | 2070||OACT E3.1|
NOTE: OACT = Office of the Chief Actuary, SSAB = Social Security Advisory Board.
a. Because the timing of OACT updates to Trust Fund projections may not coincide with the timing of our updates, the specifications used to make these projections (e.g., years and amounts) may differ.