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Detailed Single Year Tables

Description of Proposed Provision:
Eliminate the taxable maximum in years 2023 and later and apply a portion of the payroll tax rate to earnings above the current-law taxable maximum: 1.24 percent in 2014, 2.48 percent in 2015, and so on, up to 11.16 percent in 2022. Provide benefit credit for earnings above the current-law taxable maximum, adding a bend point at the current-law taxable maximum and applying a formula factor of 5 percent for AIME above this new bend point.

 

Financial Estimates for the OASDI Trust Fund Program

 
  Proposal
  Change from Present Law
  Expressed as a percentage of
present-law taxable payroll

Trust fund
ratio as of
January 1
Expressed as a percentage of
present-law taxable payroll
Calendar
year
Cost
rate
Income
rate
Annual
balance

Cost
rate
Income
rate
Annual
balance
201213.8312.89-0.93
340
0.000.000.00
201313.9512.83-1.12
329
0.000.000.00
201413.9813.17-0.81
315
0.000.240.24
201513.9713.44-0.52
304
0.000.490.49
201613.9413.73-0.21
295
0.000.750.75
201713.9214.010.09
287
0.001.001.00
201813.9614.280.31
282
0.001.241.24
201914.1414.510.37
278
0.011.461.45
202014.3814.740.36
274
0.011.671.66
202114.6714.980.31
271
0.011.881.86
202214.9915.220.23
268
0.022.092.08
202315.3115.460.14
265
0.032.312.29
202415.6315.49-0.14
263
0.032.332.29
202515.9215.51-0.42
259
0.042.332.29
202616.2015.53-0.68
255
0.052.332.28
202716.4715.54-0.93
251
0.062.332.27
202816.7115.56-1.15
245
0.072.342.26
202916.9215.58-1.34
239
0.092.342.25
203017.1015.59-1.51
232
0.102.342.24
203117.2615.60-1.65
224
0.112.342.23
203217.3715.61-1.76
216
0.122.352.22
203317.4615.62-1.84
208
0.132.352.21
203417.5215.63-1.90
200
0.142.352.21
203517.5615.63-1.93
191
0.162.352.20
203617.5915.64-1.96
182
0.172.352.19
203717.6115.64-1.97
174
0.182.362.18
203817.6115.64-1.97
165
0.192.362.17
203917.5915.64-1.95
156
0.202.362.16
204017.5715.65-1.92
147
0.212.362.16
204117.5415.65-1.89
139
0.222.372.15
204217.5115.65-1.86
130
0.232.372.14
204317.4815.65-1.83
122
0.242.372.13
204417.4615.65-1.81
113
0.242.372.13
204517.4415.65-1.79
104
0.252.372.12
204617.4215.65-1.77
96
0.262.382.11
204717.4115.65-1.75
87
0.272.382.11
204817.3915.66-1.74
79
0.282.382.10
204917.3815.66-1.72
70
0.282.382.10
205017.3715.66-1.71
61
0.292.392.09
205117.3715.66-1.71
53
0.302.392.09
205217.3715.66-1.71
44
0.302.392.09
205317.3815.67-1.72
35
0.312.392.08
205417.3915.67-1.73
26
0.312.392.08
205517.4115.67-1.74
16
0.322.402.08
205617.4315.68-1.76
7
0.322.402.07
205717.4515.68-1.77
----
0.332.402.07
205817.4715.68-1.79
----
0.332.402.07
205917.4815.69-1.80
----
0.332.402.07
206017.4915.69-1.80
----
0.342.402.07
206117.5015.69-1.81
----
0.342.412.07
206217.5115.69-1.82
----
0.342.412.07
206317.5215.69-1.82
----
0.342.412.07
206417.5315.70-1.83
----
0.342.412.07
206517.5415.70-1.84
----
0.342.412.07
206617.5615.70-1.86
----
0.342.412.07
206717.5815.71-1.88
----
0.342.412.07
206817.6115.71-1.90
----
0.352.422.07
206917.6415.71-1.93
----
0.352.422.07
207017.6715.72-1.96
----
0.352.422.07
207117.7015.72-1.98
----
0.352.422.07
207217.7315.72-2.00
----
0.352.422.07
207317.7515.73-2.03
----
0.352.422.07
207417.7815.73-2.05
----
0.352.432.08
207517.8115.73-2.08
----
0.352.432.08
207617.8415.74-2.10
----
0.352.432.08
207717.8615.74-2.12
----
0.352.432.08
207817.8915.74-2.15
----
0.352.432.08
207917.9215.75-2.18
----
0.352.432.08
208017.9615.75-2.21
----
0.352.432.08
208117.9915.75-2.24
----
0.352.442.08
208218.0315.76-2.27
----
0.352.442.08
208318.0715.76-2.31
----
0.352.442.08
208418.1115.77-2.35
----
0.362.442.08
208518.1515.77-2.38
----
0.362.442.08
208618.1915.77-2.42
----
0.362.442.09
208718.2315.78-2.45
----
0.362.442.09



 

Summarized Estimates

 
  Proposal
  Change from Present Law
Years Cost
rate
Income
rate
Actuarial
balance

Year of reserve
depletion
1

Cost
rate
Income
rate
Actuarial
balance
 
Based on Intermediate Assumptions of the 2012 Trustees Report.
2012-2086 16.88% 16.14% -0.74%
2056
0.20% 2.12% 1.92%
 
1 Under present law, the year of Trust Fund reserve depletion is 2033.

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Last reviewed or modified February 20, 2013