Long Range Solvency Provisions

Description of Proposed Provision:
B6.3: Provide an increase in the benefit level of any beneficiary who is 85 or older at the beginning of 2022 or who reaches their 85th birthday after the beginning of 2022. Increase the beneficiary's PIA based on an amount equal to the average retired-worker PIA at the end of 2021, or at the end of the year age 80 if later. Increase the beneficiary's PIA by 5 percent of this amount for those older than 85 at the beginning of 2022 and by 5 percent of this amount at age 85 for others, phased in at 1 percent per year for ages 81-85.

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	Trust fund ratio as of January 1	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	14.33	12.93	-1.40	231	0.08	0.00	-0.08
2023	14.52	12.95	-1.57	215	0.08	0.00	-0.08
2024	14.73	12.98	-1.75	198	0.09	0.00	-0.08
2025	14.97	13.00	-1.97	180	0.09	0.00	-0.08
2026	15.20	13.13	-2.07	162	0.09	0.00	-0.09
2027	15.44	13.15	-2.29	144	0.09	0.01	-0.09
2028	15.68	13.19	-2.49	126	0.10	0.01	-0.09
2029	15.94	13.23	-2.70	108	0.10	0.01	-0.10
2030	16.13	13.25	-2.88	89	0.11	0.01	-0.10
2031	16.30	13.26	-3.04	71	0.11	0.01	-0.11
2032	16.45	13.27	-3.18	52	0.12	0.01	-0.11
2033	16.57	13.28	-3.29	33	0.12	0.01	-0.11
2034	16.68	13.29	-3.38	14	0.13	0.01	-0.12
2035	16.76	13.30	-3.46	----	0.13	0.01	-0.12
2036	16.82	13.31	-3.51	----	0.13	0.01	-0.13
2037	16.88	13.31	-3.56	----	0.14	0.01	-0.13
2038	16.93	13.32	-3.61	----	0.14	0.01	-0.13
2039	16.96	13.32	-3.64	----	0.15	0.01	-0.14
2040	17.00	13.33	-3.67	----	0.15	0.01	-0.14
2041	17.01	13.33	-3.69	----	0.16	0.01	-0.15
2042	17.02	13.33	-3.69	----	0.16	0.01	-0.15
2043	17.01	13.33	-3.68	----	0.16	0.01	-0.15
2044	17.00	13.33	-3.67	----	0.17	0.01	-0.16
2045	16.99	13.33	-3.66	----	0.17	0.01	-0.16
2046	16.97	13.33	-3.64	----	0.17	0.01	-0.16
2047	16.96	13.33	-3.63	----	0.17	0.01	-0.16
2048	16.96	13.33	-3.63	----	0.17	0.01	-0.16
2049	16.96	13.33	-3.63	----	0.17	0.01	-0.16
2050	16.96	13.33	-3.63	----	0.17	0.01	-0.16
2051	16.97	13.33	-3.63	----	0.17	0.01	-0.16
2052	16.98	13.34	-3.64	----	0.17	0.01	-0.16
2053	17.00	13.34	-3.66	----	0.17	0.01	-0.16
2054	17.03	13.34	-3.69	----	0.17	0.01	-0.16
2055	17.06	13.35	-3.72	----	0.17	0.01	-0.16
2056	17.10	13.35	-3.75	----	0.17	0.01	-0.16
2057	17.14	13.35	-3.79	----	0.17	0.01	-0.16
2058	17.19	13.36	-3.84	----	0.17	0.01	-0.16
2059	17.25	13.36	-3.89	----	0.16	0.01	-0.15
2060	17.31	13.37	-3.94	----	0.16	0.01	-0.15
2061	17.37	13.37	-4.00	----	0.16	0.01	-0.15
2062	17.43	13.38	-4.06	----	0.17	0.01	-0.16
2063	17.50	13.38	-4.11	----	0.17	0.01	-0.16
2064	17.56	13.39	-4.17	----	0.17	0.01	-0.16
2065	17.63	13.39	-4.24	----	0.17	0.01	-0.16
2066	17.70	13.40	-4.30	----	0.17	0.01	-0.16
2067	17.77	13.40	-4.37	----	0.17	0.01	-0.16
2068	17.84	13.41	-4.43	----	0.18	0.01	-0.16
2069	17.91	13.41	-4.50	----	0.18	0.01	-0.17
2070	17.98	13.42	-4.57	----	0.18	0.01	-0.17
2071	18.05	13.42	-4.63	----	0.18	0.01	-0.17
2072	18.11	13.43	-4.69	----	0.19	0.01	-0.17
2073	18.17	13.43	-4.74	----	0.19	0.01	-0.18
2074	18.23	13.44	-4.79	----	0.19	0.01	-0.18
2075	18.27	13.44	-4.83	----	0.19	0.01	-0.18
2076	18.31	13.44	-4.87	----	0.20	0.01	-0.18
2077	18.34	13.44	-4.89	----	0.20	0.01	-0.18
2078	18.35	13.45	-4.90	----	0.20	0.01	-0.19
2079	18.35	13.45	-4.90	----	0.20	0.01	-0.19
2080	18.34	13.45	-4.89	----	0.20	0.01	-0.19
2081	18.32	13.45	-4.87	----	0.20	0.01	-0.19
2082	18.30	13.44	-4.85	----	0.20	0.01	-0.19
2083	18.27	13.44	-4.83	----	0.20	0.01	-0.19
2084	18.24	13.44	-4.80	----	0.20	0.01	-0.19
2085	18.20	13.44	-4.76	----	0.20	0.01	-0.19
2086	18.16	13.44	-4.73	----	0.20	0.01	-0.19
2087	18.13	13.43	-4.69	----	0.21	0.01	-0.19
2088	18.10	13.43	-4.67	----	0.21	0.01	-0.19
2089	18.08	13.43	-4.65	----	0.21	0.01	-0.20
2090	18.08	13.43	-4.64	----	0.21	0.01	-0.20
2091	18.08	13.43	-4.65	----	0.21	0.01	-0.20
2092	18.09	13.43	-4.66	----	0.21	0.01	-0.20
2093	18.12	13.43	-4.68	----	0.21	0.01	-0.20
2094	18.15	13.44	-4.71	----	0.21	0.01	-0.20
2095	18.18	13.44	-4.75	----	0.21	0.01	-0.20

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	17.22%	13.86%	-3.36%	2034	0.16%	0.01%	-0.15%
¹ Under current law, the year of Trust Fund reserve depletion is 2035.

Based on Intermediate Assumptions of the 2020 Trustees Report.

Detailed Single Year Tables

Financial Estimates for the OASDI Trust Fund Program

Summarized Estimates