Detailed Single Year Tables
Description of Proposed Provision:
B1.6 (2029): Progressive price indexing (30th percentile) of PIA factors beginning with individuals newly eligible for OASI benefits in 2029: Create a new bend point at the 30th percentile of the AIME distribution of newly retired workers. Maintain current-law benefits for earners at the 30th percentile and below. Reduce the 32 and 15 percent factors above the 30th 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.
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 | 14.43 | 12.94 | -1.49 | 217 | 0.00 | 0.00 | 0.00 | ||
2024 | 14.64 | 12.98 | -1.67 | 200 | 0.00 | 0.00 | 0.00 | ||
2025 | 14.88 | 13.00 | -1.88 | 183 | 0.00 | 0.00 | 0.00 | ||
2026 | 15.11 | 13.12 | -1.99 | 165 | 0.00 | 0.00 | 0.00 | ||
2027 | 15.35 | 13.15 | -2.20 | 148 | 0.00 | 0.00 | 0.00 | ||
2028 | 15.58 | 13.19 | -2.39 | 130 | 0.00 | 0.00 | 0.00 | ||
2029 | 15.83 | 13.23 | -2.61 | 112 | -0.00 | -0.00 | 0.00 | ||
2030 | 16.02 | 13.24 | -2.78 | 94 | -0.00 | -0.00 | 0.00 | ||
2031 | 16.18 | 13.26 | -2.93 | 76 | -0.00 | -0.00 | 0.00 | ||
2032 | 16.33 | 13.27 | -3.06 | 58 | -0.01 | -0.00 | 0.01 | ||
2033 | 16.44 | 13.28 | -3.16 | 39 | -0.01 | -0.00 | 0.01 | ||
2034 | 16.53 | 13.28 | -3.24 | 20 | -0.02 | -0.00 | 0.02 | ||
2035 | 16.59 | 13.29 | -3.30 | 1 | -0.03 | -0.00 | 0.03 | ||
2036 | 16.64 | 13.30 | -3.34 | ---- | -0.05 | -0.00 | 0.05 | ||
2037 | 16.67 | 13.30 | -3.37 | ---- | -0.07 | -0.00 | 0.06 | ||
2038 | 16.69 | 13.30 | -3.39 | ---- | -0.09 | -0.01 | 0.09 | ||
2039 | 16.69 | 13.31 | -3.39 | ---- | -0.12 | -0.01 | 0.11 | ||
2040 | 16.69 | 13.31 | -3.38 | ---- | -0.16 | -0.01 | 0.15 | ||
2041 | 16.67 | 13.31 | -3.36 | ---- | -0.19 | -0.01 | 0.18 | ||
2042 | 16.63 | 13.30 | -3.32 | ---- | -0.23 | -0.01 | 0.22 | ||
2043 | 16.57 | 13.30 | -3.27 | ---- | -0.28 | -0.02 | 0.26 | ||
2044 | 16.51 | 13.30 | -3.21 | ---- | -0.33 | -0.02 | 0.31 | ||
2045 | 16.44 | 13.30 | -3.14 | ---- | -0.38 | -0.02 | 0.35 | ||
2046 | 16.37 | 13.29 | -3.08 | ---- | -0.43 | -0.03 | 0.41 | ||
2047 | 16.30 | 13.29 | -3.01 | ---- | -0.49 | -0.03 | 0.46 | ||
2048 | 16.24 | 13.29 | -2.95 | ---- | -0.55 | -0.03 | 0.52 | ||
2049 | 16.17 | 13.28 | -2.88 | ---- | -0.62 | -0.04 | 0.58 | ||
2050 | 16.10 | 13.28 | -2.82 | ---- | -0.68 | -0.04 | 0.64 | ||
2051 | 16.04 | 13.28 | -2.76 | ---- | -0.75 | -0.05 | 0.71 | ||
2052 | 15.98 | 13.28 | -2.71 | ---- | -0.83 | -0.05 | 0.77 | ||
2053 | 15.93 | 13.27 | -2.66 | ---- | -0.90 | -0.05 | 0.84 | ||
2054 | 15.88 | 13.27 | -2.61 | ---- | -0.97 | -0.06 | 0.91 | ||
2055 | 15.84 | 13.27 | -2.57 | ---- | -1.05 | -0.06 | 0.99 | ||
2056 | 15.80 | 13.27 | -2.53 | ---- | -1.13 | -0.07 | 1.06 | ||
2057 | 15.77 | 13.27 | -2.50 | ---- | -1.21 | -0.07 | 1.14 | ||
2058 | 15.74 | 13.27 | -2.47 | ---- | -1.29 | -0.08 | 1.21 | ||
2059 | 15.71 | 13.27 | -2.45 | ---- | -1.37 | -0.08 | 1.29 | ||
2060 | 15.69 | 13.27 | -2.42 | ---- | -1.45 | -0.09 | 1.36 | ||
2061 | 15.67 | 13.27 | -2.40 | ---- | -1.54 | -0.09 | 1.44 | ||
2062 | 15.65 | 13.27 | -2.38 | ---- | -1.62 | -0.10 | 1.52 | ||
2063 | 15.63 | 13.27 | -2.36 | ---- | -1.70 | -0.10 | 1.59 | ||
2064 | 15.61 | 13.27 | -2.35 | ---- | -1.78 | -0.11 | 1.67 | ||
2065 | 15.60 | 13.27 | -2.33 | ---- | -1.86 | -0.11 | 1.74 | ||
2066 | 15.58 | 13.27 | -2.32 | ---- | -1.94 | -0.12 | 1.82 | ||
2067 | 15.57 | 13.27 | -2.31 | ---- | -2.02 | -0.13 | 1.90 | ||
2068 | 15.56 | 13.27 | -2.30 | ---- | -2.10 | -0.13 | 1.97 | ||
2069 | 15.55 | 13.27 | -2.28 | ---- | -2.18 | -0.14 | 2.05 | ||
2070 | 15.54 | 13.27 | -2.27 | ---- | -2.27 | -0.14 | 2.12 | ||
2071 | 15.52 | 13.26 | -2.26 | ---- | -2.35 | -0.15 | 2.20 | ||
2072 | 15.50 | 13.26 | -2.24 | ---- | -2.42 | -0.15 | 2.27 | ||
2073 | 15.48 | 13.26 | -2.22 | ---- | -2.50 | -0.16 | 2.35 | ||
2074 | 15.45 | 13.26 | -2.19 | ---- | -2.58 | -0.16 | 2.42 | ||
2075 | 15.42 | 13.26 | -2.16 | ---- | -2.66 | -0.17 | 2.49 | ||
2076 | 15.38 | 13.26 | -2.12 | ---- | -2.73 | -0.17 | 2.56 | ||
2077 | 15.33 | 13.26 | -2.08 | ---- | -2.81 | -0.17 | 2.63 | ||
2078 | 15.28 | 13.25 | -2.02 | ---- | -2.88 | -0.18 | 2.70 | ||
2079 | 15.21 | 13.25 | -1.96 | ---- | -2.94 | -0.18 | 2.76 | ||
2080 | 15.13 | 13.25 | -1.89 | ---- | -3.00 | -0.19 | 2.82 | ||
2081 | 15.05 | 13.24 | -1.81 | ---- | -3.06 | -0.19 | 2.87 | ||
2082 | 14.97 | 13.24 | -1.73 | ---- | -3.12 | -0.19 | 2.93 | ||
2083 | 14.89 | 13.23 | -1.66 | ---- | -3.18 | -0.20 | 2.98 | ||
2084 | 14.80 | 13.23 | -1.57 | ---- | -3.23 | -0.20 | 3.03 | ||
2085 | 14.71 | 13.22 | -1.49 | ---- | -3.29 | -0.21 | 3.08 | ||
2086 | 14.62 | 13.22 | -1.41 | ---- | -3.34 | -0.21 | 3.13 | ||
2087 | 14.54 | 13.21 | -1.33 | ---- | -3.39 | -0.21 | 3.18 | ||
2088 | 14.46 | 13.20 | -1.25 | ---- | -3.44 | -0.22 | 3.22 | ||
2089 | 14.38 | 13.20 | -1.18 | ---- | -3.49 | -0.22 | 3.27 | ||
2090 | 14.32 | 13.20 | -1.12 | ---- | -3.55 | -0.22 | 3.32 | ||
2091 | 14.26 | 13.19 | -1.07 | ---- | -3.60 | -0.23 | 3.38 | ||
2092 | 14.22 | 13.19 | -1.03 | ---- | -3.66 | -0.23 | 3.43 | ||
2093 | 14.18 | 13.19 | -0.99 | ---- | -3.73 | -0.23 | 3.49 | ||
2094 | 14.15 | 13.18 | -0.96 | ---- | -3.79 | -0.24 | 3.55 | ||
2095 | 14.12 | 13.18 | -0.93 | ---- | -3.86 | -0.24 | 3.62 |
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 | 15.75% | 13.77% | -1.98% | 2035 | -1.31% | -0.08% | 1.23% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
Based on Intermediate Assumptions of the 2020 Trustees Report.