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Detailed Single Year Tables

Description of Proposed Provision:
Progressive indexing (30th percentile) of PIA formula factors beginning with individuals newly eligible for OASI benefits in 2015, continuing through 2024, and then resuming in 2063: 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 formula factors above the 30th percentile such that the initial benefit for a worker with AIME equal to the taxable maximum is reduced by 1.12 percent per year as compared to current law (for the years that progressive indexing applies). 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 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
201413.9812.93-1.05
315
0.000.000.00
201513.9712.95-1.01
302
0.000.000.00
201613.9312.98-0.95
290
0.000.000.00
201713.9113.01-0.90
278
-0.010.000.01
201813.9513.03-0.91
266
-0.010.000.01
201914.1113.05-1.06
254
-0.030.000.02
202014.3313.07-1.26
241
-0.040.000.04
202114.5913.10-1.49
228
-0.060.000.06
202214.8913.12-1.76
215
-0.080.000.08
202315.1813.14-2.04
200
-0.11-0.010.11
202415.4513.15-2.29
185
-0.15-0.010.14
202515.7013.17-2.53
169
-0.18-0.010.17
202615.9313.18-2.75
153
-0.22-0.010.21
202716.1513.20-2.95
136
-0.26-0.010.25
202816.3313.21-3.13
119
-0.30-0.020.29
202916.4913.22-3.27
101
-0.34-0.020.32
203016.6213.23-3.39
82
-0.38-0.020.36
203116.7213.23-3.49
63
-0.42-0.020.40
203216.7913.24-3.55
43
-0.46-0.030.43
203316.8313.24-3.59
23
-0.49-0.030.47
203416.8513.25-3.61
2
-0.53-0.030.50
203516.8513.25-3.60
----
-0.56-0.030.53
203616.8413.25-3.59
----
-0.59-0.030.55
203716.8213.25-3.57
----
-0.61-0.030.58
203816.7813.25-3.53
----
-0.64-0.040.60
203916.7313.25-3.48
----
-0.66-0.040.63
204016.6713.24-3.43
----
-0.69-0.040.65
204116.6113.24-3.37
----
-0.71-0.040.67
204216.5513.24-3.31
----
-0.73-0.040.69
204316.5013.24-3.26
----
-0.74-0.040.70
204416.4513.23-3.22
----
-0.76-0.040.72
204516.4113.23-3.18
----
-0.78-0.040.73
204616.3713.23-3.14
----
-0.79-0.040.74
204716.3413.23-3.11
----
-0.80-0.050.75
204816.3113.23-3.08
----
-0.81-0.050.76
204916.2813.23-3.05
----
-0.82-0.050.77
205016.2613.23-3.03
----
-0.82-0.050.77
205116.2513.23-3.02
----
-0.83-0.050.78
205216.2413.23-3.01
----
-0.83-0.050.78
205316.2413.23-3.01
----
-0.83-0.050.78
205416.2513.23-3.02
----
-0.83-0.050.79
205516.2613.23-3.03
----
-0.83-0.050.79
205616.2713.23-3.04
----
-0.84-0.050.79
205716.2913.23-3.05
----
-0.84-0.050.79
205816.3013.23-3.07
----
-0.84-0.050.79
205916.3113.24-3.08
----
-0.84-0.050.79
206016.3213.24-3.08
----
-0.84-0.050.79
206116.3213.24-3.09
----
-0.84-0.050.79
206216.3313.24-3.09
----
-0.84-0.050.79
206316.3413.24-3.10
----
-0.84-0.050.79
206416.3513.24-3.11
----
-0.84-0.050.79
206516.3613.24-3.12
----
-0.84-0.050.79
206616.3713.24-3.13
----
-0.84-0.050.80
206716.3913.24-3.15
----
-0.85-0.050.80
206816.4013.24-3.16
----
-0.86-0.050.81
206916.4213.24-3.17
----
-0.87-0.050.82
207016.4313.25-3.19
----
-0.89-0.050.84
207116.4413.25-3.19
----
-0.91-0.050.86
207216.4413.25-3.19
----
-0.94-0.050.88
207316.4413.25-3.19
----
-0.96-0.060.91
207416.4413.25-3.19
----
-1.00-0.060.94
207516.4313.25-3.18
----
-1.03-0.060.97
207616.4213.25-3.17
----
-1.07-0.061.01
207716.4013.25-3.16
----
-1.11-0.061.04
207816.3913.24-3.14
----
-1.15-0.071.09
207916.3713.24-3.13
----
-1.20-0.071.13
208016.3613.24-3.11
----
-1.25-0.071.18
208116.3413.24-3.10
----
-1.30-0.071.23
208216.3213.24-3.08
----
-1.36-0.081.28
208316.3013.24-3.06
----
-1.41-0.081.33
208416.2813.24-3.04
----
-1.47-0.081.39
208516.2613.24-3.02
----
-1.54-0.091.45
208616.2313.24-3.00
----
-1.60-0.091.51
208716.2113.24-2.97
----
-1.67-0.101.57



 

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 16.08% 13.99% -2.09%
2034
-0.61% -0.03% 0.58%
 
1 Under present law, the year of Trust Fund reserve depletion is 2033.

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Last reviewed or modified February 20, 2013