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Detailed Single Year Tables

Description of Proposed Provision:
Eliminate the taxable maximum for years 2020 and later (phased in 2014-2019), and apply full 12.4 percent payroll tax rate to all earnings. Provide benefit credit for earnings above the current-law taxable maximum that were taxed after 2013, using a secondary PIA formula. This secondary PIA formula uses: (1) an “AIME+” derived from annual earnings from each year after 2013 that were in excess of that year’s current-law taxable maximum; (2) a bend point equal to 134 percent higher of the monthly current-law taxable maximum; and (3) formula factors of 3 percent and 0.25 percent, respectively.

 

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
201313.9512.69-1.26
330
0.000.000.00
201414.0413.16-0.88
315
0.000.330.33
201513.9713.55-0.42
303
0.000.690.69
201613.9113.930.02
293
0.001.051.05
201713.8814.300.42
285
0.001.401.40
201813.9114.660.74
281
0.001.731.73
201914.0614.980.93
279
0.002.032.03
202014.2615.291.03
279
0.002.322.32
202114.4415.310.87
280
0.002.322.32
202214.7115.340.63
280
0.002.312.31
202314.9715.350.38
280
0.002.312.31
202415.2315.370.14
278
0.002.312.31
202515.4815.39-0.09
276
0.002.312.31
202615.7115.40-0.31
273
0.002.322.32
202715.9315.41-0.51
271
0.002.322.32
202816.1415.43-0.71
268
0.002.322.32
202916.3315.44-0.89
264
0.002.322.32
203016.5015.45-1.04
260
0.002.322.32
203116.6415.46-1.17
255
0.002.322.32
203216.7615.47-1.29
250
0.002.322.32
203316.8615.48-1.38
244
0.012.322.32
203416.9415.48-1.46
238
0.012.322.32
203516.9915.49-1.50
232
0.012.322.32
203617.0215.49-1.52
226
0.012.332.32
203717.0315.50-1.54
220
0.012.332.32
203817.0315.50-1.53
214
0.012.332.32
203917.0015.50-1.50
208
0.012.332.32
204016.9715.50-1.47
202
0.012.332.32
204116.9415.50-1.44
196
0.012.332.32
204216.9115.50-1.41
191
0.012.332.32
204316.8815.50-1.38
185
0.012.332.32
204416.8615.50-1.35
180
0.012.332.32
204516.8415.50-1.34
174
0.012.332.32
204616.8315.50-1.33
169
0.012.342.32
204716.8215.51-1.32
163
0.012.342.32
204816.8115.51-1.30
158
0.022.342.32
204916.8015.51-1.29
153
0.022.342.32
205016.8015.51-1.29
147
0.022.342.32
205116.8115.51-1.29
142
0.022.342.32
205216.8315.52-1.31
136
0.022.342.33
205316.8515.52-1.33
130
0.022.342.33
205416.8915.52-1.36
124
0.022.342.33
205516.9315.53-1.40
117
0.022.352.33
205616.9715.53-1.44
110
0.022.352.33
205717.0215.53-1.49
103
0.022.352.33
205817.0715.54-1.53
96
0.022.352.33
205917.1115.54-1.57
88
0.022.352.33
206017.1615.55-1.61
81
0.022.352.33
206117.2015.55-1.65
72
0.022.352.33
206217.2515.56-1.69
64
0.022.352.34
206317.2915.56-1.73
55
0.022.362.34
206417.3315.56-1.77
46
0.022.362.34
206517.3815.57-1.81
36
0.022.362.34
206617.4215.57-1.85
27
0.022.362.34
206717.4715.58-1.89
17
0.022.362.34
206817.5115.58-1.94
6
0.022.362.34
206917.5615.58-1.98
----
0.022.362.34
207017.6015.59-2.02
----
0.022.372.35
207117.6415.59-2.05
----
0.022.372.35
207217.6815.59-2.08
----
0.022.372.35
207317.7015.60-2.11
----
0.022.372.35
207417.7315.60-2.13
----
0.022.372.35
207517.7415.60-2.14
----
0.022.372.35
207617.7515.60-2.15
----
0.022.372.35
207717.7615.61-2.15
----
0.022.382.35
207817.7615.61-2.15
----
0.022.382.35
207917.7715.61-2.16
----
0.022.382.36
208017.7815.61-2.17
----
0.022.382.36
208117.8015.61-2.19
----
0.022.382.36
208217.8215.62-2.21
----
0.022.382.36
208317.8615.62-2.24
----
0.022.382.36
208417.9015.62-2.27
----
0.022.392.36
208517.9415.63-2.31
----
0.022.392.36
208617.9915.63-2.36
----
0.032.392.36
208718.0415.64-2.40
----
0.032.392.36
208818.0915.64-2.45
----
0.032.392.36



 

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 2013 Trustees Report.
2013-2087 16.61% 16.07% -0.54%
2068
0.01% 2.19% 2.18%
 
1 Under present law, the year of Trust Fund reserve depletion is 2033.

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Last reviewed or modified September 11, 2013