Description of Proposed Provision:
B4.1: Increase the number of years used to calculate benefits for retirees and survivors (but not for disabled workers) from 35 to 38, phased in over the years 2018-2022.
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 |
|||
2017 | 13.41 | 13.03 | -0.38 | 298 | 0.00 | 0.00 | 0.00 | ||
2018 | 13.49 | 12.93 | -0.56 | 287 | -0.00 | -0.00 | 0.00 | ||
2019 | 13.70 | 12.95 | -0.75 | 273 | -0.00 | -0.00 | 0.00 | ||
2020 | 13.85 | 12.96 | -0.89 | 259 | -0.01 | -0.00 | 0.01 | ||
2021 | 14.00 | 12.99 | -1.01 | 245 | -0.01 | -0.00 | 0.01 | ||
2022 | 14.23 | 13.02 | -1.21 | 231 | -0.02 | -0.00 | 0.02 | ||
2023 | 14.51 | 13.05 | -1.46 | 216 | -0.03 | -0.00 | 0.03 | ||
2024 | 14.78 | 13.08 | -1.70 | 200 | -0.05 | -0.00 | 0.05 | ||
2025 | 15.03 | 13.10 | -1.93 | 184 | -0.06 | -0.00 | 0.06 | ||
2026 | 15.29 | 13.13 | -2.16 | 167 | -0.08 | -0.00 | 0.08 | ||
2027 | 15.51 | 13.15 | -2.37 | 150 | -0.10 | -0.01 | 0.10 | ||
2028 | 15.73 | 13.16 | -2.57 | 133 | -0.12 | -0.01 | 0.12 | ||
2029 | 15.93 | 13.17 | -2.75 | 116 | -0.14 | -0.01 | 0.13 | ||
2030 | 16.11 | 13.19 | -2.92 | 99 | -0.16 | -0.01 | 0.15 | ||
2031 | 16.27 | 13.20 | -3.07 | 81 | -0.18 | -0.01 | 0.17 | ||
2032 | 16.41 | 13.21 | -3.21 | 63 | -0.19 | -0.01 | 0.18 | ||
2033 | 16.53 | 13.22 | -3.32 | 44 | -0.21 | -0.01 | 0.20 | ||
2034 | 16.62 | 13.22 | -3.40 | 25 | -0.22 | -0.01 | 0.21 | ||
2035 | 16.69 | 13.23 | -3.46 | 5 | -0.24 | -0.01 | 0.23 | ||
2036 | 16.73 | 13.23 | -3.50 | ---- | -0.25 | -0.01 | 0.24 | ||
2037 | 16.76 | 13.23 | -3.52 | ---- | -0.27 | -0.01 | 0.25 | ||
2038 | 16.75 | 13.23 | -3.51 | ---- | -0.28 | -0.02 | 0.26 | ||
2039 | 16.71 | 13.23 | -3.48 | ---- | -0.29 | -0.02 | 0.27 | ||
2040 | 16.67 | 13.23 | -3.43 | ---- | -0.30 | -0.02 | 0.28 | ||
2041 | 16.61 | 13.23 | -3.38 | ---- | -0.30 | -0.02 | 0.29 | ||
2042 | 16.55 | 13.23 | -3.32 | ---- | -0.31 | -0.02 | 0.29 | ||
2043 | 16.49 | 13.22 | -3.26 | ---- | -0.32 | -0.02 | 0.30 | ||
2044 | 16.43 | 13.22 | -3.21 | ---- | -0.33 | -0.02 | 0.31 | ||
2045 | 16.38 | 13.22 | -3.17 | ---- | -0.33 | -0.02 | 0.31 | ||
2046 | 16.34 | 13.22 | -3.12 | ---- | -0.34 | -0.02 | 0.32 | ||
2047 | 16.30 | 13.21 | -3.09 | ---- | -0.35 | -0.02 | 0.33 | ||
2048 | 16.27 | 13.21 | -3.05 | ---- | -0.35 | -0.02 | 0.33 | ||
2049 | 16.23 | 13.21 | -3.02 | ---- | -0.35 | -0.02 | 0.33 | ||
2050 | 16.21 | 13.21 | -3.00 | ---- | -0.36 | -0.02 | 0.34 | ||
2051 | 16.19 | 13.21 | -2.98 | ---- | -0.36 | -0.02 | 0.34 | ||
2052 | 16.19 | 13.21 | -2.98 | ---- | -0.37 | -0.02 | 0.35 | ||
2053 | 16.20 | 13.21 | -2.99 | ---- | -0.37 | -0.02 | 0.35 | ||
2054 | 16.22 | 13.21 | -3.00 | ---- | -0.37 | -0.02 | 0.35 | ||
2055 | 16.24 | 13.22 | -3.03 | ---- | -0.37 | -0.02 | 0.35 | ||
2056 | 16.28 | 13.22 | -3.06 | ---- | -0.38 | -0.02 | 0.36 | ||
2057 | 16.32 | 13.22 | -3.10 | ---- | -0.38 | -0.02 | 0.36 | ||
2058 | 16.36 | 13.22 | -3.13 | ---- | -0.38 | -0.02 | 0.36 | ||
2059 | 16.40 | 13.23 | -3.17 | ---- | -0.38 | -0.02 | 0.36 | ||
2060 | 16.44 | 13.23 | -3.21 | ---- | -0.38 | -0.02 | 0.36 | ||
2061 | 16.49 | 13.23 | -3.25 | ---- | -0.39 | -0.02 | 0.36 | ||
2062 | 16.53 | 13.24 | -3.30 | ---- | -0.39 | -0.02 | 0.37 | ||
2063 | 16.58 | 13.24 | -3.34 | ---- | -0.39 | -0.02 | 0.37 | ||
2064 | 16.63 | 13.24 | -3.38 | ---- | -0.39 | -0.02 | 0.37 | ||
2065 | 16.67 | 13.25 | -3.43 | ---- | -0.39 | -0.02 | 0.37 | ||
2066 | 16.72 | 13.25 | -3.48 | ---- | -0.39 | -0.02 | 0.37 | ||
2067 | 16.77 | 13.25 | -3.52 | ---- | -0.39 | -0.02 | 0.37 | ||
2068 | 16.83 | 13.26 | -3.57 | ---- | -0.40 | -0.02 | 0.37 | ||
2069 | 16.88 | 13.26 | -3.62 | ---- | -0.40 | -0.02 | 0.37 | ||
2070 | 16.93 | 13.26 | -3.67 | ---- | -0.40 | -0.02 | 0.38 | ||
2071 | 16.97 | 13.26 | -3.71 | ---- | -0.40 | -0.02 | 0.38 | ||
2072 | 17.01 | 13.27 | -3.74 | ---- | -0.40 | -0.02 | 0.38 | ||
2073 | 17.05 | 13.27 | -3.78 | ---- | -0.40 | -0.02 | 0.38 | ||
2074 | 17.08 | 13.27 | -3.81 | ---- | -0.40 | -0.02 | 0.38 | ||
2075 | 17.10 | 13.27 | -3.83 | ---- | -0.40 | -0.02 | 0.38 | ||
2076 | 17.12 | 13.28 | -3.84 | ---- | -0.40 | -0.02 | 0.38 | ||
2077 | 17.12 | 13.28 | -3.85 | ---- | -0.40 | -0.02 | 0.38 | ||
2078 | 17.12 | 13.28 | -3.85 | ---- | -0.40 | -0.02 | 0.38 | ||
2079 | 17.12 | 13.28 | -3.84 | ---- | -0.40 | -0.02 | 0.38 | ||
2080 | 17.11 | 13.27 | -3.84 | ---- | -0.40 | -0.02 | 0.38 | ||
2081 | 17.11 | 13.27 | -3.83 | ---- | -0.40 | -0.02 | 0.38 | ||
2082 | 17.11 | 13.27 | -3.83 | ---- | -0.40 | -0.02 | 0.38 | ||
2083 | 17.11 | 13.27 | -3.84 | ---- | -0.40 | -0.02 | 0.38 | ||
2084 | 17.13 | 13.28 | -3.85 | ---- | -0.40 | -0.02 | 0.38 | ||
2085 | 17.15 | 13.28 | -3.88 | ---- | -0.40 | -0.02 | 0.38 | ||
2086 | 17.18 | 13.28 | -3.90 | ---- | -0.40 | -0.02 | 0.38 | ||
2087 | 17.22 | 13.28 | -3.94 | ---- | -0.40 | -0.02 | 0.38 | ||
2088 | 17.26 | 13.28 | -3.97 | ---- | -0.40 | -0.02 | 0.38 | ||
2089 | 17.30 | 13.29 | -4.01 | ---- | -0.40 | -0.02 | 0.38 | ||
2090 | 17.35 | 13.29 | -4.06 | ---- | -0.40 | -0.02 | 0.38 | ||
2091 | 17.39 | 13.29 | -4.10 | ---- | -0.40 | -0.02 | 0.38 | ||
2092 | 17.44 | 13.29 | -4.14 | ---- | -0.40 | -0.02 | 0.38 |
Summarized Estimates
Proposal | Change from Current Law | ||||||||
---|---|---|---|---|---|---|---|---|---|
Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
2017-2091 | 16.38% | 13.82% | -2.56% | 2035 | -0.29% | -0.02% | 0.27% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2017 Trustees Report.