Description of Proposed Provision:
B7.9: Beginning for newly eligible retired workers and spouses in 2024, all claimants who are married would receive a specified joint-and-survivor annuity benefit (i.e., surviving spouses would receive 75 percent of the decedents' benefits, in addition to their own) that would be payable if both were still alive. Initial benefits would be actuarially adjusted to keep the expected value of benefits equivalent to what would otherwise be current law.
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 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.02 | 12.99 | -1.03 | 245 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.26 | 13.02 | -1.23 | 230 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.54 | 13.05 | -1.50 | 215 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.81 | 13.08 | -1.73 | 199 | -0.01 | -0.00 | 0.01 | ||
| 2025 | 15.05 | 13.10 | -1.95 | 183 | -0.05 | -0.00 | 0.05 | ||
| 2026 | 15.25 | 13.13 | -2.12 | 167 | -0.12 | -0.01 | 0.11 | ||
| 2027 | 15.43 | 13.14 | -2.29 | 151 | -0.19 | -0.01 | 0.18 | ||
| 2028 | 15.60 | 13.15 | -2.45 | 134 | -0.25 | -0.01 | 0.24 | ||
| 2029 | 15.76 | 13.16 | -2.59 | 118 | -0.31 | -0.02 | 0.29 | ||
| 2030 | 15.91 | 13.18 | -2.73 | 102 | -0.36 | -0.02 | 0.34 | ||
| 2031 | 16.05 | 13.19 | -2.86 | 85 | -0.40 | -0.02 | 0.38 | ||
| 2032 | 16.18 | 13.19 | -2.98 | 68 | -0.43 | -0.02 | 0.41 | ||
| 2033 | 16.29 | 13.20 | -3.09 | 50 | -0.45 | -0.02 | 0.42 | ||
| 2034 | 16.39 | 13.21 | -3.18 | 32 | -0.46 | -0.03 | 0.43 | ||
| 2035 | 16.47 | 13.21 | -3.25 | 13 | -0.46 | -0.03 | 0.43 | ||
| 2036 | 16.53 | 13.22 | -3.31 | ---- | -0.46 | -0.03 | 0.43 | ||
| 2037 | 16.58 | 13.22 | -3.35 | ---- | -0.44 | -0.02 | 0.42 | ||
| 2038 | 16.60 | 13.23 | -3.37 | ---- | -0.43 | -0.02 | 0.40 | ||
| 2039 | 16.60 | 13.23 | -3.37 | ---- | -0.40 | -0.02 | 0.38 | ||
| 2040 | 16.60 | 13.23 | -3.37 | ---- | -0.37 | -0.02 | 0.35 | ||
| 2041 | 16.59 | 13.23 | -3.36 | ---- | -0.33 | -0.02 | 0.31 | ||
| 2042 | 16.58 | 13.23 | -3.35 | ---- | -0.28 | -0.02 | 0.27 | ||
| 2043 | 16.57 | 13.23 | -3.34 | ---- | -0.23 | -0.01 | 0.22 | ||
| 2044 | 16.57 | 13.23 | -3.35 | ---- | -0.19 | -0.01 | 0.17 | ||
| 2045 | 16.58 | 13.23 | -3.35 | ---- | -0.14 | -0.01 | 0.13 | ||
| 2046 | 16.59 | 13.23 | -3.36 | ---- | -0.09 | -0.01 | 0.08 | ||
| 2047 | 16.60 | 13.23 | -3.37 | ---- | -0.04 | -0.00 | 0.04 | ||
| 2048 | 16.62 | 13.23 | -3.38 | ---- | -0.00 | -0.00 | 0.00 | ||
| 2049 | 16.63 | 13.23 | -3.39 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2050 | 16.64 | 13.24 | -3.40 | ---- | 0.07 | 0.00 | -0.07 | ||
| 2051 | 16.66 | 13.24 | -3.42 | ---- | 0.10 | 0.01 | -0.10 | ||
| 2052 | 16.69 | 13.24 | -3.45 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2053 | 16.72 | 13.24 | -3.48 | ---- | 0.15 | 0.01 | -0.14 | ||
| 2054 | 16.75 | 13.24 | -3.50 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2055 | 16.78 | 13.25 | -3.54 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2056 | 16.82 | 13.25 | -3.57 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2057 | 16.86 | 13.25 | -3.61 | ---- | 0.16 | 0.01 | -0.16 | ||
| 2058 | 16.90 | 13.26 | -3.65 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2059 | 16.94 | 13.26 | -3.69 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2060 | 16.99 | 13.26 | -3.73 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2061 | 17.03 | 13.27 | -3.77 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2062 | 17.08 | 13.27 | -3.81 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2063 | 17.13 | 13.27 | -3.86 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2064 | 17.18 | 13.27 | -3.90 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2065 | 17.23 | 13.28 | -3.95 | ---- | 0.16 | 0.01 | -0.16 | ||
| 2066 | 17.28 | 13.28 | -4.00 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2067 | 17.34 | 13.28 | -4.05 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2068 | 17.40 | 13.29 | -4.11 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2069 | 17.45 | 13.29 | -4.16 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2070 | 17.51 | 13.30 | -4.21 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2071 | 17.56 | 13.30 | -4.26 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2072 | 17.60 | 13.30 | -4.30 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2073 | 17.64 | 13.30 | -4.34 | ---- | 0.20 | 0.01 | -0.18 | ||
| 2074 | 17.68 | 13.31 | -4.37 | ---- | 0.20 | 0.01 | -0.19 | ||
| 2075 | 17.71 | 13.31 | -4.40 | ---- | 0.20 | 0.01 | -0.19 | ||
| 2076 | 17.73 | 13.31 | -4.42 | ---- | 0.21 | 0.01 | -0.20 | ||
| 2077 | 17.74 | 13.31 | -4.43 | ---- | 0.21 | 0.01 | -0.20 | ||
| 2078 | 17.74 | 13.31 | -4.43 | ---- | 0.22 | 0.01 | -0.21 | ||
| 2079 | 17.74 | 13.31 | -4.43 | ---- | 0.22 | 0.01 | -0.21 | ||
| 2080 | 17.74 | 13.31 | -4.43 | ---- | 0.23 | 0.01 | -0.22 | ||
| 2081 | 17.74 | 13.31 | -4.43 | ---- | 0.24 | 0.01 | -0.22 | ||
| 2082 | 17.75 | 13.31 | -4.44 | ---- | 0.24 | 0.01 | -0.23 | ||
| 2083 | 17.76 | 13.31 | -4.45 | ---- | 0.24 | 0.01 | -0.23 | ||
| 2084 | 17.77 | 13.31 | -4.46 | ---- | 0.25 | 0.01 | -0.23 | ||
| 2085 | 17.80 | 13.31 | -4.48 | ---- | 0.25 | 0.01 | -0.23 | ||
| 2086 | 17.83 | 13.32 | -4.51 | ---- | 0.24 | 0.01 | -0.23 | ||
| 2087 | 17.86 | 13.32 | -4.54 | ---- | 0.24 | 0.01 | -0.23 | ||
| 2088 | 17.90 | 13.32 | -4.58 | ---- | 0.24 | 0.01 | -0.23 | ||
| 2089 | 17.94 | 13.32 | -4.61 | ---- | 0.23 | 0.01 | -0.22 | ||
| 2090 | 17.98 | 13.32 | -4.65 | ---- | 0.23 | 0.01 | -0.22 | ||
| 2091 | 18.02 | 13.33 | -4.69 | ---- | 0.23 | 0.01 | -0.21 | ||
| 2092 | 18.06 | 13.33 | -4.73 | ---- | 0.22 | 0.01 | -0.21 | ||
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 | 16.65% | 13.84% | -2.81% | 2035 | -0.02% | -0.00% | 0.02% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
|||||||||
Based on Intermediate Assumptions of the 2017 Trustees Report.