Description of Proposed Provision:
A5: Starting December 2019, add 1 percentage point to the annual COLA for beneficiaries who have lived past a "specified age". The "specified age" is the sum of: (1) 65 and (2) the unisex cohort life expectancy at age 65.
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 |
|||
| 2018 | 13.81 | 12.64 | -1.17 | 288 | 0.00 | 0.00 | 0.00 | ||
| 2019 | 13.95 | 12.87 | -1.08 | 272 | 0.00 | 0.00 | 0.00 | ||
| 2020 | 14.14 | 12.89 | -1.24 | 256 | 0.01 | 0.00 | -0.01 | ||
| 2021 | 14.30 | 12.92 | -1.38 | 239 | 0.02 | 0.00 | -0.02 | ||
| 2022 | 14.47 | 12.95 | -1.53 | 222 | 0.04 | 0.00 | -0.03 | ||
| 2023 | 14.67 | 12.97 | -1.70 | 204 | 0.04 | 0.00 | -0.04 | ||
| 2024 | 14.86 | 13.00 | -1.86 | 187 | 0.05 | 0.00 | -0.05 | ||
| 2025 | 15.04 | 13.01 | -2.03 | 169 | 0.06 | 0.00 | -0.06 | ||
| 2026 | 15.22 | 13.14 | -2.08 | 152 | 0.06 | 0.00 | -0.06 | ||
| 2027 | 15.43 | 13.16 | -2.27 | 135 | 0.07 | 0.00 | -0.06 | ||
| 2028 | 15.66 | 13.18 | -2.48 | 118 | 0.07 | 0.00 | -0.07 | ||
| 2029 | 15.87 | 13.19 | -2.68 | 101 | 0.08 | 0.00 | -0.07 | ||
| 2030 | 16.06 | 13.21 | -2.86 | 83 | 0.08 | 0.00 | -0.08 | ||
| 2031 | 16.24 | 13.22 | -3.02 | 65 | 0.08 | 0.00 | -0.08 | ||
| 2032 | 16.40 | 13.23 | -3.17 | 47 | 0.09 | 0.00 | -0.08 | ||
| 2033 | 16.54 | 13.24 | -3.30 | 29 | 0.09 | 0.01 | -0.09 | ||
| 2034 | 16.66 | 13.25 | -3.41 | 9 | 0.10 | 0.01 | -0.09 | ||
| 2035 | 16.75 | 13.26 | -3.49 | ---- | 0.10 | 0.01 | -0.09 | ||
| 2036 | 16.83 | 13.27 | -3.56 | ---- | 0.10 | 0.01 | -0.10 | ||
| 2037 | 16.89 | 13.27 | -3.62 | ---- | 0.11 | 0.01 | -0.10 | ||
| 2038 | 16.93 | 13.28 | -3.66 | ---- | 0.11 | 0.01 | -0.10 | ||
| 2039 | 16.95 | 13.28 | -3.67 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2040 | 16.95 | 13.28 | -3.66 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2041 | 16.93 | 13.28 | -3.65 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2042 | 16.89 | 13.28 | -3.61 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2043 | 16.85 | 13.28 | -3.58 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2044 | 16.81 | 13.28 | -3.54 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2045 | 16.78 | 13.28 | -3.50 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2046 | 16.75 | 13.28 | -3.47 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2047 | 16.72 | 13.28 | -3.45 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2048 | 16.70 | 13.27 | -3.43 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2049 | 16.68 | 13.27 | -3.41 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2050 | 16.67 | 13.28 | -3.39 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2051 | 16.66 | 13.28 | -3.39 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2052 | 16.66 | 13.28 | -3.39 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2053 | 16.67 | 13.28 | -3.39 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2054 | 16.69 | 13.28 | -3.41 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2055 | 16.72 | 13.28 | -3.44 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2056 | 16.75 | 13.29 | -3.47 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2057 | 16.79 | 13.29 | -3.50 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2058 | 16.84 | 13.29 | -3.54 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2059 | 16.88 | 13.30 | -3.58 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2060 | 16.93 | 13.30 | -3.63 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2061 | 16.98 | 13.31 | -3.67 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2062 | 17.02 | 13.31 | -3.71 | ---- | 0.11 | 0.01 | -0.11 | ||
| 2063 | 17.08 | 13.31 | -3.76 | ---- | 0.11 | 0.01 | -0.11 | ||
| 2064 | 17.13 | 13.32 | -3.81 | ---- | 0.11 | 0.01 | -0.10 | ||
| 2065 | 17.18 | 13.32 | -3.86 | ---- | 0.11 | 0.01 | -0.10 | ||
| 2066 | 17.23 | 13.33 | -3.91 | ---- | 0.11 | 0.01 | -0.10 | ||
| 2067 | 17.29 | 13.33 | -3.96 | ---- | 0.11 | 0.01 | -0.10 | ||
| 2068 | 17.35 | 13.33 | -4.02 | ---- | 0.11 | 0.01 | -0.10 | ||
| 2069 | 17.41 | 13.34 | -4.08 | ---- | 0.11 | 0.01 | -0.10 | ||
| 2070 | 17.47 | 13.34 | -4.13 | ---- | 0.11 | 0.01 | -0.10 | ||
| 2071 | 17.53 | 13.35 | -4.19 | ---- | 0.11 | 0.01 | -0.10 | ||
| 2072 | 17.58 | 13.35 | -4.23 | ---- | 0.11 | 0.01 | -0.11 | ||
| 2073 | 17.63 | 13.35 | -4.28 | ---- | 0.11 | 0.01 | -0.11 | ||
| 2074 | 17.67 | 13.36 | -4.31 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2075 | 17.70 | 13.36 | -4.35 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2076 | 17.73 | 13.36 | -4.37 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2077 | 17.74 | 13.36 | -4.38 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2078 | 17.74 | 13.36 | -4.38 | ---- | 0.11 | 0.01 | -0.11 | ||
| 2079 | 17.73 | 13.36 | -4.37 | ---- | 0.11 | 0.01 | -0.11 | ||
| 2080 | 17.72 | 13.36 | -4.36 | ---- | 0.11 | 0.01 | -0.11 | ||
| 2081 | 17.70 | 13.36 | -4.34 | ---- | 0.11 | 0.01 | -0.11 | ||
| 2082 | 17.69 | 13.36 | -4.33 | ---- | 0.11 | 0.01 | -0.11 | ||
| 2083 | 17.67 | 13.36 | -4.31 | ---- | 0.11 | 0.01 | -0.11 | ||
| 2084 | 17.65 | 13.36 | -4.30 | ---- | 0.11 | 0.01 | -0.11 | ||
| 2085 | 17.64 | 13.36 | -4.29 | ---- | 0.11 | 0.01 | -0.11 | ||
| 2086 | 17.64 | 13.36 | -4.28 | ---- | 0.11 | 0.01 | -0.11 | ||
| 2087 | 17.65 | 13.36 | -4.29 | ---- | 0.11 | 0.01 | -0.11 | ||
| 2088 | 17.66 | 13.36 | -4.30 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2089 | 17.68 | 13.36 | -4.32 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2090 | 17.71 | 13.36 | -4.35 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2091 | 17.75 | 13.36 | -4.39 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2092 | 17.80 | 13.37 | -4.43 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2093 | 17.84 | 13.37 | -4.47 | ---- | 0.12 | 0.01 | -0.11 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2018-2092 | 16.79% | 13.85% | -2.94% | 2034 | 0.10% | 0.01% | -0.10% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2018 Trustees Report.