Proposed Provision: B1.6 (2029). Progressive price indexing (30th percentile) of PIA factors beginning with individuals newly eligible for OASI benefits in 2029: 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 factors above the 30th percentile such that the initial benefit for a worker with AIME equal to the taxable maximum grows by inflation rather than the growth in the SSA average wage index. 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.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Current Law |
Provision |
2020 | 261 | 261 |
2021 | 248 | 248 |
2022 | 233 | 233 |
2023 | 217 | 217 |
2024 | 200 | 200 |
2025 | 183 | 183 |
2026 | 165 | 165 |
2027 | 148 | 148 |
2028 | 130 | 130 |
2029 | 112 | 112 |
2030 | 94 | 94 |
2031 | 76 | 76 |
2032 | 58 | 58 |
2033 | 39 | 39 |
2034 | 20 | 20 |
2035 | 1 | 1 |
2036 | -19 | -18 |
2037 | -38 | -38 |
2038 | -59 | -58 |
2039 | -80 | -79 |
2040 | -101 | -99 |
2041 | -122 | -120 |
2042 | -144 | -141 |
2043 | -166 | -163 |
2044 | -188 | -184 |
2045 | -210 | -206 |
2046 | -232 | -227 |
2047 | -255 | -248 |
2048 | -277 | -269 |
2049 | -299 | -290 |
2050 | -322 | -311 |
2051 | -344 | -332 |
2052 | -367 | -352 |
2053 | -389 | -373 |
2054 | -412 | -393 |
2055 | -434 | -413 |
2056 | -457 | -433 |
2057 | -480 | -453 |
2058 | -504 | -473 |
2059 | -527 | -493 |
2060 | -551 | -513 |
2061 | -575 | -533 |
2062 | -599 | -553 |
2063 | -624 | -574 |
2064 | -650 | -594 |
2065 | -676 | -614 |
2066 | -702 | -635 |
2067 | -728 | -656 |
2068 | -755 | -676 |
2069 | -782 | -697 |
2070 | -809 | -718 |
2071 | -837 | -739 |
2072 | -866 | -760 |
2073 | -895 | -782 |
2074 | -925 | -804 |
2075 | -955 | -826 |
2076 | -986 | -849 |
2077 | -1018 | -871 |
2078 | -1051 | -895 |
2079 | -1084 | -919 |
2080 | -1119 | -943 |
2081 | -1154 | -967 |
2082 | -1190 | -992 |
2083 | -1226 | -1016 |
2084 | -1263 | -1041 |
2085 | -1300 | -1066 |
2086 | -1337 | -1090 |
2087 | -1374 | -1114 |
2088 | -1411 | -1137 |
2089 | -1448 | -1160 |
2090 | -1484 | -1182 |
2091 | -1520 | -1203 |
2092 | -1554 | -1224 |
2093 | -1589 | -1243 |
2094 | -1623 | -1263 |
2095 | -1657 | -1282 |
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