Detailed Single Year Tables
Description of Proposed Provision:
B6.5: Starting in 2023, provide a 5 percent uniform PIA increase 20 years after benefit eligibility. Phase in the PIA increase at 1 percent per year from the 16th through 20th years after eligibility. The full PIA increase is equal to 5 percent of the PIA of a worker assumed to have career-average earnings equal to the SSA average wage index. Auxiliary beneficiaries receive benefit enhancement based on the PIA of the governing worker.
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 |
|||
| 2020 | 13.92 | 13.00 | -0.92 | 261 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.05 | 12.90 | -1.15 | 248 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.25 | 12.93 | -1.32 | 233 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.61 | 12.95 | -1.66 | 214 | 0.18 | 0.01 | -0.17 | ||
| 2024 | 14.83 | 12.98 | -1.85 | 196 | 0.19 | 0.01 | -0.18 | ||
| 2025 | 15.07 | 13.00 | -2.07 | 178 | 0.19 | 0.01 | -0.18 | ||
| 2026 | 15.31 | 13.13 | -2.18 | 160 | 0.20 | 0.01 | -0.19 | ||
| 2027 | 15.55 | 13.16 | -2.39 | 141 | 0.21 | 0.01 | -0.20 | ||
| 2028 | 15.80 | 13.20 | -2.60 | 123 | 0.21 | 0.01 | -0.20 | ||
| 2029 | 16.05 | 13.24 | -2.82 | 104 | 0.22 | 0.01 | -0.21 | ||
| 2030 | 16.25 | 13.25 | -2.99 | 85 | 0.23 | 0.01 | -0.22 | ||
| 2031 | 16.42 | 13.27 | -3.15 | 66 | 0.23 | 0.01 | -0.22 | ||
| 2032 | 16.57 | 13.28 | -3.29 | 47 | 0.24 | 0.01 | -0.22 | ||
| 2033 | 16.69 | 13.29 | -3.40 | 27 | 0.24 | 0.01 | -0.23 | ||
| 2034 | 16.80 | 13.30 | -3.50 | 7 | 0.25 | 0.01 | -0.23 | ||
| 2035 | 16.88 | 13.31 | -3.57 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2036 | 16.94 | 13.31 | -3.63 | ---- | 0.26 | 0.01 | -0.24 | ||
| 2037 | 17.00 | 13.32 | -3.68 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2038 | 17.05 | 13.32 | -3.73 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2039 | 17.09 | 13.33 | -3.76 | ---- | 0.27 | 0.02 | -0.26 | ||
| 2040 | 17.12 | 13.33 | -3.79 | ---- | 0.28 | 0.02 | -0.26 | ||
| 2041 | 17.14 | 13.33 | -3.81 | ---- | 0.28 | 0.02 | -0.27 | ||
| 2042 | 17.15 | 13.34 | -3.81 | ---- | 0.29 | 0.02 | -0.27 | ||
| 2043 | 17.14 | 13.34 | -3.80 | ---- | 0.29 | 0.02 | -0.27 | ||
| 2044 | 17.13 | 13.34 | -3.79 | ---- | 0.29 | 0.02 | -0.28 | ||
| 2045 | 17.11 | 13.34 | -3.78 | ---- | 0.30 | 0.02 | -0.28 | ||
| 2046 | 17.10 | 13.34 | -3.76 | ---- | 0.30 | 0.02 | -0.28 | ||
| 2047 | 17.09 | 13.34 | -3.75 | ---- | 0.30 | 0.02 | -0.28 | ||
| 2048 | 17.09 | 13.34 | -3.75 | ---- | 0.30 | 0.02 | -0.28 | ||
| 2049 | 17.08 | 13.34 | -3.75 | ---- | 0.30 | 0.02 | -0.28 | ||
| 2050 | 17.09 | 13.34 | -3.75 | ---- | 0.30 | 0.02 | -0.28 | ||
| 2051 | 17.09 | 13.34 | -3.75 | ---- | 0.30 | 0.02 | -0.28 | ||
| 2052 | 17.11 | 13.34 | -3.76 | ---- | 0.30 | 0.02 | -0.28 | ||
| 2053 | 17.13 | 13.35 | -3.78 | ---- | 0.30 | 0.02 | -0.28 | ||
| 2054 | 17.15 | 13.35 | -3.81 | ---- | 0.30 | 0.02 | -0.28 | ||
| 2055 | 17.19 | 13.35 | -3.84 | ---- | 0.30 | 0.02 | -0.28 | ||
| 2056 | 17.23 | 13.36 | -3.87 | ---- | 0.29 | 0.02 | -0.28 | ||
| 2057 | 17.27 | 13.36 | -3.91 | ---- | 0.29 | 0.02 | -0.28 | ||
| 2058 | 17.32 | 13.36 | -3.96 | ---- | 0.29 | 0.02 | -0.28 | ||
| 2059 | 17.38 | 13.37 | -4.01 | ---- | 0.30 | 0.02 | -0.28 | ||
| 2060 | 17.44 | 13.37 | -4.07 | ---- | 0.30 | 0.02 | -0.28 | ||
| 2061 | 17.50 | 13.38 | -4.13 | ---- | 0.30 | 0.02 | -0.28 | ||
| 2062 | 17.57 | 13.38 | -4.18 | ---- | 0.30 | 0.02 | -0.28 | ||
| 2063 | 17.63 | 13.39 | -4.24 | ---- | 0.30 | 0.02 | -0.29 | ||
| 2064 | 17.70 | 13.39 | -4.31 | ---- | 0.31 | 0.02 | -0.29 | ||
| 2065 | 17.77 | 13.40 | -4.37 | ---- | 0.31 | 0.02 | -0.29 | ||
| 2066 | 17.84 | 13.40 | -4.43 | ---- | 0.31 | 0.02 | -0.29 | ||
| 2067 | 17.91 | 13.41 | -4.50 | ---- | 0.32 | 0.02 | -0.30 | ||
| 2068 | 17.98 | 13.41 | -4.57 | ---- | 0.32 | 0.02 | -0.30 | ||
| 2069 | 18.06 | 13.42 | -4.64 | ---- | 0.32 | 0.02 | -0.30 | ||
| 2070 | 18.13 | 13.43 | -4.71 | ---- | 0.33 | 0.02 | -0.31 | ||
| 2071 | 18.20 | 13.43 | -4.77 | ---- | 0.33 | 0.02 | -0.31 | ||
| 2072 | 18.26 | 13.43 | -4.83 | ---- | 0.33 | 0.02 | -0.31 | ||
| 2073 | 18.32 | 13.44 | -4.88 | ---- | 0.34 | 0.02 | -0.32 | ||
| 2074 | 18.38 | 13.44 | -4.93 | ---- | 0.34 | 0.02 | -0.32 | ||
| 2075 | 18.42 | 13.45 | -4.97 | ---- | 0.34 | 0.02 | -0.32 | ||
| 2076 | 18.46 | 13.45 | -5.01 | ---- | 0.34 | 0.02 | -0.32 | ||
| 2077 | 18.49 | 13.45 | -5.03 | ---- | 0.35 | 0.02 | -0.33 | ||
| 2078 | 18.50 | 13.45 | -5.05 | ---- | 0.35 | 0.02 | -0.33 | ||
| 2079 | 18.50 | 13.45 | -5.04 | ---- | 0.35 | 0.02 | -0.33 | ||
| 2080 | 18.49 | 13.45 | -5.03 | ---- | 0.35 | 0.02 | -0.33 | ||
| 2081 | 18.47 | 13.45 | -5.02 | ---- | 0.35 | 0.02 | -0.33 | ||
| 2082 | 18.45 | 13.45 | -4.99 | ---- | 0.35 | 0.02 | -0.33 | ||
| 2083 | 18.42 | 13.45 | -4.97 | ---- | 0.35 | 0.02 | -0.33 | ||
| 2084 | 18.39 | 13.45 | -4.94 | ---- | 0.36 | 0.02 | -0.33 | ||
| 2085 | 18.35 | 13.45 | -4.91 | ---- | 0.36 | 0.02 | -0.34 | ||
| 2086 | 18.32 | 13.45 | -4.87 | ---- | 0.36 | 0.02 | -0.34 | ||
| 2087 | 18.28 | 13.44 | -4.84 | ---- | 0.36 | 0.02 | -0.34 | ||
| 2088 | 18.26 | 13.44 | -4.82 | ---- | 0.36 | 0.02 | -0.34 | ||
| 2089 | 18.24 | 13.44 | -4.80 | ---- | 0.36 | 0.02 | -0.34 | ||
| 2090 | 18.23 | 13.44 | -4.79 | ---- | 0.36 | 0.02 | -0.34 | ||
| 2091 | 18.23 | 13.44 | -4.79 | ---- | 0.36 | 0.02 | -0.34 | ||
| 2092 | 18.24 | 13.44 | -4.80 | ---- | 0.36 | 0.02 | -0.34 | ||
| 2093 | 18.27 | 13.44 | -4.82 | ---- | 0.36 | 0.02 | -0.34 | ||
| 2094 | 18.30 | 13.44 | -4.86 | ---- | 0.36 | 0.02 | -0.34 | ||
| 2095 | 18.34 | 13.45 | -4.89 | ---- | 0.36 | 0.02 | -0.34 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2020-2094 | 17.35% | 13.86% | -3.48% | 2034 | 0.29% | 0.02% | -0.27% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2020 Trustees Report.