Detailed Single Year Tables
Description of Proposed Provision:
B1.6 (2024): Progressive price indexing (30th percentile) of PIA factors beginning with individuals newly eligible for OASI benefits in 2024: 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. Young survivors (children of deceased workers and surviving spouses with a child in care) are not affected.
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 | 14.43 | 12.94 | -1.49 | 217 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.64 | 12.98 | -1.67 | 200 | -0.00 | -0.00 | 0.00 | ||
| 2025 | 14.88 | 13.00 | -1.88 | 183 | -0.00 | -0.00 | 0.00 | ||
| 2026 | 15.11 | 13.12 | -1.98 | 165 | -0.00 | -0.00 | 0.00 | ||
| 2027 | 15.34 | 13.15 | -2.19 | 148 | -0.01 | -0.00 | 0.01 | ||
| 2028 | 15.57 | 13.19 | -2.38 | 130 | -0.01 | -0.00 | 0.01 | ||
| 2029 | 15.81 | 13.23 | -2.58 | 112 | -0.02 | -0.00 | 0.02 | ||
| 2030 | 15.99 | 13.24 | -2.75 | 94 | -0.04 | -0.00 | 0.03 | ||
| 2031 | 16.13 | 13.25 | -2.88 | 77 | -0.05 | -0.00 | 0.05 | ||
| 2032 | 16.26 | 13.26 | -2.99 | 59 | -0.08 | -0.00 | 0.07 | ||
| 2033 | 16.35 | 13.27 | -3.08 | 41 | -0.11 | -0.01 | 0.10 | ||
| 2034 | 16.41 | 13.28 | -3.13 | 22 | -0.14 | -0.01 | 0.13 | ||
| 2035 | 16.45 | 13.28 | -3.17 | 4 | -0.18 | -0.01 | 0.17 | ||
| 2036 | 16.47 | 13.29 | -3.18 | ---- | -0.22 | -0.01 | 0.20 | ||
| 2037 | 16.48 | 13.29 | -3.19 | ---- | -0.26 | -0.02 | 0.25 | ||
| 2038 | 16.47 | 13.29 | -3.18 | ---- | -0.31 | -0.02 | 0.29 | ||
| 2039 | 16.45 | 13.29 | -3.16 | ---- | -0.36 | -0.02 | 0.34 | ||
| 2040 | 16.43 | 13.29 | -3.14 | ---- | -0.42 | -0.02 | 0.39 | ||
| 2041 | 16.38 | 13.29 | -3.09 | ---- | -0.48 | -0.03 | 0.45 | ||
| 2042 | 16.32 | 13.29 | -3.04 | ---- | -0.54 | -0.03 | 0.50 | ||
| 2043 | 16.25 | 13.28 | -2.97 | ---- | -0.60 | -0.04 | 0.56 | ||
| 2044 | 16.17 | 13.28 | -2.89 | ---- | -0.66 | -0.04 | 0.62 | ||
| 2045 | 16.09 | 13.28 | -2.81 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2046 | 16.00 | 13.27 | -2.73 | ---- | -0.80 | -0.05 | 0.75 | ||
| 2047 | 15.92 | 13.27 | -2.65 | ---- | -0.87 | -0.05 | 0.82 | ||
| 2048 | 15.84 | 13.26 | -2.58 | ---- | -0.94 | -0.06 | 0.89 | ||
| 2049 | 15.76 | 13.26 | -2.51 | ---- | -1.02 | -0.06 | 0.96 | ||
| 2050 | 15.69 | 13.26 | -2.43 | ---- | -1.10 | -0.07 | 1.03 | ||
| 2051 | 15.62 | 13.25 | -2.37 | ---- | -1.17 | -0.07 | 1.10 | ||
| 2052 | 15.55 | 13.25 | -2.30 | ---- | -1.25 | -0.08 | 1.18 | ||
| 2053 | 15.50 | 13.25 | -2.25 | ---- | -1.33 | -0.08 | 1.25 | ||
| 2054 | 15.44 | 13.25 | -2.20 | ---- | -1.41 | -0.09 | 1.33 | ||
| 2055 | 15.40 | 13.24 | -2.15 | ---- | -1.50 | -0.09 | 1.40 | ||
| 2056 | 15.35 | 13.24 | -2.11 | ---- | -1.58 | -0.10 | 1.48 | ||
| 2057 | 15.32 | 13.24 | -2.08 | ---- | -1.66 | -0.10 | 1.56 | ||
| 2058 | 15.29 | 13.24 | -2.05 | ---- | -1.74 | -0.11 | 1.64 | ||
| 2059 | 15.26 | 13.24 | -2.02 | ---- | -1.82 | -0.11 | 1.71 | ||
| 2060 | 15.24 | 13.24 | -2.00 | ---- | -1.91 | -0.12 | 1.79 | ||
| 2061 | 15.22 | 13.24 | -1.98 | ---- | -1.99 | -0.12 | 1.86 | ||
| 2062 | 15.20 | 13.24 | -1.96 | ---- | -2.07 | -0.13 | 1.94 | ||
| 2063 | 15.18 | 13.24 | -1.94 | ---- | -2.15 | -0.13 | 2.01 | ||
| 2064 | 15.17 | 13.24 | -1.93 | ---- | -2.22 | -0.14 | 2.09 | ||
| 2065 | 15.16 | 13.24 | -1.92 | ---- | -2.30 | -0.14 | 2.16 | ||
| 2066 | 15.14 | 13.24 | -1.91 | ---- | -2.38 | -0.15 | 2.23 | ||
| 2067 | 15.14 | 13.24 | -1.90 | ---- | -2.46 | -0.15 | 2.31 | ||
| 2068 | 15.13 | 13.24 | -1.89 | ---- | -2.54 | -0.16 | 2.38 | ||
| 2069 | 15.12 | 13.24 | -1.88 | ---- | -2.61 | -0.16 | 2.45 | ||
| 2070 | 15.11 | 13.24 | -1.87 | ---- | -2.69 | -0.17 | 2.52 | ||
| 2071 | 15.10 | 13.24 | -1.86 | ---- | -2.77 | -0.17 | 2.60 | ||
| 2072 | 15.09 | 13.24 | -1.85 | ---- | -2.84 | -0.18 | 2.67 | ||
| 2073 | 15.07 | 13.24 | -1.83 | ---- | -2.92 | -0.18 | 2.74 | ||
| 2074 | 15.04 | 13.24 | -1.80 | ---- | -2.99 | -0.19 | 2.81 | ||
| 2075 | 15.01 | 13.24 | -1.78 | ---- | -3.07 | -0.19 | 2.88 | ||
| 2076 | 14.98 | 13.23 | -1.74 | ---- | -3.14 | -0.20 | 2.94 | ||
| 2077 | 14.93 | 13.23 | -1.70 | ---- | -3.20 | -0.20 | 3.01 | ||
| 2078 | 14.88 | 13.23 | -1.65 | ---- | -3.27 | -0.20 | 3.07 | ||
| 2079 | 14.82 | 13.23 | -1.59 | ---- | -3.33 | -0.21 | 3.12 | ||
| 2080 | 14.75 | 13.22 | -1.53 | ---- | -3.39 | -0.21 | 3.18 | ||
| 2081 | 14.68 | 13.22 | -1.46 | ---- | -3.44 | -0.21 | 3.23 | ||
| 2082 | 14.60 | 13.21 | -1.39 | ---- | -3.49 | -0.22 | 3.28 | ||
| 2083 | 14.52 | 13.21 | -1.31 | ---- | -3.55 | -0.22 | 3.32 | ||
| 2084 | 14.44 | 13.20 | -1.23 | ---- | -3.60 | -0.22 | 3.37 | ||
| 2085 | 14.35 | 13.20 | -1.16 | ---- | -3.64 | -0.23 | 3.41 | ||
| 2086 | 14.27 | 13.19 | -1.08 | ---- | -3.69 | -0.23 | 3.46 | ||
| 2087 | 14.19 | 13.19 | -1.00 | ---- | -3.73 | -0.23 | 3.50 | ||
| 2088 | 14.12 | 13.18 | -0.93 | ---- | -3.78 | -0.24 | 3.54 | ||
| 2089 | 14.05 | 13.18 | -0.87 | ---- | -3.83 | -0.24 | 3.59 | ||
| 2090 | 13.99 | 13.17 | -0.82 | ---- | -3.88 | -0.24 | 3.63 | ||
| 2091 | 13.94 | 13.17 | -0.77 | ---- | -3.93 | -0.25 | 3.68 | ||
| 2092 | 13.90 | 13.17 | -0.73 | ---- | -3.98 | -0.25 | 3.73 | ||
| 2093 | 13.86 | 13.17 | -0.69 | ---- | -4.04 | -0.25 | 3.79 | ||
| 2094 | 13.83 | 13.17 | -0.67 | ---- | -4.10 | -0.26 | 3.85 | ||
| 2095 | 13.81 | 13.16 | -0.64 | ---- | -4.17 | -0.26 | 3.91 | ||
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 | 15.46% | 13.75% | -1.71% | 2035 | -1.60% | -0.10% | 1.50% | ||
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.