Detailed Single Year Tables
Description of Proposed Provision:
B7.3: Give credit to parents with a child under 6 for earnings for up to five years. The earnings credited for a childcare year equal one half of the SSA average wage index (about $27,821 in 2020). The credits are available for all past years to newly eligible retired-worker and disabled-worker beneficiaries starting in 2021. The 5 years are chosen to yield the largest increase in AIME.
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 | 14.26 | 12.93 | -1.33 | 233 | 0.01 | 0.00 | -0.01 | ||
2023 | 14.45 | 12.95 | -1.51 | 216 | 0.02 | 0.00 | -0.02 | ||
2024 | 14.67 | 12.98 | -1.70 | 199 | 0.03 | 0.00 | -0.03 | ||
2025 | 14.92 | 13.00 | -1.92 | 182 | 0.04 | 0.00 | -0.04 | ||
2026 | 15.17 | 13.13 | -2.04 | 164 | 0.05 | 0.00 | -0.05 | ||
2027 | 15.41 | 13.15 | -2.26 | 146 | 0.07 | 0.00 | -0.07 | ||
2028 | 15.67 | 13.19 | -2.47 | 128 | 0.08 | 0.00 | -0.08 | ||
2029 | 15.93 | 13.23 | -2.70 | 109 | 0.10 | 0.00 | -0.09 | ||
2030 | 16.13 | 13.25 | -2.88 | 91 | 0.11 | 0.00 | -0.11 | ||
2031 | 16.31 | 13.26 | -3.05 | 72 | 0.12 | 0.01 | -0.12 | ||
2032 | 16.47 | 13.27 | -3.19 | 54 | 0.13 | 0.01 | -0.13 | ||
2033 | 16.60 | 13.28 | -3.31 | 34 | 0.15 | 0.01 | -0.14 | ||
2034 | 16.71 | 13.29 | -3.42 | 15 | 0.16 | 0.01 | -0.15 | ||
2035 | 16.80 | 13.30 | -3.49 | ---- | 0.17 | 0.01 | -0.16 | ||
2036 | 16.86 | 13.31 | -3.56 | ---- | 0.18 | 0.01 | -0.17 | ||
2037 | 16.93 | 13.31 | -3.61 | ---- | 0.19 | 0.01 | -0.18 | ||
2038 | 16.98 | 13.32 | -3.66 | ---- | 0.20 | 0.01 | -0.19 | ||
2039 | 17.02 | 13.32 | -3.70 | ---- | 0.21 | 0.01 | -0.20 | ||
2040 | 17.06 | 13.33 | -3.74 | ---- | 0.21 | 0.01 | -0.20 | ||
2041 | 17.08 | 13.33 | -3.75 | ---- | 0.22 | 0.01 | -0.21 | ||
2042 | 17.09 | 13.33 | -3.76 | ---- | 0.23 | 0.01 | -0.22 | ||
2043 | 17.09 | 13.33 | -3.76 | ---- | 0.24 | 0.01 | -0.23 | ||
2044 | 17.08 | 13.33 | -3.75 | ---- | 0.25 | 0.01 | -0.24 | ||
2045 | 17.07 | 13.33 | -3.74 | ---- | 0.26 | 0.01 | -0.24 | ||
2046 | 17.06 | 13.33 | -3.73 | ---- | 0.26 | 0.01 | -0.25 | ||
2047 | 17.06 | 13.33 | -3.73 | ---- | 0.27 | 0.01 | -0.26 | ||
2048 | 17.06 | 13.33 | -3.73 | ---- | 0.28 | 0.01 | -0.26 | ||
2049 | 17.07 | 13.33 | -3.73 | ---- | 0.28 | 0.01 | -0.27 | ||
2050 | 17.07 | 13.34 | -3.74 | ---- | 0.29 | 0.01 | -0.27 | ||
2051 | 17.08 | 13.34 | -3.75 | ---- | 0.29 | 0.01 | -0.28 | ||
2052 | 17.10 | 13.34 | -3.76 | ---- | 0.30 | 0.01 | -0.28 | ||
2053 | 17.13 | 13.34 | -3.79 | ---- | 0.30 | 0.01 | -0.29 | ||
2054 | 17.16 | 13.35 | -3.82 | ---- | 0.31 | 0.01 | -0.29 | ||
2055 | 17.20 | 13.35 | -3.85 | ---- | 0.31 | 0.02 | -0.29 | ||
2056 | 17.25 | 13.35 | -3.89 | ---- | 0.31 | 0.02 | -0.30 | ||
2057 | 17.29 | 13.36 | -3.94 | ---- | 0.32 | 0.02 | -0.30 | ||
2058 | 17.35 | 13.36 | -3.99 | ---- | 0.32 | 0.02 | -0.30 | ||
2059 | 17.41 | 13.37 | -4.04 | ---- | 0.32 | 0.02 | -0.31 | ||
2060 | 17.47 | 13.37 | -4.10 | ---- | 0.32 | 0.02 | -0.31 | ||
2061 | 17.53 | 13.38 | -4.15 | ---- | 0.33 | 0.02 | -0.31 | ||
2062 | 17.60 | 13.38 | -4.21 | ---- | 0.33 | 0.02 | -0.31 | ||
2063 | 17.66 | 13.39 | -4.27 | ---- | 0.33 | 0.02 | -0.31 | ||
2064 | 17.73 | 13.39 | -4.33 | ---- | 0.33 | 0.02 | -0.32 | ||
2065 | 17.79 | 13.40 | -4.39 | ---- | 0.33 | 0.02 | -0.32 | ||
2066 | 17.86 | 13.40 | -4.46 | ---- | 0.34 | 0.02 | -0.32 | ||
2067 | 17.93 | 13.41 | -4.52 | ---- | 0.34 | 0.02 | -0.32 | ||
2068 | 18.00 | 13.41 | -4.59 | ---- | 0.34 | 0.02 | -0.32 | ||
2069 | 18.08 | 13.42 | -4.66 | ---- | 0.34 | 0.02 | -0.32 | ||
2070 | 18.15 | 13.42 | -4.72 | ---- | 0.34 | 0.02 | -0.33 | ||
2071 | 18.21 | 13.43 | -4.79 | ---- | 0.34 | 0.02 | -0.33 | ||
2072 | 18.27 | 13.43 | -4.84 | ---- | 0.35 | 0.02 | -0.33 | ||
2073 | 18.33 | 13.44 | -4.89 | ---- | 0.35 | 0.02 | -0.33 | ||
2074 | 18.38 | 13.44 | -4.94 | ---- | 0.35 | 0.02 | -0.33 | ||
2075 | 18.43 | 13.44 | -4.98 | ---- | 0.35 | 0.02 | -0.33 | ||
2076 | 18.46 | 13.45 | -5.02 | ---- | 0.35 | 0.02 | -0.33 | ||
2077 | 18.49 | 13.45 | -5.04 | ---- | 0.35 | 0.02 | -0.33 | ||
2078 | 18.50 | 13.45 | -5.05 | ---- | 0.35 | 0.02 | -0.33 | ||
2079 | 18.50 | 13.45 | -5.05 | ---- | 0.35 | 0.02 | -0.33 | ||
2080 | 18.49 | 13.45 | -5.04 | ---- | 0.35 | 0.02 | -0.33 | ||
2081 | 18.47 | 13.45 | -5.02 | ---- | 0.35 | 0.02 | -0.33 | ||
2082 | 18.44 | 13.45 | -4.99 | ---- | 0.35 | 0.02 | -0.33 | ||
2083 | 18.42 | 13.45 | -4.97 | ---- | 0.35 | 0.02 | -0.33 | ||
2084 | 18.38 | 13.45 | -4.94 | ---- | 0.35 | 0.02 | -0.33 | ||
2085 | 18.34 | 13.44 | -4.90 | ---- | 0.35 | 0.02 | -0.33 | ||
2086 | 18.31 | 13.44 | -4.86 | ---- | 0.35 | 0.02 | -0.33 | ||
2087 | 18.27 | 13.44 | -4.83 | ---- | 0.35 | 0.02 | -0.33 | ||
2088 | 18.24 | 13.44 | -4.81 | ---- | 0.35 | 0.02 | -0.33 | ||
2089 | 18.22 | 13.44 | -4.79 | ---- | 0.35 | 0.02 | -0.33 | ||
2090 | 18.21 | 13.44 | -4.78 | ---- | 0.35 | 0.02 | -0.33 | ||
2091 | 18.22 | 13.44 | -4.78 | ---- | 0.35 | 0.02 | -0.33 | ||
2092 | 18.23 | 13.44 | -4.79 | ---- | 0.35 | 0.02 | -0.33 | ||
2093 | 18.25 | 13.44 | -4.81 | ---- | 0.35 | 0.02 | -0.33 | ||
2094 | 18.29 | 13.44 | -4.85 | ---- | 0.35 | 0.02 | -0.33 | ||
2095 | 18.32 | 13.44 | -4.88 | ---- | 0.35 | 0.02 | -0.33 |
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 | 17.31% | 13.86% | -3.45% | 2034 | 0.25% | 0.01% | -0.24% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
Based on Intermediate Assumptions of the 2020 Trustees Report.