Detailed Single Year Tables
Description of Proposed Provision:
B7.11: Beginning in January 2024, eliminate the retirement earnings test for all beneficiaries under normal retirement age, including retired workers, aged spouses, aged widow(er)s, young spouses with a child in care, young surviving spouses with a child in care, and children.
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 |
|||
| 2021 | 14.11 | 12.31 | -1.81 | 253 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.30 | 12.93 | -1.38 | 231 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.43 | 12.91 | -1.52 | 214 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.94 | 12.96 | -1.98 | 192 | 0.30 | 0.01 | -0.29 | ||
| 2025 | 15.15 | 12.97 | -2.17 | 173 | 0.29 | 0.01 | -0.28 | ||
| 2026 | 15.39 | 13.09 | -2.29 | 153 | 0.28 | 0.02 | -0.27 | ||
| 2027 | 15.63 | 13.12 | -2.51 | 134 | 0.26 | 0.02 | -0.25 | ||
| 2028 | 15.86 | 13.15 | -2.71 | 114 | 0.24 | 0.01 | -0.22 | ||
| 2029 | 16.08 | 13.18 | -2.90 | 95 | 0.21 | 0.01 | -0.20 | ||
| 2030 | 16.30 | 13.20 | -3.10 | 75 | 0.19 | 0.01 | -0.18 | ||
| 2031 | 16.45 | 13.22 | -3.24 | 56 | 0.17 | 0.01 | -0.16 | ||
| 2032 | 16.58 | 13.23 | -3.36 | 36 | 0.15 | 0.01 | -0.14 | ||
| 2033 | 16.69 | 13.24 | -3.45 | 16 | 0.13 | 0.01 | -0.12 | ||
| 2034 | 16.77 | 13.24 | -3.53 | ---- | 0.11 | 0.01 | -0.10 | ||
| 2035 | 16.83 | 13.25 | -3.58 | ---- | 0.09 | 0.01 | -0.09 | ||
| 2036 | 16.88 | 13.26 | -3.62 | ---- | 0.08 | 0.01 | -0.07 | ||
| 2037 | 16.92 | 13.26 | -3.66 | ---- | 0.06 | 0.00 | -0.05 | ||
| 2038 | 16.95 | 13.27 | -3.68 | ---- | 0.04 | 0.00 | -0.03 | ||
| 2039 | 16.97 | 13.27 | -3.70 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2040 | 16.99 | 13.27 | -3.72 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2041 | 17.02 | 13.27 | -3.74 | ---- | 0.00 | 0.00 | 0.00 | ||
| 2042 | 17.03 | 13.28 | -3.75 | ---- | -0.01 | 0.00 | 0.01 | ||
| 2043 | 17.03 | 13.28 | -3.75 | ---- | -0.01 | 0.00 | 0.01 | ||
| 2044 | 17.03 | 13.28 | -3.75 | ---- | -0.02 | 0.00 | 0.02 | ||
| 2045 | 17.02 | 13.28 | -3.74 | ---- | -0.03 | -0.00 | 0.03 | ||
| 2046 | 17.02 | 13.28 | -3.74 | ---- | -0.03 | -0.00 | 0.03 | ||
| 2047 | 17.04 | 13.28 | -3.75 | ---- | -0.04 | -0.00 | 0.04 | ||
| 2048 | 17.05 | 13.28 | -3.77 | ---- | -0.05 | -0.00 | 0.05 | ||
| 2049 | 17.06 | 13.29 | -3.78 | ---- | -0.06 | -0.00 | 0.05 | ||
| 2050 | 17.08 | 13.29 | -3.79 | ---- | -0.06 | -0.00 | 0.06 | ||
| 2051 | 17.10 | 13.29 | -3.80 | ---- | -0.07 | -0.00 | 0.06 | ||
| 2052 | 17.12 | 13.29 | -3.83 | ---- | -0.07 | -0.00 | 0.07 | ||
| 2053 | 17.15 | 13.30 | -3.85 | ---- | -0.07 | -0.00 | 0.07 | ||
| 2054 | 17.18 | 13.30 | -3.88 | ---- | -0.07 | -0.00 | 0.07 | ||
| 2055 | 17.22 | 13.30 | -3.92 | ---- | -0.07 | -0.00 | 0.07 | ||
| 2056 | 17.26 | 13.31 | -3.95 | ---- | -0.08 | -0.00 | 0.07 | ||
| 2057 | 17.30 | 13.31 | -3.99 | ---- | -0.08 | -0.00 | 0.08 | ||
| 2058 | 17.35 | 13.31 | -4.03 | ---- | -0.09 | -0.00 | 0.09 | ||
| 2059 | 17.40 | 13.32 | -4.08 | ---- | -0.10 | -0.00 | 0.09 | ||
| 2060 | 17.45 | 13.32 | -4.12 | ---- | -0.10 | -0.00 | 0.10 | ||
| 2061 | 17.50 | 13.33 | -4.17 | ---- | -0.10 | -0.00 | 0.10 | ||
| 2062 | 17.55 | 13.33 | -4.22 | ---- | -0.10 | -0.00 | 0.10 | ||
| 2063 | 17.60 | 13.34 | -4.26 | ---- | -0.11 | -0.00 | 0.10 | ||
| 2064 | 17.64 | 13.34 | -4.30 | ---- | -0.11 | -0.01 | 0.10 | ||
| 2065 | 17.69 | 13.34 | -4.35 | ---- | -0.11 | -0.01 | 0.10 | ||
| 2066 | 17.74 | 13.35 | -4.39 | ---- | -0.11 | -0.01 | 0.11 | ||
| 2067 | 17.79 | 13.35 | -4.44 | ---- | -0.11 | -0.01 | 0.11 | ||
| 2068 | 17.84 | 13.36 | -4.49 | ---- | -0.11 | -0.01 | 0.11 | ||
| 2069 | 17.90 | 13.36 | -4.54 | ---- | -0.11 | -0.01 | 0.11 | ||
| 2070 | 17.96 | 13.36 | -4.59 | ---- | -0.11 | -0.01 | 0.11 | ||
| 2071 | 18.01 | 13.37 | -4.64 | ---- | -0.11 | -0.01 | 0.11 | ||
| 2072 | 18.06 | 13.37 | -4.69 | ---- | -0.11 | -0.01 | 0.11 | ||
| 2073 | 18.11 | 13.38 | -4.73 | ---- | -0.12 | -0.01 | 0.11 | ||
| 2074 | 18.15 | 13.38 | -4.77 | ---- | -0.12 | -0.01 | 0.12 | ||
| 2075 | 18.19 | 13.38 | -4.80 | ---- | -0.13 | -0.01 | 0.12 | ||
| 2076 | 18.21 | 13.39 | -4.83 | ---- | -0.13 | -0.01 | 0.13 | ||
| 2077 | 18.23 | 13.39 | -4.84 | ---- | -0.14 | -0.01 | 0.13 | ||
| 2078 | 18.24 | 13.39 | -4.85 | ---- | -0.14 | -0.01 | 0.13 | ||
| 2079 | 18.23 | 13.39 | -4.84 | ---- | -0.14 | -0.01 | 0.13 | ||
| 2080 | 18.21 | 13.39 | -4.82 | ---- | -0.14 | -0.01 | 0.14 | ||
| 2081 | 18.18 | 13.39 | -4.79 | ---- | -0.15 | -0.01 | 0.14 | ||
| 2082 | 18.14 | 13.39 | -4.76 | ---- | -0.15 | -0.01 | 0.14 | ||
| 2083 | 18.10 | 13.38 | -4.71 | ---- | -0.15 | -0.01 | 0.15 | ||
| 2084 | 18.04 | 13.38 | -4.66 | ---- | -0.16 | -0.01 | 0.15 | ||
| 2085 | 17.98 | 13.38 | -4.60 | ---- | -0.16 | -0.01 | 0.15 | ||
| 2086 | 17.92 | 13.37 | -4.55 | ---- | -0.16 | -0.01 | 0.15 | ||
| 2087 | 17.86 | 13.37 | -4.49 | ---- | -0.15 | -0.01 | 0.14 | ||
| 2088 | 17.79 | 13.36 | -4.43 | ---- | -0.15 | -0.01 | 0.14 | ||
| 2089 | 17.73 | 13.36 | -4.37 | ---- | -0.14 | -0.01 | 0.13 | ||
| 2090 | 17.68 | 13.36 | -4.32 | ---- | -0.13 | -0.01 | 0.13 | ||
| 2091 | 17.64 | 13.36 | -4.28 | ---- | -0.13 | -0.01 | 0.12 | ||
| 2092 | 17.60 | 13.35 | -4.25 | ---- | -0.13 | -0.01 | 0.12 | ||
| 2093 | 17.58 | 13.35 | -4.23 | ---- | -0.13 | -0.01 | 0.12 | ||
| 2094 | 17.57 | 13.35 | -4.22 | ---- | -0.13 | -0.01 | 0.12 | ||
| 2095 | 17.57 | 13.35 | -4.22 | ---- | -0.13 | -0.01 | 0.12 | ||
| 2096 | 17.58 | 13.35 | -4.22 | ---- | -0.13 | -0.01 | 0.12 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2021-2095 | 17.29% | 13.78% | -3.51% | 2033 | -0.03% | -0.00% | 0.03% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2021 Trustees Report.