Detailed Single Year Tables
Description of Proposed Provision:
B4.2: Increase the number of years used to calculate benefits for retirees and survivors (but not for disabled workers) from 35 to 40, phased in over the years 2024-2032.
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 |
|||
| 2023 | 14.53 | 13.29 | -1.24 | 204 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.87 | 12.89 | -1.98 | 187 | -0.00 | -0.00 | 0.00 | ||
| 2025 | 15.04 | 12.97 | -2.07 | 168 | -0.00 | -0.00 | 0.00 | ||
| 2026 | 15.23 | 13.08 | -2.15 | 149 | -0.00 | -0.00 | 0.00 | ||
| 2027 | 15.37 | 13.09 | -2.28 | 131 | -0.01 | -0.00 | 0.01 | ||
| 2028 | 15.54 | 13.13 | -2.41 | 114 | -0.02 | -0.00 | 0.01 | ||
| 2029 | 15.69 | 13.16 | -2.53 | 96 | -0.02 | -0.00 | 0.02 | ||
| 2030 | 15.83 | 13.18 | -2.65 | 79 | -0.04 | -0.00 | 0.03 | ||
| 2031 | 15.95 | 13.21 | -2.74 | 61 | -0.05 | -0.00 | 0.05 | ||
| 2032 | 16.07 | 13.23 | -2.84 | 44 | -0.07 | -0.00 | 0.07 | ||
| 2033 | 16.18 | 13.24 | -2.93 | 26 | -0.09 | -0.01 | 0.09 | ||
| 2034 | 16.27 | 13.25 | -3.01 | 9 | -0.12 | -0.01 | 0.11 | ||
| 2035 | 16.34 | 13.26 | -3.08 | ---- | -0.14 | -0.01 | 0.13 | ||
| 2036 | 16.39 | 13.26 | -3.12 | ---- | -0.17 | -0.01 | 0.16 | ||
| 2037 | 16.44 | 13.27 | -3.17 | ---- | -0.20 | -0.01 | 0.19 | ||
| 2038 | 16.47 | 13.27 | -3.20 | ---- | -0.23 | -0.01 | 0.21 | ||
| 2039 | 16.49 | 13.28 | -3.22 | ---- | -0.25 | -0.02 | 0.24 | ||
| 2040 | 16.50 | 13.28 | -3.22 | ---- | -0.28 | -0.02 | 0.26 | ||
| 2041 | 16.50 | 13.28 | -3.22 | ---- | -0.31 | -0.02 | 0.29 | ||
| 2042 | 16.49 | 13.28 | -3.21 | ---- | -0.33 | -0.02 | 0.31 | ||
| 2043 | 16.48 | 13.28 | -3.19 | ---- | -0.35 | -0.02 | 0.33 | ||
| 2044 | 16.47 | 13.28 | -3.18 | ---- | -0.38 | -0.02 | 0.36 | ||
| 2045 | 16.46 | 13.28 | -3.18 | ---- | -0.40 | -0.02 | 0.38 | ||
| 2046 | 16.46 | 13.28 | -3.17 | ---- | -0.42 | -0.03 | 0.40 | ||
| 2047 | 16.46 | 13.29 | -3.17 | ---- | -0.45 | -0.03 | 0.42 | ||
| 2048 | 16.46 | 13.29 | -3.17 | ---- | -0.47 | -0.03 | 0.44 | ||
| 2049 | 16.47 | 13.29 | -3.18 | ---- | -0.49 | -0.03 | 0.46 | ||
| 2050 | 16.48 | 13.29 | -3.19 | ---- | -0.51 | -0.03 | 0.48 | ||
| 2051 | 16.49 | 13.29 | -3.20 | ---- | -0.53 | -0.03 | 0.50 | ||
| 2052 | 16.51 | 13.29 | -3.22 | ---- | -0.55 | -0.03 | 0.51 | ||
| 2053 | 16.54 | 13.30 | -3.25 | ---- | -0.56 | -0.03 | 0.53 | ||
| 2054 | 16.58 | 13.30 | -3.28 | ---- | -0.58 | -0.04 | 0.55 | ||
| 2055 | 16.63 | 13.31 | -3.33 | ---- | -0.60 | -0.04 | 0.56 | ||
| 2056 | 16.69 | 13.31 | -3.38 | ---- | -0.61 | -0.04 | 0.57 | ||
| 2057 | 16.75 | 13.32 | -3.44 | ---- | -0.63 | -0.04 | 0.59 | ||
| 2058 | 16.82 | 13.32 | -3.50 | ---- | -0.64 | -0.04 | 0.60 | ||
| 2059 | 16.89 | 13.33 | -3.56 | ---- | -0.65 | -0.04 | 0.61 | ||
| 2060 | 16.96 | 13.33 | -3.63 | ---- | -0.66 | -0.04 | 0.62 | ||
| 2061 | 17.03 | 13.34 | -3.69 | ---- | -0.67 | -0.04 | 0.62 | ||
| 2062 | 17.09 | 13.34 | -3.74 | ---- | -0.67 | -0.04 | 0.63 | ||
| 2063 | 17.15 | 13.35 | -3.80 | ---- | -0.68 | -0.04 | 0.64 | ||
| 2064 | 17.20 | 13.35 | -3.85 | ---- | -0.68 | -0.04 | 0.64 | ||
| 2065 | 17.26 | 13.36 | -3.90 | ---- | -0.69 | -0.04 | 0.64 | ||
| 2066 | 17.31 | 13.36 | -3.95 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2067 | 17.37 | 13.37 | -4.00 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2068 | 17.42 | 13.37 | -4.05 | ---- | -0.70 | -0.04 | 0.65 | ||
| 2069 | 17.47 | 13.38 | -4.10 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2070 | 17.53 | 13.38 | -4.15 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2071 | 17.58 | 13.38 | -4.19 | ---- | -0.71 | -0.04 | 0.66 | ||
| 2072 | 17.63 | 13.39 | -4.24 | ---- | -0.71 | -0.04 | 0.66 | ||
| 2073 | 17.67 | 13.39 | -4.28 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2074 | 17.72 | 13.40 | -4.32 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2075 | 17.75 | 13.40 | -4.35 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2076 | 17.77 | 13.40 | -4.37 | ---- | -0.72 | -0.04 | 0.67 | ||
| 2077 | 17.79 | 13.40 | -4.38 | ---- | -0.72 | -0.04 | 0.67 | ||
| 2078 | 17.79 | 13.40 | -4.38 | ---- | -0.72 | -0.04 | 0.67 | ||
| 2079 | 17.78 | 13.40 | -4.37 | ---- | -0.72 | -0.04 | 0.67 | ||
| 2080 | 17.75 | 13.40 | -4.35 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2081 | 17.72 | 13.40 | -4.32 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2082 | 17.68 | 13.40 | -4.28 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2083 | 17.64 | 13.40 | -4.24 | ---- | -0.71 | -0.04 | 0.66 | ||
| 2084 | 17.58 | 13.39 | -4.19 | ---- | -0.71 | -0.04 | 0.66 | ||
| 2085 | 17.53 | 13.39 | -4.14 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2086 | 17.46 | 13.39 | -4.08 | ---- | -0.70 | -0.04 | 0.65 | ||
| 2087 | 17.39 | 13.38 | -4.01 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2088 | 17.33 | 13.38 | -3.95 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2089 | 17.26 | 13.37 | -3.89 | ---- | -0.69 | -0.04 | 0.64 | ||
| 2090 | 17.21 | 13.37 | -3.84 | ---- | -0.68 | -0.04 | 0.64 | ||
| 2091 | 17.16 | 13.37 | -3.79 | ---- | -0.68 | -0.04 | 0.64 | ||
| 2092 | 17.12 | 13.36 | -3.76 | ---- | -0.68 | -0.04 | 0.64 | ||
| 2093 | 17.09 | 13.36 | -3.73 | ---- | -0.68 | -0.04 | 0.64 | ||
| 2094 | 17.08 | 13.36 | -3.71 | ---- | -0.68 | -0.04 | 0.63 | ||
| 2095 | 17.07 | 13.36 | -3.71 | ---- | -0.68 | -0.04 | 0.63 | ||
| 2096 | 17.07 | 13.36 | -3.71 | ---- | -0.68 | -0.04 | 0.63 | ||
| 2097 | 17.08 | 13.36 | -3.71 | ---- | -0.68 | -0.04 | 0.63 | ||
| 2098 | 17.09 | 13.36 | -3.73 | ---- | -0.68 | -0.04 | 0.63 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2023-2097 | 16.91% | 13.75% | -3.16% | 2034 | -0.47% | -0.03% | 0.45% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
|||||||||
Based on Intermediate Assumptions of the 2023 Trustees Report.