Long Range Solvency Provisions

Description of Proposed Provision:
B7.5: Increase benefits by 5 percent for all beneficiaries as of the beginning of 2024 and for those newly eligible for benefits after the beginning of 2024.

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	Trust fund ratio as of January 1	Cost rate	Income rate	Annual balance
2023	14.53	13.29	-1.24	204	0.00	0.00	0.00
2024	15.60	12.91	-2.69	178	0.74	0.03	-0.71
2025	15.79	13.00	-2.79	156	0.75	0.03	-0.72
2026	15.99	13.12	-2.87	134	0.76	0.04	-0.72
2027	16.14	13.13	-3.01	113	0.76	0.04	-0.73
2028	16.33	13.17	-3.16	92	0.77	0.04	-0.73
2029	16.50	13.20	-3.30	71	0.78	0.04	-0.74
2030	16.66	13.23	-3.43	50	0.79	0.04	-0.75
2031	16.80	13.25	-3.54	29	0.79	0.04	-0.75
2032	16.95	13.28	-3.67	9	0.80	0.04	-0.76
2033	17.08	13.29	-3.78	----	0.81	0.04	-0.76
2034	17.20	13.30	-3.89	----	0.81	0.04	-0.77
2035	17.30	13.31	-3.98	----	0.82	0.04	-0.77
2036	17.38	13.32	-4.06	----	0.82	0.05	-0.78
2037	17.46	13.33	-4.13	----	0.83	0.05	-0.78
2038	17.53	13.33	-4.19	----	0.83	0.05	-0.78
2039	17.58	13.34	-4.24	----	0.83	0.05	-0.79
2040	17.61	13.34	-4.27	----	0.83	0.05	-0.79
2041	17.64	13.35	-4.29	----	0.83	0.05	-0.79
2042	17.65	13.35	-4.30	----	0.83	0.05	-0.79
2043	17.67	13.35	-4.32	----	0.84	0.05	-0.79
2044	17.68	13.35	-4.33	----	0.84	0.05	-0.79
2045	17.70	13.35	-4.34	----	0.84	0.05	-0.79
2046	17.72	13.36	-4.36	----	0.84	0.05	-0.79
2047	17.74	13.36	-4.38	----	0.84	0.05	-0.79
2048	17.77	13.36	-4.40	----	0.84	0.05	-0.79
2049	17.80	13.37	-4.43	----	0.84	0.05	-0.79
2050	17.83	13.37	-4.46	----	0.84	0.05	-0.80
2051	17.86	13.37	-4.49	----	0.85	0.05	-0.80
2052	17.91	13.38	-4.53	----	0.85	0.05	-0.80
2053	17.96	13.38	-4.58	----	0.85	0.05	-0.80
2054	18.02	13.39	-4.63	----	0.85	0.05	-0.80
2055	18.09	13.39	-4.70	----	0.86	0.05	-0.81
2056	18.16	13.40	-4.77	----	0.86	0.05	-0.81
2057	18.24	13.40	-4.84	----	0.86	0.05	-0.81
2058	18.33	13.41	-4.92	----	0.87	0.05	-0.82
2059	18.41	13.42	-4.99	----	0.87	0.05	-0.82
2060	18.49	13.42	-5.07	----	0.88	0.05	-0.83
2061	18.57	13.43	-5.14	----	0.88	0.05	-0.83
2062	18.64	13.44	-5.21	----	0.88	0.05	-0.83
2063	18.71	13.44	-5.27	----	0.89	0.05	-0.84
2064	18.77	13.45	-5.33	----	0.89	0.05	-0.84
2065	18.84	13.45	-5.39	----	0.89	0.05	-0.84
2066	18.90	13.46	-5.44	----	0.90	0.05	-0.84
2067	18.96	13.46	-5.50	----	0.90	0.05	-0.85
2068	19.02	13.47	-5.55	----	0.90	0.05	-0.85
2069	19.08	13.47	-5.61	----	0.90	0.05	-0.85
2070	19.14	13.48	-5.66	----	0.91	0.05	-0.85
2071	19.19	13.48	-5.71	----	0.91	0.05	-0.86
2072	19.25	13.48	-5.76	----	0.91	0.05	-0.86
2073	19.30	13.49	-5.81	----	0.91	0.05	-0.86
2074	19.34	13.49	-5.85	----	0.92	0.05	-0.86
2075	19.38	13.50	-5.89	----	0.92	0.05	-0.87
2076	19.41	13.50	-5.91	----	0.92	0.05	-0.87
2077	19.42	13.50	-5.92	----	0.92	0.05	-0.87
2078	19.42	13.50	-5.92	----	0.92	0.05	-0.87
2079	19.41	13.50	-5.91	----	0.92	0.05	-0.87
2080	19.39	13.50	-5.89	----	0.92	0.05	-0.87
2081	19.35	13.50	-5.85	----	0.92	0.05	-0.86
2082	19.31	13.50	-5.81	----	0.92	0.05	-0.86
2083	19.26	13.49	-5.76	----	0.91	0.05	-0.86
2084	19.20	13.49	-5.71	----	0.91	0.05	-0.86
2085	19.13	13.49	-5.65	----	0.91	0.05	-0.85
2086	19.06	13.48	-5.58	----	0.90	0.05	-0.85
2087	18.99	13.48	-5.51	----	0.90	0.05	-0.85
2088	18.92	13.47	-5.44	----	0.90	0.05	-0.84
2089	18.85	13.47	-5.38	----	0.89	0.05	-0.84
2090	18.78	13.47	-5.32	----	0.89	0.05	-0.84
2091	18.73	13.46	-5.27	----	0.89	0.05	-0.84
2092	18.69	13.46	-5.23	----	0.89	0.05	-0.83
2093	18.66	13.46	-5.20	----	0.89	0.05	-0.83
2094	18.64	13.46	-5.18	----	0.88	0.05	-0.83
2095	18.63	13.46	-5.17	----	0.88	0.05	-0.83
2096	18.63	13.46	-5.17	----	0.88	0.05	-0.83
2097	18.64	13.46	-5.18	----	0.88	0.05	-0.83
2098	18.66	13.46	-5.20	----	0.89	0.05	-0.83

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	18.24%	13.82%	-4.41%	2032	0.85%	0.05%	-0.81%
¹ Under current law, the year of Trust Fund reserve depletion is 2034.

Based on Intermediate Assumptions of the 2023 Trustees Report.

Detailed Single Year Tables

Description of Proposed Provision: B7.5: Increase benefits by 5 percent for all beneficiaries as of the beginning of 2024 and for those newly eligible for benefits after the beginning of 2024.

Financial Estimates for the OASDI Trust Fund Program

Summarized Estimates

Description of Proposed Provision:
B7.5: Increase benefits by 5 percent for all beneficiaries as of the beginning of 2024 and for those newly eligible for benefits after the beginning of 2024.