Description of Proposed Provision:
B6.2: Provide the same dollar amount increase to the monthly benefit amount (MBA) of any beneficiary who is 85 or older at the beginning of 2019 or who reaches their 85th birthday after the beginning of 2019. The dollar amount of increase equals 5 percent of the average retired-worker MBA in the prior year.
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 |
|||
| 2018 | 13.81 | 12.64 | -1.17 | 288 | 0.00 | 0.00 | 0.00 | ||
| 2019 | 14.01 | 12.87 | -1.14 | 271 | 0.06 | 0.00 | -0.06 | ||
| 2020 | 14.18 | 12.90 | -1.29 | 254 | 0.06 | 0.00 | -0.06 | ||
| 2021 | 14.33 | 12.92 | -1.41 | 238 | 0.06 | 0.00 | -0.06 | ||
| 2022 | 14.50 | 12.95 | -1.55 | 221 | 0.06 | 0.00 | -0.06 | ||
| 2023 | 14.68 | 12.97 | -1.71 | 203 | 0.06 | 0.00 | -0.06 | ||
| 2024 | 14.87 | 13.00 | -1.87 | 186 | 0.06 | 0.00 | -0.06 | ||
| 2025 | 15.05 | 13.01 | -2.04 | 168 | 0.06 | 0.00 | -0.06 | ||
| 2026 | 15.22 | 13.14 | -2.09 | 151 | 0.07 | 0.00 | -0.06 | ||
| 2027 | 15.43 | 13.16 | -2.28 | 134 | 0.07 | 0.00 | -0.06 | ||
| 2028 | 15.65 | 13.18 | -2.48 | 117 | 0.07 | 0.00 | -0.07 | ||
| 2029 | 15.87 | 13.19 | -2.67 | 100 | 0.07 | 0.00 | -0.07 | ||
| 2030 | 16.06 | 13.21 | -2.85 | 82 | 0.08 | 0.00 | -0.07 | ||
| 2031 | 16.24 | 13.22 | -3.02 | 64 | 0.08 | 0.00 | -0.08 | ||
| 2032 | 16.40 | 13.23 | -3.17 | 46 | 0.09 | 0.00 | -0.08 | ||
| 2033 | 16.54 | 13.24 | -3.30 | 28 | 0.09 | 0.01 | -0.08 | ||
| 2034 | 16.66 | 13.25 | -3.41 | 8 | 0.09 | 0.01 | -0.09 | ||
| 2035 | 16.75 | 13.26 | -3.49 | ---- | 0.10 | 0.01 | -0.09 | ||
| 2036 | 16.82 | 13.27 | -3.56 | ---- | 0.10 | 0.01 | -0.09 | ||
| 2037 | 16.89 | 13.27 | -3.62 | ---- | 0.10 | 0.01 | -0.10 | ||
| 2038 | 16.93 | 13.28 | -3.65 | ---- | 0.11 | 0.01 | -0.10 | ||
| 2039 | 16.94 | 13.28 | -3.66 | ---- | 0.11 | 0.01 | -0.10 | ||
| 2040 | 16.94 | 13.28 | -3.66 | ---- | 0.11 | 0.01 | -0.11 | ||
| 2041 | 16.93 | 13.28 | -3.65 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2042 | 16.90 | 13.28 | -3.62 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2043 | 16.86 | 13.28 | -3.58 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2044 | 16.82 | 13.28 | -3.54 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2045 | 16.79 | 13.28 | -3.51 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2046 | 16.76 | 13.28 | -3.48 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2047 | 16.74 | 13.28 | -3.46 | ---- | 0.13 | 0.01 | -0.13 | ||
| 2048 | 16.71 | 13.28 | -3.44 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2049 | 16.69 | 13.28 | -3.42 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2050 | 16.68 | 13.28 | -3.40 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2051 | 16.67 | 13.28 | -3.39 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2052 | 16.67 | 13.28 | -3.39 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2053 | 16.68 | 13.28 | -3.40 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2054 | 16.70 | 13.28 | -3.42 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2055 | 16.73 | 13.28 | -3.44 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2056 | 16.76 | 13.29 | -3.47 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2057 | 16.80 | 13.29 | -3.51 | ---- | 0.13 | 0.01 | -0.13 | ||
| 2058 | 16.85 | 13.29 | -3.55 | ---- | 0.13 | 0.01 | -0.13 | ||
| 2059 | 16.89 | 13.30 | -3.59 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2060 | 16.94 | 13.30 | -3.64 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2061 | 16.99 | 13.31 | -3.68 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2062 | 17.04 | 13.31 | -3.73 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2063 | 17.09 | 13.31 | -3.78 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2064 | 17.15 | 13.32 | -3.83 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2065 | 17.20 | 13.32 | -3.88 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2066 | 17.26 | 13.33 | -3.93 | ---- | 0.13 | 0.01 | -0.13 | ||
| 2067 | 17.32 | 13.33 | -3.99 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2068 | 17.38 | 13.34 | -4.04 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2069 | 17.44 | 13.34 | -4.10 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2070 | 17.50 | 13.34 | -4.16 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2071 | 17.56 | 13.35 | -4.21 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2072 | 17.61 | 13.35 | -4.26 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2073 | 17.66 | 13.35 | -4.30 | ---- | 0.14 | 0.01 | -0.14 | ||
| 2074 | 17.70 | 13.36 | -4.34 | ---- | 0.15 | 0.01 | -0.14 | ||
| 2075 | 17.74 | 13.36 | -4.38 | ---- | 0.15 | 0.01 | -0.14 | ||
| 2076 | 17.76 | 13.36 | -4.40 | ---- | 0.15 | 0.01 | -0.14 | ||
| 2077 | 17.78 | 13.37 | -4.41 | ---- | 0.15 | 0.01 | -0.15 | ||
| 2078 | 17.78 | 13.37 | -4.42 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2079 | 17.78 | 13.37 | -4.41 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2080 | 17.76 | 13.36 | -4.40 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2081 | 17.75 | 13.36 | -4.38 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2082 | 17.73 | 13.36 | -4.37 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2083 | 17.71 | 13.36 | -4.35 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2084 | 17.70 | 13.36 | -4.34 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2085 | 17.69 | 13.36 | -4.33 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2086 | 17.69 | 13.36 | -4.33 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2087 | 17.69 | 13.36 | -4.33 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2088 | 17.71 | 13.36 | -4.35 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2089 | 17.73 | 13.36 | -4.37 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2090 | 17.76 | 13.37 | -4.40 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2091 | 17.80 | 13.37 | -4.43 | ---- | 0.17 | 0.01 | -0.15 | ||
| 2092 | 17.85 | 13.37 | -4.47 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2093 | 17.89 | 13.37 | -4.52 | ---- | 0.17 | 0.01 | -0.16 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2018-2092 | 16.80% | 13.85% | -2.95% | 2034 | 0.12% | 0.01% | -0.11% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2018 Trustees Report.