Description of Proposed Provision:
B6.3: Provide an increase in the benefit level of any beneficiary who is 85 or older at the beginning of 2020 or who reaches their 85th birthday after the beginning of 2020. Increase the beneficiary's PIA based on an amount equal to the average retired-worker PIA at the end of 2019, or at the end of the year age 80 if later. Increase the beneficiary's PIA by 5 percent of this amount for those older than 85 at the beginning of 2020 and by 5 percent of this amount at age 85 for others, phased in at 1 percent per year for ages 81-85.
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 | 13.95 | 12.87 | -1.08 | 272 | 0.00 | 0.00 | 0.00 | ||
| 2020 | 14.20 | 12.90 | -1.31 | 254 | 0.08 | 0.00 | -0.08 | ||
| 2021 | 14.35 | 12.92 | -1.43 | 238 | 0.08 | 0.00 | -0.08 | ||
| 2022 | 14.52 | 12.95 | -1.57 | 220 | 0.08 | 0.00 | -0.08 | ||
| 2023 | 14.70 | 12.97 | -1.73 | 203 | 0.08 | 0.00 | -0.08 | ||
| 2024 | 14.89 | 13.00 | -1.89 | 185 | 0.08 | 0.00 | -0.08 | ||
| 2025 | 15.07 | 13.01 | -2.06 | 168 | 0.09 | 0.00 | -0.08 | ||
| 2026 | 15.25 | 13.14 | -2.11 | 150 | 0.09 | 0.00 | -0.08 | ||
| 2027 | 15.46 | 13.16 | -2.30 | 133 | 0.09 | 0.01 | -0.09 | ||
| 2028 | 15.68 | 13.18 | -2.50 | 116 | 0.10 | 0.01 | -0.09 | ||
| 2029 | 15.89 | 13.19 | -2.70 | 99 | 0.10 | 0.01 | -0.09 | ||
| 2030 | 16.09 | 13.21 | -2.88 | 81 | 0.10 | 0.01 | -0.10 | ||
| 2031 | 16.27 | 13.22 | -3.05 | 63 | 0.11 | 0.01 | -0.10 | ||
| 2032 | 16.43 | 13.23 | -3.20 | 45 | 0.11 | 0.01 | -0.11 | ||
| 2033 | 16.57 | 13.24 | -3.33 | 26 | 0.12 | 0.01 | -0.11 | ||
| 2034 | 16.69 | 13.25 | -3.43 | 7 | 0.12 | 0.01 | -0.12 | ||
| 2035 | 16.78 | 13.26 | -3.52 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2036 | 16.85 | 13.27 | -3.59 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2037 | 16.92 | 13.27 | -3.65 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2038 | 16.96 | 13.28 | -3.68 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2039 | 16.98 | 13.28 | -3.70 | ---- | 0.15 | 0.01 | -0.14 | ||
| 2040 | 16.98 | 13.28 | -3.70 | ---- | 0.15 | 0.01 | -0.14 | ||
| 2041 | 16.96 | 13.28 | -3.68 | ---- | 0.15 | 0.01 | -0.14 | ||
| 2042 | 16.93 | 13.28 | -3.65 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2043 | 16.90 | 13.28 | -3.61 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2044 | 16.86 | 13.28 | -3.58 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2045 | 16.83 | 13.28 | -3.55 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2046 | 16.79 | 13.28 | -3.52 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2047 | 16.77 | 13.28 | -3.49 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2048 | 16.74 | 13.28 | -3.47 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2049 | 16.72 | 13.28 | -3.45 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2050 | 16.71 | 13.28 | -3.43 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2051 | 16.70 | 13.28 | -3.42 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2052 | 16.70 | 13.28 | -3.42 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2053 | 16.71 | 13.28 | -3.43 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2054 | 16.73 | 13.28 | -3.44 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2055 | 16.75 | 13.29 | -3.47 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2056 | 16.79 | 13.29 | -3.50 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2057 | 16.83 | 13.29 | -3.53 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2058 | 16.87 | 13.30 | -3.57 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2059 | 16.92 | 13.30 | -3.62 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2060 | 16.97 | 13.30 | -3.66 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2061 | 17.02 | 13.31 | -3.71 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2062 | 17.07 | 13.31 | -3.76 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2063 | 17.12 | 13.32 | -3.81 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2064 | 17.18 | 13.32 | -3.86 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2065 | 17.23 | 13.32 | -3.91 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2066 | 17.29 | 13.33 | -3.96 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2067 | 17.35 | 13.33 | -4.02 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2068 | 17.41 | 13.34 | -4.07 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2069 | 17.47 | 13.34 | -4.13 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2070 | 17.54 | 13.35 | -4.19 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2071 | 17.59 | 13.35 | -4.24 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2072 | 17.65 | 13.35 | -4.29 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2073 | 17.69 | 13.36 | -4.34 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2074 | 17.74 | 13.36 | -4.37 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2075 | 17.77 | 13.36 | -4.41 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2076 | 17.80 | 13.37 | -4.43 | ---- | 0.19 | 0.01 | -0.17 | ||
| 2077 | 17.81 | 13.37 | -4.44 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2078 | 17.81 | 13.37 | -4.45 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2079 | 17.81 | 13.37 | -4.44 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2080 | 17.80 | 13.37 | -4.43 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2081 | 17.78 | 13.37 | -4.41 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2082 | 17.76 | 13.37 | -4.40 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2083 | 17.75 | 13.36 | -4.38 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2084 | 17.73 | 13.36 | -4.37 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2085 | 17.72 | 13.36 | -4.36 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2086 | 17.72 | 13.36 | -4.36 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2087 | 17.73 | 13.36 | -4.36 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2088 | 17.74 | 13.36 | -4.38 | ---- | 0.20 | 0.01 | -0.18 | ||
| 2089 | 17.77 | 13.36 | -4.40 | ---- | 0.20 | 0.01 | -0.18 | ||
| 2090 | 17.80 | 13.37 | -4.43 | ---- | 0.20 | 0.01 | -0.19 | ||
| 2091 | 17.83 | 13.37 | -4.46 | ---- | 0.20 | 0.01 | -0.19 | ||
| 2092 | 17.88 | 13.37 | -4.51 | ---- | 0.20 | 0.01 | -0.19 | ||
| 2093 | 17.92 | 13.38 | -4.55 | ---- | 0.20 | 0.01 | -0.19 | ||
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 | 16.83% | 13.85% | -2.98% | 2034 | 0.15% | 0.01% | -0.14% | ||
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.