Description of Proposed Provision:
B6.4: Starting in 2019, provide a 5 percent uniform benefit increase 24 years after initial benefit eligibility. Phase in the benefit increase at 1 percent per year from the 20th through 24th years after eligibility. For disabled workers, the eligibility age is the initial entitlement year to the benefit. The benefit increase is equal to 5 percent of the PIA of a worker assumed to have career-average earnings equal to SSA's average wage index.
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 | 14.04 | 12.87 | -1.17 | 271 | 0.09 | 0.00 | -0.08 | ||
| 2020 | 14.21 | 12.90 | -1.32 | 254 | 0.09 | 0.00 | -0.09 | ||
| 2021 | 14.36 | 12.92 | -1.44 | 237 | 0.09 | 0.00 | -0.09 | ||
| 2022 | 14.53 | 12.95 | -1.58 | 220 | 0.09 | 0.00 | -0.09 | ||
| 2023 | 14.72 | 12.97 | -1.75 | 202 | 0.10 | 0.00 | -0.09 | ||
| 2024 | 14.90 | 13.00 | -1.90 | 184 | 0.10 | 0.00 | -0.09 | ||
| 2025 | 15.09 | 13.01 | -2.07 | 167 | 0.10 | 0.00 | -0.10 | ||
| 2026 | 15.26 | 13.14 | -2.13 | 149 | 0.11 | 0.01 | -0.10 | ||
| 2027 | 15.47 | 13.16 | -2.31 | 132 | 0.11 | 0.01 | -0.10 | ||
| 2028 | 15.70 | 13.18 | -2.52 | 115 | 0.11 | 0.01 | -0.11 | ||
| 2029 | 15.91 | 13.19 | -2.72 | 97 | 0.12 | 0.01 | -0.11 | ||
| 2030 | 16.11 | 13.21 | -2.90 | 80 | 0.12 | 0.01 | -0.12 | ||
| 2031 | 16.29 | 13.22 | -3.07 | 62 | 0.13 | 0.01 | -0.12 | ||
| 2032 | 16.45 | 13.23 | -3.22 | 43 | 0.13 | 0.01 | -0.13 | ||
| 2033 | 16.59 | 13.25 | -3.34 | 24 | 0.14 | 0.01 | -0.13 | ||
| 2034 | 16.71 | 13.25 | -3.45 | 5 | 0.14 | 0.01 | -0.13 | ||
| 2035 | 16.80 | 13.26 | -3.53 | ---- | 0.14 | 0.01 | -0.14 | ||
| 2036 | 16.87 | 13.27 | -3.60 | ---- | 0.15 | 0.01 | -0.14 | ||
| 2037 | 16.93 | 13.27 | -3.66 | ---- | 0.15 | 0.01 | -0.14 | ||
| 2038 | 16.98 | 13.28 | -3.70 | ---- | 0.15 | 0.01 | -0.14 | ||
| 2039 | 16.99 | 13.28 | -3.71 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2040 | 16.99 | 13.28 | -3.71 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2041 | 16.97 | 13.28 | -3.69 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2042 | 16.94 | 13.28 | -3.66 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2043 | 16.90 | 13.28 | -3.62 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2044 | 16.87 | 13.28 | -3.59 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2045 | 16.84 | 13.28 | -3.56 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2046 | 16.81 | 13.28 | -3.53 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2047 | 16.78 | 13.28 | -3.50 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2048 | 16.76 | 13.28 | -3.48 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2049 | 16.74 | 13.28 | -3.46 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2050 | 16.72 | 13.28 | -3.45 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2051 | 16.72 | 13.28 | -3.44 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2052 | 16.72 | 13.28 | -3.44 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2053 | 16.73 | 13.28 | -3.45 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2054 | 16.74 | 13.28 | -3.46 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2055 | 16.77 | 13.29 | -3.49 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2056 | 16.81 | 13.29 | -3.52 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2057 | 16.85 | 13.29 | -3.55 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2058 | 16.89 | 13.30 | -3.60 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2059 | 16.94 | 13.30 | -3.64 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2060 | 16.99 | 13.31 | -3.68 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2061 | 17.04 | 13.31 | -3.73 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2062 | 17.09 | 13.31 | -3.78 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2063 | 17.15 | 13.32 | -3.83 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2064 | 17.20 | 13.32 | -3.88 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2065 | 17.26 | 13.33 | -3.93 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2066 | 17.31 | 13.33 | -3.99 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2067 | 17.37 | 13.33 | -4.04 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2068 | 17.44 | 13.34 | -4.10 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2069 | 17.50 | 13.34 | -4.16 | ---- | 0.20 | 0.01 | -0.18 | ||
| 2070 | 17.56 | 13.35 | -4.21 | ---- | 0.20 | 0.01 | -0.19 | ||
| 2071 | 17.62 | 13.35 | -4.27 | ---- | 0.20 | 0.01 | -0.19 | ||
| 2072 | 17.67 | 13.35 | -4.32 | ---- | 0.20 | 0.01 | -0.19 | ||
| 2073 | 17.72 | 13.36 | -4.36 | ---- | 0.21 | 0.01 | -0.19 | ||
| 2074 | 17.76 | 13.36 | -4.40 | ---- | 0.21 | 0.01 | -0.20 | ||
| 2075 | 17.80 | 13.36 | -4.43 | ---- | 0.21 | 0.01 | -0.20 | ||
| 2076 | 17.82 | 13.37 | -4.46 | ---- | 0.21 | 0.01 | -0.20 | ||
| 2077 | 17.84 | 13.37 | -4.47 | ---- | 0.21 | 0.01 | -0.20 | ||
| 2078 | 17.84 | 13.37 | -4.47 | ---- | 0.22 | 0.01 | -0.20 | ||
| 2079 | 17.84 | 13.37 | -4.47 | ---- | 0.22 | 0.01 | -0.20 | ||
| 2080 | 17.82 | 13.37 | -4.46 | ---- | 0.22 | 0.01 | -0.21 | ||
| 2081 | 17.81 | 13.37 | -4.44 | ---- | 0.22 | 0.01 | -0.21 | ||
| 2082 | 17.79 | 13.37 | -4.43 | ---- | 0.22 | 0.01 | -0.21 | ||
| 2083 | 17.78 | 13.37 | -4.41 | ---- | 0.22 | 0.01 | -0.21 | ||
| 2084 | 17.76 | 13.36 | -4.40 | ---- | 0.22 | 0.01 | -0.21 | ||
| 2085 | 17.75 | 13.36 | -4.39 | ---- | 0.22 | 0.01 | -0.21 | ||
| 2086 | 17.75 | 13.36 | -4.39 | ---- | 0.22 | 0.01 | -0.21 | ||
| 2087 | 17.76 | 13.36 | -4.39 | ---- | 0.22 | 0.01 | -0.21 | ||
| 2088 | 17.77 | 13.36 | -4.41 | ---- | 0.23 | 0.01 | -0.21 | ||
| 2089 | 17.79 | 13.37 | -4.43 | ---- | 0.23 | 0.01 | -0.21 | ||
| 2090 | 17.83 | 13.37 | -4.46 | ---- | 0.23 | 0.01 | -0.21 | ||
| 2091 | 17.86 | 13.37 | -4.49 | ---- | 0.23 | 0.01 | -0.22 | ||
| 2092 | 17.91 | 13.37 | -4.53 | ---- | 0.23 | 0.01 | -0.22 | ||
| 2093 | 17.96 | 13.38 | -4.58 | ---- | 0.23 | 0.01 | -0.22 | ||
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 | 16.85% | 13.85% | -3.00% | 2034 | 0.17% | 0.01% | -0.16% | ||
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.