Description of Proposed Provision:
B2.1: Beginning with those newly eligible for OASI benefits in 2028, multiply the PIA factors by the ratio of life expectancy at 67 for 2023 to the life expectancy at age 67 for the 4th year prior to the year of benefit eligibility. Unisex life expectancies, based on period life tables as computed by SSA's Office of the Chief Actuary, are used to determine the ratio. Disabled workers are: (a) not affected prior to normal retirement age; and (b) subject to a proportional reduction in benefits, based on the worker's years of disability, upon conversion to retired-worker beneficiary status.
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 | 14.12 | 12.89 | -1.23 | 256 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.27 | 12.92 | -1.35 | 239 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.44 | 12.95 | -1.49 | 223 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.62 | 12.97 | -1.66 | 206 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.80 | 12.99 | -1.81 | 188 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 14.98 | 13.01 | -1.98 | 171 | 0.00 | 0.00 | 0.00 | ||
| 2026 | 15.16 | 13.13 | -2.02 | 154 | 0.00 | 0.00 | 0.00 | ||
| 2027 | 15.36 | 13.15 | -2.21 | 137 | 0.00 | 0.00 | 0.00 | ||
| 2028 | 15.58 | 13.17 | -2.41 | 120 | -0.00 | -0.00 | 0.00 | ||
| 2029 | 15.79 | 13.19 | -2.60 | 104 | -0.00 | -0.00 | 0.00 | ||
| 2030 | 15.98 | 13.20 | -2.78 | 86 | -0.00 | -0.00 | 0.00 | ||
| 2031 | 16.16 | 13.22 | -2.94 | 69 | -0.00 | -0.00 | 0.00 | ||
| 2032 | 16.31 | 13.23 | -3.08 | 51 | -0.01 | -0.00 | 0.01 | ||
| 2033 | 16.44 | 13.24 | -3.20 | 33 | -0.01 | -0.00 | 0.01 | ||
| 2034 | 16.55 | 13.25 | -3.30 | 14 | -0.02 | -0.00 | 0.02 | ||
| 2035 | 16.62 | 13.25 | -3.37 | ---- | -0.03 | -0.00 | 0.02 | ||
| 2036 | 16.69 | 13.26 | -3.43 | ---- | -0.04 | -0.00 | 0.03 | ||
| 2037 | 16.74 | 13.26 | -3.47 | ---- | -0.05 | -0.00 | 0.05 | ||
| 2038 | 16.76 | 13.27 | -3.49 | ---- | -0.06 | -0.00 | 0.06 | ||
| 2039 | 16.76 | 13.27 | -3.49 | ---- | -0.08 | -0.00 | 0.07 | ||
| 2040 | 16.74 | 13.27 | -3.47 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2041 | 16.70 | 13.27 | -3.43 | ---- | -0.11 | -0.01 | 0.10 | ||
| 2042 | 16.64 | 13.26 | -3.38 | ---- | -0.13 | -0.01 | 0.12 | ||
| 2043 | 16.58 | 13.26 | -3.32 | ---- | -0.15 | -0.01 | 0.14 | ||
| 2044 | 16.52 | 13.26 | -3.26 | ---- | -0.18 | -0.01 | 0.16 | ||
| 2045 | 16.46 | 13.26 | -3.20 | ---- | -0.20 | -0.01 | 0.19 | ||
| 2046 | 16.40 | 13.25 | -3.15 | ---- | -0.23 | -0.01 | 0.21 | ||
| 2047 | 16.35 | 13.25 | -3.10 | ---- | -0.25 | -0.02 | 0.24 | ||
| 2048 | 16.29 | 13.25 | -3.04 | ---- | -0.28 | -0.02 | 0.26 | ||
| 2049 | 16.24 | 13.25 | -2.99 | ---- | -0.31 | -0.02 | 0.29 | ||
| 2050 | 16.20 | 13.25 | -2.95 | ---- | -0.34 | -0.02 | 0.32 | ||
| 2051 | 16.16 | 13.25 | -2.91 | ---- | -0.37 | -0.02 | 0.35 | ||
| 2052 | 16.13 | 13.24 | -2.88 | ---- | -0.41 | -0.02 | 0.38 | ||
| 2053 | 16.10 | 13.24 | -2.86 | ---- | -0.44 | -0.03 | 0.42 | ||
| 2054 | 16.08 | 13.24 | -2.84 | ---- | -0.48 | -0.03 | 0.45 | ||
| 2055 | 16.08 | 13.25 | -2.83 | ---- | -0.51 | -0.03 | 0.48 | ||
| 2056 | 16.07 | 13.25 | -2.83 | ---- | -0.55 | -0.03 | 0.52 | ||
| 2057 | 16.08 | 13.25 | -2.83 | ---- | -0.59 | -0.04 | 0.55 | ||
| 2058 | 16.08 | 13.25 | -2.84 | ---- | -0.63 | -0.04 | 0.59 | ||
| 2059 | 16.09 | 13.25 | -2.84 | ---- | -0.67 | -0.04 | 0.63 | ||
| 2060 | 16.10 | 13.25 | -2.85 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2061 | 16.12 | 13.25 | -2.86 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2062 | 16.13 | 13.26 | -2.87 | ---- | -0.78 | -0.05 | 0.73 | ||
| 2063 | 16.15 | 13.26 | -2.89 | ---- | -0.82 | -0.05 | 0.77 | ||
| 2064 | 16.16 | 13.26 | -2.90 | ---- | -0.85 | -0.05 | 0.80 | ||
| 2065 | 16.18 | 13.26 | -2.92 | ---- | -0.89 | -0.05 | 0.84 | ||
| 2066 | 16.20 | 13.26 | -2.93 | ---- | -0.93 | -0.06 | 0.87 | ||
| 2067 | 16.22 | 13.26 | -2.95 | ---- | -0.97 | -0.06 | 0.91 | ||
| 2068 | 16.24 | 13.27 | -2.97 | ---- | -1.00 | -0.06 | 0.94 | ||
| 2069 | 16.26 | 13.27 | -2.99 | ---- | -1.04 | -0.06 | 0.98 | ||
| 2070 | 16.29 | 13.27 | -3.02 | ---- | -1.08 | -0.07 | 1.01 | ||
| 2071 | 16.30 | 13.27 | -3.03 | ---- | -1.12 | -0.07 | 1.05 | ||
| 2072 | 16.32 | 13.27 | -3.04 | ---- | -1.15 | -0.07 | 1.08 | ||
| 2073 | 16.32 | 13.27 | -3.05 | ---- | -1.19 | -0.07 | 1.12 | ||
| 2074 | 16.33 | 13.27 | -3.05 | ---- | -1.22 | -0.07 | 1.15 | ||
| 2075 | 16.33 | 13.28 | -3.05 | ---- | -1.26 | -0.08 | 1.18 | ||
| 2076 | 16.32 | 13.28 | -3.04 | ---- | -1.29 | -0.08 | 1.21 | ||
| 2077 | 16.30 | 13.27 | -3.02 | ---- | -1.33 | -0.08 | 1.25 | ||
| 2078 | 16.27 | 13.27 | -3.00 | ---- | -1.36 | -0.08 | 1.27 | ||
| 2079 | 16.23 | 13.27 | -2.96 | ---- | -1.39 | -0.08 | 1.30 | ||
| 2080 | 16.19 | 13.27 | -2.92 | ---- | -1.42 | -0.09 | 1.33 | ||
| 2081 | 16.15 | 13.27 | -2.88 | ---- | -1.44 | -0.09 | 1.36 | ||
| 2082 | 16.10 | 13.26 | -2.84 | ---- | -1.47 | -0.09 | 1.38 | ||
| 2083 | 16.06 | 13.26 | -2.80 | ---- | -1.50 | -0.09 | 1.41 | ||
| 2084 | 16.01 | 13.26 | -2.76 | ---- | -1.53 | -0.09 | 1.43 | ||
| 2085 | 15.98 | 13.26 | -2.72 | ---- | -1.55 | -0.09 | 1.46 | ||
| 2086 | 15.95 | 13.25 | -2.69 | ---- | -1.58 | -0.10 | 1.48 | ||
| 2087 | 15.92 | 13.25 | -2.67 | ---- | -1.61 | -0.10 | 1.51 | ||
| 2088 | 15.91 | 13.25 | -2.65 | ---- | -1.64 | -0.10 | 1.54 | ||
| 2089 | 15.90 | 13.25 | -2.65 | ---- | -1.67 | -0.10 | 1.57 | ||
| 2090 | 15.89 | 13.25 | -2.64 | ---- | -1.70 | -0.10 | 1.60 | ||
| 2091 | 15.90 | 13.25 | -2.65 | ---- | -1.74 | -0.11 | 1.63 | ||
| 2092 | 15.91 | 13.25 | -2.66 | ---- | -1.77 | -0.11 | 1.66 | ||
| 2093 | 15.92 | 13.25 | -2.67 | ---- | -1.81 | -0.11 | 1.70 | ||
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 | 16.13% | 13.81% | -2.32% | 2034 | -0.55% | -0.03% | 0.52% | ||
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.