Description of Proposed Provision:
B7.2: Reduce benefits by 5 percent for those newly eligible for benefits in 2019 and later.
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 | -0.01 | -0.00 | 0.01 | ||
| 2020 | 14.10 | 12.89 | -1.21 | 256 | -0.02 | -0.00 | 0.02 | ||
| 2021 | 14.23 | 12.92 | -1.31 | 240 | -0.04 | -0.00 | 0.04 | ||
| 2022 | 14.37 | 12.94 | -1.43 | 224 | -0.06 | -0.00 | 0.06 | ||
| 2023 | 14.53 | 12.96 | -1.57 | 208 | -0.09 | -0.00 | 0.09 | ||
| 2024 | 14.68 | 12.99 | -1.69 | 191 | -0.12 | -0.00 | 0.12 | ||
| 2025 | 14.82 | 13.00 | -1.82 | 175 | -0.16 | -0.01 | 0.15 | ||
| 2026 | 14.96 | 13.12 | -1.84 | 159 | -0.20 | -0.01 | 0.19 | ||
| 2027 | 15.13 | 13.14 | -1.99 | 144 | -0.24 | -0.01 | 0.23 | ||
| 2028 | 15.30 | 13.16 | -2.15 | 128 | -0.28 | -0.01 | 0.26 | ||
| 2029 | 15.47 | 13.17 | -2.30 | 113 | -0.32 | -0.02 | 0.30 | ||
| 2030 | 15.63 | 13.18 | -2.44 | 97 | -0.36 | -0.02 | 0.34 | ||
| 2031 | 15.77 | 13.20 | -2.57 | 82 | -0.39 | -0.02 | 0.37 | ||
| 2032 | 15.89 | 13.21 | -2.68 | 66 | -0.43 | -0.02 | 0.41 | ||
| 2033 | 15.99 | 13.21 | -2.77 | 50 | -0.46 | -0.02 | 0.44 | ||
| 2034 | 16.07 | 13.22 | -2.85 | 33 | -0.50 | -0.03 | 0.47 | ||
| 2035 | 16.12 | 13.23 | -2.90 | 16 | -0.53 | -0.03 | 0.50 | ||
| 2036 | 16.17 | 13.23 | -2.93 | ---- | -0.56 | -0.03 | 0.53 | ||
| 2037 | 16.20 | 13.24 | -2.96 | ---- | -0.58 | -0.03 | 0.55 | ||
| 2038 | 16.21 | 13.24 | -2.97 | ---- | -0.61 | -0.03 | 0.58 | ||
| 2039 | 16.20 | 13.24 | -2.96 | ---- | -0.63 | -0.03 | 0.60 | ||
| 2040 | 16.18 | 13.24 | -2.94 | ---- | -0.65 | -0.03 | 0.62 | ||
| 2041 | 16.14 | 13.24 | -2.90 | ---- | -0.67 | -0.04 | 0.64 | ||
| 2042 | 16.08 | 13.24 | -2.85 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2043 | 16.03 | 13.23 | -2.79 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2044 | 15.97 | 13.23 | -2.74 | ---- | -0.72 | -0.04 | 0.69 | ||
| 2045 | 15.92 | 13.23 | -2.69 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2046 | 15.88 | 13.23 | -2.65 | ---- | -0.75 | -0.04 | 0.71 | ||
| 2047 | 15.84 | 13.23 | -2.61 | ---- | -0.76 | -0.04 | 0.72 | ||
| 2048 | 15.80 | 13.23 | -2.58 | ---- | -0.77 | -0.04 | 0.73 | ||
| 2049 | 15.77 | 13.23 | -2.55 | ---- | -0.78 | -0.04 | 0.74 | ||
| 2050 | 15.75 | 13.22 | -2.53 | ---- | -0.79 | -0.04 | 0.75 | ||
| 2051 | 15.74 | 13.22 | -2.51 | ---- | -0.80 | -0.04 | 0.75 | ||
| 2052 | 15.73 | 13.23 | -2.51 | ---- | -0.80 | -0.04 | 0.76 | ||
| 2053 | 15.74 | 13.23 | -2.51 | ---- | -0.81 | -0.04 | 0.76 | ||
| 2054 | 15.75 | 13.23 | -2.52 | ---- | -0.81 | -0.04 | 0.77 | ||
| 2055 | 15.78 | 13.23 | -2.54 | ---- | -0.81 | -0.04 | 0.77 | ||
| 2056 | 15.81 | 13.23 | -2.57 | ---- | -0.82 | -0.04 | 0.77 | ||
| 2057 | 15.84 | 13.24 | -2.61 | ---- | -0.82 | -0.05 | 0.78 | ||
| 2058 | 15.89 | 13.24 | -2.64 | ---- | -0.83 | -0.05 | 0.78 | ||
| 2059 | 15.93 | 13.25 | -2.68 | ---- | -0.83 | -0.05 | 0.78 | ||
| 2060 | 15.98 | 13.25 | -2.73 | ---- | -0.83 | -0.05 | 0.79 | ||
| 2061 | 16.02 | 13.25 | -2.77 | ---- | -0.84 | -0.05 | 0.79 | ||
| 2062 | 16.07 | 13.26 | -2.81 | ---- | -0.84 | -0.05 | 0.79 | ||
| 2063 | 16.12 | 13.26 | -2.86 | ---- | -0.84 | -0.05 | 0.80 | ||
| 2064 | 16.17 | 13.26 | -2.90 | ---- | -0.85 | -0.05 | 0.80 | ||
| 2065 | 16.22 | 13.27 | -2.95 | ---- | -0.85 | -0.05 | 0.80 | ||
| 2066 | 16.27 | 13.27 | -3.00 | ---- | -0.85 | -0.05 | 0.81 | ||
| 2067 | 16.33 | 13.28 | -3.05 | ---- | -0.86 | -0.05 | 0.81 | ||
| 2068 | 16.38 | 13.28 | -3.10 | ---- | -0.86 | -0.05 | 0.81 | ||
| 2069 | 16.44 | 13.28 | -3.16 | ---- | -0.86 | -0.05 | 0.81 | ||
| 2070 | 16.50 | 13.29 | -3.21 | ---- | -0.87 | -0.05 | 0.82 | ||
| 2071 | 16.55 | 13.29 | -3.26 | ---- | -0.87 | -0.05 | 0.82 | ||
| 2072 | 16.60 | 13.29 | -3.30 | ---- | -0.87 | -0.05 | 0.82 | ||
| 2073 | 16.64 | 13.30 | -3.34 | ---- | -0.87 | -0.05 | 0.82 | ||
| 2074 | 16.68 | 13.30 | -3.38 | ---- | -0.88 | -0.05 | 0.83 | ||
| 2075 | 16.71 | 13.30 | -3.41 | ---- | -0.88 | -0.05 | 0.83 | ||
| 2076 | 16.73 | 13.31 | -3.43 | ---- | -0.88 | -0.05 | 0.83 | ||
| 2077 | 16.74 | 13.31 | -3.44 | ---- | -0.88 | -0.05 | 0.83 | ||
| 2078 | 16.75 | 13.31 | -3.44 | ---- | -0.88 | -0.05 | 0.83 | ||
| 2079 | 16.74 | 13.31 | -3.43 | ---- | -0.88 | -0.05 | 0.83 | ||
| 2080 | 16.73 | 13.31 | -3.42 | ---- | -0.88 | -0.05 | 0.83 | ||
| 2081 | 16.71 | 13.31 | -3.41 | ---- | -0.88 | -0.05 | 0.83 | ||
| 2082 | 16.69 | 13.30 | -3.39 | ---- | -0.88 | -0.05 | 0.83 | ||
| 2083 | 16.68 | 13.30 | -3.37 | ---- | -0.88 | -0.05 | 0.83 | ||
| 2084 | 16.66 | 13.30 | -3.36 | ---- | -0.88 | -0.05 | 0.83 | ||
| 2085 | 16.66 | 13.30 | -3.35 | ---- | -0.88 | -0.05 | 0.83 | ||
| 2086 | 16.65 | 13.30 | -3.35 | ---- | -0.88 | -0.05 | 0.83 | ||
| 2087 | 16.66 | 13.30 | -3.36 | ---- | -0.88 | -0.05 | 0.83 | ||
| 2088 | 16.67 | 13.30 | -3.37 | ---- | -0.88 | -0.05 | 0.83 | ||
| 2089 | 16.69 | 13.30 | -3.39 | ---- | -0.88 | -0.05 | 0.83 | ||
| 2090 | 16.72 | 13.31 | -3.41 | ---- | -0.88 | -0.05 | 0.83 | ||
| 2091 | 16.75 | 13.31 | -3.45 | ---- | -0.88 | -0.05 | 0.83 | ||
| 2092 | 16.80 | 13.31 | -3.48 | ---- | -0.88 | -0.05 | 0.83 | ||
| 2093 | 16.84 | 13.31 | -3.53 | ---- | -0.89 | -0.05 | 0.84 | ||
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 | 16.04% | 13.81% | -2.23% | 2035 | -0.64% | -0.03% | 0.61% | ||
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.