SOCIAL SECURITY ADMINISTRATION BALTIMORE, MD 21235-0001

SOCIAL SECURITY

Office of the Chief Actuary

July 20, 2017

The Honorable Ted Deutch

United States House of Representatives 

Washington, D.C. 20515

The Honorable Mazie K. Hirono

United States Senate

Washington, D.C. 20510

Dear Representative Deutch and Senator Hirono:

I am writing in response to your request for estimates of the financial effects on Social Security 

of H.R. 3302 and S. 1600, the “Protecting and Preserving Social Security Act,” which you 

introduced today. These Bills (hereafter referred to as the proposal) include three provisions with 

direct effects on the Social Security Trust Funds. We have enjoyed working closely with Joel 

Richard, Ben Strand, and Dee Williams of your staffs in developing this proposal to meet your 

goals. The estimates and analysis provided here reflect the combined effort of many in the 

Office of the Chief Actuary, but most particularly Karen Glenn, Christopher Chaplain, Daniel 

Nickerson, Kyle Burkhalter, Anna Kirjusina, and Tiffany Bosley.

The enclosed tables provide estimates of the effects of the three provisions on the cost, income, 

and combined trust fund reserves for the Old Age, Survivors, and Disability Insurance (OASDI)

program, as well as estimated effects on retired worker benefit levels for selected hypothetical 

workers and effects on payroll tax levels. In addition, tables 1b and 1b.n provide estimates of the 

federal budget implications of the three provisions with direct effects on the OASDI program.

The estimates provided here reflect the intermediate assumptions of the 2016 Trustees Report. 

Estimated proposal effects would not be materially different if estimated under the intermediate 

assumptions of the 2017 Trustees Report, released on July 13. 

Assuming enactment of the proposal, the projected trust fund reserve depletion year for 

theoretical combined OASDI and DI Trust Funds would be extended to 2059. Under current 

law, the projected trust fund reserve depletion year for the combined trust funds is 2034. 

The following list briefly identifies each of the three provisions of the proposal:

Section 102. Use the Consumer Price Index for the Elderly (CPI-E) increase rather than the 

Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increase to 

calculate the cost-of-living adjustment (COLA), effective for December 2019 and later 
Page 2 – The Honorable Ted Deutch and The Honorable Mazie K. Hirono

COLAs. We assume this change would increase the COLA by an average of 0.2 percentage 

point per year.

Section 201. Eliminate the OASDI taxable maximum for years 2024 and later; thus the full 

12.4 percent OASDI payroll tax rate would apply to all OASDI covered earnings. The tax rate 

that would apply to covered earnings over the current law taxable maximum would increase 

linearly, starting at 1.8 percent (12.4 x 1/7) for 2018 and reaching the full 12.4 percent for

2024 and later.

Section 202. Provide benefit credit on earnings taxed above the current-law taxable 

maximum. The primary insurance amount (PIA) would be augmented using an “AIME+” 

method.

The balance of this letter provides a summary of the effects of the three provisions on the 

actuarial status of the OASDI program, our understanding of the specifications and intent of each 

of the three provisions, and descriptions of our detailed financial estimates for trust fund 

operations, benefit levels, and implications for the federal budget. See the “Specification for 

Provisions of the Proposal” section of this letter for a more detailed description of these three 

provisions.

Summary of Effects of the Proposal on OASDI Actuarial Status

Figure 1 illustrates the projected OASDI Trust Fund ratio through 2090 under current law and 

assuming enactment of the proposal. The trust fund ratio is defined as the combined Social 

Security Trust Fund reserves expressed as a percent of annual program cost. Assuming 

enactment of the proposal, the combined Social Security Trust Fund reserves would deplete in 

2059, 25 years later than the projected reserve depletion date under current law. 
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Note: Trust Fund Ratio for a given year is the ratio of reserves in the combined Social Security Trust Fund at the 

beginning of the year to the cost of the program for the year.

Under current law, 79 percent of scheduled benefits are projected to be payable on a timely basis 

in 2034 after depletion of the combined trust fund reserves, with the percentage payable 

declining to 74 percent for 2090. Under the proposal, the OASDI program would be able to pay 

100 percent of scheduled benefits through 2058, 91 percent in 2059 after combined trust fund 

reserve depletion, with the percentage payable declining to 85 percent in 2090.

Enactment of the three provisions of this proposal would reduce the long-range OASDI actuarial 

deficit from 2.66 percent of taxable payroll under current law to 0.88 percent of payroll under the 

proposal.

Figure 2 illustrates annual projected levels of cost, expenditures, and non-interest income as a 

percent of the current-law taxable payroll. The projected level of cost reflects the full cost of 

scheduled benefits under both current law and the proposal. Under the proposal, projected 

expenditures equal the full cost of scheduled benefits until combined trust fund reserve depletion 

in 2059.

0

50

100

150

200

250

300

350

400

2016 2020 2030 2040 2050 2060 2070 2080 2090

Trust Fund Ratio

Figure 1. Current-Law and Proposal OASDI Trust Fund Reserves as Percent of 

Annual Cost: 2016 TR Intermediate Assumptions

Current Law Trust Fund Ratio

Proposal
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OASDI program annual cost under the proposal is higher than under current law, starting in 

2020. This difference between proposal and current-law cost increases from 0.03 percent of 

current-law payroll for 2020 to about 0.5 percent of current-law payroll for 2041, and thereafter 

increases more gradually, reaching 0.6 percent of current-law payroll by 2090. Beginning in 

2018, non-interest income under the proposal is projected to be higher than under current law. 

This difference between proposal and current-law income increases from 0.4 percent of currentlaw payroll for 2018 to 2.3 percent of payroll for 2024, and thereafter increases very gradually, 

reaching 2.4 percent of payroll by 2090. For 2018 and later, the proposal improves the annual 

balance (non-interest income minus program cost).

It is also useful to consider the projected cost, expenditures, and income for the OASDI program 

expressed as a percentage of Gross Domestic Product (GDP). Figure 3 illustrates these levels 

under both current law and the proposal.

11

12

13

14

15

16

17

18

19

2016 2020 2030 2040 2050 2060 2070 2080 2090

Percent of Current-Law Taxable Payroll

Figure 2. Proposal and Current-Law Cost, Expenditures, and Non-Interest Income 

as Percent of Taxable Payroll: 2016 TR Intermediate Assumptions

Current Law Cost

Current Law Non-Interest Income

Current Law Expenditures

Proposal Cost

Proposal Non-Interest Income

Proposal Expenditures
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Specification for Provisions of the Proposal

Section 102. Use the CPI-E increase rather than the CPI-W increase to calculate the COLA, 

effective for December 2019 and later COLAs.

Under current law, the annual cost-of-living adjustment (COLA) applied to Social Security 

benefits is calculated using the Consumer Price Index for Urban Wage Earners and Clerical 

Workers (CPI-W). We estimate that using the Consumer Price Index for the Elderly (CPI-E)

increase rather than the CPI-W increase in each year beginning with the December 2019 COLA 

would increase the effective COLA by 0.2 percentage points per year on average.

We estimate that enactment of this provision alone would increase the long-range OASDI 

actuarial deficit by 0.37 percent of taxable payroll and would increase the annual deficit for the 

75th projection year (2090) by 0.52 percent of payroll.

Section 201. Eliminate the OASDI taxable maximum starting in 2024, phased in starting in 

2018 through 2024.

Under current law, payroll taxes totaling 12.4 percent apply to OASDI covered earnings in a year 

up to the contribution and benefit base, or taxable maximum. This taxable maximum is 

4.0

4.5

5.0

5.5

6.0

6.5

2016 2020 2030 2040 2050 2060 2070 2080 2090

Percent of GDP

Figure 3. Proposal and Current-Law Cost, Expenditures, and Non-Interest Income 

as Percent of GDP: 2016 TR Intermediate Assumptions

Current Law Cost

Current Law Non-Interest Income

Current Law Expenditures

Proposal Cost

Proposal Non-Interest Income

Proposal Expenditures
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$118,500 for 2016 and increases in the future in line with increases in the national average wage 

index (AWI). All covered earnings subject to the payroll tax are also potentially creditable 

toward computation of potential benefits as well as attainment of insured status.

Under this provision, all earnings above the current-law taxable maximum would be subject to 

the full OASDI payroll tax of 12.4 percent in 2024 and later. The payroll tax rate that would 

apply to covered earnings over this taxable maximum would increase linearly, starting at 1.8 

percent (12.4 x 1/7) for 2018 and reaching 12.4 percent for 2024 and later. Therefore, all covered 

earnings above and below the present-law taxable maximum would be taxed at the 12.4 percent 

payroll tax rate for 2024 and later.

We estimate that enactment of this provision alone, without any resultant increase in benefits 

based on the additional taxed earnings, would decrease the long-range OASDI actuarial deficit

by 2.20 percent of taxable payroll and would decrease the annual deficit for the 75th projection 

year (2090) by 2.45 percent of payroll.

Section 202. Provide benefit credit for earnings taxed above the current-law taxable 

maximum.

Under this provision, the primary insurance amount (PIA) would be determined in two 

components. The first component would be computed exactly as under current law, based on the 

average indexed monthly earnings (AIME), limited to earnings up to the level of the current-law 

OASDI taxable maximum ($118,500 for 2016) for each year. The second component of the PIA 

would be computed using the “AIME+”, which would be equal to the sum of the indexed

earnings in excess of the current-law taxable maximum for the 35 years with the highest indexed 

excess amounts, divided by 420. For years 2018 through 2024, excess earnings would be 

multiplied by 1/7, 2/7, ..., 6/7, 1, respectively. The second component of the PIA would be 

equal to 3 percent of AIME+ up to $10,958 (equal to ($250,000-$118,500)/12) and 0.25 percent 

for AIME+ above this level for beneficiaries newly eligible in 2018. For beneficiaries becoming 

newly eligible for benefits after 2018, the “bend point” of $10,958 would be indexed by the 

national average wage index (AWI) in the same manner as for the bend points in the first 

component of the PIA.

We estimate that enactment of this provision (given enactment of Section 201) would increase 

the long-range OASDI actuarial deficit by 0.05 percent of taxable payroll and would increase the 

annual deficit for the 75th projection year (2090) by 0.11 percent of payroll. Sections 201 and 

202 combined would decrease the long-range OASDI actuarial deficit by 2.15 percent of taxable 

payroll and would decrease the annual deficit for the 75th projection year (2090) by 2.35 percent 

of payroll.

Detailed Financial Results for the Provisions of the Proposal

Summary Results by Provision

Table A provides estimates of the effects on the OASDI long-range actuarial balance of the three 

provisions of the proposal separately and on a combined basis. The table also includes estimates 
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of the effect of the provisions on the annual balance (the difference between income rate and the 

cost rate, expressed as a percent of current-law taxable payroll) for the 75th projection year, 2090. 

Interaction among individual provisions is reflected only in the total estimates for the combined 

provisions.

Benefit Illustrations

Tables B1 and B2 provide illustrative examples of the projected change in benefit levels under 

the provisions of the proposal for beneficiaries retiring and starting benefit receipt at age 65 in 

future years at six selected earnings levels, with selected numbers of years of work. Table B3

provides additional important information on characteristics of retired workers represented by 

these illustrations for the year 2007. The hypothetical workers represented in these tables reflect 

average career-earnings patterns of workers who started receiving retirement benefits under the 

Social Security program in recent years. The tables subdivide workers with very low, low, and 

medium career-average earnings levels by their numbers of years of non-zero earnings.

The change from CPI-W to CPI-E for the COLA calculation affects all earnings levels. The 

“Maximum-AIME Steady Earner” is assumed to have earnings at ages 22 through 64 that equal 

the current-law taxable maximum level (equivalent to $118,500 for 2016) and the “Twice 

Maximum-AIME Steady Earner” is assumed to have earnings at ages 22 through 64 that equal 

twice the current-law taxable maximum level (equivalent to $237,000 for 2016). As a result, the 

provision to tax and credit earnings above the current-law taxable maximum affects only the 

“Twice Maximum-AIME Steady Earner” benefit level. 

The first several columns of Table B1 compare the initial scheduled benefit levels, assuming 

retirement at age 65 under the provisions of the proposal, to scheduled current-law benefit levels. 

All scheduled benefit amounts under the proposal are higher than those scheduled in current law.

The final three columns of this table show the level of scheduled benefits under the proposal as a 

percentage of current-law scheduled benefits, the level of scheduled benefits under the proposal 

as a percentage of current-law payable benefits, and the level of payable benefits under the 

proposal as a percentage of current-law payable benefits, respectively. Because combined 

OASDI Trust Fund reserves deplete in 2059 under the proposal, the proposal payable to current 

law payable column is lower in 2080 than in 2050. 

Table B2 compares the change in scheduled benefit levels at ages 65, 75, 85, and 95 under the 

proposal to scheduled benefits under current law, assuming retirement and start of benefit receipt 

at age 65. Table B2 shows that, for all earnings levels, projected scheduled benefits under the 

provisions of the proposal increase in relation to current-law scheduled benefits between ages 65 

and 95, because of the change in computing the COLA.

Table B3 provides information helpful in interpreting the benefit illustrations in Tables B1 and 

B2. Percentages in Table B3 are based on tabulations from a 10-percent sample of newlyentitled retired workers in 2007. Table B3 displays the percentages of these newly-entitled 

retired workers in 2007 that are closest to each of the illustrative examples and are:
Page 8 – The Honorable Ted Deutch and The Honorable Mazie K. Hirono

1) “Dually Entitled”, meaning they received a higher spouse or widow(er) benefit based on 

the career earnings of their husband or wife,

2) “WEP” (Windfall Elimination Provision), meaning that they received a reduced benefit 

due to having a pension based on earnings that were not covered under the OASDI 

program (primarily certain government workers), and they had less than 30 years of 

substantial earnings that were taxable under the OASDI program,

3) “Foreign Born”, meaning that they entered the Social Security coverage area after birth 

(and generally after entering working ages), and

4) “All Others”, meaning they had none of the three characteristics listed above.

The extent to which retired-worker beneficiaries represented by each of the illustrative examples 

have any of the characteristics listed above (dually entitled, WEP, foreign born) is important 

because such individuals are less dependent on the OASDI benefit that relates to their own 

career-average earnings level. It should be noted that the distributions shown in Table B3 for 

retirees in 2007 will be changing somewhat for beneficiaries becoming entitled as retired-worker 

beneficiaries in the future.

Payroll Tax Effects

Table T compares the scheduled payroll tax levels under the provisions of the proposal to 

scheduled current-law payroll tax levels at various earnings levels for selected years. Under the 

proposal, the payroll tax rate of 12.4 percent would apply to all covered earnings above the 

current-law taxable maximum in 2024 and later. As a result, the worker with earnings at twice 

the current-law taxable maximum would have payroll tax contributions increased by 100 percent 

for 2030, 2050, and 2080. All other workers shown in the table earn at or below the current law 

taxable maximum, so their payroll tax contributions would not change.

Detailed Tables Containing Annual and Summary Projections

Enclosed with this letter are tables 1, 1a, 1b, 1b.n, 1c, and 1d, which provide annual and 

summary projections for the proposal.

Trust Fund Operations

Table 1 provides projections of the financial operations of the OASDI program and shows that 

the combined Social Security Trust Fund would deplete in 2059 assuming enactment of this 

proposal. The table shows the annual cost and income rates, annual balances, and trust fund 

ratios (reserves as percent of annual program cost) for OASDI, as well as the change from 

current law in these cost rates, income rates, and annual balances. Included at the bottom of this 

table are summarized rates for the 75-year (long-range) period.

For 2018 and later, the proposal improves the annual balance (non-interest income minus 

program cost). The improvement in the annual balance increases from 0.4 percent of current-law 

payroll for 2018 to 2.2 percent for 2024, and thereafter decreases gradually, reaching 1.8 percent 

by 2090. Under the proposal, the annual deficit declines from 1.1 percent of current-law payroll 

for 2016 and becomes positive for 2021 through 2024. The annual balance becomes negative 
Page 9 – The Honorable Ted Deutch and The Honorable Mazie K. Hirono

again in 2025 and generally decreases (becomes more negative) thereafter. The annual deficit is 

1.5 percent of payroll for 2040, 1.6 percent for 2060, and 2.5 percent for 2090. Under current 

law, the projected annual deficit for 2090 is 4.3 percent of payroll.

The actuarial balance for the OASDI program over the 75-year projection period is improved by 

1.78 percent of taxable payroll, from an actuarial deficit of 2.66 percent of payroll under current 

law to a deficit of 0.88 percent of taxable payroll under the proposal.

Program Transfers and Trust Fund Reserves

Column 4 of Table 1a provides a projection of the level of reserves for the combined Social 

Security Trust Fund, assuming enactment of the three Social Security provisions of the proposal. 

These trust fund reserve amounts are expressed in present value dollars discounted to January 1, 

2016. The table indicates that the provisions include no new specified transfers of general 

revenue to the combined Social Security Trust Fund. For purpose of comparison, the OASDI 

Trust Fund reserves, expressed in present value dollars, are also shown for the current-law Social 

Security program both without and with the added proposal general fund transfers (zero in this 

case) in columns 6 and 7.

Note that negative values in columns 6 and 7 represent the “unfunded obligation” for the 

program through the year. The unfunded obligation is the present value of the shortfall of 

revenue needed to pay full scheduled benefits on a timely basis from the date of trust fund 

reserve depletion through the end of the indicated year. Gross Domestic Product (GDP),

expressed in present value dollars, is shown in column 5 for comparison with other values in the 

table.

Effect of the Social Security Provisions on the Federal Budget

Table 1b shows the projected effect, in present value discounted dollars, on the federal budget 

(unified-budget and on-budget) annual cash flows and balances, assuming enactment of the three

Social Security provisions of the proposal. Table 1b.n provides the estimated nominal dollar 

effect of enactment of the proposal on annual budget balances for years 2016 through 2026. All 

values in these tables represent the amount of change from the level projected under current law. 

In addition, changes reflect the budget scoring convention that presumes benefits, not payable 

under the law after depletion of trust fund reserves, would still be paid using revenue provided 

from the General Fund of the Treasury. The reader should be cautioned that this presumption of 

payment of benefits beyond the resources of the trust funds is prohibited under current law and is 

also inconsistent with all past experience under the Social Security program.

Column 1 of Table 1b shows the added proposal general fund transfers (zero for this proposal).

Column 2 shows the net changes in OASDI cash flow from all provisions of the proposal.

We project the net effect of the proposal on unified budget cash flow (column 3) to be positive in 

years 2018 and later. The phased-in elimination of the current law taxable maximum starting in

2018 through 2024 more than offsets the additional benefits from these additional earnings taxed, 

and the switch from the CPI-W to the CPI-E for the Social Security COLA.
Page 10 – The Honorable Ted Deutch and The Honorable Mazie K. Hirono

Column 4 of Table 1b indicates that the effect of implementing the proposal is a reduction of the 

theoretical federal debt held by the public, reaching about $8.1 trillion in present value at the end 

of the 75-year projection period. Column 5 provides the projected effect of the proposal on the 

annual unified budget balances, including both the cash flow effect in column 3 and the 

additional interest on the accumulated debt in column 4. Columns 6 and 7 indicate that the 

provisions of this proposal would have no expected direct effects on the on-budget cash flow, or 

on the total federal debt, in the future.

The estimates provided in these tables do not include any direct or indirect effects from 

provisions in this proposal on other federal programs (such as Supplemental Security Income). 

In addition, it is important to note that we base these estimates on the intermediate assumptions 

of the 2016 Trustees Report, so these estimates are not consistent with estimates made by the 

Office of Management and Budget or the Congressional Budget Office based on their 

assumptions. In particular, all present values are discounted using trust fund yield assumptions

under the intermediate assumptions of the 2016 Trustees Report.

Annual Trust Fund Operations as a Percent of GDP

Table 1c provides annual cost, annual expenditures (amount that would be payable), and annual 

tax income for the OASDI program expressed as a percentage of GDP for both current law and 

assuming enactment of the three Social Security provisions of the proposal. Showing the annual 

trust fund cash flows as a percent of GDP provides an additional perspective on these trust fund 

operations in relation to the total value of goods and services produced in the United States. The 

relationship between income and cost is similar when expressed as a percent of GDP to that 

when expressed as a percent of taxable payroll (Table 1).

Effects on Trust Fund Reserves and Unfunded Obligations

Table 1d provides estimates of the changes in trust fund reserves and unfunded obligations on an 

annual basis. Values in this table are expressed in present value dollars discounted to January 1, 

2016.

For the 75-year (long-range) period as a whole, the current-law unfunded obligation of $11.4 

trillion is reduced to $3.2 trillion in present value. This change of $8.1 trillion results from:

• A $10.0 trillion net increase in revenue (column 2), primarily from additional payroll 

tax revenue, minus

• A $1.8 trillion net increase in cost (column 3), primarily from the change in computing 

the COLA and additional benefits from earnings taxed above the current-law taxable 

maximum.
Page 11 – The Honorable Ted Deutch and The Honorable Mazie K. Hirono

We hope these estimates are helpful. Please let me know if we may provide further assistance.

Sincerely,

Stephen C. Goss, ASA, MAAA

Chief Actuary

Enclosures
Table A—Estimated Long-Range OASDI Financial Effects of H.R. 3302 and S. 1600, 

the Protecting and Preserving Social Security Act, introduced by Representative 

Deutch and Senator Hirono

Provision

Estimated Change in

Long-Range OASDI 

Actuarial Balance 1

(as a percent of payroll)

Estimated Change 

in Annual Balance 

in 75th year 2

(as a percent of payroll)

Section 101. Use the increase in the Consumer Price Index for 

the Elderly (CPI-E) rather than the increase in the Consumer 

Price Index for Urban Wage Earners and Clerical Workers 

(CPI-W) to calculate the cost-of-living adjustment (COLA), 

effective for December 2019 and later COLAs. We estimate 

this new computation would increase the annual COLA by 

about 0.2 percentage point, on average ...................................... -0.37 -0.52

Section 201. Eliminate the OASDI taxable maximum for years 

2024 and later, and apply full 12.4 percent payroll tax rate to 

all earnings. Phase-in the application of the full tax rate for 

earnings above the current-law taxable maximum in years 

2018 through 2024 ..................................................................... 2.20 2.45

Section 202. Under this provision, the primary insurance 

amount (PIA) would be determined in two components. The 

first component would be computed exactly as under current 

law, based on the average indexed monthly earnings (AIME), 

including earnings up to the level of the current-law OASDI 

taxable maximum ($118,500 for 2016) for each year. The 

second component of the PIA would be computed using the 

“AIME+”, which would be equal to the sum of the indexed 

earnings in excess of the current-law taxable maximum for the 

35 years with the highest indexed excess amounts, divided by 

420. The second component of PIA would be equal to 3 

percent of AIME+ up to $10,958 (equal to ($250,000-

$118,500)/12) and 0.25 percent for AIME+ above this level,

for beneficiaries becoming newly eligible in 2018. For 

beneficiaries becoming newly eligible for benefits after 2018, 

the “bend point” of $10,958 would be indexed by the national 

average wage index (AWI) in the same manner as for the bend 

points in the first component of the PIA .................................... -0.05 -0.11

Total for all provisions, including interaction ............ 1.78 1.82

1

Under current law, the estimated long-range OASDI actuarial balance is -2.66 percent of taxable payroll. 2

Under current law, the estimated 75th year annual balance is -4.35 percent of taxable payroll.

Notes: All estimates are based on the intermediate assumptions of the 2016 OASDI Trustees Report. 

 Estimates of individual provisions appear on a stand-alone basis relative to current law, unless otherwise stated.

Social Security Administration

Office of the Chief Actuary

July 20, 2017
Proposal Proposal Proposal

Year Scheduled to Scheduled to Payable to

Attain Benefit Current Law Current Law Current Law

Age 65 (Wage-Indexed (CPI-Indexed COLA5 Formula6 Total7 Scheduled Payable Payable

2015 Dollars) 2015 Dollars)

 

2016 718 718 0.0 0.0 0.0 100 100 100

2030 660 812 0.6 0.0 0.6 101 101 101

2050 661 1,036 0.6 0.0 0.6 101 126 126

2080 665 1,469 0.6 0.0 0.6 101 134 116

 

2016 718 718 0.0 0.0 0.0 100 100 100

2030 660 812 0.6 0.0 0.6 101 101 101

2050 661 1,036 0.6 0.0 0.6 101 126 126

2080 665 1,469 0.6 0.0 0.6 101 134 116

 

2016 718 718 0.0 0.0 0.0 100 100 100

2030 660 812 0.6 0.0 0.6 101 101 101

2050 661 1,036 0.6 0.0 0.6 101 126 126

2080 665 1,469 0.6 0.0 0.6 101 134 116

2016 940 940 0.0 0.0 0.0 100 100 100

2030 863 1,062 0.6 0.0 0.6 101 101 101

2050 865 1,356 0.6 0.0 0.6 101 126 126

2080 869 1,921 0.6 0.0 0.6 101 134 116

2016 940 940 0.0 0.0 0.0 100 100 100

2030 863 1,062 0.6 0.0 0.6 101 101 101

2050 865 1,356 0.6 0.0 0.6 101 126 126

2080 869 1,921 0.6 0.0 0.6 101 134 116

2016 940 940 0.0 0.0 0.0 100 100 100

2030 863 1,062 0.6 0.0 0.6 101 101 101

2050 865 1,356 0.6 0.0 0.6 101 126 126

2080 869 1,921 0.6 0.0 0.6 101 134 116

2016 1,548 1,548 0.0 0.0 0.0 100 100 100

2030 1,423 1,750 0.6 0.0 0.6 101 101 101

2050 1,425 2,234 0.6 0.0 0.6 101 126 126

2080 1,433 3,166 0.6 0.0 0.6 101 134 116

2016 1,548 1,548 0.0 0.0 0.0 100 100 100

2030 1,423 1,750 0.6 0.0 0.6 101 101 101

2050 1,425 2,234 0.6 0.0 0.6 101 126 126

2080 1,433 3,166 0.6 0.0 0.6 101 134 116

2016 2,053 2,053 0.0 0.0 0.0 100 100 100

2030 1,885 2,319 0.6 0.0 0.6 101 101 101

2050 1,888 2,960 0.6 0.0 0.6 101 126 126

2080 1,899 4,195 0.6 0.0 0.6 101 134 116

2016 2,492 2,492 0.0 0.0 0.0 100 100 100

2030 2,308 2,839 0.6 0.0 0.6 101 101 101

2050 2,309 3,622 0.6 0.0 0.6 101 126 126

2080 2,317 5,119 0.6 0.0 0.6 101 134 116

2016 2,492 2,492 0.0 0.0 0.0 100 100 100

2030 2,308 2,839 0.6 2.7 3.3 103 103 103

2050 2,309 3,622 0.6 8.5 9.1 109 137 137

2080 2,317 5,119 0.6 10.2 10.9 111 148 128

1

2 Projected percent of new retired worker awards in 2050 with current-law AIME levels and years of covered earnings closest to AIME levels and years of covered earnings shown.

3

4

5

6

7

All estimates based on the intermediate assumptions of the 2016 Trustees Report.

Starting Dec 2019, compute the COLA using increases in the CPI-E, producing 0.2% higher annual COLAs on average.

Beginning in 2024, phased in 2018-2023, apply full 12.4 percent payroll tax rate to all earnings. Provide benefit credit for earnings above the current-law taxable maximum that are subject to 

the payroll tax, using a secondary PIA formula. This secondary PIA formula involves: (1) an "AIME+" derived from annual earnings from each year after 2017 that were in excess of that year's 

current-law taxable maximum; (2) a new bend point equal to 10,958 in 2018 (250000-118500)/12, and wage-indexed thereafter; and (3) formula factors of 3 percent and 0.25 percent below and 

above the new bend point, respectively.

This analysis reflects only the provisions of the proposal identified in the table and described in the footnotes above.

Office of the Chief Actuary, Social Security Administration July 20, 2017

After the trust fund reserves deplete under current law continuing taxes are expected to be enough to pay about three fourths of scheduled benefits.

 Very-Low-AIME ($12,280 for 20161) 14-Year Scaled Earner (4.2% of Retirees2)

 Low-AIME ($22,105 for 20161) 44-Year Scaled Earner (16.9% of Retirees2)

 Low-AIME ($22,105 for 20161) 30-Year Scaled Earner (4.4% of Retirees2)

 Low-AIME ($22,105 for 20161

) 20-Year Scaled Earner (2.0% of Retirees2)

 Medium-AIME ($49,121 for 20161) 44-Year Scaled Earner (29.2% of Retirees2)

 Medium-AIME ($49,121 for 20161) 30-Year Scaled Earner (3.2% of Retirees2)

 High-AIME ($78,594 for 20161) 44-Year Scaled Earner (19.8% of Retirees2)

 Maximum-Current-Law-AIME ($118,500 for 20161) 43-Year Steady Earner (6.3% of Retirees2)

Twice Maximum-Current-Law-AIME ($237,000 for 20161) 43-Year Steady Earner3

Average of highest 35 years of taxable earnings wage indexed to 2016. For the Maximum and Twice Maximum-Current-Law-AIME workers, we show one times and two times the 2016 taxable 

maximum, respectively.

If all earnings were considered, unlimited by annual taxable maximums, then about 1.5 percent of all retirees would have an AIME closer to Twice Maximum-Current-Law than MaximumCurrent-Law.

Monthly Benefits4

(Percent change) (Percents)

 Very-Low-AIME ($12,280 for 20161) 30-Year Scaled Earner (8.9% of Retirees2)

 Very-Low-AIME ($12,280 for 20161) 20-Year Scaled Earner (5.2% of Retirees2

)

Table B1. Changes in Benefits for Hypothetical Workers Beginning Benefit Receipt at age 65 

H.R. 3302, S. 1600, the “Protecting and Preserving Social Security Act", Introduced by Representative Deutch and Senator Hirono

Benefit Ratios

Scheduled Benefit Level Percent Change at age 65

Current Law Scheduled
Year 

Attain

Age 65 Age 65 Age 75 Age 85 Age 95

2016 100.0 101.4 103.4 105.4

2030 100.6 102.6 104.6 106.6

2050 100.6 102.6 104.6 106.6

2080 100.6 102.6 104.6 106.6

2016 100.0 101.4 103.4 105.4

2030 100.6 102.6 104.6 106.6

2050 100.6 102.6 104.6 106.6

2080 100.6 102.6 104.6 106.6

2016 100.0 101.4 103.4 105.4

2030 100.6 102.6 104.6 106.6

2050 100.6 102.6 104.6 106.6

2080 100.6 102.6 104.6 106.6

2016 100.0 101.4 103.4 105.4

2030 100.6 102.6 104.6 106.6

2050 100.6 102.6 104.6 106.6

2080 100.6 102.6 104.6 106.6

2016 100.0 101.4 103.4 105.4

2030 100.6 102.6 104.6 106.6

2050 100.6 102.6 104.6 106.6

2080 100.6 102.6 104.6 106.6

2016 100.0 101.4 103.4 105.4

2030 100.6 102.6 104.6 106.6

2050 100.6 102.6 104.6 106.6

2080 100.6 102.6 104.6 106.6

2016 100.0 101.4 103.4 105.4

2030 100.6 102.6 104.6 106.6

2050 100.6 102.6 104.6 106.6

2080 100.6 102.6 104.6 106.6

2016 100.0 101.4 103.4 105.4

2030 100.6 102.6 104.6 106.6

2050 100.6 102.6 104.6 106.6

2080 100.6 102.6 104.6 106.6

2016 100.0 101.4 103.4 105.4

2030 100.6 102.6 104.6 106.6

2050 100.6 102.6 104.6 106.6

2080 100.6 102.6 104.6 106.6

2016 100.0 101.4 103.4 105.4

2030 100.6 102.6 104.6 106.6

2050 100.6 102.6 104.6 106.6

2080 100.6 102.6 104.6 106.6

2016 100.0 101.4 103.4 105.4

2030 103.3 105.3 107.4 109.5

2050 109.1 111.2 113.4 115.7

2080 110.9 113.1 115.3 117.6

1

2

3

Note: 

- Starting Dec 2019, compute the COLA using increases in the CPI-E, producing 0.2% higher annual COLAs on average.

-

-

All estimates based on the intermediate assumptions of the 2016 Trustees Report.

Office of the Chief Actuary, Social Security Administration July 20, 2017

 High-AIME ($78,594 for 20161) 44-Year Scaled Earner (19.8% of Retirees2)

 Maximum-Current-Law-AIME ($118,500 for 20161

) 43-Year Steady Earner (6.3% of Retirees2)

Twice Maximum-Current-Law-AIME ($237,000 for 20161) 43-Year Steady Earner3

Average of highest 35 years of taxable earnings wage indexed to 2016. For the Maximum and Twice Maximum-Current-Law-AIME workers, we show one times and two times the 2016 

taxable maximum, respectively.

Projected percent of new retired worker awards in 2050 with current-law AIME levels and years of covered earnings closest to AIME levels and years of covered earnings shown.

If all earnings were considered, unlimited by annual taxable maximums, then about 1.5 percent of all retirees would have an AIME closer to Twice Maximum-Current-Law than MaximumCurrent-Law.

Beginning in 2024, phased in 2018-2023, apply full 12.4 percent payroll tax rate to all earnings. Provide benefit credit for earnings above the current-law taxable maximum that are 

subject to the payroll tax, using a secondary PIA formula. This secondary PIA formula involves: (1) an "AIME+" derived from annual earnings from each year after 2017 that were in 

excess of that year's current-law taxable maximum; (2) a new bend point equal to 10,958 in 2018 (250000-118500)/12, and wage-indexed thereafter; and (3) formula factors of 3 percent 

and 0.25 percent below and above the new bend point, respectively.

This analysis reflects only the provisions of the proposal identified in the table and described above.

 Medium-AIME ($49,121 for 20161) 30-Year Scaled Earner (3.2% of Retirees2)

Table B2. Changes in Benefits for Hypothetical Workers Beginning Benefit Receipt at age 65 

H.R. 3302, S. 1600, the “Protecting and Preserving Social Security Act", Introduced by Representative Deutch and Senator Hirono

Proposal Scheduled Benefit as Percent of Current Law Scheduled

(Percent)

 Very-Low-AIME ($12,280 for 20161) 30-Year Scaled Earner (8.9% of Retirees2)

 Very-Low-AIME ($12,280 for 20161) 20-Year Scaled Earner (5.2% of Retirees2)

 Very-Low-AIME ($12,280 for 20161

) 14-Year Scaled Earner (4.2% of Retirees2)

 Low-AIME ($22,105 for 20161) 44-Year Scaled Earner (16.9% of Retirees2

)

 Low-AIME ($22,105 for 20161) 30-Year Scaled Earner (4.4% of Retirees2

)

 Low-AIME ($22,105 for 20161) 20-Year Scaled Earner (2.0% of Retirees2

)

 Medium-AIME ($49,121 for 20161

) 44-Year Scaled Earner (29.2% of Retirees2)
Category Dually Entitled2 WEP3 Foreign Born All Others4

Very-Low-AIME ($10,101 for 20071):

30-Year Scaled Earner (9.3% of Retirees) 47 6 11 40

20-Year Scaled Earner (5.8% of Retirees) 38 16 21 31

14-Year Scaled Earner (5.3% of Retirees) 22 21 45 20

Low-AIME ($18,182 for 20071):

44-Year Scaled Earner (13.1% of Retirees) 15 2 6 78

30-Year Scaled Earner (5.9% of Retirees) 16 9 18 59

20-Year Scaled Earner (3.1% of Retirees) 10 23 35 37

Medium-AIME ($40,405 for 20071):

44-Year Scaled Earner (23.0% of Retirees) 1 1 5 93

30-Year Scaled Earner (4.4% of Retirees) 1 8 26 67

High-AIME ($64,649 for 20071):

44-Year Scaled Earner (20.5% of Retirees) 0 0 6 93

Maximum-Current-Law-AIME ($82,224 for 20071):

Steady Earner (9.4% of Retirees) 0 0 7 93

1

2

3 Covered by pension from government employment and are subject to the windfall elimination provision (WEP).

4 Neither foreign born, subject to WEP, or dually entitled.

March 21, 2017

Note 3: The sum of the percentages for each category (sum across rows) could be greater than 100 percent because some beneficiaries can be classified in more than one of the 

following groups: dually entitled, WEP, and foreign born. 

Average of highest 35 years of taxable earnings wage indexed to 2007.

Under current law, entitled to an additional benefit based on someone else's account. The dually entitled percent is a minimum value. Some beneficiaries that are not currently 

dually entitled could become dually entitled in the future.

Office of the Chief Actuary, Social Security Administration

Table B3. Important Characteristics of Hypothetical Workers in 2007

Percent of Beneficiaries Within Each Category That Are:

Note 1: Table B3 displays the percentages of these newly-entitled retired workers in 2007 that are closest to each of the illustrative examples.

Note 2: The percents in each category are based on tabulations of a 10-percent sample of newly entitled retired-worker beneficiaries in 2007 (169,725 records). We can be 95 

percent confident that each of the values shown above is within 1.4 percentage points of the value we would find using 100 percent of the retirees in 2007.
Proposal Scheduled Payroll Taxes

Earnings Taxable Percent of Current Law

in Year (Wage-Indexed (CPI-Indexed Maximum2

2015 Dollars) 2015 Dollars) (Percents)

2016 127 127 0.0 100

2030 127 156 0.0 100

2050 127 199 0.0 100

2080 127 280 0.0 100

2016 228 228 0.0 100

2030 228 281 0.0 100

2050 228 358 0.0 100

2080 228 505 0.0 100

2016 508 508 0.0 100

2030 508 624 0.0 100

2050 508 796 0.0 100

2080 508 1,122 0.0 100

2016 812 812 0.0 100

2030 812 999 0.0 100

2050 812 1,274 0.0 100

2080 812 1,795 0.0 100

2016 1,225 1,225 0.0 100

2030 1,225 1,506 0.0 100

2050 1,225 1,920 0.0 100

2080 1,225 2,706 0.0 100

2016 1,225 1,225 0.0 100

2030 1,225 1,506 100.0 200

2050 1,225 1,920 100.0 200

2080 1,225 2,706 100.0 200

1

2

This analysis reflects only the provisions of the proposal identified in the table and described in the footnotes above.

All estimates based on the intermediate assumptions of the 2016 Trustees Report.

Percentile among all workers with any covered earnings in 2016 (including earnings both above and below the current-law maximum earnings level). We include those who will die or 

become disabled before reaching retirement age, and those who will not earn enough in their career to become fully insured for retired worker benefits. Thus, these percentiles are not 

directly comparable to the percentages in the B tables, which are based on lifetime earnings, and include only those who survive and become eligible for retirement benefits.

Starting in 2024, eliminate the taxable maximum, phased in 2018-2023, and apply the 12.4 percent payroll tax rate to all earnings.

Office of the Chief Actuary, Social Security Administration July 20, 2017

98th Percentile Earner1 in Year ($237,000 in 2016) Twice Current-Law Maximum Earnings Level

Table T. Changes in Payroll Tax Contributions (Employee + Employer) for Workers with OASDI Covered Earnings in the Year

H.R. 3302, S. 1600, the “Protecting and Preserving Social Security Act", Introduced by Representative Deutch and Senator Hirono

Scheduled Payroll Taxes Percent Change 

Current Law Scheduled

Monthly Total Payroll Taxes

(Percent change) 

30th Percentile Earner1 in Year ($12,280 in 2016)

42nd Percentile Earner1 in Year ($22,105 in 2016)

69th Percentile Earner1 in Year ($49,121 in 2016)

86th Percentile Earner1 in Year ($78,594 in 2016)

94th Percentile Earner1 in Year ($118,500 in 2016) Current-Law Maximum Earnings Level
Table 1 - OASDI Cost Rate, Income Rate, Annual Balance, and Trust Fund Ratio

H.R. 3302 and S. 1600, the "Protecting and Preserving Social Security Act" Introduced by Representative Deutch and Senator Hirono

Year Cost Rate

Income

Rate

Annual

Balance Cost Rate

Income

Rate

Annual

Balance

2016 14.05 12.94 -1.10 303 0.00 0.00 0.00

2017 13.72 12.92 -0.80 293 0.00 0.00 0.00

2018 13.86 13.31 -0.54 277 0.00 0.36 0.36

2019 13.99 13.69 -0.30 264 0.00 0.72 0.72

2020 14.16 14.05 -0.11 253 0.03 1.07 1.04

2021 14.32 14.41 0.08 245 0.05 1.40 1.35

2022 14.57 14.76 0.19 237 0.08 1.73 1.65

2023 14.86 15.09 0.22 231 0.11 2.03 1.92

2024 15.16 15.42 0.26 225 0.13 2.33 2.19

2025 15.45 15.43 -0.01 221 0.16 2.32 2.16

2026 15.66 15.45 -0.21 216 0.19 2.32 2.14

2027 15.86 15.47 -0.39 211 0.21 2.32 2.11

2028 16.05 15.48 -0.57 207 0.24 2.33 2.09

2029 16.23 15.50 -0.73 202 0.26 2.33 2.07

2030 16.39 15.51 -0.88 197 0.28 2.33 2.05

2031 16.53 15.52 -1.00 193 0.31 2.33 2.03

2032 16.65 15.53 -1.12 187 0.33 2.33 2.01

2033 16.75 15.54 -1.21 182 0.34 2.34 1.99

2034 16.83 15.55 -1.28 176 0.36 2.34 1.97

2035 16.87 15.55 -1.32 170 0.38 2.34 1.96

2036 16.95 15.56 -1.39 163 0.39 2.34 1.95

2037 17.01 15.57 -1.44 157 0.41 2.34 1.93

2038 17.04 15.57 -1.46 150 0.42 2.34 1.92

2039 17.04 15.58 -1.47 143 0.43 2.35 1.91

2040 17.04 15.58 -1.46 136 0.44 2.35 1.90

2041 17.02 15.58 -1.44 129 0.45 2.35 1.89

2042 16.99 15.58 -1.41 122 0.46 2.35 1.89

2043 16.97 15.58 -1.39 115 0.47 2.35 1.88

2044 16.94 15.58 -1.36 109 0.47 2.35 1.88

2045 16.93 15.58 -1.35 102 0.48 2.35 1.87

2046 16.91 15.58 -1.32 95 0.48 2.35 1.87

2047 16.89 15.58 -1.30 89 0.49 2.35 1.87

2048 16.87 15.59 -1.29 82 0.49 2.35 1.87

2049 16.86 15.59 -1.27 76 0.49 2.36 1.87

2050 16.85 15.59 -1.26 69 0.49 2.36 1.87

2051 16.85 15.59 -1.26 62 0.49 2.36 1.86

2052 16.87 15.59 -1.27 56 0.49 2.36 1.86

2053 16.89 15.60 -1.29 49 0.50 2.36 1.86

2054 16.92 15.60 -1.32 42 0.50 2.36 1.86

2055 16.96 15.60 -1.36 35 0.50 2.36 1.86

2056 17.01 15.61 -1.40 27 0.50 2.36 1.86

2057 17.06 15.61 -1.45 20 0.50 2.36 1.86

2058 17.11 15.62 -1.49 11 0.50 2.36 1.86

2059 17.16 15.62 -1.54 3 0.51 2.36 1.86

2060 17.22 15.63 -1.59 ---- 0.51 2.37 1.86

2061 17.27 15.63 -1.64 ---- 0.51 2.37 1.86

2062 17.32 15.64 -1.68 ---- 0.51 2.37 1.85

2063 17.37 15.64 -1.73 ---- 0.52 2.37 1.85

2064 17.42 15.65 -1.78 ---- 0.52 2.37 1.85

2065 17.48 15.65 -1.83 ---- 0.52 2.37 1.85

2066 17.53 15.66 -1.88 ---- 0.53 2.37 1.85

2067 17.59 15.66 -1.93 ---- 0.53 2.37 1.84

2068 17.65 15.67 -1.98 ---- 0.53 2.38 1.84

2069 17.70 15.67 -2.03 ---- 0.54 2.38 1.84

2070 17.76 15.68 -2.08 ---- 0.54 2.38 1.84

2071 17.81 15.68 -2.13 ---- 0.54 2.38 1.84

2072 17.85 15.68 -2.17 ---- 0.55 2.38 1.84

2073 17.89 15.69 -2.20 ---- 0.55 2.38 1.83

2074 17.92 15.69 -2.23 ---- 0.55 2.38 1.83

2075 17.95 15.69 -2.25 ---- 0.55 2.38 1.83

2076 17.96 15.70 -2.26 ---- 0.56 2.39 1.83

2077 17.97 15.70 -2.27 ---- 0.56 2.39 1.83

2078 17.97 15.70 -2.27 ---- 0.56 2.39 1.83

2079 17.97 15.70 -2.27 ---- 0.56 2.39 1.83

2080 17.97 15.70 -2.26 ---- 0.56 2.39 1.83

2081 17.97 15.70 -2.26 ---- 0.57 2.39 1.83

2082 17.97 15.71 -2.27 ---- 0.57 2.39 1.83

2083 17.99 15.71 -2.28 ---- 0.57 2.39 1.83

2084 18.01 15.71 -2.30 ---- 0.57 2.40 1.83

2085 18.04 15.71 -2.33 ---- 0.57 2.40 1.83

2086 18.08 15.72 -2.36 ---- 0.57 2.40 1.83

2087 18.12 15.72 -2.40 ---- 0.57 2.40 1.83

2088 18.16 15.72 -2.44 ---- 0.58 2.40 1.83

2089 18.21 15.73 -2.48 ---- 0.58 2.40 1.82

2090 18.26 15.73 -2.52 ---- 0.58 2.40 1.82

2091 18.30 15.74 -2.57 ---- 0.58 2.41 1.82

Summarized Rates: OASDI Summarized Rates: OASDI

Cost Rate Income Rate

Actuarial 

Balance

Change in 

Cost rate

Change in 

Income Rate

Change in 

Actuarial

Balance

2016 - 2090 16.91% 16.03% -0.88% 2059 0.41% 2.19% 1.78%

Based on Intermediate Assumptions of the 2016 Trustees Report. Social Security Administration

1

Under present law the year of combined Trust Fund reserve depletion is 2034.

Year of reserve 

depletion1

Office of the Chief Actuary

July 20, 2017

Proposal Change from Current Law

Expressed as a percentage of current-law

taxable payroll Trust Fund

Ratio

1-1-year

Expressed as a percentage of current-law

taxable payroll
Table 1a - General Fund Transfers, OASDI Trust Fund Reserves, and Theoretical OASDI Reserves

H.R. 3302 and S. 1600, the "Protecting and Preserving Social Security Act" Introduced by Representative Deutch and Senator Hirono

Percentage

of Payroll

Annual

Amounts

Accumulated as of 

End of Year

Gross Domestic 

Product

Without General

Fund Transfers

With Plan General

Fund Transfers

(1) (2) (3) (4) (5) (6) (7)

2016 0.0 0.0 0.0 2,741.0 18,368.5 2,741.0 2,741.0

2017 0.0 0.0 0.0 2,687.5 18,780.3 2,687.5 2,687.5

2018 0.0 0.0 0.0 2,650.5 19,199.4 2,625.9 2,625.9

2019 0.0 0.0 0.0 2,629.8 19,590.0 2,554.4 2,554.4

2020 0.0 0.0 0.0 2,622.3 19,948.3 2,471.7 2,471.7

2021 0.0 0.0 0.0 2,629.2 20,275.2 2,378.9 2,378.9

2022 0.0 0.0 0.0 2,644.3 20,546.2 2,270.6 2,270.6

2023 0.0 0.0 0.0 2,662.2 20,765.2 2,142.4 2,142.4

2024 0.0 0.0 0.0 2,683.1 20,965.2 1,994.9 1,994.9

2025 0.0 0.0 0.0 2,682.9 21,141.0 1,827.2 1,827.2

2026 0.0 0.0 0.0 2,667.8 21,283.5 1,645.4 1,645.4

2027 0.0 0.0 0.0 2,638.1 21,355.9 1,450.6 1,450.6

2028 0.0 0.0 0.0 2,595.0 21,346.6 1,244.3 1,244.3

2029 0.0 0.0 0.0 2,539.6 21,259.6 1,028.4 1,028.4

2030 0.0 0.0 0.0 2,473.7 21,099.1 804.8 804.8

2031 0.0 0.0 0.0 2,398.7 20,898.2 575.3 575.3

2032 0.0 0.0 0.0 2,315.8 20,696.5 341.0 341.0

2033 0.0 0.0 0.0 2,227.0 20,500.4 103.7 103.7

2034 0.0 0.0 0.0 2,134.3 20,306.0 -134.7 -134.7

2035 0.0 0.0 0.0 2,039.4 20,116.5 -372.8 -372.8

2036 0.0 0.0 0.0 1,940.6 19,925.6 -612.3 -612.3

2037 0.0 0.0 0.0 1,839.1 19,743.3 -852.1 -852.1

2038 0.0 0.0 0.0 1,737.0 19,571.8 -1,090.4 -1,090.4

2039 0.0 0.0 0.0 1,635.4 19,401.7 -1,326.1 -1,326.1

2040 0.0 0.0 0.0 1,535.6 19,234.9 -1,558.1 -1,558.1

2041 0.0 0.0 0.0 1,438.2 19,071.7 -1,786.1 -1,786.1

2042 0.0 0.0 0.0 1,343.1 18,908.8 -2,010.0 -2,010.0

2043 0.0 0.0 0.0 1,250.7 18,751.3 -2,229.8 -2,229.8

2044 0.0 0.0 0.0 1,160.9 18,594.5 -2,445.4 -2,445.4

2045 0.0 0.0 0.0 1,073.0 18,429.9 -2,657.8 -2,657.8

2046 0.0 0.0 0.0 987.2 18,269.6 -2,866.7 -2,866.7

2047 0.0 0.0 0.0 903.7 18,107.9 -3,072.2 -3,072.2

2048 0.0 0.0 0.0 821.9 17,944.3 -3,274.5 -3,274.5

2049 0.0 0.0 0.0 741.9 17,781.3 -3,473.9 -3,473.9

2050 0.0 0.0 0.0 663.4 17,618.6 -3,670.6 -3,670.6

2051 0.0 0.0 0.0 585.6 17,454.0 -3,865.4 -3,865.4

2052 0.0 0.0 0.0 507.8 17,289.8 -4,059.0 -4,059.0

2053 0.0 0.0 0.0 429.6 17,125.7 -4,251.9 -4,251.9

2054 0.0 0.0 0.0 350.4 16,960.9 -4,444.5 -4,444.5

2055 0.0 0.0 0.0 269.9 16,796.5 -4,637.2 -4,637.2

2056 0.0 0.0 0.0 187.7 16,631.9 -4,830.5 -4,830.5

2057 0.0 0.0 0.0 103.7 16,467.6 -5,024.3 -5,024.3

2058 0.0 0.0 0.0 17.8 16,304.7 -5,218.8 -5,218.8

2059 0.0 0.0 0.0 -69.8 16,142.6 -5,413.9 -5,413.9

2060 0.0 0.0 0.0 -159.3 15,981.3 -5,609.6 -5,609.6

2061 0.0 0.0 0.0 -250.6 15,821.7 -5,805.8 -5,805.8

2062 0.0 0.0 0.0 -343.5 15,664.2 -6,002.5 -6,002.5

2063 0.0 0.0 0.0 -438.1 15,508.7 -6,199.6 -6,199.6

2064 0.0 0.0 0.0 -534.3 15,355.7 -6,397.1 -6,397.1

2065 0.0 0.0 0.0 -632.0 15,204.5 -6,595.0 -6,595.0

2066 0.0 0.0 0.0 -731.4 15,055.3 -6,793.3 -6,793.3

2067 0.0 0.0 0.0 -832.5 14,907.9 -6,992.1 -6,992.1

2068 0.0 0.0 0.0 -935.1 14,762.2 -7,191.4 -7,191.4

2069 0.0 0.0 0.0 -1,039.3 14,618.0 -7,391.0 -7,391.0

2070 0.0 0.0 0.0 -1,144.9 14,476.2 -7,591.0 -7,591.0

2071 0.0 0.0 0.0 -1,251.7 14,336.4 -7,791.2 -7,791.2

2072 0.0 0.0 0.0 -1,359.4 14,198.6 -7,991.1 -7,991.1

2073 0.0 0.0 0.0 -1,467.7 14,062.2 -8,190.5 -8,190.5

2074 0.0 0.0 0.0 -1,576.2 13,927.2 -8,389.1 -8,389.1

2075 0.0 0.0 0.0 -1,684.6 13,793.7 -8,586.7 -8,586.7

2076 0.0 0.0 0.0 -1,792.5 13,661.5 -8,782.6 -8,782.6

2077 0.0 0.0 0.0 -1,899.5 13,530.3 -8,976.7 -8,976.7

2078 0.0 0.0 0.0 -2,005.4 13,399.9 -9,168.8 -9,168.8

2079 0.0 0.0 0.0 -2,110.0 13,271.0 -9,358.6 -9,358.6

2080 0.0 0.0 0.0 -2,213.3 13,143.2 -9,546.2 -9,546.2

2081 0.0 0.0 0.0 -2,315.5 13,016.0 -9,731.8 -9,731.8

2082 0.0 0.0 0.0 -2,416.9 12,889.1 -9,915.6 -9,915.6

2083 0.0 0.0 0.0 -2,517.7 12,762.3 -10,098.0 -10,098.0

2084 0.0 0.0 0.0 -2,618.3 12,635.6 -10,279.3 -10,279.3

2085 0.0 0.0 0.0 -2,719.0 12,509.3 -10,459.9 -10,459.9

2086 0.0 0.0 0.0 -2,820.0 12,383.5 -10,639.8 -10,639.8

2087 0.0 0.0 0.0 -2,921.5 12,258.4 -10,819.4 -10,819.4

2088 0.0 0.0 0.0 -3,023.6 12,134.0 -10,998.8 -10,998.8

2089 0.0 0.0 0.0 -3,126.4 12,010.4 -11,177.9 -11,177.9

2090 0.0 0.0 0.0 -3,229.9 11,887.6 -11,356.8 -11,356.8

2091 0.0 0.0 0.0 -3,334.0 11,765.8 -11,535.6 -11,535.6

Total 2016-2090 0.0

Based on the Intermediate Assumptions of the 2016 Trustees Report.

Ultimate Real Trust Fund Yield of 2.7%.

Office of the Chief Actuary

1

 Theoretical Social Security is the current Social Security program with the assumption Social Security Administration

 that the law is modified to permit borrowing from the General Fund of the Treasury. July 20, 2017

Calendar

Year

Proposal General Fund Transfers Present Value in Billions as of 1-1-2016

Proposal

Total OASDI

Trust Fund

Reserves

 at End of Year

Theoretical Social Security1

with Borrowing Authority

Present Value in Billions as of 1-1- 2016 Net OASDI Trust Fund Reserves at End of Year
Table 1b - OASDI Changes & Implications for Federal Budget and Debt of Specified Plan Provision Effects on OASDI1

 (Present Value Dollars)

H.R. 3302 and S. 1600, the "Protecting and Preserving Social Security Act" Introduced by Representative Deutch and Senator Hirono

Year

Specified 

General Fund 

Transfers

Basic Changes

in OASDI

Cash Flow

Change

in Annual

Unified Budget

Cash Flow

Change in

Debt Held

by Public at

End of Year

Change

in Annual

Unified Budget

Balance

Change

in Total

Federal Debt

End Of Year

Change

in Annual

On Budget

Balance

(1) (2) (3) (4) (5) (6) (7)

2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2017 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2018 0.0 24.6 24.6 -24.6 24.6 0.0 0.0

2019 0.0 50.9 50.9 -75.4 51.6 0.0 0.0

2020 0.0 75.2 75.2 -150.7 77.6 0.0 0.0

2021 0.0 99.6 99.6 -250.3 104.4 0.0 0.0

2022 0.0 123.5 123.5 -373.7 131.5 0.0 0.0

2023 0.0 146.1 146.1 -519.8 158.3 0.0 0.0

2024 0.0 168.4 168.4 -688.2 186.0 0.0 0.0

2025 0.0 167.5 167.5 -855.8 191.6 0.0 0.0

2026 0.0 166.6 166.6 -1,022.3 199.2 0.0 0.0

2027 0.0 165.2 165.2 -1,187.5 207.3 0.0 0.0

2028 0.0 163.1 163.1 -1,350.6 215.8 0.0 0.0

2029 0.0 160.6 160.6 -1,511.3 224.9 0.0 0.0

2030 0.0 157.6 157.6 -1,668.9 234.7 0.0 0.0

2031 0.0 154.5 154.5 -1,823.4 239.5 0.0 0.0

2032 0.0 151.4 151.4 -1,974.8 244.3 0.0 0.0

2033 0.0 148.5 148.5 -2,123.3 249.2 0.0 0.0

2034 0.0 145.8 145.8 -2,269.1 254.0 0.0 0.0

2035 0.0 143.2 143.2 -2,412.2 258.8 0.0 0.0

2036 0.0 140.7 140.7 -2,552.9 263.6 0.0 0.0

2037 0.0 138.3 138.3 -2,691.2 268.4 0.0 0.0

2038 0.0 136.2 136.2 -2,827.4 273.3 0.0 0.0

2039 0.0 134.1 134.1 -2,961.5 278.2 0.0 0.0

2040 0.0 132.3 132.3 -3,093.7 283.2 0.0 0.0

2041 0.0 130.5 130.5 -3,224.2 288.2 0.0 0.0

2042 0.0 128.9 128.9 -3,353.1 293.2 0.0 0.0

2043 0.0 127.3 127.3 -3,480.4 298.2 0.0 0.0

2044 0.0 125.9 125.9 -3,606.4 303.3 0.0 0.0

2045 0.0 124.5 124.5 -3,730.8 308.3 0.0 0.0

2046 0.0 123.1 123.1 -3,854.0 313.3 0.0 0.0

2047 0.0 121.9 121.9 -3,975.8 318.3 0.0 0.0

2048 0.0 120.6 120.6 -4,096.4 323.2 0.0 0.0

2049 0.0 119.4 119.4 -4,215.8 328.2 0.0 0.0

2050 0.0 118.2 118.2 -4,334.0 333.1 0.0 0.0

2051 0.0 117.0 117.0 -4,451.0 337.9 0.0 0.0

2052 0.0 115.8 115.8 -4,566.8 342.7 0.0 0.0

2053 0.0 114.6 114.6 -4,681.5 347.4 0.0 0.0

2054 0.0 113.4 113.4 -4,794.9 352.0 0.0 0.0

2055 0.0 112.3 112.3 -4,907.1 356.6 0.0 0.0

2056 0.0 111.0 111.0 -5,018.2 361.1 0.0 0.0

2057 0.0 109.8 109.8 -5,128.0 365.6 0.0 0.0

2058 0.0 108.6 108.6 -5,236.7 370.0 0.0 0.0

2059 0.0 107.4 107.4 -5,344.1 374.3 0.0 0.0

2060 0.0 106.2 106.2 -5,450.2 378.5 0.0 0.0

2061 0.0 105.0 105.0 -5,555.2 382.7 0.0 0.0

2062 0.0 103.7 103.7 -5,658.9 386.9 0.0 0.0

2063 0.0 102.5 102.5 -5,761.5 390.9 0.0 0.0

2064 0.0 101.3 101.3 -5,862.8 395.0 0.0 0.0

2065 0.0 100.1 100.1 -5,962.9 398.9 0.0 0.0

2066 0.0 99.0 99.0 -6,061.9 402.9 0.0 0.0

2067 0.0 97.8 97.8 -6,159.7 406.7 0.0 0.0

2068 0.0 96.6 96.6 -6,256.3 410.6 0.0 0.0

2069 0.0 95.5 95.5 -6,351.8 414.3 0.0 0.0

2070 0.0 94.4 94.4 -6,446.2 418.1 0.0 0.0

2071 0.0 93.3 93.3 -6,539.4 421.8 0.0 0.0

2072 0.0 92.2 92.2 -6,631.7 425.5 0.0 0.0

2073 0.0 91.2 91.2 -6,722.8 429.1 0.0 0.0

2074 0.0 90.1 90.1 -6,812.9 432.7 0.0 0.0

2075 0.0 89.1 89.1 -6,902.0 436.3 0.0 0.0

2076 0.0 88.1 88.1 -6,990.1 439.9 0.0 0.0

2077 0.0 87.1 87.1 -7,077.2 443.4 0.0 0.0

2078 0.0 86.1 86.1 -7,163.4 446.8 0.0 0.0

2079 0.0 85.2 85.2 -7,248.6 450.3 0.0 0.0

2080 0.0 84.3 84.3 -7,332.8 453.7 0.0 0.0

2081 0.0 83.4 83.4 -7,416.2 457.1 0.0 0.0

2082 0.0 82.5 82.5 -7,498.7 460.5 0.0 0.0

2083 0.0 81.6 81.6 -7,580.3 463.8 0.0 0.0

2084 0.0 80.7 80.7 -7,661.0 467.0 0.0 0.0

2085 0.0 79.8 79.8 -7,740.9 470.3 0.0 0.0

2086 0.0 79.0 79.0 -7,819.8 473.5 0.0 0.0

2087 0.0 78.1 78.1 -7,897.9 476.6 0.0 0.0

2088 0.0 77.2 77.2 -7,975.1 479.7 0.0 0.0

2089 0.0 76.4 76.4 -8,051.5 482.8 0.0 0.0

2090 0.0 75.5 75.5 -8,127.0 485.8 0.0 0.0

Total 2016-2090 0.0 8,127.0 8,127.0

Based on Intermediate Assumptions of the 2016 Trustees Report.

Ultimate Real Trust Fund Yield of 2.7%.

Note: Changes reflect the budget scoring convention that presumes benefits not payable after reserve depletion would Office of the Chief Actuary

 nonetheless be paid, based on transfers from the General Fund of the Treasury resulting in additional borrowing from the public. Social Security Administration

1

 Effects of tax provisions on the On-Budget are not reflected in this table. July 20, 2017

Billions of Present Value Dollars as of 1-1-2016
Table 1b.n - OASDI Changes & Implications for Federal Budget and Debt of Specified Plan Provision Effects on OASDI1

 (Nominal Dollars)

H.R. 3302 and S. 1600, the "Protecting and Preserving Social Security Act" Introduced by Representative Deutch and Senator Hirono

Year

Specified 

General Fund 

Transfers

Basic Changes

in OASDI

Cash Flow

Change

in Annual

Unified Budget

Cash Flow

Change in

Debt Held

by Public at

End of Year

Change

in Annual

Unified Budget

Balance

Change

in Total

Federal Debt

End of Year

Change

in Annual

On Budget

Balance

(1) (2) (3) (4) (5) (6) (7)

2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2017 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2018 0.0 26.5 26.5 -27.0 27.0 0.0 0.0

2019 0.0 56.7 56.7 -85.5 58.5 0.0 0.0

2020 0.0 86.5 86.5 -176.4 90.9 0.0 0.0

2021 0.0 118.2 118.2 -302.8 126.4 0.0 0.0

2022 0.0 151.3 151.3 -467.5 164.7 0.0 0.0

2023 0.0 185.0 185.0 -673.1 205.6 0.0 0.0

2024 0.0 220.7 220.7 -923.7 250.6 0.0 0.0

2025 0.0 227.4 227.4 -1,191.9 268.2 0.0 0.0

2026 0.0 234.7 234.7 -1,481.8 289.9 0.0 0.0

Based on Intermediate Assumptions of the 2016 Trustees Report.

Note: Changes reflect the budget scoring convention that presumes benefits not payable after reserve depletion would Office of the Chief Actuary

 nonetheless be paid, based on transfers from the General Fund of the Treasury resulting in additional borrowing from the public. Social Security Administration

1

 Effects of tax provisions on the On-Budget are not reflected in this table. July 20, 2017

Billions of Nominal Dollars
Table 1c - Current Law and Proposal Cost, Expenditures, and Income: As Percent of Gross Domestic Product

H.R. 3302 and S. 1600, the "Protecting and Preserving Social Security Act" Introduced by Representative Deutch and Senator Hirono

Cost

Expenditures

(Payable)

Non-Interest

Income Cost

Expenditures

(Payable)

Non-Interest

Income

(1) (2) (3) (4) (5) (6)

2016 4.98 4.98 4.59 4.98 4.98 4.59

2017 4.91 4.91 4.62 4.91 4.91 4.62

2018 4.98 4.98 4.65 4.98 4.98 4.78

2019 5.05 5.05 4.68 5.04 5.04 4.94

2020 5.12 5.12 4.70 5.13 5.13 5.09

2021 5.18 5.18 4.72 5.20 5.20 5.23

2022 5.28 5.28 4.75 5.31 5.31 5.38

2023 5.39 5.39 4.77 5.43 5.43 5.51

2024 5.50 5.50 4.79 5.55 5.55 5.64

2025 5.60 5.60 4.81 5.66 5.66 5.66

2026 5.67 5.67 4.81 5.73 5.73 5.66

2027 5.73 5.73 4.81 5.80 5.80 5.66

2028 5.78 5.78 4.81 5.87 5.87 5.66

2029 5.83 5.83 4.81 5.92 5.92 5.66

2030 5.87 5.87 4.81 5.97 5.97 5.66

2031 5.91 5.91 4.80 6.02 6.02 5.65

2032 5.94 5.94 4.80 6.06 6.06 5.65

2033 5.96 5.96 4.80 6.09 6.09 5.65

2034 5.98 5.29 4.80 6.11 6.11 5.64

2035 5.98 4.79 4.79 6.12 6.12 5.64

2036 6.00 4.79 4.79 6.14 6.14 5.64

2037 6.01 4.79 4.79 6.15 6.15 5.63

2038 6.01 4.78 4.78 6.16 6.16 5.63

2039 6.00 4.78 4.78 6.16 6.16 5.63

2040 5.99 4.78 4.78 6.15 6.15 5.62

2041 5.97 4.77 4.77 6.14 6.14 5.62

2042 5.96 4.77 4.77 6.13 6.13 5.62

2043 5.94 4.77 4.77 6.11 6.11 5.61

2044 5.93 4.76 4.76 6.10 6.10 5.61

2045 5.92 4.76 4.76 6.09 6.09 5.61

2046 5.91 4.76 4.76 6.08 6.08 5.61

2047 5.90 4.76 4.76 6.07 6.07 5.60

2048 5.89 4.76 4.76 6.06 6.06 5.60

2049 5.88 4.75 4.75 6.06 6.06 5.60

2050 5.87 4.75 4.75 6.05 6.05 5.60

2051 5.87 4.75 4.75 6.05 6.05 5.60

2052 5.87 4.75 4.75 6.05 6.05 5.59

2053 5.88 4.75 4.75 6.06 6.06 5.59

2054 5.89 4.75 4.75 6.06 6.06 5.59

2055 5.90 4.74 4.74 6.08 6.08 5.59

2056 5.91 4.74 4.74 6.09 6.09 5.59

2057 5.92 4.74 4.74 6.10 6.10 5.59

2058 5.94 4.74 4.74 6.12 6.12 5.58

2059 5.95 4.74 4.74 6.13 5.77 5.58

2060 5.97 4.74 4.74 6.15 5.58 5.58

2061 5.98 4.73 4.73 6.16 5.58 5.58

2062 5.99 4.73 4.73 6.18 5.58 5.58

2063 6.01 4.73 4.73 6.19 5.57 5.57

2064 6.02 4.73 4.73 6.20 5.57 5.57

2065 6.03 4.72 4.72 6.22 5.57 5.57

2066 6.04 4.72 4.72 6.23 5.56 5.56

2067 6.06 4.72 4.72 6.24 5.56 5.56

2068 6.07 4.71 4.71 6.26 5.56 5.56

2069 6.08 4.71 4.71 6.27 5.55 5.55

2070 6.09 4.71 4.71 6.28 5.55 5.55

2071 6.10 4.70 4.70 6.30 5.54 5.54

2072 6.11 4.70 4.70 6.31 5.54 5.54

2073 6.12 4.70 4.70 6.31 5.54 5.54

2074 6.12 4.69 4.69 6.32 5.53 5.53

2075 6.13 4.69 4.69 6.32 5.53 5.53

2076 6.12 4.68 4.68 6.32 5.52 5.52

2077 6.12 4.68 4.68 6.32 5.52 5.52

2078 6.11 4.67 4.67 6.31 5.51 5.51

2079 6.11 4.67 4.67 6.30 5.51 5.51

2080 6.10 4.66 4.66 6.30 5.50 5.50

2081 6.09 4.66 4.66 6.29 5.50 5.50

2082 6.09 4.66 4.66 6.29 5.49 5.49

2083 6.09 4.65 4.65 6.29 5.49 5.49

2084 6.09 4.65 4.65 6.29 5.48 5.48

2085 6.09 4.64 4.64 6.29 5.48 5.48

2086 6.10 4.64 4.64 6.30 5.48 5.48

2087 6.11 4.64 4.64 6.31 5.48 5.48

2088 6.12 4.64 4.64 6.32 5.47 5.47

2089 6.13 4.63 4.63 6.33 5.47 5.47

2090 6.14 4.63 4.63 6.34 5.47 5.47

Based on Intermediate Assumptions of the 2016 Trustees Report. Office of the Chief Actuary

Social Security Administration

July 20, 2017

Current Law OASDI Proposal OASDI

Calendar

Year
Table 1d - Change in Long-Range Trust Fund Reserves / Unfunded Obligation

H.R. 3302 and S. 1600, the "Protecting and Preserving Social Security Act" Introduced by Representative Deutch and Senator Hirono

Year

Current Law OASDI

Trust Fund Reserves /

Unfunded Obligation

Through End of Year

Changes 

in OASDI 

Income

Changes

in OASDI 

Cost

Basic

Changes

in OASDI

Cash Flow

Total Change

Through

End of Year

Proposal OASDI

Trust Fund Reserves /

Unfunded Obligation

Through End of Year

(1) (2) (3) (4) = (2)-(3) (5) = cumulative sum(4) (6) = (1)+(5)

2016 2,741.0 0.0 0.0 0.0 0.0 2,741.0

2017 2,687.5 0.0 0.0 0.0 0.0 2,687.5

2018 2,625.9 24.6 0.0 24.6 24.6 2,650.5

2019 2,554.4 50.8 -0.1 50.9 75.4 2,629.8

2020 2,471.7 77.1 1.8 75.2 150.7 2,622.3

2021 2,378.9 103.4 3.8 99.6 250.3 2,629.2

2022 2,270.6 129.3 5.9 123.5 373.7 2,644.3

2023 2,142.4 154.1 8.0 146.1 519.8 2,662.2

2024 1,994.9 178.7 10.3 168.4 688.2 2,683.1

2025 1,827.2 180.0 12.5 167.5 855.8 2,682.9

2026 1,645.4 181.2 14.6 166.6 1,022.3 2,667.8

2027 1,450.6 181.8 16.6 165.2 1,187.5 2,638.1

2028 1,244.3 181.7 18.5 163.1 1,350.6 2,595.0

2029 1,028.4 180.9 20.3 160.6 1,511.3 2,539.6

2030 804.8 179.5 21.8 157.6 1,668.9 2,473.7

2031 575.3 177.7 23.3 154.5 1,823.4 2,398.7

2032 341.0 175.9 24.5 151.4 1,974.8 2,315.8

2033 103.7 174.2 25.7 148.5 2,123.3 2,227.0

2034 -134.7 172.5 26.7 145.8 2,269.1 2,134.3

2035 -372.8 170.8 27.6 143.2 2,412.2 2,039.4

2036 -612.3 169.1 28.5 140.7 2,552.9 1,940.6

2037 -852.1 167.6 29.2 138.3 2,691.2 1,839.1

2038 -1,090.4 166.1 29.9 136.2 2,827.4 1,737.0

2039 -1,326.1 164.6 30.4 134.1 2,961.5 1,635.4

2040 -1,558.1 163.1 30.9 132.3 3,093.7 1,535.6

2041 -1,786.1 161.7 31.2 130.5 3,224.2 1,438.2

2042 -2,010.0 160.3 31.5 128.9 3,353.1 1,343.1

2043 -2,229.8 159.0 31.6 127.3 3,480.4 1,250.7

2044 -2,445.4 157.6 31.7 125.9 3,606.4 1,160.9

2045 -2,657.8 156.2 31.8 124.5 3,730.8 1,073.0

2046 -2,866.7 154.9 31.7 123.1 3,854.0 987.2

2047 -3,072.2 153.5 31.6 121.9 3,975.8 903.7

2048 -3,274.5 152.1 31.5 120.6 4,096.4 821.9

2049 -3,473.9 150.7 31.3 119.4 4,215.8 741.9

2050 -3,670.6 149.3 31.1 118.2 4,334.0 663.4

2051 -3,865.4 147.9 30.9 117.0 4,451.0 585.6

2052 -4,059.0 146.5 30.7 115.8 4,566.8 507.8

2053 -4,251.9 145.1 30.4 114.6 4,681.5 429.6

2054 -4,444.5 143.6 30.2 113.4 4,794.9 350.4

2055 -4,637.2 142.2 30.0 112.3 4,907.1 269.9

2056 -4,830.5 140.8 29.8 111.0 5,018.2 187.7

2057 -5,024.3 139.4 29.6 109.8 5,128.0 103.7

2058 -5,218.8 138.0 29.4 108.6 5,236.7 17.8

2059 -5,413.9 136.6 29.2 107.4 5,344.1 -69.8

2060 -5,609.6 135.2 29.0 106.2 5,450.2 -159.3

2061 -5,805.8 133.8 28.9 105.0 5,555.2 -250.6

2062 -6,002.5 132.4 28.7 103.7 5,658.9 -343.5

2063 -6,199.6 131.1 28.6 102.5 5,761.5 -438.1

2064 -6,397.1 129.7 28.4 101.3 5,862.8 -534.3

2065 -6,595.0 128.4 28.3 100.1 5,962.9 -632.0

2066 -6,793.3 127.1 28.1 99.0 6,061.9 -731.4

2067 -6,992.1 125.8 28.0 97.8 6,159.7 -832.5

2068 -7,191.4 124.5 27.9 96.6 6,256.3 -935.1

2069 -7,391.0 123.3 27.8 95.5 6,351.8 -1,039.3

2070 -7,591.0 122.0 27.6 94.4 6,446.2 -1,144.9

2071 -7,791.2 120.8 27.5 93.3 6,539.4 -1,251.7

2072 -7,991.1 119.6 27.4 92.2 6,631.7 -1,359.4

2073 -8,190.5 118.4 27.2 91.2 6,722.8 -1,467.7

2074 -8,389.1 117.2 27.1 90.1 6,812.9 -1,576.2

2075 -8,586.7 116.0 26.9 89.1 6,902.0 -1,684.6

2076 -8,782.6 114.8 26.8 88.1 6,990.1 -1,792.5

2077 -8,976.7 113.7 26.6 87.1 7,077.2 -1,899.5

2078 -9,168.8 112.5 26.4 86.1 7,163.4 -2,005.4

2079 -9,358.6 111.4 26.2 85.2 7,248.6 -2,110.0

2080 -9,546.2 110.3 26.0 84.3 7,332.8 -2,213.3

2081 -9,731.8 109.2 25.8 83.4 7,416.2 -2,315.5

2082 -9,915.6 108.1 25.6 82.5 7,498.7 -2,416.9

2083 -10,098.0 106.9 25.3 81.6 7,580.3 -2,517.7

2084 -10,279.3 105.8 25.1 80.7 7,661.0 -2,618.3

2085 -10,459.9 104.8 24.9 79.8 7,740.9 -2,719.0

2086 -10,639.8 103.7 24.7 79.0 7,819.8 -2,820.0

2087 -10,819.4 102.6 24.5 78.1 7,897.9 -2,921.5

2088 -10,998.8 101.5 24.3 77.2 7,975.1 -3,023.6

2089 -11,177.9 100.5 24.1 76.4 8,051.5 -3,126.4

2090 -11,356.8 99.4 24.0 75.5 8,127.0 -3,229.9

Total 2016-2090 9950.7 1823.7 8127.0

Based on Intermediate Assumptions of the 2016 Trustees Report. Office of the Chief Actuary

Social Security Administration

Ultimate Real Trust Fund Yield of 2.7%. July 20, 2017

(Billions of Dollars, Present Value on 1-1-2016)