Cost Rate

Income 

Rate

Annual 

Balance Cost Rate

Income 

Rate

Annual 

Balance

14.53 13.29 -1.24 204 0.00 0.00 0.00

14.87 12.89 -1.98 187 0.00 0.00 0.00

15.04 12.97 -2.07 168 0.00 0.00 0.00

15.23 13.08 -2.15 150 0.00 0.00 0.00

15.38 13.09 -2.29 132 0.00 0.00 0.00

15.55 13.13 -2.42 115 0.00 0.00 0.00

15.72 13.16 -2.56 98 0.00 0.00 0.00

15.87 13.18 -2.69 81 0.00 0.00 0.00

16.00 13.21 -2.79 64 0.00 0.00 0.00

16.14 13.24 -2.91 47 0.00 0.00 0.00

16.27 13.25 -3.02 29 0.00 0.00 0.00

16.38 13.26 -3.12 11 0.00 0.00 0.00

16.48 13.27 -3.21 ---- 0.00 0.00 0.00

16.56 13.27 -3.28 ---- 0.00 0.00 0.00

16.64 13.28 -3.35 ---- 0.00 0.00 0.00

16.70 13.29 -3.41 ---- 0.00 0.00 0.00

16.75 13.29 -3.45 ---- 0.00 0.00 0.00

16.78 13.30 -3.48 ---- 0.00 0.00 0.00

16.80 13.30 -3.51 ---- 0.00 0.00 0.00

16.82 13.30 -3.52 ---- 0.00 0.00 0.00

16.83 13.30 -3.53 ---- 0.00 0.00 0.00

16.85 13.31 -3.54 ---- 0.00 0.00 0.00

16.86 13.31 -3.55 ---- 0.00 0.00 0.00

16.88 13.31 -3.57 ---- 0.00 0.00 0.00

16.90 13.31 -3.59 ---- 0.00 0.00 0.00

16.93 13.32 -3.61 ---- 0.00 0.00 0.00

16.96 13.32 -3.64 ---- 0.00 0.00 0.00

16.99 13.32 -3.67 ---- 0.00 0.00 0.00

17.02 13.32 -3.69 ---- 0.00 0.00 0.00

17.06 13.33 -3.73 ---- 0.00 0.00 0.00

17.11 13.33 -3.78 ---- 0.00 0.00 0.00

17.16 13.34 -3.83 ---- 0.00 0.00 0.00

17.23 13.34 -3.89 ---- 0.00 0.00 0.00

17.30 13.35 -3.96 ---- 0.00 0.00 0.00

17.38 13.35 -4.02 ---- 0.00 0.00 0.00

17.46 13.36 -4.10 ---- 0.00 0.00 0.00

17.54 13.37 -4.17 ---- 0.00 0.00 0.00

17.62 13.37 -4.24 ---- 0.00 0.00 0.00

17.69 13.38 -4.31 ---- 0.00 0.00 0.00

17.76 13.39 -4.37 ---- 0.00 0.00 0.00

17.82 13.39 -4.43 ---- 0.00 0.00 0.00

17.88 13.40 -4.49 ---- 0.00 0.00 0.00

17.95 13.40 -4.54 ---- 0.00 0.00 0.00

18.00 13.41 -4.60 ---- 0.00 0.00 0.00

18.06 13.41 -4.65 ---- 0.00 0.00 0.00

18.12 13.41 -4.70 ---- 0.00 0.00 0.00

18.17 13.42 -4.76 ---- 0.00 0.00 0.00

18.23 13.42 -4.81 ---- 0.00 0.00 0.00

18.28 13.43 -4.86 ---- 0.00 0.00 0.00

18.33 13.43 -4.90 ---- 0.00 0.00 0.00

18.38 13.44 -4.95 ---- 0.00 0.00 0.00

18.43 13.44 -4.99 ---- 0.00 0.00 0.00

18.46 13.44 -5.02 ---- 0.00 0.00 0.00

18.49 13.45 -5.04 ---- 0.00 0.00 0.00

18.50 13.45 -5.06 ---- 0.00 0.00 0.00

18.50 13.45 -5.06 ---- 0.00 0.00 0.00

18.49 13.45 -5.04 ---- 0.00 0.00 0.00

18.47 13.45 -5.02 ---- 0.00 0.00 0.00

18.43 13.45 -4.99 ---- 0.00 0.00 0.00

18.39 13.44 -4.95 ---- 0.00 0.00 0.00

18.35 13.44 -4.90 ---- 0.00 0.00 0.00

18.29 13.44 -4.85 ---- 0.00 0.00 0.00

18.23 13.43 -4.79 ---- 0.00 0.00 0.00

18.16 13.43 -4.73 ---- 0.00 0.00 0.00

18.09 13.43 -4.66 ---- 0.00 0.00 0.00

18.02 13.42 -4.60 ---- 0.00 0.00 0.00

17.95 13.42 -4.54 ---- 0.00 0.00 0.00

17.89 13.41 -4.48 ---- 0.00 0.00 0.00

17.84 13.41 -4.43 ---- 0.00 0.00 0.00

17.80 13.41 -4.39 ---- 0.00 0.00 0.00

17.77 13.41 -4.37 ---- 0.00 0.00 0.00

17.75 13.40 -4.35 ---- 0.00 0.00 0.00

17.74 13.40 -4.34 ---- 0.00 0.00 0.00

17.74 13.40 -4.34 ---- 0.00 0.00 0.00

17.75 13.40 -4.35 ---- 0.00 0.00 0.00

17.77 13.41 -4.36 ---- 0.00 0.00 0.00

Cost Rate Income Rate

Actuarial 

Balance Cost Rate Income Rate

Actuarial 

Balance

17.06%213.93%2-3.13%22034 -0.32%20.15%20.47%2

1

2

Office of the Chief Actuary

Social Security Administration

Expressed as a percentage of

current-law taxable payroll Trust Fund 

Ratio 

1-1-year

Expressed as a percentage of

current-law taxable payroll

Year

Detailed Single Year Tables

Category of Change: Trust Fund Investment in Equities

Proposal Change from Current Law

Proposed Provision: G1. Invest 40 percent of the OASI and DI Trust Fund reserves in equities (phased in 2024-2038), 

assuming an ultimate 5.8 percent annual real rate of return on equities.

2034

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2046

2035

2036

2037

2038

2039

2040

2041

2042

2043

2044

2045

2058

2047

2048

2049

2050

2051

2052

2053

2054

2055

2056

2057

2070

2059

2060

2061

2062

2063

2064

2065

2066

2067

2068

2069

2082

2071

2072

2073

2074

2075

2076

2077

2078

2079

2080

2081

2094

2083

2084

2085

2086

2087

2088

2089

2090

2091

2092

2093

2095

2096

2097

2098

August 1, 2023

A change in the investment of trust fund reserves to include some equities affects the size of all summarized measures because increased "present-value" discounting reduces 

the weight on values for more distant future years. As a result, the magnitude of the current-law actuarial balance and the summarized effects of most proposals is reduced. 

Therefore, the size of the change in the long-range actuarial balance indicated here cannot be interpreted directly as a reduction in the shortfall. The actual reduction in the 

shortfall from equity investment depends on the amount of reserves that are available for investment throughout the period. For example, if provisions to change revenue or 

scheduled benefits resulted in a purely pay-as-you-go system (reserves just above zero throughout the period), then investment in equities would have no effect on the 

actuarial balance.

Year of reserve 

depletion1

Summarized Estimates: Change from Current Law

2023

-2097

Under current law, the year of Trust Fund reserve depletion is 2034.

Estimates based on Intermediate Assumptions of the 2023 Trustees Report

Summarized Estimates: Proposal