SOCIAL SECURITY ADMINISTRATION BALTIMORE, MD 21235-0001

SOCIAL SECURITY

Office of the Chief Actuary

April 10, 2019

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 the Social 

Security (OASDI) program assuming enactment of the “Protecting and Preserving Social 

Security Act,” which you introduced today in both the House of Representatives and the Senate.

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 and Ben 

Strand 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, Chris Chaplain, Daniel Nickerson, Kyle Burkhalter, Anna Kirjusina, 

Katie Sutton, and Tiffany Bosley.

The enclosed tables provide estimates of the effects of enacting the three provisions of the 

proposal 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. We 

estimate that the effects of enacting the proposal would be sufficient to extend the projected year 

of reserve depletion for the combined OASI and DI Trust Funds from 2034 to 2053, under the 

intermediate assumptions of the 2018 Trustees Report.

The proposal includes three basic provisions with direct effects on the OASDI program. The 

following list identifies each provision with the corresponding section number in 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 2021 and later 

COLAs.
Page 2 – The Honorable Ted Deutch and The Honorable Mazie K. Hirono

Section 201 and Section 202. Eliminate the OASDI taxable maximum in 2020 with the tax rate 

above the current law maximum increasing in seven approximately equal steps starting for 

2020 and reaching the full 12.4 percent for 2026 and later. Establish a second component of 

the primary insurance amount using a secondary average indexed monthly earnings (“AIME+”) 

reflecting only additional earnings taxed above the current-law taxable maximum. 

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 2092 under current law and 

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

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

the proposal, we estimate the year of depletion of the combined OASI and DI Trust Fund 

reserves would be extended from 2034 under current law to 2053, under the intermediate 

assumptions of the 2018 Trustees Report.

Note: Trust Fund Ratio for a given year is the ratio of reserves in the combined OASI and DI Trust Funds at the 

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

0

50

100

150

200

250

300

350

400

2018 2025 2035 2045 2055 2065 2075 2085 2095

Trust Fund Ratio

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

of Annual Cost: 2018 TR Intermediate Assumptions

Current Law Trust Fund Ratio

Proposal
Page 3 – The Honorable Ted Deutch and The Honorable Mazie K. Hirono

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 equal to 

79 percent for 2053 and declining to 74 percent for 2092. Under the proposal, the OASDI 

program would be able to pay 100 percent of scheduled benefits through 2052, and 91 percent in 

2053 after combined trust fund reserve depletion, with the percentage payable declining to 86 

percent in 2092. Enactment of the three provisions of this proposal would reduce the long-range 

OASDI actuarial deficit of 2.84 percent of taxable payroll under current law to 1.08 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 through 2052, the year prior to combined 

trust fund reserve depletion.

OASDI program cost is higher under the proposal than under current law, starting in 2022. This 

difference in program cost increases from 0.03 percent of current-law payroll for 2022 to about 

0.5 percent of current-law payroll for 2043, and thereafter increases more gradually, reaching 0.6

percent of current-law payroll by 2092. Beginning in 2020, non-interest income under the 

proposal is also higher than under current law, with the difference growing from 0.3 percent of 

11

12

13

14

15

16

17

18

19

2018 2025 2035 2045 2055 2065 2075 2085 2095

Percent of Current-Law Taxable Payroll

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

Income as Percent of Taxable Payroll: 2018 TR Intermediate Assumptions

Current Law Cost

Current Law Non-Interest Income

Current Law Expenditures

Proposal Cost

Proposal Non-Interest Income

Proposal Expenditures
Page 4 – The Honorable Ted Deutch and The Honorable Mazie K. Hirono

current-law payroll for 2020 to 2.3 percent of current-law payroll for 2026, and thereafter 

increasing very gradually, reaching 2.4 percent of current-law payroll by 2092. The proposal 

improves the annual balance (non-interest income minus program cost) by 2.0 percent of payroll 

for 2034, with the improvement declining to 1.8 percent of payroll for 2092. Under the proposal, 

the annual deficit declines (improves) from 1.2 percent of current-law payroll for 2018 and 

becomes positive by 2026. The annual balance becomes negative again in 2027 and the annual 

deficit generally increases (becomes more negative) to 2.5 percent of payroll for 2092. Under 

current law, the projected annual deficit for 2092 is 4.3 percent of payroll.

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.

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 2021 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)

4.0

4.5

5.0

5.5

6.0

6.5

2018 2025 2035 2045 2055 2065 2075 2085

Percent of GDP

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

Income as Percent of GDP: 2018 TR Intermediate Assumptions

Current Law Cost

Current Law Non-Interest Income

Current Law Expenditures

Proposal Cost

Proposal Non-Interest Income

Proposal Expenditures
Page 5 – The Honorable Ted Deutch and The Honorable Mazie K. Hirono

increase rather than the CPI-W increase in each year beginning with the December 2021 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 0.39 percent of taxable payroll and would increase the annual deficit for the 

75th projection year (2092) by 0.54 percent of payroll.

Section 201 and Section 202. Eliminate the OASDI taxable maximum in 2020 with the tax 

rate above the current law maximum increasing in seven approximately equal steps starting 

for 2020 and reaching the full 12.4 percent for 2026 and later. Establish a second component 

of the primary insurance amount using a secondary average indexed monthly earnings 

(“AIME+”) reflecting only additional earnings taxed above the current-law taxable maximum. 

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 was

$128,400 for 2018 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 these provisions, all covered earnings above the current-law taxable maximum would be 

subject to payroll tax. The rate would increase in seven approximately equal steps, starting at 1.8 

percent (12.4 x 1/7) for 2020 and reaching 12.4 percent for 2026 and later. 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 ($128,400 for 

2018) 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 subject to payroll tax that are in excess 

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

amounts, divided by 420. Excess taxable earnings for years 2020 through 2026 would be 

multiplied by 1/7, 2/7, ..., 6/7, 1, respectively, to account for the level of the applicable payroll 

tax rate in each year. The second component of the PIA would be equal to 3 percent of AIME+ 

up to $10,133 (equal to ($250,000-$128,400)/12) and 0.25 percent for AIME+ above this level 

for beneficiaries becoming newly eligible in 2020. For beneficiaries becoming newly eligible for 

benefits after 2020, the “bend point” of $10,133 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 just these two provisions (Sections 201 and 202), eliminating the 

OASDI taxable maximum in this manner and the resulting increase in benefit credit, would 

reduce (improve) the long-range OASDI actuarial deficit by 2.15 percent of taxable payroll and 

would decrease the annual deficit for the 75th projection year (2092) by 2.36 percent of payroll.

These estimates include the cost of increased benefits based on the additional taxed earnings,

which alone 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 by 0.10 percent of 

payroll. 
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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 for the 

three provisions of the proposal separately and on a combined basis. The table also includes 

estimates of the effect of the provisions on the annual balance (the difference between the

income rate and the cost rate, expressed as a percent of current-law taxable payroll) for the 75th

projection year, 2092. 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 three 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. 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 $128,400 for 2018) 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 $256,800 for 2018). 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. Table B3 provides additional important 

information on characteristics of retired workers represented by these illustrations for the year 

2007.

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 OASI 

and DI Trust Fund reserves deplete in 2053 under the proposal, in 2080 the “proposal payable to 

current law payable” column is lower than the “proposal scheduled to current law payable” 

column.

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 projected scheduled benefits under the provisions of this proposal 

increase in relation to current-law scheduled benefits between ages 65 and 95, because of the 

change in computing the COLA.

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.
Page 7 – The Honorable Ted Deutch and The Honorable Mazie K. Hirono

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 newly-entitled 

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:

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. Under the proposal, the payroll tax rate of 12.4 percent 

would apply to all covered earnings above the current-law taxable maximum in 2026 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 assuming 

enactment of the proposal and shows that the year of reserve depletion for the combined OASI 

and DI Trust Funds would be extended by 19 years, from 2034 under current law to 2053. The 

table shows the annual cost and income rates, annual balances, and trust fund ratios (reserves as a 

percent of annual program cost) for OASDI, as well as the change from current law in these cost 
Page 8 – The Honorable Ted Deutch and The Honorable Mazie K. Hirono

rates, income rates, and annual balances. Included at the bottom of this table are summarized 

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

For 2020 and later, the proposal improves the annual balance (non-interest income minus 

program cost). The improvement in the annual balance increases from 0.3 percent of current-law 

payroll for 2020 to 2.2 percent for 2026, and thereafter decreases gradually, reaching 1.8 percent 

by 2092. Under the proposal, the annual deficit declines (improves) from 1.2 percent of currentlaw payroll for 2018 and becomes positive for 2026. The annual balance becomes negative again 

in 2027 and generally decreases (becomes more negative) thereafter. The annual deficit is 1.7 

percent of payroll for 2040, 1.7 percent for 2060, and 2.5 percent for 2092. Under current law, 

the projected annual deficit for 2092 is 4.3 percent of payroll.

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

1.76 percent of taxable payroll, from an actuarial deficit of 2.84 percent of payroll under current 

law to a deficit of 1.08 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 OASI and 

DI Trust Funds, assuming enactment of the three provisions of the proposal. These trust fund 

reserve amounts are expressed in present value dollars discounted to January 1, 2018. The table 

indicates that the provisions include no new specified transfers of general revenue to the 

combined OASI and DI Trust Funds. For purpose of comparison, the combined OASI and DI 

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

provisions of the proposal. Table 1b.n provides the estimated nominal dollar effect of enactment 

of the proposal on annual budget balances for years 2018 through 2028. 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.
Page 9 – The Honorable Ted Deutch and The Honorable Mazie K. Hirono

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 2020 and later. The elimination of the taxable maximum starting in 2020 and the phased-in 

increase to a 12.4 payroll tax rate from 2020-2026 on the additional earnings, 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.

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 $8.7 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 2018 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 2018 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 percent of GDP for both current law and 

assuming enactment of the three 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, 

2018.

For the 75-year (long-range) period as a whole, the current-law unfunded obligation of $13.2

trillion is reduced to $4.5 trillion in present value. This change of $8.7 trillion results from:
Page 10 – The Honorable Ted Deutch and The Honorable Mazie K. Hirono

• A $10.7 trillion net increase in revenue (column 2), primarily from additional payroll 

tax revenue, minus

• A $2.0 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.

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 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 2021 and later COLAs. We estimate 

this new computation would increase the annual COLA by 

about 0.2 percentage point, on average ....................................... -0.39 -0.54

Sections 201 and 202. Eliminate the OASDI taxable maximum 

in 2020 with the tax rate applicable above the current law 

maximum increasing in seven approximately equal steps 

starting for 2020 and reaching the full 12.4 percent for 2026 

and later. Provide benefit credit for earnings above the 

current-law taxable maximum ($128,400 in 2018) that are 

subject to the payroll tax, using a secondary PIA formula. This 

secondary PIA formula involves: (1) an "AIME+" derived 

from earnings taxed for each year after 2019 that were in 

excess of that year's current-law taxable maximum; (2) a bend 

point equal to $10,133 for new eligibility in 2020 (($250,000 -

$128,400)/12), with this bend point indexed by the national 

average wage index (AWI) for new eligibility after 2020; and 

(3) formula factors of 3 percent and 0.25 percent below and 

above this bend point, respectively.............................................. 2.15 2.36

Total for all provisions, including interaction ............ 1.76 1.82

1Under current law, the estimated long-range OASDI actuarial balance is -2.84 percent of taxable payroll. 2Under current law, the estimated 75th year annual balance is -4.32 percent of taxable payroll.

Notes: All estimates are based on the intermediate assumptions of the 2018 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

April 10, 2019
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

2018 Dollars) 2018 Dollars)

 

2018 744 744 0.0 0.0 0.0 100 100 100

2030 695 838 0.6 0.0 0.6 101 101 101

2050 700 1,074 0.6 0.0 0.6 101 127 127

2080 703 1,521 0.6 0.0 0.6 101 135 116

 

2018 744 744 0.0 0.0 0.0 100 100 100

2030 695 838 0.6 0.0 0.6 101 101 101

2050 700 1,074 0.6 0.0 0.6 101 127 127

2080 703 1,521 0.6 0.0 0.6 101 135 116

 

2018 744 744 0.0 0.0 0.0 100 100 100

2030 695 838 0.6 0.0 0.6 101 101 101

2050 700 1,074 0.6 0.0 0.6 101 127 127

2080 703 1,521 0.6 0.0 0.6 101 135 116

2018 974 974 0.0 0.0 0.0 100 100 100

2030 910 1,098 0.6 0.0 0.6 101 101 101

2050 916 1,405 0.6 0.0 0.6 101 127 127

2080 920 1,990 0.6 0.0 0.6 101 135 116

2018 974 974 0.0 0.0 0.0 100 100 100

2030 910 1,098 0.6 0.0 0.6 101 101 101

2050 916 1,405 0.6 0.0 0.6 101 127 127

2080 920 1,990 0.6 0.0 0.6 101 135 116

2018 974 974 0.0 0.0 0.0 100 100 100

2030 910 1,098 0.6 0.0 0.6 101 101 101

2050 916 1,405 0.6 0.0 0.6 101 127 127

2080 920 1,990 0.6 0.0 0.6 101 135 116

2018 1,605 1,605 0.0 0.0 0.0 100 100 100

2030 1,500 1,810 0.6 0.0 0.6 101 101 101

2050 1,510 2,317 0.6 0.0 0.6 101 127 127

2080 1,517 3,281 0.6 0.0 0.6 101 135 116

2018 1,605 1,605 0.0 0.0 0.0 100 100 100

2030 1,500 1,810 0.6 0.0 0.6 101 101 101

2050 1,510 2,317 0.6 0.0 0.6 101 127 127

2080 1,517 3,281 0.6 0.0 0.6 101 135 116

2018 2,127 2,127 0.0 0.0 0.0 100 100 100

2030 1,986 2,396 0.6 0.0 0.6 101 101 101

2050 1,999 3,068 0.6 0.0 0.6 101 127 127

2080 2,009 4,345 0.6 0.0 0.6 101 135 116

2018 2,590 2,590 0.0 0.0 0.0 100 100 100

2030 2,430 2,932 0.6 0.0 0.6 101 101 101

2050 2,445 3,751 0.6 0.0 0.6 101 127 127

2080 2,449 5,296 0.6 0.0 0.6 101 135 116

2018 2,590 2,590 0.0 0.0 0.0 100 100 100

2030 2,430 2,932 0.6 2.1 2.7 103 103 103

2050 2,445 3,751 0.6 7.9 8.5 109 137 137

2080 2,449 5,296 0.6 9.7 10.4 110 148 127

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 2018 Trustees Report.

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

“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

 Medium-AIME ($51,894 for 20181) 30-Year Scaled Earner (2.2% of Retirees2)

Monthly Benefits4

(Percent change) (Percents)

 Very-Low-AIME ($12,974 for 20181) 30-Year Scaled Earner (10.1% of Retirees2)

 Very-Low-AIME ($12,974 for 20181) 20-Year Scaled Earner (5.3% of Retirees2)

 Very-Low-AIME ($12,974 for 20181) 14-Year Scaled Earner (4.1% of Retirees2)

 Low-AIME ($23,353 for 20181

) 44-Year Scaled Earner (17.1% of Retirees2)

 Low-AIME ($23,353 for 20181) 30-Year Scaled Earner (4.4% of Retirees2)

 Low-AIME ($23,353 for 20181) 20-Year Scaled Earner (1.7% of Retirees2

)

 Medium-AIME ($51,894 for 20181) 44-Year Scaled Earner (28.6% of Retirees2

)

Office of the Chief Actuary, Social Security Administration April 10, 2019

 High-AIME ($83,031 for 20181) 44-Year Scaled Earner (19.1% of Retirees2)

 Maximum-Current-Law-AIME ($128,400 for 20181) 43-Year Steady Earner (7.1% of Retirees2)

 Twice Maximum-Current-Law-AIME ($256,800 for 20181) 43-Year Steady Earner3

Average of highest 35 years of taxable earnings wage indexed to 2018. For the Maximum and Twice Maximum-Current-Law-AIME workers, we show one times and two times the 2018 

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.

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

Starting Dec 2021, compute the COLA using the CPI-E, producing 0.2% higher annual COLAs on average.

Eliminate the taxable maximum in 2020, with tax rate on earnings above the current law maximum increasing in seven approximately equal steps reaching the full 12.4 percent for 2026. 

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 for each year after 2019 that were in excess of that year's current-law taxable maximum; (2) a bend point equal to 10,133 in 2020, (250,000-

128,400)/12, and wage-indexed thereafter; and (3) formula factors of 3 percent and 0.25 percent below and above the bend point, respectively.

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

Attain

Age 65 Age 65 Age 75 Age 85 Age 95

2018 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

2018 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

2018 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

2018 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

2018 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

2018 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

2018 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

2018 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

2018 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

2018 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

2018 100.0 101.4 103.4 105.4

2030 102.7 104.7 106.8 108.9

2050 108.5 110.6 112.8 115.0

2080 110.4 112.5 114.8 117.0

1

2

3

Note: 

-

-

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

All estimates based on the intermediate assumptions of the 2018 Trustees Report.

 Very-Low-AIME ($12,974 for 20181) 20-Year Scaled Earner (5.3% of Retirees2)

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

“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 ($12,974 for 20181) 30-Year Scaled Earner (10.1% of Retirees2

)

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 

Maximum-Current-Law.

 Very-Low-AIME ($12,974 for 20181

) 14-Year Scaled Earner (4.1% of Retirees2)

 Low-AIME ($23,353 for 20181) 44-Year Scaled Earner (17.1% of Retirees2)

 Low-AIME ($23,353 for 20181

) 30-Year Scaled Earner (4.4% of Retirees2

)

 Low-AIME ($23,353 for 20181) 20-Year Scaled Earner (1.7% of Retirees2

)

 Medium-AIME ($51,894 for 20181) 44-Year Scaled Earner (28.6% of Retirees2)

 Medium-AIME ($51,894 for 20181) 30-Year Scaled Earner (2.2% of Retirees2)

 High-AIME ($83,031 for 20181) 44-Year Scaled Earner (19.1% of Retirees2

)

 Maximum-Current-Law-AIME ($128,400 for 20181) 43-Year Steady Earner (7.1% of Retirees2)

 Twice Maximum-Current-Law-AIME ($256,800 for 20181) 43-Year Steady Earner3

Average of highest 35 years of taxable earnings wage indexed to 2018. For the Maximum and Twice Maximum-Current-Law-AIME workers, we show one times and two times the 

2018 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.

Office of the Chief Actuary, Social Security Administration April 10, 2019

Starting Dec 2021, compute the COLA using the CPI-E, producing 0.2% higher annual COLAs on average.

Eliminate the taxable maximum in 2020, with tax rate on earnings above the current law maximum increasing in seven approximately equal steps reaching the full 12.4 percent for 

2026. 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 for each year after 2019 that were in excess of that year's current-law taxable maximum; (2) a bend point equal to 10,133 in 

2020, (250,000-128,400)/12, and wage-indexed thereafter; and (3) formula factors of 3 percent and 0.25 percent below and above the bend point, respectively.
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

2018 Dollars) 2018 Dollars) (Percents)

2018 134 134 0.0 100

2030 134 162 0.0 100

2050 134 206 0.0 100

2080 134 290 0.0 100

2018 241 241 0.0 100

2030 241 291 0.0 100

2050 241 370 0.0 100

2080 241 522 0.0 100

2018 536 536 0.0 100

2030 536 647 0.0 100

2050 536 823 0.0 100

2080 536 1,160 0.0 100

2018 858 858 0.0 100

2030 858 1,035 0.0 100

2050 858 1,316 0.0 100

2080 858 1,856 0.0 100

2018 1,327 1,327 0.0 100

2030 1,327 1,601 0.0 100

2050 1,327 2,036 0.0 100

2080 1,327 2,870 0.0 100

2018 1,327 1,327 0.0 100

2030 1,327 1,601 100.0 200

2050 1,327 2,036 100.0 200

2080 1,327 2,870 100.0 200

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 2018 Trustees Report.

99th Percentile Earner1 in Year ($256,800 in 2018) Twice Current-Law Maximum Earnings Level

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

“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) 

26th Percentile Earner1 in Year ($12,974 in 2018)

40th Percentile Earner1 in Year ($23,353 in 2018)

69th Percentile Earner1 in Year ($51,894 in 2018)

85th Percentile Earner1 in Year ($83,031 in 2018)

94th Percentile Earner1 in Year ($128,400 in 2018) Current-Law Maximum Earnings Level

Percentile among all workers with any covered earnings in 2018 (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.

Eliminate the taxable maximum in 2020, with tax rate on earnings above the current law maximum increassing in seven approximately equal steps reaching the full 12.4 percent for 

2026. 

Office of the Chief Actuary, Social Security Administration April 10, 2019
Table 1 - OASDI Cost Rate, Income Rate, Annual Balance, and Trust Fund Ratio

"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

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 13.23 -0.89 256 0.00 0.34 0.34

2021 14.27 13.62 -0.66 242 0.00 0.70 0.70

2022 14.46 13.99 -0.48 229 0.03 1.04 1.01

2023 14.67 14.34 -0.33 218 0.05 1.37 1.32

2024 14.88 14.69 -0.19 209 0.08 1.70 1.62

2025 15.09 15.02 -0.07 201 0.11 2.01 1.90

2026 15.29 15.44 0.15 195 0.14 2.31 2.17

2027 15.53 15.47 -0.06 191 0.16 2.32 2.15

2028 15.77 15.49 -0.29 186 0.19 2.32 2.13

2029 16.01 15.51 -0.50 181 0.22 2.32 2.10

2030 16.23 15.52 -0.70 176 0.24 2.32 2.08

2031 16.43 15.54 -0.89 170 0.27 2.32 2.05

2032 16.61 15.55 -1.06 164 0.29 2.33 2.03

2033 16.77 15.57 -1.20 158 0.32 2.33 2.01

2034 16.90 15.58 -1.33 152 0.34 2.33 1.99

2035 17.01 15.59 -1.42 145 0.36 2.33 1.97

2036 17.10 15.59 -1.51 138 0.38 2.33 1.96

2037 17.18 15.60 -1.58 130 0.40 2.34 1.94

2038 17.23 15.61 -1.62 123 0.41 2.34 1.93

2039 17.26 15.61 -1.65 115 0.43 2.34 1.91

2040 17.27 15.62 -1.65 107 0.44 2.34 1.90

2041 17.26 15.62 -1.64 98 0.45 2.34 1.89

2042 17.24 15.62 -1.62 90 0.46 2.34 1.88

2043 17.20 15.62 -1.59 82 0.47 2.35 1.88

2044 17.17 15.62 -1.55 74 0.48 2.35 1.87

2045 17.14 15.62 -1.53 66 0.48 2.35 1.87

2046 17.12 15.62 -1.50 58 0.49 2.35 1.86

2047 17.09 15.62 -1.48 50 0.49 2.35 1.86

2048 17.07 15.62 -1.45 43 0.50 2.35 1.86

2049 17.05 15.62 -1.43 35 0.50 2.35 1.85

2050 17.04 15.62 -1.42 27 0.50 2.35 1.85

2051 17.04 15.62 -1.41 19 0.50 2.35 1.85

2052 17.04 15.63 -1.41 11 0.51 2.36 1.85

2053 17.05 15.63 -1.42 3 0.51 2.36 1.85

2054 17.07 15.63 -1.44 ---- 0.51 2.36 1.85

2055 17.10 15.63 -1.46 ---- 0.51 2.36 1.85

2056 17.13 15.64 -1.50 ---- 0.51 2.36 1.85

2057 17.18 15.64 -1.53 ---- 0.51 2.36 1.85

2058 17.23 15.65 -1.58 ---- 0.51 2.36 1.85

2059 17.28 15.65 -1.62 ---- 0.52 2.36 1.85

2060 17.33 15.66 -1.67 ---- 0.52 2.36 1.85

2061 17.38 15.66 -1.72 ---- 0.52 2.37 1.84

2062 17.43 15.67 -1.76 ---- 0.52 2.37 1.84

2063 17.49 15.67 -1.81 ---- 0.53 2.37 1.84

2064 17.54 15.68 -1.86 ---- 0.53 2.37 1.84

2065 17.60 15.68 -1.92 ---- 0.53 2.37 1.84

2066 17.66 15.69 -1.97 ---- 0.53 2.37 1.84

2067 17.72 15.70 -2.03 ---- 0.54 2.37 1.83

2068 17.78 15.70 -2.08 ---- 0.54 2.37 1.83

2069 17.85 15.71 -2.14 ---- 0.54 2.38 1.83

2070 17.91 15.71 -2.20 ---- 0.55 2.38 1.83

2071 17.97 15.72 -2.25 ---- 0.55 2.38 1.83

2072 18.02 15.72 -2.30 ---- 0.55 2.38 1.83

2073 18.07 15.73 -2.34 ---- 0.56 2.38 1.82

2074 18.11 15.73 -2.38 ---- 0.56 2.38 1.82

2075 18.15 15.74 -2.41 ---- 0.56 2.38 1.82

2076 18.18 15.74 -2.44 ---- 0.57 2.39 1.82

2077 18.19 15.74 -2.45 ---- 0.57 2.39 1.82

2078 18.20 15.74 -2.45 ---- 0.57 2.39 1.82

2079 18.19 15.75 -2.45 ---- 0.57 2.39 1.82

2080 18.18 15.75 -2.43 ---- 0.57 2.39 1.82

2081 18.16 15.75 -2.42 ---- 0.58 2.39 1.82

2082 18.15 15.75 -2.40 ---- 0.58 2.39 1.82

2083 18.13 15.75 -2.38 ---- 0.58 2.40 1.82

2084 18.12 15.75 -2.37 ---- 0.58 2.40 1.82

2085 18.11 15.75 -2.36 ---- 0.58 2.40 1.82

2086 18.11 15.75 -2.36 ---- 0.58 2.40 1.82

2087 18.11 15.75 -2.36 ---- 0.58 2.40 1.82

2088 18.13 15.75 -2.38 ---- 0.58 2.40 1.82

2089 18.15 15.76 -2.40 ---- 0.58 2.40 1.82

2090 18.18 15.76 -2.42 ---- 0.58 2.40 1.82

2091 18.22 15.76 -2.46 ---- 0.59 2.41 1.82

2092 18.27 15.77 -2.50 ---- 0.59 2.41 1.82

2093 18.31 15.77 -2.54 ---- 0.59 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

2018 - 2092 17.10% 16.02% -1.08% 2053 0.42% 2.18% 1.76%

Based on Intermediate Assumptions of the 2018 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

April 10, 2019

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

"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)

2018 0.0 0.0 0.0 2,808.6 20,018.8 2,808.6 2,808.6

2019 0.0 0.0 0.0 2,730.2 20,372.8 2,730.2 2,730.2

2020 0.0 0.0 0.0 2,664.3 20,761.3 2,639.0 2,639.0

2021 0.0 0.0 0.0 2,614.9 21,143.5 2,536.5 2,536.5

2022 0.0 0.0 0.0 2,578.3 21,520.6 2,421.0 2,421.0

2023 0.0 0.0 0.0 2,552.5 21,889.8 2,290.2 2,290.2

2024 0.0 0.0 0.0 2,537.8 22,247.7 2,144.3 2,144.3

2025 0.0 0.0 0.0 2,532.6 22,564.0 1,982.3 1,982.3

2026 0.0 0.0 0.0 2,545.9 22,843.8 1,813.8 1,813.8

2027 0.0 0.0 0.0 2,541.9 23,088.8 1,627.7 1,627.7

2028 0.0 0.0 0.0 2,518.8 23,261.7 1,423.5 1,423.5

2029 0.0 0.0 0.0 2,477.2 23,339.1 1,202.6 1,202.6

2030 0.0 0.0 0.0 2,418.7 23,329.3 967.1 967.1

2031 0.0 0.0 0.0 2,344.9 23,230.3 719.2 719.2

2032 0.0 0.0 0.0 2,257.9 23,048.1 461.5 461.5

2033 0.0 0.0 0.0 2,159.8 22,820.9 196.4 196.4

2034 0.0 0.0 0.0 2,052.8 22,590.1 -74.2 -74.2

2035 0.0 0.0 0.0 1,939.0 22,363.5 -348.2 -348.2

2036 0.0 0.0 0.0 1,820.0 22,135.9 -624.3 -624.3

2037 0.0 0.0 0.0 1,696.6 21,912.2 -901.6 -901.6

2038 0.0 0.0 0.0 1,570.9 21,693.9 -1,178.6 -1,178.6

2039 0.0 0.0 0.0 1,444.8 21,482.3 -1,453.2 -1,453.2

2040 0.0 0.0 0.0 1,319.6 21,271.2 -1,724.5 -1,724.5

2041 0.0 0.0 0.0 1,196.3 21,065.0 -1,991.5 -1,991.5

2042 0.0 0.0 0.0 1,076.2 20,868.9 -2,253.3 -2,253.3

2043 0.0 0.0 0.0 959.6 20,676.2 -2,509.6 -2,509.6

2044 0.0 0.0 0.0 846.6 20,486.7 -2,760.5 -2,760.5

2045 0.0 0.0 0.0 736.8 20,298.6 -3,006.5 -3,006.5

2046 0.0 0.0 0.0 630.0 20,110.8 -3,247.8 -3,247.8

2047 0.0 0.0 0.0 525.9 19,925.6 -3,484.9 -3,484.9

2048 0.0 0.0 0.0 424.4 19,744.9 -3,717.9 -3,717.9

2049 0.0 0.0 0.0 325.2 19,562.2 -3,947.2 -3,947.2

2050 0.0 0.0 0.0 227.8 19,380.3 -4,173.4 -4,173.4

2051 0.0 0.0 0.0 131.9 19,201.3 -4,396.7 -4,396.7

2052 0.0 0.0 0.0 37.0 19,022.2 -4,617.8 -4,617.8

2053 0.0 0.0 0.0 -57.6 18,842.5 -4,837.3 -4,837.3

2054 0.0 0.0 0.0 -152.3 18,661.7 -5,055.6 -5,055.6

2055 0.0 0.0 0.0 -247.7 18,479.7 -5,273.3 -5,273.3

2056 0.0 0.0 0.0 -344.2 18,298.9 -5,490.8 -5,490.8

2057 0.0 0.0 0.0 -442.1 18,117.7 -5,708.5 -5,708.5

2058 0.0 0.0 0.0 -541.8 17,935.7 -5,926.7 -5,926.7

2059 0.0 0.0 0.0 -643.3 17,754.6 -6,145.3 -6,145.3

2060 0.0 0.0 0.0 -746.5 17,574.0 -6,364.3 -6,364.3

2061 0.0 0.0 0.0 -851.6 17,394.0 -6,583.8 -6,583.8

2062 0.0 0.0 0.0 -958.5 17,215.1 -6,803.9 -6,803.9

2063 0.0 0.0 0.0 -1,067.2 17,037.6 -7,024.4 -7,024.4

2064 0.0 0.0 0.0 -1,177.7 16,861.5 -7,245.4 -7,245.4

2065 0.0 0.0 0.0 -1,290.1 16,687.4 -7,466.8 -7,466.8

2066 0.0 0.0 0.0 -1,404.4 16,515.3 -7,688.9 -7,688.9

2067 0.0 0.0 0.0 -1,520.6 16,345.5 -7,911.6 -7,911.6

2068 0.0 0.0 0.0 -1,638.8 16,178.3 -8,135.0 -8,135.0

2069 0.0 0.0 0.0 -1,759.0 16,013.1 -8,359.1 -8,359.1

2070 0.0 0.0 0.0 -1,881.2 15,850.3 -8,583.9 -8,583.9

2071 0.0 0.0 0.0 -2,005.0 15,690.6 -8,809.1 -8,809.1

2072 0.0 0.0 0.0 -2,130.0 15,534.1 -9,034.3 -9,034.3

2073 0.0 0.0 0.0 -2,256.0 15,380.4 -9,259.4 -9,259.4

2074 0.0 0.0 0.0 -2,382.7 15,229.4 -9,483.9 -9,483.9

2075 0.0 0.0 0.0 -2,509.7 15,080.9 -9,707.7 -9,707.7

2076 0.0 0.0 0.0 -2,636.6 14,934.6 -9,930.3 -9,930.3

2077 0.0 0.0 0.0 -2,762.8 14,790.9 -10,151.0 -10,151.0

2078 0.0 0.0 0.0 -2,887.8 14,649.3 -10,369.5 -10,369.5

2079 0.0 0.0 0.0 -3,011.0 14,509.6 -10,585.3 -10,585.3

2080 0.0 0.0 0.0 -3,132.4 14,371.5 -10,798.2 -10,798.2

2081 0.0 0.0 0.0 -3,251.7 14,234.9 -11,008.1 -11,008.1

2082 0.0 0.0 0.0 -3,369.0 14,099.1 -11,215.0 -11,215.0

2083 0.0 0.0 0.0 -3,484.2 13,964.2 -11,418.8 -11,418.8

2084 0.0 0.0 0.0 -3,597.5 13,830.0 -11,619.9 -11,619.9

2085 0.0 0.0 0.0 -3,709.2 13,696.0 -11,818.5 -11,818.5

2086 0.0 0.0 0.0 -3,819.5 13,562.2 -12,014.8 -12,014.8

2087 0.0 0.0 0.0 -3,928.9 13,428.9 -12,209.2 -12,209.2

2088 0.0 0.0 0.0 -4,037.7 13,295.7 -12,402.2 -12,402.2

2089 0.0 0.0 0.0 -4,146.2 13,162.8 -12,594.0 -12,594.0

2090 0.0 0.0 0.0 -4,254.9 13,030.4 -12,785.0 -12,785.0

2091 0.0 0.0 0.0 -4,363.9 12,898.2 -12,975.4 -12,975.4

2092 0.0 0.0 0.0 -4,473.4 12,766.5 -13,165.6 -13,165.6

2093 0.0 0.0 0.0 -4,583.7 12,635.4 -13,355.5 -13,355.5

Total 2018-2092 0.0

Based on the Intermediate Assumptions of the 2018 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. April 10, 2019

Calendar

Year

Proposal General Fund Transfers Present Value in Billions as of 1-1-2018

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)

"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)

2018 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2020 0.0 25.3 25.3 -25.3 25.3 0.0 0.0

2021 0.0 53.1 53.1 -78.4 53.8 0.0 0.0

2022 0.0 78.9 78.9 -157.3 81.1 0.0 0.0

2023 0.0 105.0 105.0 -262.3 109.4 0.0 0.0

2024 0.0 131.2 131.2 -393.5 138.8 0.0 0.0

2025 0.0 156.8 156.8 -550.3 168.7 0.0 0.0

2026 0.0 181.8 181.8 -732.1 199.2 0.0 0.0

2027 0.0 182.2 182.2 -914.2 206.6 0.0 0.0

2028 0.0 181.1 181.1 -1,095.3 214.9 0.0 0.0

2029 0.0 179.3 179.3 -1,274.7 223.7 0.0 0.0

2030 0.0 177.0 177.0 -1,451.7 233.1 0.0 0.0

2031 0.0 174.1 174.1 -1,625.7 243.0 0.0 0.0

2032 0.0 170.7 170.7 -1,796.4 253.5 0.0 0.0

2033 0.0 167.0 167.0 -1,963.4 258.6 0.0 0.0

2034 0.0 163.5 163.5 -2,127.0 263.6 0.0 0.0

2035 0.0 160.2 160.2 -2,287.2 268.6 0.0 0.0

2036 0.0 157.0 157.0 -2,444.2 273.6 0.0 0.0

2037 0.0 154.0 154.0 -2,598.2 278.6 0.0 0.0

2038 0.0 151.2 151.2 -2,749.4 283.6 0.0 0.0

2039 0.0 148.6 148.6 -2,898.0 288.7 0.0 0.0

2040 0.0 146.1 146.1 -3,044.1 293.8 0.0 0.0

2041 0.0 143.8 143.8 -3,187.8 298.9 0.0 0.0

2042 0.0 141.7 141.7 -3,329.5 304.1 0.0 0.0

2043 0.0 139.7 139.7 -3,469.2 309.4 0.0 0.0

2044 0.0 137.9 137.9 -3,607.1 314.7 0.0 0.0

2045 0.0 136.2 136.2 -3,743.3 320.0 0.0 0.0

2046 0.0 134.5 134.5 -3,877.8 325.3 0.0 0.0

2047 0.0 133.0 133.0 -4,010.8 330.6 0.0 0.0

2048 0.0 131.5 131.5 -4,142.3 335.9 0.0 0.0

2049 0.0 130.1 130.1 -4,272.4 341.2 0.0 0.0

2050 0.0 128.8 128.8 -4,401.2 346.5 0.0 0.0

2051 0.0 127.4 127.4 -4,528.6 351.7 0.0 0.0

2052 0.0 126.2 126.2 -4,654.8 357.0 0.0 0.0

2053 0.0 124.9 124.9 -4,779.7 362.1 0.0 0.0

2054 0.0 123.6 123.6 -4,903.3 367.2 0.0 0.0

2055 0.0 122.3 122.3 -5,025.6 372.2 0.0 0.0

2056 0.0 121.0 121.0 -5,146.7 377.2 0.0 0.0

2057 0.0 119.8 119.8 -5,266.4 382.1 0.0 0.0

2058 0.0 118.4 118.4 -5,384.9 386.8 0.0 0.0

2059 0.0 117.1 117.1 -5,502.0 391.6 0.0 0.0

2060 0.0 115.8 115.8 -5,617.8 396.2 0.0 0.0

2061 0.0 114.5 114.5 -5,732.3 400.8 0.0 0.0

2062 0.0 113.1 113.1 -5,845.4 405.3 0.0 0.0

2063 0.0 111.8 111.8 -5,957.2 409.7 0.0 0.0

2064 0.0 110.5 110.5 -6,067.6 414.1 0.0 0.0

2065 0.0 109.1 109.1 -6,176.7 418.4 0.0 0.0

2066 0.0 107.8 107.8 -6,284.5 422.6 0.0 0.0

2067 0.0 106.5 106.5 -6,391.0 426.8 0.0 0.0

2068 0.0 105.2 105.2 -6,496.2 430.9 0.0 0.0

2069 0.0 103.9 103.9 -6,600.1 435.0 0.0 0.0

2070 0.0 102.6 102.6 -6,702.7 439.0 0.0 0.0

2071 0.0 101.4 101.4 -6,804.1 443.0 0.0 0.0

2072 0.0 100.2 100.2 -6,904.3 447.0 0.0 0.0

2073 0.0 99.0 99.0 -7,003.4 450.9 0.0 0.0

2074 0.0 97.9 97.9 -7,101.2 454.8 0.0 0.0

2075 0.0 96.8 96.8 -7,198.0 458.7 0.0 0.0

2076 0.0 95.7 95.7 -7,293.7 462.5 0.0 0.0

2077 0.0 94.6 94.6 -7,388.2 466.3 0.0 0.0

2078 0.0 93.5 93.5 -7,481.8 470.1 0.0 0.0

2079 0.0 92.5 92.5 -7,574.3 473.8 0.0 0.0

2080 0.0 91.5 91.5 -7,665.8 477.5 0.0 0.0

2081 0.0 90.6 90.6 -7,756.4 481.2 0.0 0.0

2082 0.0 89.6 89.6 -7,846.0 484.9 0.0 0.0

2083 0.0 88.7 88.7 -7,934.7 488.6 0.0 0.0

2084 0.0 87.8 87.8 -8,022.4 492.2 0.0 0.0

2085 0.0 86.9 86.9 -8,109.3 495.7 0.0 0.0

2086 0.0 86.0 86.0 -8,195.2 499.2 0.0 0.0

2087 0.0 85.1 85.1 -8,280.3 502.7 0.0 0.0

2088 0.0 84.2 84.2 -8,364.5 506.2 0.0 0.0

2089 0.0 83.3 83.3 -8,447.7 509.6 0.0 0.0

2090 0.0 82.4 82.4 -8,530.1 512.9 0.0 0.0

2091 0.0 81.5 81.5 -8,611.6 516.2 0.0 0.0

2092 0.0 80.6 80.6 -8,692.1 519.5 0.0 0.0

Total 2018-2092 0.0 8,692.1 8,692.1

Based on Intermediate Assumptions of the 2018 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.

Billions of Present Value Dollars as of 1-1-2016

April 10, 2019
Table 1b.n - OASDI Changes & Implications for Federal Budget and Debt of Specified Plan Provision Effects on OASDI1

 (Nominal Dollars)

"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)

2018 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2020 0.0 27.2 27.2 -27.6 27.6 0.0 0.0

2021 0.0 58.5 58.5 -87.8 60.2 0.0 0.0

2022 0.0 89.6 89.6 -181.4 93.5 0.0 0.0

2023 0.0 122.6 122.6 -311.3 129.9 0.0 0.0

2024 0.0 157.7 157.7 -481.1 169.9 0.0 0.0

2025 0.0 194.3 194.3 -694.0 212.9 0.0 0.0

2026 0.0 232.4 232.4 -953.6 259.6 0.0 0.0

2027 0.0 240.7 240.7 -1,232.0 278.4 0.0 0.0

2028 0.0 248.0 248.0 -1,532.7 300.7 0.0 0.0

Based on Intermediate Assumptions of the 2018 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.

Billions of Nominal Dollars

April 10, 2019
Table 1c - Current Law and Proposal Cost, Expenditures, and Income: As Percent of Gross Domestic Product

"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)

2018 4.94 4.94 4.52 4.94 4.94 4.52

2019 4.99 4.99 4.61 4.99 4.99 4.61

2020 5.07 5.07 4.62 5.07 5.07 4.75

2021 5.14 5.14 4.65 5.14 5.14 4.90

2022 5.22 5.22 4.68 5.23 5.23 5.06

2023 5.30 5.30 4.70 5.32 5.32 5.20

2024 5.39 5.39 4.73 5.42 5.42 5.35

2025 5.47 5.47 4.75 5.51 5.51 5.48

2026 5.55 5.55 4.81 5.60 5.60 5.65

2027 5.63 5.63 4.82 5.69 5.69 5.67

2028 5.70 5.70 4.82 5.77 5.77 5.67

2029 5.77 5.77 4.82 5.85 5.85 5.67

2030 5.83 5.83 4.82 5.92 5.92 5.66

2031 5.89 5.89 4.81 5.99 5.99 5.66

2032 5.94 5.94 4.81 6.04 6.04 5.66

2033 5.98 5.98 4.81 6.09 6.09 5.66

2034 6.01 5.67 4.81 6.13 6.13 5.65

2035 6.03 4.80 4.80 6.16 6.16 5.65

2036 6.05 4.80 4.80 6.19 6.19 5.64

2037 6.07 4.80 4.80 6.21 6.21 5.64

2038 6.07 4.79 4.79 6.22 6.22 5.64

2039 6.07 4.79 4.79 6.23 6.23 5.63

2040 6.07 4.78 4.78 6.22 6.22 5.63

2041 6.05 4.78 4.78 6.22 6.22 5.62

2042 6.04 4.78 4.78 6.20 6.20 5.62

2043 6.02 4.77 4.77 6.19 6.19 5.62

2044 6.00 4.77 4.77 6.17 6.17 5.61

2045 5.98 4.76 4.76 6.16 6.16 5.61

2046 5.97 4.76 4.76 6.14 6.14 5.61

2047 5.95 4.76 4.76 6.13 6.13 5.60

2048 5.94 4.76 4.76 6.12 6.12 5.60

2049 5.93 4.75 4.75 6.11 6.11 5.60

2050 5.93 4.75 4.75 6.10 6.10 5.60

2051 5.92 4.75 4.75 6.10 6.10 5.59

2052 5.92 4.75 4.75 6.10 6.10 5.59

2053 5.92 4.75 4.75 6.10 5.80 5.59

2054 5.92 4.75 4.75 6.10 5.59 5.59

2055 5.93 4.74 4.74 6.11 5.59 5.59

2056 5.94 4.74 4.74 6.12 5.59 5.59

2057 5.95 4.74 4.74 6.13 5.58 5.58

2058 5.96 4.74 4.74 6.15 5.58 5.58

2059 5.98 4.74 4.74 6.16 5.58 5.58

2060 5.99 4.74 4.74 6.18 5.58 5.58

2061 6.01 4.74 4.74 6.19 5.58 5.58

2062 6.02 4.74 4.74 6.21 5.58 5.58

2063 6.03 4.73 4.73 6.22 5.58 5.58

2064 6.05 4.73 4.73 6.24 5.57 5.57

2065 6.06 4.73 4.73 6.25 5.57 5.57

2066 6.08 4.73 4.73 6.27 5.57 5.57

2067 6.09 4.72 4.72 6.28 5.56 5.56

2068 6.11 4.72 4.72 6.30 5.56 5.56

2069 6.12 4.72 4.72 6.31 5.56 5.56

2070 6.14 4.71 4.71 6.33 5.55 5.55

2071 6.15 4.71 4.71 6.35 5.55 5.55

2072 6.16 4.71 4.71 6.36 5.55 5.55

2073 6.17 4.70 4.70 6.37 5.54 5.54

2074 6.18 4.70 4.70 6.38 5.54 5.54

2075 6.19 4.70 4.70 6.39 5.54 5.54

2076 6.19 4.69 4.69 6.39 5.53 5.53

2077 6.19 4.69 4.69 6.39 5.53 5.53

2078 6.18 4.68 4.68 6.38 5.52 5.52

2079 6.17 4.68 4.68 6.37 5.52 5.52

2080 6.16 4.67 4.67 6.36 5.51 5.51

2081 6.15 4.67 4.67 6.35 5.50 5.50

2082 6.14 4.66 4.66 6.34 5.50 5.50

2083 6.12 4.66 4.66 6.33 5.49 5.49

2084 6.11 4.65 4.65 6.32 5.49 5.49

2085 6.10 4.65 4.65 6.31 5.48 5.48

2086 6.10 4.64 4.64 6.30 5.48 5.48

2087 6.09 4.64 4.64 6.30 5.48 5.48

2088 6.09 4.64 4.64 6.30 5.47 5.47

2089 6.10 4.63 4.63 6.30 5.47 5.47

2090 6.10 4.63 4.63 6.31 5.47 5.47

2091 6.11 4.63 4.63 6.31 5.46 5.46

2092 6.12 4.63 4.63 6.32 5.46 5.46

Based on Intermediate Assumptions of the 2018 Trustees Report. Office of the Chief Actuary

Social Security Administration

Current Law OASDI Proposal OASDI

Calendar

Year

April 10, 2019
Table 1d - Change in Long-Range Trust Fund Reserves / Unfunded Obligation

"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)

2018 2,808.6 0.0 0.0 0.0 0.0 2,808.6

2019 2,730.2 0.0 0.0 0.0 0.0 2,730.2

2020 2,639.0 25.3 0.0 25.3 25.3 2,664.3

2021 2,536.5 53.0 0.0 53.1 78.4 2,614.9

2022 2,421.0 81.0 2.0 78.9 157.3 2,578.3

2023 2,290.2 109.2 4.3 105.0 262.3 2,552.5

2024 2,144.3 137.7 6.6 131.2 393.5 2,537.8

2025 1,982.3 165.8 9.0 156.8 550.3 2,532.6

2026 1,813.8 193.2 11.4 181.8 732.1 2,545.9

2027 1,627.7 196.0 13.9 182.2 914.2 2,541.9

2028 1,423.5 197.4 16.3 181.1 1,095.3 2,518.8

2029 1,202.6 198.0 18.6 179.3 1,274.7 2,477.2

2030 967.1 197.8 20.8 177.0 1,451.7 2,418.7

2031 719.2 196.9 22.8 174.1 1,625.7 2,344.9

2032 461.5 195.3 24.7 170.7 1,796.4 2,257.9

2033 196.4 193.3 26.3 167.0 1,963.4 2,159.8

2034 -74.2 191.3 27.7 163.5 2,127.0 2,052.8

2035 -348.2 189.3 29.1 160.2 2,287.2 1,939.0

2036 -624.3 187.3 30.3 157.0 2,444.2 1,820.0

2037 -901.6 185.3 31.3 154.0 2,598.2 1,696.6

2038 -1,178.6 183.4 32.2 151.2 2,749.4 1,570.9

2039 -1,453.2 181.6 33.0 148.6 2,898.0 1,444.8

2040 -1,724.5 179.8 33.7 146.1 3,044.1 1,319.6

2041 -1,991.5 178.0 34.2 143.8 3,187.8 1,196.3

2042 -2,253.3 176.3 34.6 141.7 3,329.5 1,076.2

2043 -2,509.6 174.6 34.9 139.7 3,469.2 959.6

2044 -2,760.5 173.0 35.1 137.9 3,607.1 846.6

2045 -3,006.5 171.4 35.3 136.2 3,743.3 736.8

2046 -3,247.8 169.8 35.3 134.5 3,877.8 630.0

2047 -3,484.9 168.3 35.3 133.0 4,010.8 525.9

2048 -3,717.9 166.7 35.2 131.5 4,142.3 424.4

2049 -3,947.2 165.2 35.0 130.1 4,272.4 325.2

2050 -4,173.4 163.6 34.9 128.8 4,401.2 227.8

2051 -4,396.7 162.1 34.7 127.4 4,528.6 131.9

2052 -4,617.8 160.6 34.4 126.2 4,654.8 37.0

2053 -4,837.3 159.1 34.2 124.9 4,779.7 -57.6

2054 -5,055.6 157.5 33.9 123.6 4,903.3 -152.3

2055 -5,273.3 156.0 33.7 122.3 5,025.6 -247.7

2056 -5,490.8 154.4 33.4 121.0 5,146.7 -344.2

2057 -5,708.5 152.9 33.2 119.8 5,266.4 -442.1

2058 -5,926.7 151.4 32.9 118.4 5,384.9 -541.8

2059 -6,145.3 149.8 32.7 117.1 5,502.0 -643.3

2060 -6,364.3 148.3 32.5 115.8 5,617.8 -746.5

2061 -6,583.8 146.7 32.3 114.5 5,732.3 -851.6

2062 -6,803.9 145.2 32.1 113.1 5,845.4 -958.5

2063 -7,024.4 143.7 31.9 111.8 5,957.2 -1,067.2

2064 -7,245.4 142.1 31.7 110.5 6,067.6 -1,177.7

2065 -7,466.8 140.6 31.5 109.1 6,176.7 -1,290.1

2066 -7,688.9 139.1 31.3 107.8 6,284.5 -1,404.4

2067 -7,911.6 137.7 31.2 106.5 6,391.0 -1,520.6

2068 -8,135.0 136.2 31.0 105.2 6,496.2 -1,638.8

2069 -8,359.1 134.8 30.9 103.9 6,600.1 -1,759.0

2070 -8,583.9 133.3 30.7 102.6 6,702.7 -1,881.2

2071 -8,809.1 132.0 30.6 101.4 6,804.1 -2,005.0

2072 -9,034.3 130.6 30.4 100.2 6,904.3 -2,130.0

2073 -9,259.4 129.3 30.2 99.0 7,003.4 -2,256.0

2074 -9,483.9 128.0 30.1 97.9 7,101.2 -2,382.7

2075 -9,707.7 126.7 29.9 96.8 7,198.0 -2,509.7

2076 -9,930.3 125.4 29.7 95.7 7,293.7 -2,636.6

2077 -10,151.0 124.1 29.5 94.6 7,388.2 -2,762.8

2078 -10,369.5 122.9 29.3 93.5 7,481.8 -2,887.8

2079 -10,585.3 121.6 29.1 92.5 7,574.3 -3,011.0

2080 -10,798.2 120.4 28.9 91.5 7,665.8 -3,132.4

2081 -11,008.1 119.2 28.6 90.6 7,756.4 -3,251.7

2082 -11,215.0 118.0 28.4 89.6 7,846.0 -3,369.0

2083 -11,418.8 116.8 28.2 88.7 7,934.7 -3,484.2

2084 -11,619.9 115.7 27.9 87.8 8,022.4 -3,597.5

2085 -11,818.5 114.5 27.7 86.9 8,109.3 -3,709.2

2086 -12,014.8 113.4 27.4 86.0 8,195.2 -3,819.5

2087 -12,209.2 112.2 27.2 85.1 8,280.3 -3,928.9

2088 -12,402.2 111.1 26.9 84.2 8,364.5 -4,037.7

2089 -12,594.0 109.9 26.7 83.3 8,447.7 -4,146.2

2090 -12,785.0 108.8 26.4 82.4 8,530.1 -4,254.9

2091 -12,975.4 107.7 26.2 81.5 8,611.6 -4,363.9

2092 -13,165.6 106.6 26.0 80.6 8,692.1 -4,473.4

Total 2018-2092 10,711.4 2,019.2 8,692.1

Based on Intermediate Assumptions of the 2018 Trustees Report. Office of the Chief Actuary

Social Security Administration

Ultimate Real Trust Fund Yield of 2.7%. April 10, 2019

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