SOCIAL SECURITY ADMINISTRATION BALTIMORE, MD 21235-0001

SOCIAL SECURITY

Office of the Chief Actuary

July 21, 2022 

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 our estimates of the financial effects on Social 

Security of enacting the Protecting and Preserving Social Security Act, which you introduced 

today in both the House of Representatives and the Senate. The estimates provided here reflect 

the intermediate assumptions of the 2022 Trustees Report. 

These Bills (hereafter referred to as the proposal) include five provisions with direct effects on 

the Social Security trust funds. We have enjoyed working closely with Fabiana Corsi Mendez 

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 the five 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 these five provisions with direct effects on the OASDI program. 

We estimate that enactment if these provisions would extend the ability of the OASDI program 

to pay scheduled benefits in full and on time for an additional 17 years. That is, the date of 

projected depletion of the combined OASI and DI Trust Fund reserves would be moved from 

2035 under current law to 2052 assuming enactment of the proposal, under the intermediate 

assumptions of the 2022 Trustees Report. 

The proposal includes five provisions with direct effects on the OASDI program. The following 

list briefly describes these provisions: 
Page 2 – The Honorable Ted Deutch and The Honorable Mazie K. Hirono 

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 2024 and 

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

percentage point per year.

Section 201 and Section 202. Eliminate the OASDI taxable maximum in 2023 with the tax rate 

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

2023 and reaching the full 12.4 percent for 2029 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.

Section 203. For any year where the national average wage index (AWI) as computed would 

be lower than the AWI for any previous year, use the largest AWI from among all previous 

years for the purpose of computing the average indexed monthly earnings (AIME) and the 

primary insurance amount (PIA) for all beneficiaries who become initially eligible for 

benefits two years after such year. This provision would be effective with the 2023 AWI 

determination. 

Section 301. Provide for a pro-rata benefit for the month of death of a beneficiary, rather than 

no payment for the month of death as under current law. Effective for deaths in 2023 and 

later. For situations where an auxiliary beneficiary is changed to another benefit type upon 

the death of the worker, benefit payments for the month of the worker’s death would be 

determined on a pro-rata basis. 

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

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

five 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 five provisions. 

Summary of Effects of the Proposal on OASDI Actuarial Status

Figure 1 illustrates the projected OASDI trust fund ratio through 2096 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 percentage of annual program cost. Assuming enactment 

of the proposal, the combined OASI and DI Trust Funds are expected to be able to pay scheduled 

benefits in full and on time for an additional 17 years, under the intermediate assumptions of the 

2022 Trustees Report. 
Page 3 – The Honorable Ted Deutch and The Honorable Mazie K. Hirono 

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.

Under current law, 80 percent of scheduled benefits are projected to be payable on a timely basis 

in 2035 after depletion of the combined trust fund reserves, with the percentage payable 

declining to 74 percent for 2096. Under the proposal, 90 percent of scheduled benefits are 

projected to be payable on a timely basis in 2052 after depletion of the combined trust fund 

reserves, with the percentage payable declining to 86 percent for 2096. 

Enactment of the five provisions of this proposal would decrease the long-range OASDI 

actuarial deficit from 3.42 percent of taxable payroll under current law to 1.48 percent of payroll 

under the proposal. 

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

percentage 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. After trust fund reserve depletion, 

projected expenditures under current law and under the proposal include only amounts payable 

from projected tax revenues (non-interest income), which are less than projected cost.

0

50

100

150

200

250

300

350

400

2022 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: 2022 TR Intermediate Assumptions

Current-Law Trust Fund Ratio

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

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

2023. This difference in program cost increases quickly to a peak of 2.4 percent of current-law 

payroll by 2029, then declines more gradually over time to about 1.9 percent of current-law 

payroll for 2096. Beginning in 2023, non-interest income under the proposal is projected to be 

higher than under current law. This difference between proposal and current-law income 

increases to 2.6 percent of current-law payroll by 2023 and remains relatively stable thereafter. 

For 2023 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. 

12

13

14

15

16

17

18

19

20

2022 2030 2040 2050 2060 2070 2080 2090

Percent of Current-Law Taxable Payroll

Figure 2. Proposal and Current-Law Cost, Expenditures, and NonInterest Income as Percent of Taxable Payroll: 2022 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 

Specification for Provisions of the Proposal 

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 

2024 and later COLAs.

Under current law, the COLA applied to Social Security benefits is calculated using the CPI-W. 

We estimate that using the CPI-E increase rather than the CPI-W increase in each year beginning 

with the December 2024 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 0.42 percent of taxable payroll and would increase the annual deficit for the 

75th projection year (2096) by 0.55 percent of payroll. 

Section 201 and Section 202. Eliminate the OASDI taxable maximum in 2023 with the tax 

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

for 2023 and reaching the full 12.4 percent for 2029 and later. Establish a second component 

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

4.0

4.5

5.0

5.5

6.0

6.5

2022 2030 2040 2050 2060 2070 2080 2090

Percent of GDP

Figure 3. Proposal and Current-Law Cost, Expenditures, and NonInterest Income as Percent of GDP: 2022 TR Intermediate Assumptions

Current-Law Cost

Current-Law Non-Interest Income

Current-Law Expenditures

Proposal Cost

Proposal Non-Interest Income

Proposal Expenditures
Page 6 – The Honorable Ted Deutch and The Honorable Mazie K. Hirono

(“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 is $147,000

for 2022 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 2023 and reaching 12.4 percent for 2029 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 ($147,000 for 

2022) 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 2023 through 2029 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 $8,933 and 0.25 percent for AIME+ above this level for beneficiaries becoming newly 

eligible in 2023. For beneficiaries becoming newly eligible for benefits after 2023, the “bend 

point” of $8,933 would be indexed by the AWI in the same manner as for the bend points in the 

first component of the PIA.

In response to the application of the OASDI payroll tax to covered earnings above the current-law 

taxable maximum for 2023 and later, we assume employers and employees will redistribute total 

employee compensation among taxes, wages, and other compensation. This behavioral response is 

projected to reduce somewhat both the payroll tax revenue and the scheduled benefits that would 

accrue in the absence of this behavioral response.

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 2.39 percent of taxable payroll and 

would decrease the annual deficit for the 75th projection year (2096) by 2.50 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 0.06 percent of taxable 

payroll and would increase the annual deficit for the 75th projection year by 0.11 percent of 

payroll.

Section 203. For any year where the national average wage index (AWI) as computed would 

be lower than the AWI for any previous year, use the largest AWI from among all previous 

years for the purpose of computing the average indexed monthly earnings (AIME) and the 

primary insurance amount (PIA) for all beneficiaries who become initially eligible for 

benefits two years after such year. This provision would be effective with the 2023 AWI 

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

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

actuarial deficit by an amount estimated to be negligible, that is, between 0 and 0.005 percent of 

taxable payroll, and would increase the annual deficit for the 75th projection year (2096) by a 

negligible amount. 

Section 301. Provide for a pro-rata benefit for the month of death of a beneficiary, rather than 

no payment for the month of death as under current law. Effective for deaths in 2023 and 

later. For situations where an auxiliary beneficiary is changed to another benefit type upon 

the death of the worker, benefits for the month of the worker’s death would be determined on 

a pro-rata basis. 

Under current law, benefits are generally not paid for the month of death. This provision would 

provide a pro-rata benefit payment for the month of death, based on the number of days alive in 

the month, not including the day of death. For instance, if a beneficiary died on the 20th of a 

month with 30 days, the benefit payable for that beneficiary would be 19/30 of the full monthly 

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

OASDI actuarial deficit by 0.03 percent of taxable payroll and would increase the annual deficit 

for the 75th projection year (2096) by 0.03 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

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 percentage of current-law taxable payroll) for the 75th projection 

year, 2096. 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. 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 $147,000 for 2022) 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 $294,000 for 2022). 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 

2016. 
Page 8 – The Honorable Ted Deutch and The Honorable Mazie K. Hirono

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. 

Among the examples in the table, the proposed elimination of the taxable maximum level for 

payroll tax results in an increase in benefits for twice maximum-current-law-AIME workers, and 

a small decrease in benefits for all other workers (due to the behavioral response mentioned 

above), for workers entitled at age 65 in 2040, 2060, and 2090. The COLA provision results in a 

small increase in benefits for all workers entitled at age 65 in 2040, 2060, and 2090. The final 

two columns of this table show the level of scheduled benefits under the proposal as a percentage 

of current-law scheduled benefits and the level of payable benefits under the proposal as a 

percentage of current-law payable benefits.

Table B2 provides two comparisons: (1) the percentage change in scheduled benefit levels at 

ages 65, 75, 85, and 95 under the proposal compared to scheduled benefits under current law; 

and (2) the percentage change in payable benefit levels at the same four ages under the proposal 

compared to payable benefits under current law. Each comparison assumes 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.

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 2016. Table B3 displays the percentages of these newly-entitled retired

workers in 2016 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 2016 will be changing somewhat for beneficiaries becoming entitled as retired-worker 

beneficiaries in the future.
Page 9 – The Honorable Ted Deutch and The Honorable Mazie K. Hirono

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 full payroll tax rate of 12.4 

percent would apply to all covered earnings above the current-law taxable maximum in 2029 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 2040, 2060, and 2090. 

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 under the 

proposal and shows that the combined OASI and DI Trust Funds would be able to pay scheduled 

benefits in full and on time for an additional 17 years assuming enactment of the five provisions. 

The year in which the combined reserves of the OASI and DI Trust Funds are projected to 

become depleted would change from 2035 under current law to 2052 under the proposal. Even 

after depletion of the trust fund reserves, however, the actuarial status of the program would be 

improved as continuing income would be sufficient to pay a higher percentage of scheduled 

benefits than under current law. Under current law, 80 percent of scheduled benefits are 

projected to be payable at trust fund reserve depletion in 2035, declining to 74 percent payable 

by 2096. Under this proposal, 100 percent of the proposed (higher) scheduled benefits would be 

fully payable through 2051, and 90 percent would be payable at trust fund reserve depletion in 

2052, declining to 86 percent payable by 2096.

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

(reserves as a percentage 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 2023 and later, the proposal improves the annual balance (non-interest income minus 

program cost). The improvement in the annual balance increases rapidly to 2.4 percent for 2029, 

and thereafter generally decreases gradually, reaching 1.9 percent by 2096. Under the proposal, 

the annual deficit declines (improves) from 1.3 percent of current-law payroll for 2022 and 

becomes positive for 2029. The annual balance becomes negative again in 2030 and decreases 

(becomes more negative) until reaching 3.0 percent in 2078. After 2078, the annual deficit 

declines to 2.3 percent of payroll for 2096. Under current law, the projected annual deficit for 

2096 is 4.3 percent of payroll.

The actuarial deficit for the OASDI program over the 75-year projection period is reduced by 

1.94 percent of taxable payroll, from an actuarial deficit of 3.42 percent of payroll under current 

law to an actuarial deficit of 1.48 percent of taxable payroll under the proposal.
Page 10 – The Honorable Ted Deutch and The Honorable Mazie K. Hirono

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 five Social Security provisions of the proposal. These 

trust fund reserve amounts are expressed in present value dollars discounted to January 1, 2022. 

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 five

Social Security provisions of the proposal. Our analysis provided in these tables reflects only the 

direct effects of these provisions on the OASI and DI Trust Funds and does not reflect the effects 

of these provisions on the General Fund of the Treasury under the on-budget operations of the 

federal government. Table 1b.n provides the estimated nominal dollar effect of enactment of the 

proposal on annual budget balances for years 2022 through 2032. 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 2023 and later. The elimination of the taxable maximum starting in 2023 and the phased-in 

increase to a 12.4 payroll tax rate from 2023-29 on the additional earnings, more than offsets the 

additional benefits from these additional earnings taxed, and the other provisions increasing 

benefits, primarily the switch from the CPI-W to the CPI-E for the COLA.

Column 4 of Table 1b indicates that the effect of implementing the proposal would be a 

reduction of the theoretical federal debt held by the public, reaching about $12.3 trillion in 

present value at the end of the 75-year projection period. Column 5 provides the projected effect 
Page 11 – The Honorable Ted Deutch and The Honorable Mazie K. Hirono

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 onbudget cash flow, or on the total federal debt, in the future, because estimates provided here 

include only direct effects of the provisions on the OASI and DI Trust Funds.

It is important to note that we base these estimates on the intermediate assumptions of the 2022 

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 2022 Trustees Report.

Annual Trust Fund Operations as a Percentage 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 five Social Security provisions of the proposal. Showing the annual 

trust fund cash flows as a percentage 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 percentage of GDP to 

that when expressed as a percentage 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, expressed in present value dollars discounted to January 1, 2022. Table 1d.n

provides the same estimates, expressed in nominal dollars, for years 2022 through 2032.

For the 75-year (long-range) period as a whole, the current-law unfunded obligation of $20.4

trillion would be reduced to $8.2 trillion in present value at the end of 2096, assuming enactment 

of the proposal. This change of $12.3 trillion results from:

• A $15.3 trillion net increase in revenue (column 2), primarily from additional payroll 

tax revenue, minus

• A $3.0 trillion net increase in cost (column 3), from the change in computing the 

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

maximum, paying pro-rata benefits in the month of death, and providing no future 

decrease in the AWI.
Page 12 – 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 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 2024 and later COLAs. We estimate 

this new computation would increase the annual COLA by 

about 0.2 percentage point, on average ....................................... -0.42 -0.55

Sections 201 and 202. Eliminate the OASDI taxable maximum 

in 2023 with the tax rate applicable above the current-law 

maximum increasing in seven approximately equal steps 

starting for 2023 and reaching the full 12.4 percent for 2029

and later. Provide benefit credit for earnings above the 

current-law taxable maximum ($147,000 in 2022) 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 2022 that were in 

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

point equal to $8,933 for new eligibility in 2023, with this 

bend point indexed by the national average wage index (AWI) 

for new eligibility after 2023; and (3) formula factors of 3 

percent and 0.25 percent below and above this bend point, 

respectively................................................................................... 2.39 2.50

Section 203. For any year where the AWI as computed would 

be lower than the AWI for any previous year, use the largest 

AWI from among all previous years for the purpose of 

computing the average indexed monthly earnings (AIME) and 

the primary insurance amount (PIA) for all beneficiaries who 

become initially eligible for benefits two years after such year. 

This provision would apply for AWI computed for all years 

2023 and later ............................................................................... 3 3

Section 301) Provide for pro-rata benefit payment for the 

month of death of a beneficiary, rather than no payment for

month of death. For situations where an auxiliary beneficiary 

is changed from one type of benefit to another upon the death 

of the worker, benefits for the month of the worker’s death 

would be determined on a pro-rata basis. This provision would 

apply for deaths in 2023 or later .................................................. -0.03 -0.03

Total for all provisions, including interaction ............ 1.94 1.91
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)

1Under current law, the estimated long-range OASDI actuarial balance is -3.42 percent of taxable payroll. 2Under current law, the estimated 75th year annual balance is -4.25 percent of taxable payroll.

3Negligible decrease, that is, between -0.005 percent of taxable payroll and 0.

Notes: All estimates are based on the intermediate assumptions of the 2022 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 21, 2022
Proposal Proposal

Year Scheduled to Payable to

Attain Payroll Tax and Current Law Current Law

Age 65 (Wage-Indexed (CPI-Indexed COLA5 Benefit Formula6 Total Scheduled Payable

2022 Dollars) 2022 Dollars)

 

2022 858 858 0.0 0.0 0.0 100 100

2040 848 1,083 0.6 -0.7 -0.1 100 128

2060 850 1,352 0.6 -0.5 0.1 100 117

2090 851 1,890 0.6 -0.5 0.1 100 116

 

2022 858 858 0.0 0.0 0.0 100 100

2040 848 1,083 0.6 -0.7 -0.1 100 128

2060 850 1,352 0.6 -0.5 0.1 100 117

2090 851 1,890 0.6 -0.5 0.1 100 116

 

2022 858 858 0.0 0.0 0.0 100 100

2040 848 1,083 0.6 -0.7 -0.1 100 128

2060 850 1,352 0.6 -0.5 0.1 100 117

2090 851 1,890 0.6 -0.5 0.1 100 116

2022 1,123 1,123 0.0 0.0 0.0 100 100

2040 1,110 1,418 0.6 -0.6 -0.1 100 128

2060 1,113 1,770 0.6 -0.4 0.2 100 117

2090 1,114 2,474 0.6 -0.3 0.2 100 116

2022 1,123 1,123 0.0 0.0 0.0 100 100

2040 1,110 1,418 0.6 -0.6 -0.1 100 128

2060 1,113 1,770 0.6 -0.4 0.2 100 117

2090 1,114 2,474 0.6 -0.3 0.2 100 116

2022 1,123 1,123 0.0 0.0 0.0 100 100

2040 1,110 1,418 0.6 -0.6 -0.1 100 128

2060 1,113 1,770 0.6 -0.4 0.2 100 117

2090 1,114 2,474 0.6 -0.3 0.2 100 116

2022 1,853 1,853 0.0 0.0 0.0 100 100

2040 1,831 2,339 0.6 -0.6 0.0 100 128

2060 1,835 2,918 0.6 -0.2 0.4 100 117

2090 1,837 4,080 0.6 -0.2 0.4 100 117

2022 1,853 1,853 0.0 0.0 0.0 100 100

2040 1,831 2,339 0.6 -0.6 0.0 100 128

2060 1,835 2,918 0.6 -0.2 0.4 100 117

2090 1,837 4,080 0.6 -0.2 0.4 100 117

2022 2,452 2,452 0.0 0.0 0.0 100 100

2040 2,423 3,095 0.6 -0.7 -0.1 100 128

2060 2,429 3,863 0.6 -0.5 0.1 100 117

2090 2,431 5,400 0.6 -0.4 0.1 100 116

2022 2,993 2,993 0.0 0.0 0.0 100 100

2040 2,965 3,788 0.6 -0.7 -0.2 100 127

2060 2,967 4,717 0.6 -0.7 -0.1 100 117

2090 2,969 6,593 0.6 -0.7 -0.1 100 116

2022 2,993 2,993 0.0 0.0 0.0 100 100

2040 2,965 3,788 0.6 3.2 3.8 104 133

2060 2,967 4,717 0.6 6.9 7.5 107 125

2090 2,969 6,593 0.6 6.9 7.5 108 125

1

2

3

4

5

6

All estimates based on the intermediate assumptions of the 2022 Trustees Report.

Table B1. Changes in Benefits for Hypothetical Workers Becoming Newly Entitled 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

Monthly Benefits4

(Percent change) (Percents)

 Very-Low-AIME ($15,646 for 20221) 30-Year Scaled Earner (11.1% of Retirees2)

 Very-Low-AIME ($15,646 for 20221) 20-Year Scaled Earner (5.1% of Retirees2)

Of the 7.2 percent of retirees with current-law AIME closest to the Maximum-Current-Law level, about 33 percent (or 2.4 percent of all retirees) would have an AIME 

closer to the Twice Maximum-Current-Law level if their earnings were not limited by annual taxable maximums.

 Very-Low-AIME ($15,646 for 20221) 14-Year Scaled Earner (3.5% of Retirees2)

 Low-AIME ($28,162 for 20221) 44-Year Scaled Earner (19.0% of Retirees2)

 Low-AIME ($28,162 for 20221

) 30-Year Scaled Earner (3.8% of Retirees2

)

 Low-AIME ($28,162 for 20221) 20-Year Scaled Earner (1.4% of Retirees2

)

 Medium-AIME ($62,583 for 20221) 44-Year Scaled Earner (27.5% of Retirees2)

 Medium-AIME ($62,583 for 20221) 30-Year Scaled Earner (1.8% of Retirees2

)

 High-AIME ($100,133 for 20221

) 44-Year Scaled Earner (19.4% of Retirees2)

 Maximum-Current-Law-AIME ($147,000 for 20221) 43-Year Steady Earner (7.2% of Retirees2

 Twice Maximum-Current-Law-AIME ($294,000 for 20221) 43-Year Steady Earner3

Average of highest 35 years of taxable earnings wage indexed to 2022. For the Maximum and Twice Maximum-Current-Law-AIME workers, we show one times and 

two times the 2022 taxable maximum, respectively.

Projected percent of newly entitled retired worker beneficiaries in 2050 with current-law AIME levels and years of covered earnings closest to AIME levels and close 

to years of covered earnings shown. See details in Note 1 on table B3.

Office of the Chief Actuary, Social Security Administration July 21, 2022

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 2024, compute the COLA using increases in the CPI-E, producing 0.2% higher annual COLAs on average.

Eliminate the taxable maximum, phasing in from 2023-29. 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 2022 that were in excess 

of that year's current-law taxable maximum; (2) a bend point equal to 8,933 in 2023, (250,000-142,800)/12, and wage-indexed thereafter; and (3) formula factors of 3 

percent and 0.25 percent below and above the bend point, respectively. The assumed behavioral response to increased payroll tax lowers reported wages, and thus the 

level of the AWI starting in 2023.

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

Attain

Age 65 Age 65 Age 75 Age 85 Age 95 Age 65 Age 75 Age 85 Age 95

2022 100.0 101.6 103.6 105.6 100.0 101.6 132.5 123.5

2040 99.9 101.9 103.9 105.9 127.5 131.7 121.2 123.3

2060 100.1 102.0 104.0 106.0 116.9 118.7 120.8 123.1

2090 100.1 102.1 104.1 106.2 116.2 118.6 4 4

2022 100.0 101.6 103.6 105.6 100.0 101.6 132.5 123.5

2040 99.9 101.9 103.9 105.9 127.5 131.7 121.2 123.3

2060 100.1 102.0 104.0 106.0 116.9 118.7 120.8 123.1

2090 100.1 102.1 104.1 106.2 116.2 118.6 4 4

2022 100.0 101.6 103.6 105.6 100.0 101.6 132.5 123.5

2040 99.9 101.9 103.9 105.9 127.5 131.7 121.2 123.3

2060 100.1 102.0 104.0 106.0 116.9 118.7 120.8 123.1

2090 100.1 102.1 104.1 106.2 116.2 118.6 4 4

2022 100.0 101.6 103.6 105.6 100.0 101.6 132.5 123.5

2040 99.9 101.9 103.9 105.9 127.6 131.8 121.3 123.3

2060 100.2 102.2 104.2 106.2 117.0 118.9 121.1 123.3

2090 100.2 102.2 104.2 106.2 116.4 118.7 4 4

2022 100.0 101.6 103.6 105.6 100.0 101.6 132.5 123.5

2040 99.9 101.9 103.9 105.9 127.6 131.8 121.3 123.3

2060 100.2 102.2 104.2 106.2 117.0 118.9 121.1 123.3

2090 100.2 102.2 104.2 106.2 116.4 118.7 4 4

2022 100.0 101.6 103.6 105.6 100.0 101.6 132.5 123.5

2040 99.9 101.9 103.9 105.9 127.6 131.8 121.3 123.3

2060 100.2 102.2 104.2 106.2 117.0 118.9 121.1 123.3

2090 100.2 102.2 104.2 106.2 116.4 118.7 4 4

2022 100.0 101.6 103.6 105.6 100.0 101.6 132.5 123.5

2040 100.0 101.9 103.9 106.0 127.6 131.8 121.3 123.4

2060 100.4 102.3 104.3 106.4 117.2 119.1 121.2 123.5

2090 100.4 102.3 104.3 106.4 116.5 118.8 4 4

2022 100.0 101.6 103.6 105.6 100.0 101.6 132.5 123.5

2040 100.0 101.9 103.9 106.0 127.6 131.8 121.3 123.4

2060 100.4 102.3 104.3 106.4 117.2 119.1 121.2 123.5

2090 100.4 102.3 104.3 106.4 116.5 118.8 4 4

2022 100.0 101.6 103.6 105.6 100.0 101.6 132.5 123.5

2040 99.9 101.9 103.9 105.9 127.5 131.8 121.3 123.4

2060 100.1 102.1 104.1 106.1 116.9 118.8 120.9 123.2

2090 100.1 102.1 104.1 106.2 116.3 118.6 4 4

2022 100.0 101.6 103.6 105.6 100.0 101.6 132.5 123.5

2040 99.8 101.8 103.8 105.8 127.4 131.7 121.2 123.2

2060 99.9 101.8 103.8 105.9 116.6 118.6 120.7 122.9

2090 99.9 101.9 103.9 105.9 116.0 118.3 4 4

2022 100.0 101.6 103.6 105.6 100.0 101.6 132.5 123.5

2040 103.8 105.9 107.9 110.1 132.5 136.9 126.0 128.2

2060 107.5 109.6 111.8 114.0 125.5 127.6 129.9 132.3

2090 107.5 109.6 111.8 114.0 124.9 127.3 4 4

1

2

3

4

Note:

-

-

- This analysis reflects only the provisions of the proposal identified in Table B1 and described in the notes above.

All estimates based on the intermediate assumptions of the 2022 Trustees Report.

 Low-AIME ($28,162 for 20221) 44-Year Scaled Earner (19.0% of Retirees2)

Table B2. Changes in Benefits for Hypothetical Workers Becoming Newly Entitled age 65 

"Protecting and Preserving Social Security Act", Introduced by Representative Deutch and Senator Hirono

Proposal Scheduled Benefit as Percent of Proposal Payable Benefit as Percent of 

Current Law Scheduled Benefit Current Law Payable Benefit

(Percent)

 Very-Low-AIME ($15,646 for 20221) 30-Year Scaled Earner (11.1% of Retirees2)

 Very-Low-AIME ($15,646 for 20221) 20-Year Scaled Earner (5.1% of Retirees2)

 Very-Low-AIME ($15,646 for 20221) 14-Year Scaled Earner (3.5% of Retirees2)

Starting Dec 2024, compute the COLA using increases in the CPI-E, producing 0.2% higher annual COLAs on average.

 Low-AIME ($28,162 for 20221) 30-Year Scaled Earner (3.8% of Retirees2)

 Low-AIME ($28,162 for 20221) 20-Year Scaled Earner (1.4% of Retirees2

)

 Medium-AIME ($62,583 for 20221) 44-Year Scaled Earner (27.5% of Retirees2)

 Medium-AIME ($62,583 for 20221) 30-Year Scaled Earner (1.8% of Retirees2

)

 High-AIME ($100,133 for 20221

) 44-Year Scaled Earner (19.4% of Retirees2)

 Maximum-Current-Law-AIME ($147,000 for 20221) 43-Year Steady Earner (7.2% of Retirees2)

 Twice Maximum-Current-Law-AIME ($294,000 for 20221) 43-Year Steady Earner3

Average of highest 35 years of taxable earnings wage indexed to 2022. For the Maximum and Twice Maximum-Current-Law-AIME workers, we show one times 

and two times the 2022 taxable maximum, respectively.

Projected percent of newly entitled retired worker beneficiaries in 2050 with current-law AIME levels and years of covered earnings closest to AIME levels and 

close to years of covered earnings shown. See details in Note 1 on table B3.

Of the 7.2 percent of retirees with current-law AIME closest to the Maximum-Current-Law level, about 33 percent (or 2.4 percent of all retirees) would have an 

AIME closer to the Twice Maximum-Current-Law level if their earnings were not limited by annual taxable maximums.

The proposal payable benefit as percent of current law payable benefit is not presented for years of payment beyond the 75-year projection period.

Eliminate the taxable maximum, phasing in from 2023-29. 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 2022 that 

were in excess of that year's current-law taxable maximum; (2) a bend point equal to 8,933 in 2023, (250,000-142,800)/12, and wage-indexed thereafter; and (3) 

formula factors of 3 percent and 0.25 percent below and above the bend point, respectively. The assumed behavioral response to increased payroll tax lowers 

reported wages, and thus the level of the AWI starting in 2023.

Office of the Chief Actuary, Social Security Administration July 21, 2022
Category 

(AIME and Years of Covered Earnings Close to) Dually Entitled2 WEP3 Foreign Born All Others4

Very-Low-AIME ($11,592 for 20161):

30-Year Scaled Earner (7.9% of Retirees) 27 8 14 53

20-Year Scaled Earner (6.0% of Retirees) 27 16 27 35

14-Year Scaled Earner (5.2% of Retirees) 21 20 52 19

Low-AIME ($20,856 for 20161):

44-Year Scaled Earner (13.0% of Retirees) 8 2 7 83

30-Year Scaled Earner (6.8% of Retirees) 13 8 25 56

20-Year Scaled Earner (2.4% of Retirees) 9 21 47 29

Medium-AIME ($46,368 for 20161):

44-Year Scaled Earner (25.8% of Retirees) 1 1 6 92

30-Year Scaled Earner (3.3% of Retirees) 1 12 37 53

High-AIME ($74,184 for 20161):

44-Year Scaled Earner (20.3% of Retirees) 0 1 8 91

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

Steady Earner (9.3% of Retirees) 0 0 9 91

1

2

3

4 Not foreign born, not dually entitled by the end of 2018, and not reduced by WEP by the end of 2018.

Office of the Chief Actuary, Social Security Administration June 18, 2020

Table B3. Characteristics of Retired Worker Beneficiaries Becoming Newly Entitled in 2016

Percent of Beneficiaries Within Each Category That Are:

Note 1: Table B3 displays certain characteristics of newly-entitled retired worker beneficiaries in 2016 who are similar to the illustrative hypothetical workers shown in 

tables B1 and B2. The categories shown here include those workers with AIME closest to the earnings level shown, and with years of covered earnings close to the number 

shown. In particular: 

- For the Very-Low-AIME category, 

 - workers included in the "30-Year Scaled Earner" subcategory have 25+ years of covered earnings; 

 - workers included in the "20-Year Scaled Earner" subcategory have 18-24 years of covered earnings; 

 - workers included in the "14-Year Scaled Earner" subcategory have less than 18 years of covered earnings.

- For the Low-AIME category, 

 - workers included in the "44-Year Scaled Earner" subcategory have 35+ years of covered earnings; 

 - workers included in the "30-Year Scaled Earner" subcategory have 25-34 years of covered earnings; 

 - workers included in the "20-Year Scaled Earner" subcategory have less than 25 years of covered earnings.

- For the Medium-AIME category, 

 - workers included in the "44-Year Scaled Earner" subcategory have 35+ years of covered earnings; 

 - workers included in the "30-Year Scaled Earner" subcategory have less than 35 years of covered earnings.

- Workers included in the High-AIME "44-Year Scaled Earner" category have all numbers of years of covered earnings.

- Workers included in the Maximum-Current-Law-AIME "Steady Earner" category have all numbers of years of covered earnings.

Note 2: The percentages in each category are based on tabulations of a 10-percent sample of newly entitled retired-worker beneficiaries in 2016 (288,627 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 2016.

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 2016.

Values in this column are percentages of retired workers newly entitled in 2016 who were also entitled to a higher benefit based on someone else’s account by the end of 

2018. The percentage that will ever become dually entitled is higher for most categories, because some retired workers newly entitled in 2016 will first become dually 

entitled after 2018.

Values in this column are percentages of retired workers newly entitled in 2016 who had their benefit reduced based on receipt of a pension from government 

employment under the windfall elimination provision (WEP) by the end of 2018. The percentage that will ever be reduced by WEP is higher for each category, because 

some retired workers newly entitled in 2016 will first receive a government pension after 2018.
Proposal Scheduled Payroll Taxes

Earnings Taxable Percent of Current Law

in Year (Wage-Indexed (CPI-Indexed Maximum2

2022 Dollars) 2022 Dollars) (Percents)

2022 162 162 0.0 100

2040 162 206 0.0 100

2060 162 257 0.0 100

2090 162 359 0.0 100

2022 291 291 0.0 100

2040 291 372 0.0 100

2060 291 463 0.0 100

2090 291 646 0.0 100

2022 647 647 0.0 100

2040 647 826 0.0 100

2060 647 1,029 0.0 100

2090 647 1,436 0.0 100

2022 1,035 1,035 0.0 100

2040 1,035 1,321 0.0 100

2060 1,035 1,646 0.0 100

2090 1,035 2,298 0.0 100

2022 1,519 1,519 0.0 100

2040 1,519 1,940 0.0 100

2060 1,519 2,416 0.0 100

2090 1,519 3,374 0.0 100

2022 1,519 1,519 0.0 100

2040 1,519 1,940 100.0 200

2060 1,519 2,416 100.0 200

2090 1,519 3,374 100.0 200

1

2

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

All estimates based on the intermediate assumptions of the 2022 Trustees Report.

98th Percentile Earner1 in Year ($294,000 in 2022) 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 ($15,646 in 2022)

40th Percentile Earner1 in Year ($28,162 in 2022)

70th Percentile Earner1 in Year ($62,583 in 2022)

86th Percentile Earner1

 in Year ($100,133 in 2022)

93rd Percentile Earner1 in Year ($147,000 in 2022) Current-Law Maximum Earnings Level

Percentile among all workers with any covered earnings in 2022 (including earnings both above and below the current-law taxable 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, phasing in from 2023-29. In addition, there would be effects on earnings (and therefore payroll taxes paid) due to the assumed behavioral response.

Office of the Chief Actuary, Social Security Administration July 21, 2022
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

2022 14.05 12.79 -1.26 230 0.00 0.00 0.00

2023 14.33 13.44 -0.89 210 0.02 0.40 0.38

2024 14.47 13.75 -0.72 197 0.02 0.79 0.77

2025 14.71 14.14 -0.57 184 0.05 1.17 1.12

2026 14.96 14.61 -0.35 173 0.08 1.53 1.46

2027 15.21 14.99 -0.22 165 0.11 1.88 1.78

2028 15.46 15.36 -0.10 158 0.13 2.22 2.09

2029 15.69 15.73 0.03 153 0.16 2.55 2.39

2030 15.91 15.74 -0.17 149 0.19 2.54 2.35

2031 16.12 15.75 -0.38 145 0.22 2.52 2.30

2032 16.31 15.76 -0.55 141 0.24 2.52 2.28

2033 16.47 15.78 -0.70 136 0.27 2.52 2.25

2034 16.61 15.79 -0.82 131 0.29 2.52 2.23

2035 16.73 15.80 -0.93 126 0.31 2.52 2.21

2036 16.83 15.81 -1.02 121 0.33 2.53 2.20

2037 16.92 15.82 -1.11 115 0.35 2.53 2.18

2038 17.00 15.82 -1.18 110 0.37 2.53 2.17

2039 17.07 15.83 -1.24 103 0.38 2.53 2.15

2040 17.11 15.83 -1.28 97 0.40 2.53 2.14

2041 17.15 15.84 -1.31 90 0.41 2.54 2.13

2042 17.19 15.84 -1.35 84 0.42 2.54 2.12

2043 17.22 15.84 -1.37 77 0.43 2.54 2.11

2044 17.25 15.85 -1.40 69 0.45 2.54 2.10

2045 17.28 15.85 -1.43 62 0.46 2.54 2.09

2046 17.30 15.85 -1.45 55 0.46 2.54 2.08

2047 17.34 15.86 -1.48 47 0.47 2.55 2.07

2048 17.37 15.86 -1.51 39 0.48 2.55 2.07

2049 17.40 15.86 -1.54 31 0.49 2.55 2.06

2050 17.44 15.87 -1.57 22 0.49 2.55 2.05

2051 17.48 15.87 -1.61 14 0.50 2.55 2.05

2052 17.52 15.88 -1.64 5 0.51 2.55 2.05

2053 17.57 15.88 -1.68 ---- 0.51 2.55 2.04

2054 17.62 15.89 -1.73 ---- 0.52 2.55 2.04

2055 17.67 15.89 -1.78 ---- 0.52 2.56 2.03

2056 17.73 15.90 -1.83 ---- 0.53 2.56 2.03

2057 17.80 15.90 -1.89 ---- 0.53 2.56 2.02

2058 17.86 15.91 -1.96 ---- 0.54 2.56 2.02

2059 17.93 15.92 -2.02 ---- 0.55 2.56 2.01

2060 18.00 15.92 -2.08 ---- 0.55 2.56 2.01

2061 18.07 15.93 -2.14 ---- 0.56 2.56 2.00

2062 18.14 15.93 -2.20 ---- 0.57 2.56 2.00

2063 18.20 15.94 -2.26 ---- 0.57 2.57 1.99

2064 18.26 15.94 -2.32 ---- 0.58 2.57 1.98

2065 18.32 15.95 -2.37 ---- 0.59 2.57 1.98

2066 18.38 15.96 -2.42 ---- 0.60 2.57 1.97

2067 18.44 15.96 -2.48 ---- 0.61 2.57 1.97

2068 18.50 15.97 -2.53 ---- 0.61 2.57 1.96

2069 18.57 15.97 -2.59 ---- 0.62 2.57 1.95

2070 18.63 15.98 -2.65 ---- 0.63 2.57 1.95

2071 18.69 15.98 -2.71 ---- 0.63 2.57 1.94

2072 18.75 15.99 -2.76 ---- 0.64 2.58 1.93

2073 18.81 15.99 -2.82 ---- 0.65 2.58 1.93

2074 18.87 16.00 -2.87 ---- 0.65 2.58 1.92

2075 18.91 16.00 -2.91 ---- 0.66 2.58 1.92

2076 18.95 16.01 -2.95 ---- 0.67 2.58 1.91

2077 18.98 16.01 -2.97 ---- 0.67 2.58 1.91

2078 19.00 16.01 -2.98 ---- 0.68 2.58 1.91

2079 19.00 16.01 -2.98 ---- 0.68 2.58 1.90

2080 18.98 16.01 -2.97 ---- 0.68 2.58 1.90

2081 18.96 16.01 -2.95 ---- 0.69 2.59 1.90

2082 18.93 16.01 -2.92 ---- 0.69 2.59 1.90

2083 18.89 16.01 -2.88 ---- 0.69 2.59 1.90

2084 18.85 16.01 -2.84 ---- 0.69 2.59 1.90

2085 18.80 16.01 -2.79 ---- 0.69 2.59 1.90

2086 18.74 16.00 -2.74 ---- 0.69 2.59 1.90

2087 18.67 16.00 -2.67 ---- 0.69 2.59 1.90

2088 18.61 16.00 -2.61 ---- 0.69 2.59 1.90

2089 18.54 15.99 -2.55 ---- 0.69 2.59 1.90

2090 18.48 15.99 -2.49 ---- 0.69 2.59 1.90

2091 18.43 15.99 -2.44 ---- 0.69 2.59 1.90

2092 18.39 15.98 -2.41 ---- 0.69 2.59 1.90

2093 18.36 15.98 -2.38 ---- 0.69 2.59 1.91

2094 18.34 15.98 -2.36 ---- 0.69 2.59 1.91

2095 18.33 15.98 -2.35 ---- 0.69 2.59 1.91

2096 18.33 15.98 -2.34 ---- 0.69 2.59 1.91

2097 18.33 15.98 -2.35 ---- 0.68 2.59 1.91

Summarized Rates: OASDI Summarized Rates: OASDI

Cost Rate Income Rate

Actuarial 

Balance

Year of reserve 

depletion1

Change in 

Cost rate

Change in 

Income Rate

Change in 

Actuarial

Balance

2022 - 2096 17.68% 16.20% -1.48% 2052 0.48% 2.42% 1.94%

Office of the Chief Actuary

Note: Based on Intermediate Assumptions of the 2022 Trustees Report. Social Security Administration 1

Under current law the year of combined Trust Fund reserve depletion is 2035. July 21, 2022

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)

2022 0.0 0.0 0.0 2,742.4 24,670.2 2,742.4 2,742.4

2023 0.0 0.0 0.0 2,662.9 25,333.6 2,628.4 2,628.4

2024 0.0 0.0 0.0 2,596.6 25,907.1 2,490.8 2,490.8

2025 0.0 0.0 0.0 2,543.1 26,444.2 2,331.1 2,331.1

2026 0.0 0.0 0.0 2,510.2 26,928.8 2,156.8 2,156.8

2027 0.0 0.0 0.0 2,489.0 27,371.7 1,959.8 1,959.8

2028 0.0 0.0 0.0 2,480.1 27,763.6 1,741.2 1,741.2

2029 0.0 0.0 0.0 2,484.8 28,119.0 1,502.6 1,502.6

2030 0.0 0.0 0.0 2,468.7 28,408.3 1,244.3 1,244.3

2031 0.0 0.0 0.0 2,431.2 28,622.8 968.1 968.1

2032 0.0 0.0 0.0 2,375.8 28,765.3 675.8 675.8

2033 0.0 0.0 0.0 2,305.1 28,828.0 370.4 370.4

2034 0.0 0.0 0.0 2,221.4 28,790.9 54.8 54.8

2035 0.0 0.0 0.0 2,127.2 28,673.1 -268.1 -268.1

2036 0.0 0.0 0.0 2,024.6 28,513.6 -595.9 -595.9

2037 0.0 0.0 0.0 1,913.9 28,324.8 -928.1 -928.1

2038 0.0 0.0 0.0 1,796.9 28,137.7 -1,263.3 -1,263.3

2039 0.0 0.0 0.0 1,675.2 27,941.1 -1,599.7 -1,599.7

2040 0.0 0.0 0.0 1,550.5 27,743.7 -1,935.8 -1,935.8

2041 0.0 0.0 0.0 1,424.1 27,541.8 -2,270.6 -2,270.6

2042 0.0 0.0 0.0 1,295.3 27,341.5 -2,604.5 -2,604.5

2043 0.0 0.0 0.0 1,165.3 27,144.6 -2,937.0 -2,937.0

2044 0.0 0.0 0.0 1,033.9 26,948.3 -3,268.1 -3,268.1

2045 0.0 0.0 0.0 901.1 26,757.4 -3,597.9 -3,597.9

2046 0.0 0.0 0.0 767.4 26,570.0 -3,926.3 -3,926.3

2047 0.0 0.0 0.0 632.1 26,384.5 -4,253.8 -4,253.8

2048 0.0 0.0 0.0 495.3 26,206.1 -4,580.7 -4,580.7

2049 0.0 0.0 0.0 356.8 26,030.9 -4,907.1 -4,907.1

2050 0.0 0.0 0.0 216.3 25,861.5 -5,233.6 -5,233.6

2051 0.0 0.0 0.0 73.8 25,694.2 -5,560.0 -5,560.0

2052 0.0 0.0 0.0 -70.6 25,529.0 -5,886.6 -5,886.6

2053 0.0 0.0 0.0 -217.6 25,365.7 -6,213.9 -6,213.9

2054 0.0 0.0 0.0 -367.3 25,203.7 -6,542.1 -6,542.1

2055 0.0 0.0 0.0 -520.3 25,044.6 -6,871.9 -6,871.9

2056 0.0 0.0 0.0 -676.8 24,887.4 -7,203.5 -7,203.5

2057 0.0 0.0 0.0 -837.1 24,731.9 -7,537.2 -7,537.2

2058 0.0 0.0 0.0 -1,001.6 24,577.6 -7,873.3 -7,873.3

2059 0.0 0.0 0.0 -1,170.1 24,422.8 -8,211.8 -8,211.8

2060 0.0 0.0 0.0 -1,342.7 24,268.8 -8,552.6 -8,552.6

2061 0.0 0.0 0.0 -1,519.1 24,113.7 -8,895.5 -8,895.5

2062 0.0 0.0 0.0 -1,699.2 23,958.9 -9,240.2 -9,240.2

2063 0.0 0.0 0.0 -1,882.5 23,803.0 -9,586.4 -9,586.4

2064 0.0 0.0 0.0 -2,068.8 23,646.1 -9,933.9 -9,933.9

2065 0.0 0.0 0.0 -2,257.9 23,488.7 -10,282.4 -10,282.4

2066 0.0 0.0 0.0 -2,450.0 23,330.7 -10,632.1 -10,632.1

2067 0.0 0.0 0.0 -2,644.8 23,172.4 -10,982.7 -10,982.7

2068 0.0 0.0 0.0 -2,842.4 23,014.1 -11,334.5 -11,334.5

2069 0.0 0.0 0.0 -3,043.0 22,854.0 -11,687.5 -11,687.5

2070 0.0 0.0 0.0 -3,246.6 22,693.2 -12,041.8 -12,041.8

2071 0.0 0.0 0.0 -3,452.9 22,533.2 -12,397.0 -12,397.0

2072 0.0 0.0 0.0 -3,661.6 22,374.2 -12,753.1 -12,753.1

2073 0.0 0.0 0.0 -3,872.8 22,217.6 -13,110.0 -13,110.0

2074 0.0 0.0 0.0 -4,086.0 22,065.4 -13,467.4 -13,467.4

2075 0.0 0.0 0.0 -4,300.8 21,915.7 -13,825.0 -13,825.0

2076 0.0 0.0 0.0 -4,516.5 21,768.5 -14,181.9 -14,181.9

2077 0.0 0.0 0.0 -4,732.4 21,623.0 -14,537.7 -14,537.7

2078 0.0 0.0 0.0 -4,947.4 21,481.9 -14,891.3 -14,891.3

2079 0.0 0.0 0.0 -5,160.8 21,344.5 -15,242.0 -15,242.0

2080 0.0 0.0 0.0 -5,371.7 21,210.9 -15,589.0 -15,589.0

2081 0.0 0.0 0.0 -5,579.6 21,080.5 -15,931.9 -15,931.9

2082 0.0 0.0 0.0 -5,784.0 20,953.7 -16,270.3 -16,270.3

2083 0.0 0.0 0.0 -5,984.4 20,831.5 -16,603.6 -16,603.6

2084 0.0 0.0 0.0 -6,180.5 20,711.1 -16,931.7 -16,931.7

2085 0.0 0.0 0.0 -6,371.8 20,594.6 -17,254.1 -17,254.1

2086 0.0 0.0 0.0 -6,558.0 20,479.3 -17,570.5 -17,570.5

2087 0.0 0.0 0.0 -6,738.7 20,366.1 -17,880.7 -17,880.7

2088 0.0 0.0 0.0 -6,914.0 20,254.0 -18,184.7 -18,184.7

2089 0.0 0.0 0.0 -7,084.2 20,142.8 -18,482.8 -18,482.8

2090 0.0 0.0 0.0 -7,249.4 20,032.9 -18,775.3 -18,775.3

2091 0.0 0.0 0.0 -7,410.5 19,922.5 -19,062.9 -19,062.9

2092 0.0 0.0 0.0 -7,567.9 19,811.5 -19,346.2 -19,346.2

2093 0.0 0.0 0.0 -7,722.5 19,699.9 -19,625.9 -19,625.9

2094 0.0 0.0 0.0 -7,874.8 19,587.1 -19,902.6 -19,902.6

2095 0.0 0.0 0.0 -8,025.4 19,473.8 -20,176.8 -20,176.8

2096 0.0 0.0 0.0 -8,174.9 19,359.0 -20,449.2 -20,449.2

2097 0.0 0.0 0.0 -8,323.7 19,243.1 -20,720.3 -20,720.3

Total 2022-2096 0.0

Notes: Based on the Intermediate Assumptions of the 2022 Trustees Report.

 Ultimate Real Trust Fund Yield of 2.3%. 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 21, 2022

Calendar

Year

Proposal General Fund Transfers Billions of Present Value Dollars as of 1-1-2022

Proposal

Total OASDI

Trust Fund

Reserves 

at End of Year

Theoretical Social Security1

with Borrowing Authority

Billions of Present Value Dollars as of 

1-1-2022 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 OASDI (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 Annual

On Budget

Cash Flow

Change in Total

Federal Debt

 Subject to Limit 

End Of Year

Change

in Annual

On Budget

Balance

(1) (2) (3) (4) (5) (6) (7) (8)

2022 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2023 0.0 34.4 34.4 -34.4 34.4 0.0 0.0 0.0

2024 0.0 71.4 71.4 -105.9 72.2 0.0 0.0 0.0

2025 0.0 106.2 106.2 -212.1 108.5 0.0 0.0 0.0

2026 0.0 141.3 141.3 -353.4 146.1 0.0 0.0 0.0

2027 0.0 175.7 175.7 -529.1 184.5 0.0 0.0 0.0

2028 0.0 209.8 209.8 -739.0 223.9 0.0 0.0 0.0

2029 0.0 243.3 243.3 -982.3 264.3 0.0 0.0 0.0

2030 0.0 242.1 242.1 -1,224.4 272.3 0.0 0.0 0.0

2031 0.0 238.6 238.6 -1,463.0 279.6 0.0 0.0 0.0

2032 0.0 236.9 236.9 -1,699.9 289.1 0.0 0.0 0.0

2033 0.0 234.8 234.8 -1,934.7 301.0 0.0 0.0 0.0

2034 0.0 232.0 232.0 -2,166.7 313.3 0.0 0.0 0.0

2035 0.0 228.6 228.6 -2,395.3 324.0 0.0 0.0 0.0

2036 0.0 225.2 225.2 -2,620.5 332.2 0.0 0.0 0.0

2037 0.0 221.6 221.6 -2,842.0 339.5 0.0 0.0 0.0

2038 0.0 218.1 218.1 -3,060.1 346.5 0.0 0.0 0.0

2039 0.0 214.7 214.7 -3,274.9 353.2 0.0 0.0 0.0

2040 0.0 211.4 211.4 -3,486.3 359.9 0.0 0.0 0.0

2041 0.0 208.3 208.3 -3,694.6 366.4 0.0 0.0 0.0

2042 0.0 205.3 205.3 -3,899.9 372.9 0.0 0.0 0.0

2043 0.0 202.4 202.4 -4,102.3 379.4 0.0 0.0 0.0

2044 0.0 199.7 199.7 -4,302.0 385.9 0.0 0.0 0.0

2045 0.0 197.1 197.1 -4,499.1 392.4 0.0 0.0 0.0

2046 0.0 194.6 194.6 -4,693.7 398.8 0.0 0.0 0.0

2047 0.0 192.3 192.3 -4,885.9 405.3 0.0 0.0 0.0

2048 0.0 190.0 190.0 -5,076.0 411.8 0.0 0.0 0.0

2049 0.0 187.9 187.9 -5,263.9 418.4 0.0 0.0 0.0

2050 0.0 185.9 185.9 -5,449.8 424.9 0.0 0.0 0.0

2051 0.0 184.0 184.0 -5,633.8 431.4 0.0 0.0 0.0

2052 0.0 182.1 182.1 -5,816.0 437.9 0.0 0.0 0.0

2053 0.0 180.3 180.3 -5,996.3 444.3 0.0 0.0 0.0

2054 0.0 178.5 178.5 -6,174.8 450.7 0.0 0.0 0.0

2055 0.0 176.8 176.8 -6,351.6 457.1 0.0 0.0 0.0

2056 0.0 175.1 175.1 -6,526.7 463.4 0.0 0.0 0.0

2057 0.0 173.4 173.4 -6,700.1 469.6 0.0 0.0 0.0

2058 0.0 171.7 171.7 -6,871.8 475.8 0.0 0.0 0.0

2059 0.0 169.9 169.9 -7,041.7 481.9 0.0 0.0 0.0

2060 0.0 168.2 168.2 -7,209.9 487.8 0.0 0.0 0.0

2061 0.0 166.5 166.5 -7,376.3 493.7 0.0 0.0 0.0

2062 0.0 164.7 164.7 -7,541.0 499.5 0.0 0.0 0.0

2063 0.0 162.9 162.9 -7,703.9 505.2 0.0 0.0 0.0

2064 0.0 161.2 161.2 -7,865.1 510.9 0.0 0.0 0.0

2065 0.0 159.4 159.4 -8,024.5 516.4 0.0 0.0 0.0

2066 0.0 157.6 157.6 -8,182.1 521.9 0.0 0.0 0.0

2067 0.0 155.9 155.9 -8,338.0 527.3 0.0 0.0 0.0

2068 0.0 154.1 154.1 -8,492.1 532.6 0.0 0.0 0.0

2069 0.0 152.4 152.4 -8,644.5 537.9 0.0 0.0 0.0

2070 0.0 150.7 150.7 -8,795.2 543.1 0.0 0.0 0.0

2071 0.0 149.0 149.0 -8,944.2 548.2 0.0 0.0 0.0

2072 0.0 147.4 147.4 -9,091.5 553.4 0.0 0.0 0.0

2073 0.0 145.8 145.8 -9,237.3 558.4 0.0 0.0 0.0

2074 0.0 144.2 144.2 -9,381.5 563.5 0.0 0.0 0.0

2075 0.0 142.7 142.7 -9,524.2 568.6 0.0 0.0 0.0

2076 0.0 141.3 141.3 -9,665.5 573.6 0.0 0.0 0.0

2077 0.0 139.9 139.9 -9,805.3 578.6 0.0 0.0 0.0

2078 0.0 138.5 138.5 -9,943.9 583.6 0.0 0.0 0.0

2079 0.0 137.3 137.3 -10,081.2 588.7 0.0 0.0 0.0

2080 0.0 136.1 136.1 -10,217.3 593.7 0.0 0.0 0.0

2081 0.0 135.0 135.0 -10,352.3 598.8 0.0 0.0 0.0

2082 0.0 133.9 133.9 -10,486.2 603.9 0.0 0.0 0.0

2083 0.0 133.0 133.0 -10,619.2 609.0 0.0 0.0 0.0

2084 0.0 132.0 132.0 -10,751.2 614.0 0.0 0.0 0.0

2085 0.0 131.1 131.1 -10,882.3 619.1 0.0 0.0 0.0

2086 0.0 130.3 130.3 -11,012.5 624.2 0.0 0.0 0.0

2087 0.0 129.5 129.5 -11,142.0 629.3 0.0 0.0 0.0

2088 0.0 128.7 128.7 -11,270.7 634.5 0.0 0.0 0.0

2089 0.0 128.0 128.0 -11,398.6 639.6 0.0 0.0 0.0

2090 0.0 127.2 127.2 -11,525.9 644.7 0.0 0.0 0.0

2091 0.0 126.5 126.5 -11,652.4 649.7 0.0 0.0 0.0

2092 0.0 125.8 125.8 -11,778.2 654.8 0.0 0.0 0.0

2093 0.0 125.1 125.1 -11,903.4 659.8 0.0 0.0 0.0

2094 0.0 124.4 124.4 -12,027.8 664.7 0.0 0.0 0.0

2095 0.0 123.7 123.7 -12,151.4 669.7 0.0 0.0 0.0

2096 0.0 122.9 122.9 -12,274.4 674.5 0.0 0.0 0.0

Total 2022-2096 0.0 12,274.4 12,274.4

Notes: Based on Intermediate Assumptions of the 2022 Trustees Report.

 Ultimate Real Trust Fund Yield of 2.3%.

 Changes reflect the budget scoring convention that presumes benefits not payable after reserve depletion would nonetheless

 be paid, based on transfers from the General Fund of the Treasury resulting in additional borrowing from the public. Office of the Chief Actuary

 Budget cash flows do not reflect effects on the General Fund from changes in income tax revenues arising from Social Security Administration

 behavioral response of tax filers on reported income. July 21, 2022

Billions of Present Value Dollars as of 1-1-2022
Table 1b.n - OASDI Changes & Implications for Federal Budget and Debt of Specified Plan Provision Effects on OASDI (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 Year1

Change

in Annual

Unified Budget

Balance1

Change in 

Annual On 

Budget Cash 

Flow

Change in Total

Federal Debt 

Subject to Limit 

End of Year1

Change

in Annual

On Budget

Balance1

(1) (2) (3) (4) (5) (6) (7) (8)

2022 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2023 0.0 35.6 35.6 -36.0 36.0 0.0 0.0 0.0

2024 0.0 75.4 75.4 -113.0 77.0 0.0 0.0 0.0

2025 0.0 114.6 114.6 -231.4 118.4 0.0 0.0 0.0

2026 0.0 155.9 155.9 -394.7 163.3 0.0 0.0 0.0

2027 0.0 198.6 198.6 -606.0 211.3 0.0 0.0 0.0

2028 0.0 243.3 243.3 -869.4 263.4 0.0 0.0 0.0

2029 0.0 290.0 290.0 -1,189.4 320.0 0.0 0.0 0.0

2030 0.0 297.5 297.5 -1,529.3 339.9 0.0 0.0 0.0

2031 0.0 302.8 302.8 -1,889.9 360.6 0.0 0.0 0.0

2032 0.0 311.4 311.4 -2,275.5 385.6 0.0 0.0 0.0

Notes: Based on Intermediate Assumptions of the 2022 Trustees Report.

 Changes reflect the budget scoring convention that presumes benefits not payable after reserve depletion would nonetheless

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

 Budget cash flows do not reflect effects on the General Fund from changes in income tax revenues arising from Office of the Chief Actuary

 behavioral response of tax filers on reported income. Social Security Administration 1

 Includes the effect of accumulated interest income. July 21, 2022

Billions of Nominal Dollars
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)

2022 4.98 4.98 4.53 4.98 4.98 4.53

2023 5.09 5.09 4.63 5.09 5.09 4.78

2024 5.17 5.17 4.63 5.17 5.17 4.92

2025 5.26 5.26 4.66 5.28 5.28 5.07

2026 5.36 5.36 4.71 5.39 5.39 5.26

2027 5.45 5.45 4.73 5.49 5.49 5.41

2028 5.54 5.54 4.75 5.59 5.59 5.56

2029 5.62 5.62 4.77 5.68 5.68 5.69

2030 5.69 5.69 4.78 5.76 5.76 5.70

2031 5.76 5.76 4.79 5.84 5.84 5.70

2032 5.81 5.81 4.79 5.90 5.90 5.70

2033 5.85 5.85 4.79 5.95 5.95 5.69

2034 5.88 5.88 4.78 5.99 5.99 5.69

2035 5.90 4.96 4.77 6.02 6.02 5.68

2036 5.92 4.77 4.77 6.04 6.04 5.67

2037 5.94 4.76 4.76 6.06 6.06 5.66

2038 5.95 4.75 4.75 6.08 6.08 5.66

2039 5.95 4.74 4.74 6.09 6.09 5.65

2040 5.95 4.73 4.73 6.09 6.09 5.64

2041 5.95 4.72 4.72 6.09 6.09 5.62

2042 5.94 4.72 4.72 6.09 6.09 5.61

2043 5.94 4.71 4.71 6.09 6.09 5.60

2044 5.93 4.70 4.70 6.09 6.09 5.59

2045 5.93 4.69 4.69 6.09 6.09 5.59

2046 5.92 4.68 4.68 6.09 6.09 5.58

2047 5.92 4.67 4.67 6.09 6.09 5.57

2048 5.92 4.67 4.67 6.09 6.09 5.56

2049 5.92 4.66 4.66 6.09 6.09 5.55

2050 5.92 4.65 4.65 6.09 6.09 5.54

2051 5.92 4.65 4.65 6.10 6.10 5.54

2052 5.93 4.64 4.64 6.10 5.82 5.53

2053 5.93 4.64 4.64 6.11 5.52 5.52

2054 5.94 4.63 4.63 6.12 5.52 5.52

2055 5.95 4.62 4.62 6.13 5.51 5.51

2056 5.96 4.62 4.62 6.14 5.51 5.51

2057 5.97 4.62 4.62 6.16 5.50 5.50

2058 5.99 4.61 4.61 6.17 5.50 5.50

2059 6.00 4.61 4.61 6.19 5.49 5.49

2060 6.01 4.60 4.60 6.21 5.49 5.49

2061 6.03 4.60 4.60 6.22 5.48 5.48

2062 6.04 4.60 4.60 6.24 5.48 5.48

2063 6.05 4.59 4.59 6.25 5.47 5.47

2064 6.06 4.59 4.59 6.26 5.47 5.47

2065 6.07 4.58 4.58 6.28 5.46 5.46

2066 6.08 4.58 4.58 6.29 5.46 5.46

2067 6.10 4.58 4.58 6.30 5.45 5.45

2068 6.11 4.57 4.57 6.32 5.45 5.45

2069 6.12 4.57 4.57 6.33 5.45 5.45

2070 6.13 4.57 4.57 6.35 5.44 5.44

2071 6.14 4.56 4.56 6.36 5.44 5.44

2072 6.16 4.56 4.56 6.37 5.43 5.43

2073 6.17 4.56 4.56 6.39 5.43 5.43

2074 6.18 4.55 4.55 6.40 5.43 5.43

2075 6.18 4.55 4.55 6.41 5.42 5.42

2076 6.19 4.54 4.54 6.41 5.42 5.42

2077 6.19 4.54 4.54 6.42 5.41 5.41

2078 6.19 4.53 4.53 6.41 5.41 5.41

2079 6.18 4.53 4.53 6.41 5.40 5.40

2080 6.17 4.52 4.52 6.40 5.40 5.40

2081 6.15 4.52 4.52 6.38 5.39 5.39

2082 6.13 4.51 4.51 6.37 5.38 5.38

2083 6.11 4.51 4.51 6.35 5.38 5.38

2084 6.09 4.50 4.50 6.32 5.37 5.37

2085 6.07 4.50 4.50 6.30 5.36 5.36

2086 6.04 4.49 4.49 6.27 5.36 5.36

2087 6.01 4.48 4.48 6.24 5.35 5.35

2088 5.99 4.48 4.48 6.22 5.34 5.34

2089 5.96 4.47 4.47 6.19 5.34 5.34

2090 5.93 4.47 4.47 6.16 5.33 5.33

2091 5.91 4.46 4.46 6.14 5.33 5.33

2092 5.90 4.46 4.46 6.12 5.32 5.32

2093 5.88 4.46 4.46 6.11 5.32 5.32

2094 5.87 4.45 4.45 6.10 5.32 5.32

2095 5.86 4.45 4.45 6.09 5.31 5.31

2096 5.86 4.45 4.45 6.09 5.31 5.31

Office of the Chief Actuary

Social Security Administration

Note: Based on Intermediate Assumptions of the 2022 Trustees Report.

Current Law OASDI Proposal OASDI

Calendar

Year

July 21, 2022
Table 1d - Change in Long-Range Trust Fund Reserves / Unfunded Obligation (Present Value Dollars)

"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)

2022 2,742.4 0.0 0.0 0.0 0.0 2,742.4

2023 2,628.4 36.5 2.0 34.4 34.4 2,662.9

2024 2,490.8 73.5 2.0 71.4 105.9 2,596.6

2025 2,331.1 110.9 4.7 106.2 212.1 2,543.1

2026 2,156.8 148.9 7.6 141.3 353.4 2,510.2

2027 1,959.8 186.3 10.5 175.7 529.1 2,489.0

2028 1,741.2 223.4 13.5 209.8 739.0 2,480.1

2029 1,502.6 259.9 16.6 243.3 982.3 2,484.8

2030 1,244.3 261.8 19.6 242.1 1,224.4 2,468.7

2031 968.1 261.2 22.6 238.6 1,463.0 2,431.2

2032 675.8 262.2 25.3 236.9 1,699.9 2,375.8

2033 370.4 262.6 27.8 234.8 1,934.7 2,305.1

2034 54.8 262.0 30.0 232.0 2,166.7 2,221.4

2035 -268.1 260.6 32.0 228.6 2,395.3 2,127.2

2036 -595.9 258.9 33.7 225.2 2,620.5 2,024.6

2037 -928.1 256.9 35.3 221.6 2,842.0 1,913.9

2038 -1,263.3 254.8 36.7 218.1 3,060.1 1,796.9

2039 -1,599.7 252.7 38.0 214.7 3,274.9 1,675.2

2040 -1,935.8 250.5 39.1 211.4 3,486.3 1,550.5

2041 -2,270.6 248.4 40.0 208.3 3,694.6 1,424.1

2042 -2,604.5 246.2 40.9 205.3 3,899.9 1,295.3

2043 -2,937.0 244.1 41.7 202.4 4,102.3 1,165.3

2044 -3,268.1 242.0 42.3 199.7 4,302.0 1,033.9

2045 -3,597.9 240.0 42.9 197.1 4,499.1 901.1

2046 -3,926.3 238.0 43.4 194.6 4,693.7 767.4

2047 -4,253.8 236.1 43.8 192.3 4,885.9 632.1

2048 -4,580.7 234.2 44.2 190.0 5,076.0 495.3

2049 -4,907.1 232.4 44.4 187.9 5,263.9 356.8

2050 -5,233.6 230.6 44.7 185.9 5,449.8 216.3

2051 -5,560.0 228.9 44.9 184.0 5,633.8 73.8

2052 -5,886.6 227.2 45.0 182.1 5,816.0 -70.6

2053 -6,213.9 225.5 45.2 180.3 5,996.3 -217.6

2054 -6,542.1 223.8 45.3 178.5 6,174.8 -367.3

2055 -6,871.9 222.2 45.4 176.8 6,351.6 -520.3

2056 -7,203.5 220.6 45.6 175.1 6,526.7 -676.8

2057 -7,537.2 219.1 45.7 173.4 6,700.1 -837.1

2058 -7,873.3 217.6 45.9 171.7 6,871.8 -1,001.6

2059 -8,211.8 216.0 46.1 169.9 7,041.7 -1,170.1

2060 -8,552.6 214.5 46.3 168.2 7,209.9 -1,342.7

2061 -8,895.5 213.0 46.5 166.5 7,376.3 -1,519.1

2062 -9,240.2 211.4 46.8 164.7 7,541.0 -1,699.2

2063 -9,586.4 209.9 47.0 162.9 7,703.9 -1,882.5

2064 -9,933.9 208.4 47.2 161.2 7,865.1 -2,068.8

2065 -10,282.4 206.9 47.5 159.4 8,024.5 -2,257.9

2066 -10,632.1 205.3 47.7 157.6 8,182.1 -2,450.0

2067 -10,982.7 203.8 47.9 155.9 8,338.0 -2,644.8

2068 -11,334.5 202.3 48.1 154.1 8,492.1 -2,842.4

2069 -11,687.5 200.7 48.4 152.4 8,644.5 -3,043.0

2070 -12,041.8 199.2 48.5 150.7 8,795.2 -3,246.6

2071 -12,397.0 197.7 48.7 149.0 8,944.2 -3,452.9

2072 -12,753.1 196.2 48.8 147.4 9,091.5 -3,661.6

2073 -13,110.0 194.7 48.9 145.8 9,237.3 -3,872.8

2074 -13,467.4 193.2 49.0 144.2 9,381.5 -4,086.0

2075 -13,825.0 191.8 49.1 142.7 9,524.2 -4,300.8

2076 -14,181.9 190.3 49.1 141.3 9,665.5 -4,516.5

2077 -14,537.7 188.9 49.1 139.9 9,805.3 -4,732.4

2078 -14,891.3 187.6 49.0 138.5 9,943.9 -4,947.4

2079 -15,242.0 186.2 48.9 137.3 10,081.2 -5,160.8

2080 -15,589.0 184.9 48.8 136.1 10,217.3 -5,371.7

2081 -15,931.9 183.7 48.6 135.0 10,352.3 -5,579.6

2082 -16,270.3 182.4 48.5 133.9 10,486.2 -5,784.0

2083 -16,603.6 181.2 48.2 133.0 10,619.2 -5,984.4

2084 -16,931.7 180.0 48.0 132.0 10,751.2 -6,180.5

2085 -17,254.1 178.8 47.7 131.1 10,882.3 -6,371.8

2086 -17,570.5 177.7 47.4 130.3 11,012.5 -6,558.0

2087 -17,880.7 176.6 47.1 129.5 11,142.0 -6,738.7

2088 -18,184.7 175.5 46.8 128.7 11,270.7 -6,914.0

2089 -18,482.8 174.4 46.4 128.0 11,398.6 -7,084.2

2090 -18,775.3 173.3 46.1 127.2 11,525.9 -7,249.4

2091 -19,062.9 172.3 45.7 126.5 11,652.4 -7,410.5

2092 -19,346.2 171.2 45.4 125.8 11,778.2 -7,567.9

2093 -19,625.9 170.2 45.1 125.1 11,903.4 -7,722.5

2094 -19,902.6 169.1 44.7 124.4 12,027.8 -7,874.8

2095 -20,176.8 168.1 44.4 123.7 12,151.4 -8,025.4

2096 -20,449.2 167.0 44.1 122.9 12,274.4 -8,174.9

Total 2022-2096 15,264.5 2,990.1 12,274.4

Office of the Chief Actuary

Notes: Based on Intermediate Assumptions of the 2022 Trustees Report. Social Security Administration

 Ultimate Real Trust Fund Yield of 2.3%. July 21, 2022

Billions of Present Value Dollars as of 1-1-2021
Table 1d.n - Change in Long-Range Trust Fund Reserves / Unfunded Obligation (Nominal Dollars)

"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 

Income1

Changes

in OASDI 

Cost

Change in

Annual 

Trust Fund

Reserves1

Total Change

Through

End of Year1

Proposal OASDI

Trust Fund Reserves /

Unfunded Obligation

Through End of Year

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

2022 2,805.2 0.0 0.0 0.0 0.0 2,805.2

2023 2,747.0 38.1 2.1 36.0 36.0 2,783.0

2024 2,658.9 79.2 2.1 77.0 113.0 2,772.0

2025 2,543.1 123.5 5.1 118.4 231.4 2,774.5

2026 2,408.0 171.6 8.3 163.3 394.7 2,802.7

2027 2,243.4 223.2 11.9 211.3 606.0 2,849.4

2028 2,047.4 279.1 15.7 263.4 869.4 2,916.8

2029 1,818.6 339.8 19.8 320.0 1,189.4 3,007.9

2030 1,553.7 364.1 24.1 339.9 1,529.3 3,083.0

2031 1,250.8 389.3 28.7 360.6 1,889.9 3,140.7

2032 905.4 418.9 33.3 385.6 2,275.5 3,180.9

Notes: Based on Intermediate Assumptions of the 2022 Trustees Report. Office of the Chief Actuary

 Ultimate Real Trust Fund Yield of 2.3%. Social Security Administration 1 Includes the effect of accumulated interest income. July 21, 2022

Billions of Nominal Dollars