Cost Rate

Income 

Rate

Annual 

Balance Cost Rate

Income 

Rate

Annual 

Balance

14.53 13.29 -1.24 204 0.00 0.00 0.00

14.87 12.89 -1.98 187 0.00 0.00 0.00

15.04 12.97 -2.07 168 0.00 0.00 0.00

15.23 13.08 -2.15 149 0.00 0.00 0.00

15.38 13.09 -2.29 131 0.00 0.00 0.00

15.55 13.13 -2.42 114 0.00 0.00 0.00

15.72 13.16 -2.56 96 0.00 0.00 0.00

15.87 13.18 -2.69 78 -0.00 -0.00 0.00

16.00 13.21 -2.79 61 -0.00 -0.00 0.00

16.14 13.24 -2.90 43 -0.01 -0.00 0.01

16.26 13.25 -3.01 25 -0.01 -0.00 0.01

16.36 13.26 -3.10 7 -0.02 -0.00 0.02

16.44 13.27 -3.18 ---- -0.03 -0.00 0.03

16.51 13.27 -3.24 ---- -0.05 -0.00 0.05

16.57 13.28 -3.30 ---- -0.06 -0.00 0.06

16.62 13.28 -3.34 ---- -0.08 -0.00 0.07

16.66 13.29 -3.37 ---- -0.09 -0.01 0.08

16.68 13.29 -3.39 ---- -0.10 -0.01 0.10

16.69 13.29 -3.40 ---- -0.12 -0.01 0.11

16.69 13.29 -3.40 ---- -0.13 -0.01 0.12

16.69 13.30 -3.40 ---- -0.14 -0.01 0.13

16.69 13.30 -3.40 ---- -0.15 -0.01 0.14

16.70 13.30 -3.40 ---- -0.16 -0.01 0.15

16.71 13.30 -3.41 ---- -0.18 -0.01 0.17

16.71 13.30 -3.41 ---- -0.19 -0.01 0.18

16.73 13.30 -3.42 ---- -0.20 -0.01 0.19

16.74 13.31 -3.44 ---- -0.21 -0.01 0.20

16.76 13.31 -3.46 ---- -0.22 -0.01 0.21

16.78 13.31 -3.47 ---- -0.23 -0.01 0.22

16.81 13.31 -3.50 ---- -0.24 -0.01 0.23

16.85 13.32 -3.54 ---- -0.26 -0.02 0.24

16.90 13.32 -3.58 ---- -0.26 -0.02 0.25

16.96 13.33 -3.63 ---- -0.27 -0.02 0.26

17.02 13.33 -3.69 ---- -0.28 -0.02 0.27

17.09 13.34 -3.75 ---- -0.29 -0.02 0.27

17.16 13.34 -3.82 ---- -0.30 -0.02 0.28

17.23 13.35 -3.88 ---- -0.31 -0.02 0.29

17.31 13.35 -3.95 ---- -0.31 -0.02 0.29

17.37 13.36 -4.01 ---- -0.32 -0.02 0.30

17.44 13.37 -4.07 ---- -0.32 -0.02 0.30

17.50 13.37 -4.13 ---- -0.32 -0.02 0.30

17.56 13.38 -4.18 ---- -0.33 -0.02 0.31

17.62 13.38 -4.24 ---- -0.33 -0.02 0.31

17.67 13.38 -4.29 ---- -0.33 -0.02 0.31

17.73 13.39 -4.34 ---- -0.33 -0.02 0.31

17.78 13.39 -4.39 ---- -0.33 -0.02 0.31

17.84 13.40 -4.44 ---- -0.33 -0.02 0.31

17.89 13.40 -4.49 ---- -0.34 -0.02 0.31

17.95 13.41 -4.54 ---- -0.34 -0.02 0.32

17.99 13.41 -4.58 ---- -0.34 -0.02 0.32

18.04 13.41 -4.63 ---- -0.34 -0.02 0.32

18.09 13.42 -4.67 ---- -0.34 -0.02 0.32

18.12 13.42 -4.70 ---- -0.34 -0.02 0.32

18.15 13.42 -4.72 ---- -0.34 -0.02 0.32

18.16 13.43 -4.73 ---- -0.34 -0.02 0.32

18.16 13.43 -4.73 ---- -0.34 -0.02 0.32

18.15 13.43 -4.72 ---- -0.34 -0.02 0.32

18.12 13.43 -4.70 ---- -0.34 -0.02 0.32

18.09 13.42 -4.67 ---- -0.34 -0.02 0.32

18.05 13.42 -4.63 ---- -0.34 -0.02 0.32

18.01 13.42 -4.59 ---- -0.34 -0.02 0.32

17.95 13.42 -4.53 ---- -0.34 -0.02 0.32

17.89 13.41 -4.48 ---- -0.34 -0.02 0.32

17.83 13.41 -4.42 ---- -0.33 -0.02 0.31

17.76 13.40 -4.35 ---- -0.33 -0.02 0.31

17.69 13.40 -4.29 ---- -0.33 -0.02 0.31

17.62 13.40 -4.23 ---- -0.33 -0.02 0.31

17.56 13.39 -4.17 ---- -0.33 -0.02 0.31

17.51 13.39 -4.13 ---- -0.33 -0.02 0.31

17.47 13.39 -4.09 ---- -0.33 -0.02 0.31

17.45 13.38 -4.06 ---- -0.33 -0.02 0.31

17.43 13.38 -4.04 ---- -0.33 -0.02 0.31

17.42 13.38 -4.04 ---- -0.33 -0.02 0.30

17.42 13.38 -4.04 ---- -0.33 -0.02 0.30

17.43 13.38 -4.04 ---- -0.33 -0.02 0.31

17.45 13.39 -4.06 ---- -0.33 -0.02 0.31

Cost Rate Income Rate

Actuarial 

Balance Cost Rate Income Rate

Actuarial 

Balance

17.17% 13.76% -3.40% 2034 -0.22% -0.01% 0.20%

1

Office of the Chief Actuary

Social Security Administration

Expressed as a percentage of

current-law taxable payroll Trust Fund 

Ratio 

1-1-year

Expressed as a percentage of

current-law taxable payroll

Year

Detailed Single Year Tables

Category of Change: Level of Monthly Benefits

Proposal Change from Current Law

Proposed Provision: B3.12. Use an annualized "mini-PIA" formula beginning with retired workers newly eligible in 2030. 

For each indexed earnings year, compute an individual AIME and an individual PIA. Sum these individual PIAs for the 40 

highest years of indexed earnings and divide that total amount by 37 to get the PIA for this provision. Phase-in over five 

years, meaning that in 2030, 80 percent of the benefit would be based on the old 35-year average PIA formula and 20 

percent on the new mini-PIA formula, shifting by 20 percentage points each year until 100 percent is based on the new 

mini-PIA formula for those attaining age 62 in 2034. Disabled worker benefits are unchanged under this provision.

2034

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2046

2035

2036

2037

2038

2039

2040

2041

2042

2043

2044

2045

2058

2047

2048

2049

2050

2051

2052

2053

2054

2055

2056

2057

2070

2059

2060

2061

2062

2063

2064

2065

2066

2067

2068

2069

2082

2071

2072

2073

2074

2075

2076

2077

2078

2079

2080

2081

2094

2083

2084

2085

2086

2087

2088

2089

2090

2091

2092

2093

2095

2096

2097

2098

September 15, 2023

Year of reserve 

depletion1

Summarized Estimates: Change from Current Law

2023

-2097

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

Estimates based on Intermediate Assumptions of the 2023 Trustees Report

Summarized Estimates: Proposal