Policy Option Projections
Below are our projections of the effects of various retirement policy proposals on Social Security beneficiaries. For each proposal, we also link to SSA's actuarial projections of the effects on the Social Security trust fund.
- Benefit Formula
- Cost of Living
- Covered Worker
|Proposal||Start/End Date(s)||Proposed by?||Projected Effects on…|
|Beneficiaries in…||Trust Fundsa|
|Increase Social Security payroll tax from 12.4%|
|To 14.6% and then to 16.8% in 2054||2024/NA||SSAB||2030 | 2050 | 2070||OACT E1.2|
|Increase the earnings subject to taxation (also called tax max or contribution base)|
||2012/NA||SSAB||2030 | 2050 | 2070||OACT E2.2|
||2012/NA||SSAB||2030 | 2050 | 2070||OACT E3.1|
NOTE: OACT = Office of the Chief Actuary, SSAB = Social Security Advisory Board.
a. Because the timing of OACT updates to Trust Fund projections may not coincide with the timing of our updates, the specifications used to make these projections (e.g., years and amounts) may differ.