Outlay Reductions, Blueprint and BPC Social Security Proposals
Source: Office of the Chief Actuary, SSA: Blueprint and BPC.
Note: The Chief Actuary completed this analysis of the actuarial balance as a percent of taxable payroll before former President Biden, in early January 2025, signed a Social Security bill that eliminates the system's Windfall Elimination Provision (WEP) and related Government Pension Offset (GPO). The new law increases the 75-year deficit slightly from 3.50% of taxable payroll to 3.62%. Both proposals originally envisioned changing WEP and GPO, but that proposal has been dropped in light of the new law.
AIME: Average Indexed Monthly Earnings; AWI: Average Wage Index; CPI-U: CPI: Consumer Price Index; Consumer Price Index for All Urban Consumers; COLA: Cost-of-living adjustment; MAGI: Modified Adjusted Gross Income; NRA: Normal Retirement Age; OASDI: Old-Age, Survivors, and Disability Insurance; PIA: primary insurance amount; SSB: Social Security benefits
AIME: Average Indexed Monthly Earnings; AWI: Average Wage Index; CPI-U: CPI: Consumer Price Index; Consumer Price Index for All Urban Consumers; COLA: Cost-of-living adjustment; MAGI: Modified Adjusted Gross Income; NRA: Normal Retirement Age; OASDI: Old-Age, Survivors, and Disability Insurance; PIA: primary insurance amount; SSB: Social Security benefits