Proposed Provision: C2.3. Starting for those age 62 in 2025, index the normal retirement age (NRA) to maintain a constant ratio of expected retirement years (life expectancy at NRA) to potential work years (NRA minus 20). We assume the NRA will increase 1 month every 2 years. Also, increase the earliest eligibility age (EEA) by the same amount as the NRA starting for those age 62 in 2025 so as to maintain a 5 year difference between the two ages. Include a "hardship exemption" with no EEA/NRA change for a worker with 25 years of earnings (with 4 quarters of coverage each), and average indexed monthly earnings (AIME) less than 250 percent of the poverty level (wage-indexed from 2013). The hardship exemption is phased out for those with AIME above 400 percent of the poverty level.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Current Law Provision
2024188188
2025171171
2026152152
2027134135
2028117118
2029101102
20308486
20316870
20325355
20333740
20342225
2035710
2036-9-5
2037-26-21
2038-43-37
2039-60-54
2040-78-71
2041-96-89
2042-115-107
2043-135-125
2044-154-144
2045-174-163
2046-194-182
2047-215-201
2048-235-221
2049-256-240
2050-277-260
2051-299-280
2052-320-300
2053-342-321
2054-364-341
2055-386-362
2056-409-383
2057-431-404
2058-455-425
2059-478-447
2060-502-470
2061-527-492
2062-553-516
2063-579-540
2064-605-564
2065-632-589
2066-660-614
2067-688-639
2068-716-665
2069-745-691
2070-774-718
2071-803-745
2072-834-772
2073-864-800
2074-895-829
2075-927-857
2076-960-887
2077-993-917
2078-1027-948
2079-1062-979
2080-1098-1012
2081-1134-1044
2082-1172-1078
2083-1209-1112
2084-1248-1146
2085-1287-1182
2086-1327-1218
2087-1368-1255
2088-1409-1293
2089-1450-1330
2090-1491-1368
2091-1532-1405
2092-1573-1441
2093-1612-1478
2094-1651-1513
2095-1689-1548
2096-1727-1583
2097-1764-1616
2098-1801-1649
2099-1838-1681
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