Proposed Provision: C2.5. Increase the normal retirement age (NRA) 3 months per year starting for those age 62 in 2022 until the NRA reaches 70 in 2034. Thereafter, index the 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) from 62 to 64 at the same time the NRA increases from 67 to 69; that is, for those attaining age 62 in 2022 through 2029. Keep EEA at 64 thereafter.

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

Year Current Law Provision
2021253253
2022231231
2023214215
2024196198
2025178181
2026159163
2027141146
2028122129
2029104112
20308594
20316677
20324660
20332743
2034726
2035-139
2036-33-8
2037-54-25
2038-76-42
2039-97-59
2040-119-76
2041-142-93
2042-165-111
2043-188-128
2044-211-146
2045-235-163
2046-258-180
2047-282-198
2048-306-215
2049-330-232
2050-354-249
2051-378-266
2052-403-283
2053-427-300
2054-452-317
2055-477-334
2056-502-350
2057-527-367
2058-552-383
2059-578-400
2060-604-417
2061-630-434
2062-657-451
2063-684-469
2064-712-487
2065-740-505
2066-768-524
2067-796-543
2068-825-562
2069-855-581
2070-884-600
2071-914-620
2072-945-640
2073-976-660
2074-1007-680
2075-1039-701
2076-1071-722
2077-1105-744
2078-1139-766
2079-1175-789
2080-1211-812
2081-1248-836
2082-1286-860
2083-1324-884
2084-1363-908
2085-1403-932
2086-1443-958
2087-1483-983
2088-1524-1008
2089-1564-1031
2090-1604-1054
2091-1643-1077
2092-1681-1099
2093-1718-1121
2094-1754-1143
2095-1789-1165
2096-1825-1188
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