Detailed Single Year Tables
Description of Proposed Provision:
C1.1: Starting with those age 62 in 2025, increase the normal retirement age (NRA) 1 month every 2 years until the NRA reaches 68.
Financial Estimates for the OASDI Trust Fund Program
Proposal | Change from Current Law | ||||||||
---|---|---|---|---|---|---|---|---|---|
Expressed as a percentage of current-law taxable payroll |
Trust fund ratio as of January 1 |
Expressed as a percentage of current-law taxable payroll |
|||||||
Calendar year |
Cost rate |
Income rate |
Annual balance |
Cost rate |
Income rate |
Annual balance |
|||
2024 | 14.71 | 13.03 | -1.68 | 188 | 0.00 | 0.00 | 0.00 | ||
2025 | 15.00 | 12.89 | -2.11 | 171 | -0.00 | 0.00 | 0.00 | ||
2026 | 15.19 | 13.07 | -2.12 | 152 | -0.01 | -0.00 | 0.01 | ||
2027 | 15.35 | 13.11 | -2.24 | 135 | -0.01 | -0.00 | 0.01 | ||
2028 | 15.40 | 13.13 | -2.27 | 118 | -0.02 | -0.00 | 0.02 | ||
2029 | 15.45 | 13.16 | -2.29 | 101 | -0.02 | -0.00 | 0.02 | ||
2030 | 15.50 | 13.18 | -2.32 | 85 | -0.03 | -0.00 | 0.03 | ||
2031 | 15.54 | 13.20 | -2.34 | 69 | -0.03 | -0.00 | 0.03 | ||
2032 | 15.57 | 13.22 | -2.35 | 54 | -0.04 | -0.00 | 0.04 | ||
2033 | 15.61 | 13.26 | -2.35 | 38 | -0.05 | -0.00 | 0.05 | ||
2034 | 15.71 | 13.27 | -2.44 | 24 | -0.06 | -0.00 | 0.06 | ||
2035 | 15.81 | 13.28 | -2.53 | 8 | -0.07 | -0.00 | 0.07 | ||
2036 | 15.90 | 13.29 | -2.61 | — | -0.09 | -0.00 | 0.09 | ||
2037 | 15.98 | 13.30 | -2.68 | — | -0.11 | -0.00 | 0.10 | ||
2038 | 16.05 | 13.31 | -2.74 | — | -0.12 | -0.00 | 0.12 | ||
2039 | 16.11 | 13.31 | -2.79 | — | -0.14 | -0.01 | 0.14 | ||
2040 | 16.16 | 13.32 | -2.84 | — | -0.16 | -0.01 | 0.15 | ||
2041 | 16.21 | 13.32 | -2.89 | — | -0.17 | -0.01 | 0.17 | ||
2042 | 16.24 | 13.33 | -2.92 | — | -0.19 | -0.01 | 0.19 | ||
2043 | 16.27 | 13.33 | -2.94 | — | -0.21 | -0.01 | 0.21 | ||
2044 | 16.28 | 13.33 | -2.95 | — | -0.24 | -0.01 | 0.23 | ||
2045 | 16.29 | 13.33 | -2.96 | — | -0.26 | -0.01 | 0.25 | ||
2046 | 16.30 | 13.34 | -2.96 | — | -0.29 | -0.01 | 0.28 | ||
2047 | 16.31 | 13.34 | -2.97 | — | -0.32 | -0.01 | 0.30 | ||
2048 | 16.32 | 13.34 | -2.98 | — | -0.34 | -0.02 | 0.33 | ||
2049 | 16.34 | 13.34 | -2.99 | — | -0.37 | -0.02 | 0.36 | ||
2050 | 16.36 | 13.35 | -3.01 | — | -0.40 | -0.02 | 0.38 | ||
2051 | 16.38 | 13.35 | -3.03 | — | -0.43 | -0.02 | 0.41 | ||
2052 | 16.42 | 13.35 | -3.06 | — | -0.45 | -0.02 | 0.43 | ||
2053 | 16.45 | 13.36 | -3.10 | — | -0.48 | -0.02 | 0.46 | ||
2054 | 16.50 | 13.36 | -3.14 | — | -0.50 | -0.02 | 0.48 | ||
2055 | 16.55 | 13.36 | -3.19 | — | -0.53 | -0.03 | 0.50 | ||
2056 | 16.61 | 13.37 | -3.24 | — | -0.55 | -0.03 | 0.52 | ||
2057 | 16.67 | 13.38 | -3.30 | — | -0.57 | -0.03 | 0.54 | ||
2058 | 16.74 | 13.38 | -3.36 | — | -0.59 | -0.03 | 0.56 | ||
2059 | 16.81 | 13.39 | -3.42 | — | -0.61 | -0.03 | 0.58 | ||
2060 | 16.88 | 13.39 | -3.49 | — | -0.62 | -0.03 | 0.59 | ||
2061 | 16.95 | 13.40 | -3.55 | — | -0.64 | -0.03 | 0.60 | ||
2062 | 17.01 | 13.40 | -3.60 | — | -0.65 | -0.03 | 0.61 | ||
2063 | 17.06 | 13.41 | -3.66 | — | -0.66 | -0.03 | 0.62 | ||
2064 | 17.12 | 13.41 | -3.70 | — | -0.67 | -0.04 | 0.64 | ||
2065 | 17.17 | 13.42 | -3.75 | — | -0.68 | -0.04 | 0.65 | ||
2066 | 17.23 | 13.42 | -3.80 | — | -0.69 | -0.04 | 0.65 | ||
2067 | 17.28 | 13.43 | -3.85 | — | -0.70 | -0.04 | 0.66 | ||
2068 | 17.34 | 13.43 | -3.91 | — | -0.71 | -0.04 | 0.67 | ||
2069 | 17.39 | 13.44 | -3.96 | — | -0.72 | -0.04 | 0.68 | ||
2070 | 17.46 | 13.44 | -4.02 | — | -0.73 | -0.04 | 0.69 | ||
2071 | 17.51 | 13.44 | -4.07 | — | -0.74 | -0.04 | 0.70 | ||
2072 | 17.57 | 13.45 | -4.12 | — | -0.74 | -0.04 | 0.70 | ||
2073 | 17.62 | 13.45 | -4.17 | — | -0.75 | -0.04 | 0.71 | ||
2074 | 17.68 | 13.46 | -4.22 | — | -0.76 | -0.04 | 0.71 | ||
2075 | 17.73 | 13.46 | -4.26 | — | -0.76 | -0.04 | 0.72 | ||
2076 | 17.77 | 13.47 | -4.30 | — | -0.76 | -0.04 | 0.72 | ||
2077 | 17.80 | 13.47 | -4.33 | — | -0.76 | -0.04 | 0.72 | ||
2078 | 17.82 | 13.47 | -4.35 | — | -0.76 | -0.04 | 0.72 | ||
2079 | 17.83 | 13.47 | -4.36 | — | -0.76 | -0.04 | 0.72 | ||
2080 | 17.83 | 13.47 | -4.36 | — | -0.76 | -0.04 | 0.72 | ||
2081 | 17.82 | 13.47 | -4.35 | — | -0.76 | -0.04 | 0.72 | ||
2082 | 17.81 | 13.47 | -4.34 | — | -0.76 | -0.04 | 0.72 | ||
2083 | 17.79 | 13.47 | -4.31 | — | -0.76 | -0.04 | 0.72 | ||
2084 | 17.76 | 13.47 | -4.29 | — | -0.76 | -0.04 | 0.72 | ||
2085 | 17.72 | 13.47 | -4.25 | — | -0.75 | -0.04 | 0.71 | ||
2086 | 17.67 | 13.46 | -4.21 | — | -0.75 | -0.04 | 0.71 | ||
2087 | 17.62 | 13.46 | -4.16 | — | -0.75 | -0.04 | 0.70 | ||
2088 | 17.56 | 13.46 | -4.10 | — | -0.74 | -0.04 | 0.70 | ||
2089 | 17.51 | 13.45 | -4.05 | — | -0.74 | -0.04 | 0.70 | ||
2090 | 17.45 | 13.45 | -4.00 | — | -0.74 | -0.04 | 0.70 | ||
2091 | 17.40 | 13.45 | -3.96 | — | -0.74 | -0.04 | 0.70 | ||
2092 | 17.37 | 13.44 | -3.92 | — | -0.74 | -0.04 | 0.70 | ||
2093 | 17.34 | 13.44 | -3.90 | — | -0.74 | -0.04 | 0.70 | ||
2094 | 17.33 | 13.44 | -3.89 | — | -0.74 | -0.04 | 0.70 | ||
2095 | 17.32 | 13.44 | -3.88 | — | -0.74 | -0.04 | 0.70 | ||
2096 | 17.33 | 13.44 | -3.89 | — | -0.75 | -0.04 | 0.71 | ||
2097 | 17.35 | 13.44 | -3.90 | — | -0.75 | -0.04 | 0.71 | ||
2098 | 17.37 | 13.45 | -3.93 | — | -0.75 | -0.04 | 0.71 | ||
2099 | 17.40 | 13.45 | -3.96 | — | -0.75 | -0.04 | 0.71 |
Summarized Estimates
Proposal | Change from Current Law | ||||||||
---|---|---|---|---|---|---|---|---|---|
Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
2024-2098 | 16.84% | 13.78% | -3.06% | 2035 | -0.46% | -0.02% | 0.43% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
Based on Intermediate Assumptions of the 2024 Trustees Report.