Detailed Single Year Tables
Description of Proposed Provision:
C1.4: Increase the normal retirement age (NRA) 2 months per year for those age 62 starting in 2025 and ending in 2036 (NRA reaches 69 for those age 62 in 2036). Thereafter, increase the NRA 1 month every 2 years.
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 | 14.99 | 12.89 | -2.10 | 171 | -0.01 | 0.00 | 0.01 | ||
2026 | 15.18 | 13.07 | -2.10 | 152 | -0.03 | -0.00 | 0.03 | ||
2027 | 15.32 | 13.11 | -2.21 | 135 | -0.04 | -0.00 | 0.04 | ||
2028 | 15.36 | 13.13 | -2.23 | 118 | -0.06 | -0.00 | 0.06 | ||
2029 | 15.39 | 13.16 | -2.23 | 102 | -0.08 | -0.00 | 0.07 | ||
2030 | 15.44 | 13.18 | -2.26 | 86 | -0.09 | -0.00 | 0.09 | ||
2031 | 15.47 | 13.20 | -2.27 | 71 | -0.11 | -0.00 | 0.11 | ||
2032 | 15.48 | 13.22 | -2.26 | 56 | -0.13 | -0.00 | 0.12 | ||
2033 | 15.49 | 13.26 | -2.23 | 41 | -0.17 | -0.00 | 0.17 | ||
2034 | 15.55 | 13.27 | -2.28 | 27 | -0.22 | -0.01 | 0.22 | ||
2035 | 15.60 | 13.28 | -2.33 | 13 | -0.28 | -0.01 | 0.27 | ||
2036 | 15.63 | 13.28 | -2.35 | — | -0.36 | -0.01 | 0.34 | ||
2037 | 15.66 | 13.29 | -2.37 | — | -0.43 | -0.02 | 0.41 | ||
2038 | 15.68 | 13.29 | -2.38 | — | -0.50 | -0.02 | 0.48 | ||
2039 | 15.68 | 13.30 | -2.39 | — | -0.57 | -0.02 | 0.55 | ||
2040 | 15.69 | 13.30 | -2.39 | — | -0.63 | -0.03 | 0.61 | ||
2041 | 15.68 | 13.30 | -2.38 | — | -0.70 | -0.03 | 0.67 | ||
2042 | 15.67 | 13.30 | -2.37 | — | -0.76 | -0.03 | 0.73 | ||
2043 | 15.66 | 13.30 | -2.35 | — | -0.82 | -0.04 | 0.79 | ||
2044 | 15.63 | 13.30 | -2.33 | — | -0.89 | -0.04 | 0.85 | ||
2045 | 15.60 | 13.30 | -2.30 | — | -0.95 | -0.04 | 0.90 | ||
2046 | 15.58 | 13.30 | -2.28 | — | -1.01 | -0.05 | 0.96 | ||
2047 | 15.56 | 13.30 | -2.26 | — | -1.06 | -0.05 | 1.02 | ||
2048 | 15.54 | 13.30 | -2.24 | — | -1.12 | -0.05 | 1.07 | ||
2049 | 15.53 | 13.30 | -2.23 | — | -1.18 | -0.06 | 1.12 | ||
2050 | 15.53 | 13.30 | -2.22 | — | -1.23 | -0.06 | 1.17 | ||
2051 | 15.53 | 13.31 | -2.22 | — | -1.28 | -0.06 | 1.22 | ||
2052 | 15.53 | 13.31 | -2.23 | — | -1.33 | -0.07 | 1.27 | ||
2053 | 15.55 | 13.31 | -2.24 | — | -1.39 | -0.07 | 1.32 | ||
2054 | 15.56 | 13.31 | -2.25 | — | -1.44 | -0.07 | 1.37 | ||
2055 | 15.59 | 13.32 | -2.27 | — | -1.49 | -0.07 | 1.42 | ||
2056 | 15.61 | 13.32 | -2.29 | — | -1.55 | -0.08 | 1.47 | ||
2057 | 15.65 | 13.32 | -2.32 | — | -1.60 | -0.08 | 1.52 | ||
2058 | 15.69 | 13.33 | -2.36 | — | -1.64 | -0.08 | 1.56 | ||
2059 | 15.73 | 13.33 | -2.40 | — | -1.69 | -0.09 | 1.60 | ||
2060 | 15.78 | 13.34 | -2.44 | — | -1.73 | -0.09 | 1.64 | ||
2061 | 15.82 | 13.34 | -2.48 | — | -1.76 | -0.09 | 1.67 | ||
2062 | 15.86 | 13.34 | -2.51 | — | -1.80 | -0.09 | 1.71 | ||
2063 | 15.89 | 13.35 | -2.55 | — | -1.83 | -0.10 | 1.73 | ||
2064 | 15.93 | 13.35 | -2.58 | — | -1.86 | -0.10 | 1.76 | ||
2065 | 15.97 | 13.35 | -2.61 | — | -1.89 | -0.10 | 1.79 | ||
2066 | 16.01 | 13.36 | -2.66 | — | -1.90 | -0.10 | 1.80 | ||
2067 | 16.06 | 13.36 | -2.69 | — | -1.92 | -0.10 | 1.82 | ||
2068 | 16.10 | 13.37 | -2.73 | — | -1.95 | -0.10 | 1.85 | ||
2069 | 16.14 | 13.37 | -2.77 | — | -1.97 | -0.10 | 1.87 | ||
2070 | 16.18 | 13.37 | -2.81 | — | -2.00 | -0.11 | 1.90 | ||
2071 | 16.21 | 13.38 | -2.84 | — | -2.04 | -0.11 | 1.93 | ||
2072 | 16.25 | 13.38 | -2.87 | — | -2.07 | -0.11 | 1.96 | ||
2073 | 16.28 | 13.38 | -2.90 | — | -2.10 | -0.11 | 1.99 | ||
2074 | 16.31 | 13.39 | -2.92 | — | -2.12 | -0.11 | 2.01 | ||
2075 | 16.34 | 13.39 | -2.95 | — | -2.14 | -0.11 | 2.03 | ||
2076 | 16.36 | 13.39 | -2.97 | — | -2.17 | -0.11 | 2.05 | ||
2077 | 16.38 | 13.39 | -2.98 | — | -2.18 | -0.12 | 2.07 | ||
2078 | 16.38 | 13.40 | -2.99 | — | -2.20 | -0.12 | 2.08 | ||
2079 | 16.38 | 13.40 | -2.98 | — | -2.22 | -0.12 | 2.10 | ||
2080 | 16.36 | 13.40 | -2.97 | — | -2.23 | -0.12 | 2.11 | ||
2081 | 16.33 | 13.39 | -2.94 | — | -2.25 | -0.12 | 2.13 | ||
2082 | 16.30 | 13.39 | -2.91 | — | -2.27 | -0.12 | 2.15 | ||
2083 | 16.27 | 13.39 | -2.87 | — | -2.28 | -0.12 | 2.16 | ||
2084 | 16.22 | 13.39 | -2.83 | — | -2.29 | -0.12 | 2.17 | ||
2085 | 16.17 | 13.39 | -2.79 | — | -2.30 | -0.12 | 2.17 | ||
2086 | 16.11 | 13.38 | -2.73 | — | -2.31 | -0.12 | 2.19 | ||
2087 | 16.04 | 13.38 | -2.66 | — | -2.32 | -0.13 | 2.20 | ||
2088 | 15.97 | 13.37 | -2.60 | — | -2.33 | -0.13 | 2.20 | ||
2089 | 15.91 | 13.37 | -2.54 | — | -2.33 | -0.13 | 2.21 | ||
2090 | 15.84 | 13.37 | -2.48 | — | -2.35 | -0.13 | 2.22 | ||
2091 | 15.78 | 13.36 | -2.42 | — | -2.36 | -0.13 | 2.23 | ||
2092 | 15.72 | 13.36 | -2.36 | — | -2.38 | -0.13 | 2.26 | ||
2093 | 15.66 | 13.36 | -2.31 | — | -2.42 | -0.13 | 2.29 | ||
2094 | 15.60 | 13.35 | -2.25 | — | -2.46 | -0.13 | 2.33 | ||
2095 | 15.55 | 13.35 | -2.20 | — | -2.51 | -0.13 | 2.38 | ||
2096 | 15.48 | 13.35 | -2.14 | — | -2.59 | -0.14 | 2.46 | ||
2097 | 15.44 | 13.35 | -2.10 | — | -2.65 | -0.14 | 2.51 | ||
2098 | 15.42 | 13.35 | -2.08 | — | -2.70 | -0.14 | 2.56 | ||
2099 | 15.43 | 13.35 | -2.08 | — | -2.73 | -0.14 | 2.59 |
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 | 15.90% | 13.73% | -2.17% | 2035 | -1.39% | -0.07% | 1.32% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
Based on Intermediate Assumptions of the 2024 Trustees Report.