Proposed Provision: Gradually raise the earliest eligibility age (EEA) for Social Security retirement benefits from 62 to 65. The EEA would be increased by 2 months for individuals reaching age 62 in every year, starting in 2010. The EEA of 65 would apply for those reaching age 62 in 2027 and later (those reaching age 65 in 2030 and later). As under current law, the PIA formula applicable for any individual would depend on the year in which eligibility age is attained. It should be noted that the elimination of retirement eligibility between ages 62 and 65 would increase the number of individuals who would apply for disabled worker benefits at those ages.

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

Year Present Law Provision
2008359359
2009369369
2010378379
2011386387
2012392392
2013394394
2014395395
2015393393
2016390390
2017385386
2018378382
2019371376
2020361370
2021351365
2022341358
2023329350
2024316340
2025302329
2026287316
2027272302
2028256287
2029239271
2030221254
2031203237
2032185219
2033166201
2034147183
2035127164
2036108144
203788125
203867105
20394785
20402665
2041644
2042-1523
2043-363
2044-57-18
2045-78-39
2046-100-61
2047-121-82
2048-143-104
2049-165-126
2050-187-148
2051-209-171
2052-232-194
2053-254-217
2054-277-240
2055-300-263
2056-324-287
2057-347-311
2058-372-336
2059-396-361
2060-421-387
2061-447-413
2062-472-440
2063-498-467
2064-525-494
2065-552-521
2066-579-549
2067-607-577
2068-635-606
2069-664-635
2070-693-665
2071-722-695
2072-752-726
2073-782-757
2074-813-788
2075-845-820
2076-876-853
2077-909-886
2078-942-920
2079-975-954
2080-1009-989
2081-1044-1025
2082-1079-1061
2083-1114-1097
2084-1151-1135
2085-1188-1172
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