Proposed Provision: C2.3. After the normal retirement age (NRA) reaches 67 for those age 62 in 2022, 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) by the same amount as the NRA starting for those age 62 in 2022 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 |
2019 | 273 | 273 |
2020 | 260 | 260 |
2021 | 245 | 245 |
2022 | 229 | 229 |
2023 | 213 | 213 |
2024 | 197 | 197 |
2025 | 180 | 181 |
2026 | 163 | 164 |
2027 | 147 | 148 |
2028 | 130 | 131 |
2029 | 114 | 115 |
2030 | 97 | 98 |
2031 | 80 | 82 |
2032 | 63 | 65 |
2033 | 46 | 48 |
2034 | 28 | 31 |
2035 | 10 | 13 |
2036 | -9 | -5 |
2037 | -28 | -24 |
2038 | -47 | -43 |
2039 | -67 | -62 |
2040 | -87 | -81 |
2041 | -108 | -101 |
2042 | -129 | -121 |
2043 | -150 | -141 |
2044 | -171 | -161 |
2045 | -192 | -181 |
2046 | -213 | -201 |
2047 | -234 | -221 |
2048 | -255 | -241 |
2049 | -276 | -261 |
2050 | -297 | -280 |
2051 | -318 | -300 |
2052 | -338 | -319 |
2053 | -359 | -339 |
2054 | -380 | -358 |
2055 | -401 | -377 |
2056 | -422 | -396 |
2057 | -444 | -416 |
2058 | -465 | -435 |
2059 | -487 | -454 |
2060 | -509 | -474 |
2061 | -531 | -494 |
2062 | -554 | -515 |
2063 | -577 | -535 |
2064 | -601 | -557 |
2065 | -625 | -578 |
2066 | -649 | -600 |
2067 | -674 | -622 |
2068 | -699 | -644 |
2069 | -724 | -666 |
2070 | -749 | -689 |
2071 | -776 | -712 |
2072 | -802 | -736 |
2073 | -830 | -760 |
2074 | -857 | -784 |
2075 | -885 | -809 |
2076 | -914 | -835 |
2077 | -944 | -861 |
2078 | -975 | -888 |
2079 | -1007 | -916 |
2080 | -1039 | -944 |
2081 | -1072 | -972 |
2082 | -1106 | -1001 |
2083 | -1139 | -1030 |
2084 | -1173 | -1061 |
2085 | -1207 | -1092 |
2086 | -1242 | -1123 |
2087 | -1275 | -1154 |
2088 | -1309 | -1184 |
2089 | -1342 | -1213 |
2090 | -1375 | -1241 |
2091 | -1407 | -1268 |
2092 | -1439 | -1295 |
2093 | -1471 | -1321 |
2094 | -1503 | -1347 |
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