Proposed Provision: C2.5. Increase the normal retirement age (NRA) 3 months per year starting for those age 62 in 2020 until the NRA reaches 70 in 2033. 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
2019273273
2020260260
2021245245
2022229230
2023213214
2024197198
2025180182
2026163166
2027147151
2028130136
2029114122
203097108
20318093
20326380
20334666
20342852
20351038
2036-924
2037-2810
2038-47-4
2039-67-18
2040-87-33
2041-108-47
2042-129-61
2043-150-75
2044-171-90
2045-192-104
2046-213-117
2047-234-131
2048-255-144
2049-276-157
2050-297-170
2051-318-182
2052-338-194
2053-359-206
2054-380-218
2055-401-230
2056-422-241
2057-444-252
2058-465-264
2059-487-275
2060-509-287
2061-531-299
2062-554-311
2063-577-323
2064-601-336
2065-625-349
2066-649-362
2067-674-376
2068-699-389
2069-724-403
2070-749-417
2071-776-432
2072-802-446
2073-830-461
2074-857-476
2075-885-492
2076-914-507
2077-944-524
2078-975-540
2079-1007-557
2080-1039-574
2081-1072-592
2082-1106-609
2083-1139-626
2084-1173-644
2085-1207-662
2086-1242-679
2087-1275-696
2088-1309-713
2089-1342-730
2090-1375-745
2091-1407-761
2092-1439-777
2093-1471-792
2094-1503-808
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